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Cable Update (GBPUSD)

  • #446,361
  • Dec 7, 2016 4:47am Dec 7, 2016 4:47am
Quoting _BBKing_
{quote} I will more likely not even considering the buy button before we see 1.2450 - 1.2500 area.
Even tho this 1.2570-1.2550 is quite an important area in weekly...
Let's just see how will develop
Eventually could see some bounces
90% of traders use TA, indicators and prediction
  • #446,362
  • Dec 7, 2016 5:32am Dec 7, 2016 5:32am
not to think past the monthly open in the first instance or maybe tl
imo lets see d1

Quoting _BBKing_
{quote} I will more likely not even considering the buy button before we see 1.2450 - 1.2500 area.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #446,363
  • Dec 7, 2016 6:16am Dec 7, 2016 6:16am
Quoting _BBKing_
{quote} I will more likely not even considering the buy button before we see 1.2450 - 1.2500 area.
I would jump all OVER the buy button at 1.2450, but I don't expect to get that opportunity anytime soon. Right here (around 1.2590) you're sitting on major moving average support levels on the hourly, 4-hour, and daily charts, as well as being already a bit below the daily pivot S3 level. More short-term, on the 5-minute chart the candle with the highest volume of trading in the past couple of hours is a bullish pin bar closing at 1.2591. And again, you've got other major pairs such as Eur/Usd and Aud/Usd just short of actually being up for the day. To me, that reads as a lot of different reasons for a lot of different buyers to come in at this level, and a very low likelihood of the market dropping another 150 pips.

In any event, I guess we'll find out.
Writer, currency trader, madman
  • #446,364
  • Dec 7, 2016 6:21am Dec 7, 2016 6:21am
Quoting jbmaverick
{quote} as well as being already a bit below the daily pivot S3 level
We are not even below S2, dunno how u got below S3. Maybe your day started later than GMT0.
  • #446,365
  • Dec 7, 2016 6:42am Dec 7, 2016 6:42am
Quoting mades
{quote} We are not even below S2, dunno how u got below S3. Maybe your day started later than GMT0.
(shrug) I don't know - maybe my pivots are confused.
But at this point anyway, I'm okay with having bought some more Gbp/Usd at 1.2589, even though the bears still have command of the field for the moment. It's one of those trades that may or may not work out, but I'm only risking 15 pips on it, and I find that it's a lot easier to pull the trigger when you've got original long positions from 1.2050 - I can afford to take a few chances. If I weren't already in this market, I'd probably be a lot more hesitant to enter long here.
Writer, currency trader, madman
  • #446,366
  • Dec 7, 2016 6:55am Dec 7, 2016 6:55am
Quoting _BBKing_
{quote} Too complicated to answer in few words. I published a quick simple article to explain it. Nothing new indeed.... https://www.dukascopy.com/fxcomm/fx-...n=read&id=3453 Still working on the second part
Thanks BB very interesting.

I think we are on the same page but tell the story a bit different as probably we all do.
  • #446,367
  • Dec 7, 2016 7:19am Dec 7, 2016 7:19am
Just thinking in the hope to develop a plan soon.
Meanwhile will scalp here n there!
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90% of traders use TA, indicators and prediction
  • #446,368
  • Dec 7, 2016 7:25am Dec 7, 2016 7:25am
This is the status of my 30 min chart, I have left off a few of the smaller trades to keep the chart clean.
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  • #446,369
  • Dec 7, 2016 7:34am Dec 7, 2016 7:34am
From this point on I have no idea from the 30 min chart where price is heading so I have to either drop down charts or even move up charts until I can find a legitimate signal.

If I drop down then the targets become smaller and are quicker to execute.

If I move up the target is bigger and takes forever to execute.

So I find the 30 min to be just right and trade these signals at the 1 minute level by taking advantage of the pull backs and such.
  • #446,370
  • Dec 7, 2016 8:38am Dec 7, 2016 8:38am
Sorry I have nothing to add but was wondering if i could get help.

I take it that signal for direction of the pair is now shifting and any trade needs confirmation before it can be placed?

Or

Trades can be placed in the lower time frames for scalping moves. With over all direction shown by higher time frames for long term direction?
  • #446,371
  • Dec 7, 2016 8:49am Dec 7, 2016 8:49am
Quoting amr10000
Sorry I have nothing to add but was wondering if i could get help. I take it that signal for direction of the pair is now shifting and any trade needs confirmation before it can be placed? Or Trades can be placed in the lower time frames for scalping moves. With over all direction shown by higher time frames for long term direction?
Hi amr sorry but for some reason I cannot respond to the private message you sent, there seems to be a glitch with my replies.

Normally I wait for a signal on the 30 minute chart and then trade that direction on the 1 minute chart.

The trick is to know how and where to draw the lines from specific points.

By the way the webinars end next week, sorry. However I am happy to answer any questions you may have.
  • #446,372
  • Dec 7, 2016 9:13am Dec 7, 2016 9:13am
ROFL - Not really much point in stopping myself out at 1.2574 if I have a buy order sitting at 1.2571, is there?
Sometimes the right side of my brain forgets what the left side decided to do earlier.
Writer, currency trader, madman
  • #446,373
  • Dec 7, 2016 9:34am Dec 7, 2016 9:34am
Consider how fast they could blow bears out of this market and roll a major short covering rally here.
Glad I had that order to buy at 1.2571 - won't lose any more coins on that one now.
Writer, currency trader, madman
  • #446,374
  • Dec 7, 2016 9:38am Dec 7, 2016 9:38am
These are interesting.

We have a failure here to hit the target so it generally makes it on the opposite side.

If it cannot make it to the top either then it is stuck in a range.
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  • #446,375
  • Dec 7, 2016 9:40am Dec 7, 2016 9:40am
Quoting Nala66
.... By the way the webinars end next week, sorry. However I am happy to answer any questions you may have.
Thank you for the response. I understand. Would it be possible to use some other means to 'pick your brains'.

How would i access the remaining webinars?

I would like to learn that particular trick.

Thanks again.
  • #446,376
  • Dec 7, 2016 9:49am Dec 7, 2016 9:49am
Quoting amr10000
{quote} Thank you for the response. I understand. Would it be possible to use some other means to 'pick your brains'. How would i access the remaining webinars? I would like to learn that particular trick. Thanks again.
Put your name and email address in the private box and I will send you the webby link.
  • #446,377
  • Dec 7, 2016 9:55am Dec 7, 2016 9:55am
OK got it and I see you are in the UK,,, This is good because we start at the UK open.
  • #446,378
  • Dec 7, 2016 9:57am Dec 7, 2016 9:57am
Look at this perfect hit on the 15 min chart... Money for old rope this is.
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  • #446,379
  • Dec 7, 2016 10:02am Dec 7, 2016 10:02am
Well it is 2:30 am so I am off to bed...G'nite all
  • #446,380
  • Dec 7, 2016 10:05am Dec 7, 2016 10:05am
Quoting Nala66
Well it is 2:30 am so I am off to bed...G'nite all
Thank you and good night see you at the UK open
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