Ok, my commitment not to trade again this week lasted about 3 and a half seconds. I’ve left a sell on the bobmaninc.
Here’s the madness that constitutes my reasoning.
First of all, for the best part of 10 months now, all the bobmaninc has done is move in a range between 1-0600 and 1-0100. Right now, we are just below the middle of that range, on the way down.
The 4 hour chart above is showing resistance level held, then there was a pop above it and since the a new lower has has been made. The green lines show a succession of lower lows.
The 1 hour is showing the proper order of my EMA’s, in this case all pointing down.
So where to put my entry, stop and target ???
Well this is where the madness starts.
Back to the 4 hour chart. If you have a quick squint at this, you’ll notice the 1-0344 level has been a bit of support recently. It also happens to be the mid-point of the pivot level and the R1 for today. So I’ve a sell order at 1-0344.
target is dead on the S2 level of 1-0204. My present balance now offers me a 2% risk of 30 pips, so the stop is going 1-0375. (ok 31 pips ).
If the entry does not get hit, I’m not bothered, nothing lost nothing gained. Truth be told I’m tempted to short right now at current price 1-0300, but I’ll wait to see if a better price gets offered. Like I say, not bothered doing nothing.
Oh mate, sometimes I wish I could see what you see. I’ve had a look at the GU and I’m just not seeing it. I hope you get it whatever it is you see and go for, my eyes ain’t that trained yet !!
I’ve just been told that I am up at 5am this morning to take my nephew to the airport, so I’ll have a quick squint in the morning to see how it went. Very best of luck RC
Here’s what I’m looking at Hog. (hmm… thats the largest I can get the pic). Reading left to right… [B]Resistance[/B], [B]Resistance[/B], [B]Breakout[/B], [B]Resistance turned Support[/B] and finally, where I entered long, [B]Support[/B]? The idea is resistance has now turned to support at this level. We’ll see?
Although I like your short on the bobmaninc that dont sit to well for my long lol. My reasoning is about the same as yours but where you see a break then retest of previous support I see a false break of that level. Price now rejecting and heading north. The only reason I see it as a false break is if you drew a fib from that low on your last chart (the one all the way to the left of the chart) to the high on your chart we are sitting on the 62% fib.
I think for my “plan” to work bobmaninc price HAS to move north anyway. I reckon as long as it don’t break 1-04 it’s still on it’s way down under (if you’ll excuse the rather corny joke)
But who knows, would’nt be the first time I was wrong mate
As we can see the 1.5400 was (IS) a resistance (red line seeing at 1.54117), it tested two times and went down to support and it push again for a break of the level but the second resistance capped it at 1.5360 area. Yesterday it sold off aggressively and close below 1.5259 support level. The 1.5260 is now a resistance. Next support at 1.5070 area.
Actually I agree with you salimvp long term still bearish… I am betting for a last push up off the 1.5200 level
If 1.5200 gives up then the odds are that we might test again last month lows.
Funny you should say this salim. When RC said last night he was going long, my charts were showing a close below support now resistance. That’s why I said I couldn’t see what he was seeing.
Still wasn’t enough to make me go short though, and yunny and RC going long was my confirmation signal not to get involved at all. LOL !!!
Lol this stuff is always pretty subjective, but I’ve been disappointingly quiet around here, recently, so I’ll wade in with a view - Cable has obviously been bearish since that beautiful high test on the Daily on 2nd January, and has offered Intraday opportunities since then, although it had been a little choppy. Then on 12th March we got a great low test out of a good level of soft resistance - for instance, March 2010 - giving us an opportunity for an aggressive Long. I would have taken that normally, but I was on pat leave so did not. However since then we have been making higher lows and higher highs on the Daily, EMAs are converging - for me we’re currently in an uptrend, I’d only be looking for Longs. The only thing that gives me technical pause is the Weekly - we could just be in a complex retracement, Support could be becoming Resistance - but that’s why I always risk 1%! I’m long until the chart tells me otherwise (although I have not taken a trade, haven’t liked the EOD PA since the 12th March trade I missed.
I just don’t see it either way with the GU right now. One of those “have a cup of tea and a hob-nob instead” moments for me I’m afraid. Heard someone say once that being flat was a position.
Lol well absolutely. On my Cable Daily I have an upward trendline connecting the lows of 12th March and 4th April, looking for a retracement from where Price currently is and then a bounce upwards off the area around that trendline - always tough to predict, but somewhere around/just south of 1.5800 I guess. Connecting the tops of 25th March, 5th April and 11th April with a parallel line I have a provisional upward channel, although pending confirmation from current PA. as I say, I’m not trading it yet - I missed 12th March - but that’s what I’m looking for until I’m proven wrong.
I’m still waiting for my bobmaninc short order to get filled at 1-0344.
The real bobmaninc had said on the previous page that he was long the pair as the last low was a false break and the 62%retrace from last up move. Can’t show a pic to illustrate as I’m on my phone typing this.
I’m looking at it as 1-0344 is the 62% retrace of the last down move. Who knows, may just work out for both of us.
Looks as though not much has happened anywhere today. The GU long boys are up a wee bit, so well done there boys.
My bobmaninc (1-0344) missed entry by 6 pips, currently down around 1-0290. Hope THE bobmaninc got something out of it, I know you were long mate.
My order is still sitting there but I don’t know if I’ll leave it much longer. Still think overall we’re going down to the bottom of the range (1-0100’ish) but still need to take out 1-0265/70 for now.
GU 4 hour looks bearish to me right now, but I’ll wait EOD to see if anything stands out.
(just kidding)
