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Cable Update (GBPUSD)

  • #446,041
  • Dec 1, 2016 7:41am Dec 1, 2016 7:41am
Well the 5 min bounced off the EMA so I get this is now going to start the next setup from a higher position now. However that is purely guessing, I have no idea how the setup is performed... I think the aliens have something to do with it or the moon goddess, who knows.

Until the setup shows up I just scalp the lower time frames.
  • #446,042
  • Dec 1, 2016 7:47am Dec 1, 2016 7:47am
Quoting Nala66
Well the 5 min bounced off the EMA so I get this is now going to start the next setup from a higher position now. However that is purely guessing, I have no idea how the setup is performed... I think the aliens have something to do with it or the moon goddess, who knows. Until the setup shows up I just scalp the lower time frames.
Careful with EMAs
They could be your best friend or your worst enemy!
Most of the times... price bounces of sup/res together with EMAs. I finally realized it's just chance!
I mean, if price is in a clear direction, EMA will help you has additional quick and cheap info. But if there is not a sup/res near it, you will see price going thorugh the average 2 or even 3 times or turning before even touching it
I know very very very well their behavior.
Also coded an automated thing, buying / selling ema values -> ends in a 50% proabilities to be right -> wrong SL or lot size == account wiped in 30days!
90% of traders use TA, indicators and prediction
  • #446,043
  • Dec 1, 2016 7:53am Dec 1, 2016 7:53am
Previous high bearish reaction -> almost ZERO.
No surprise indeed it was a surprise the move down from 1.2674 the first time.

Watching now how this area will be built
Attached Image (click to enlarge)
Click to Enlarge Name: Chart_GBP_USD_5 Mins_snapshot.png Size: 34 KB
90% of traders use TA, indicators and prediction
  • #446,044
  • Dec 1, 2016 7:58am Dec 1, 2016 7:58am
So, obviously the trade of the day was, "Buy Gbp/Everything at the open"...Anybody got a time machine?
Writer, currency trader, madman
  • #446,045
  • Dec 1, 2016 8:00am Dec 1, 2016 8:00am
Quoting _BBKing_
{quote} Careful with EMAs
Not sure what you are saying here but it sounds like you are comparing price to the EMA, I don't do this at all I compare the EMA with itself.
  • #446,046
  • Dec 1, 2016 8:01am Dec 1, 2016 8:01am
Quoting jbmaverick
So, obviously the trade of the day was, "Buy Gbp/Everything at the open"...Anybody got a time machine?
Nip across the international dateline and get your order in quick
  • #446,047
  • Dec 1, 2016 8:07am Dec 1, 2016 8:07am
Quoting Nala66
{quote} Not sure what you are saying here but it sounds like you are comparing price to the EMA, I don't do this at all I compare the EMA with itself.
I mean, a bounce off any ema is exactly what it is: a bounce off any ema. Can happen or not. Can happen perfectly like in this case m5 + ema26, can happen like 57 x m5 candles ago, going lower, then higher. This scenario will keep repeating on and on and the outcome is an average of 53-55% probabilities to have a profitable bounce or not.

Good as tool to use as "ok it bounced off in clean way, can move further in the direction".
Bad as tool to use as entry
90% of traders use TA, indicators and prediction
  • #446,048
  • Dec 1, 2016 8:09am Dec 1, 2016 8:09am
Quoting jbmaverick
So, obviously the trade of the day was, "Buy Gbp/Everything at the open"...Anybody got a time machine?
I could sell you one for 12.500$ but I will not because I went in the future and I saw you will not pay me!



90% of traders use TA, indicators and prediction
  • #446,049
  • Dec 1, 2016 8:15am Dec 1, 2016 8:15am
OK that's it!
Been weeks I was buying this thing to target the 1.27
Now price printed 1.2690 or so, after a 170 pips straight day up.

Closed here higher entry and partial closed lower entry (30%), in the memory of all those lower and stronger entries I had , all ended closed for few but very honorable pips!

Still holding 70% on lower entry to target the 1.2790 spot. But I will look closely what will happen around these level.
WIll not leave 240pips profit on the table easily.
90% of traders use TA, indicators and prediction
  • #446,050
  • Dec 1, 2016 8:33am Dec 1, 2016 8:33am
stop loss at 1.2673 retail hunting time to short next pull back
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_H44.gif Size: 191 KB
  • #446,051
  • Dec 1, 2016 8:36am Dec 1, 2016 8:36am
Here's a long term shot of my daily to give you confidence
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 29 KB
  • #446,052
  • Dec 1, 2016 8:38am Dec 1, 2016 8:38am
I suspect it will hit that target before it puts in a support then it is free to take out a resistance.
  • #446,053
  • Dec 1, 2016 8:59am Dec 1, 2016 8:59am
Beautiful hourly engulfing RR tracks. Picking up what I wasn't brave enough to take further from 1.2585
  • #446,054
  • Dec 1, 2016 9:02am Dec 1, 2016 9:02am
I just close my sell. Small pips but better than sorry.

I should learn how to hold position longer like you guys.
  • #446,055
  • Dec 1, 2016 9:04am Dec 1, 2016 9:04am
this is consolidation h1 without confirm
Attached Image (click to enlarge)
Click to Enlarge Name: 1 USD (DFB).png Size: 19 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #446,056
  • Dec 1, 2016 9:14am Dec 1, 2016 9:14am
I seem to be cutting myself short coming and going - decided to take a shot at selling it at 1.2690, risking an entire 6 pips against the high...but then I closed it out as soon as it clicked under 1.2650.
Have to keep repeating the mantra of, "You're still making money".
Writer, currency trader, madman
  • #446,057
  • Dec 1, 2016 9:21am Dec 1, 2016 9:21am
price is very high on the curve be patient ,is today a reversal day ,I highly doubt it ,most likely your see consolidation before fall at least if thats the case
price has been 189 pips up do you trust 1 hour at least my h4 close 38min


Quoting luck002
I just close my sell. Small pips but better than sorry. I should learn how to hold position longer like you guys.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #446,058
  • Dec 1, 2016 9:28am Dec 1, 2016 9:28am
@ALL

Usually i dont read such stuff, but..

Quote
Focus now shifts to Friday's official monthly jobs report, which if adds to the recent slew of upbeat US economic data should trigger a fresh leg of up-move for the US Dollar and might drag the pair farther from today's 8-week highs.

Source:

https://www.fxstreet.com/news/gbp-us...i-201612011516

So, be careful. Pump and Dump is always possible, especially as seen in this Pair.

Greets,

Toranaga.
How to opt out annoying user signatures ??
  • #446,059
  • Dec 1, 2016 9:33am Dec 1, 2016 9:33am
be careful thats all I say see a neg candle for today ,
Attached Image (click to enlarge)
Click to Enlarge Name: USD (DFB).png Size: 23 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #446,060
  • Dec 1, 2016 9:34am Dec 1, 2016 9:34am
close short maybe some wave b Up
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