intcust » Mon Sep 08, 2014 1:27 pm wrote:patterns repeat and this one more than any I have seen. The cable just opened with a gap. So it will cover the gap. When who knows but this week usually by Weds. or sooner. Usually it is moves even further away from the gap. Fox sucking in shorts then moves up and covers sometimes it is a true reversal sometimes just a way to rid the Fox of the shorts that came on board and hit them hard. I usually just play it a little below the Friday close and get out. I am in long. Then will short again after the gap is covered. Will try to stack if it moves down more. This is a big one almost 100 pips so could go 50 or 100 down more. Once it move up I will try to load up if can catch it.
incust
Haha like u said patterns repeat, u just need to see them enough to figure Gd luck with cable, i'm waiting with a pending long somewhere around 1.6
FWIW, personally on the GU I haven't seen confirmation of either long or short, so any trades IMHO should be short term scalping but looking for indications for valid entries. Certainly the GBP can continue to fall, and for a move like we've had it will take some time for the reversal to play out. Just my own perceptions, but if it's a "momentum" move rather than a stop hunt, then it takes time to change direction, just like a heavy freight train. Another perception is matching reversal patterns time frames to the right price time frame. In other words, if you see an M or W on a M5 or M15 doesn't mean a reversal of an H4 or D1 chart, but a reversal on the M5 or M15. A reversal on the H4 will take days (sometimes weeks) to play out. Just the way I look at things that's all.
intcust » Mon Sep 08, 2014 5:54 am wrote:just added to cable long will stack on way up. Entry was too earlier for first trade will see on this one long jpy usd short nzd usd
jpy usd and nzd usd hit. The jpy usd passed the previous high so I would be careful on a short here that could break the pattern. The cable is out on second trade as well still holding. took based on previous chart patterns
Gd luck with cable, i'm waiting with a pending long somewhere around 1.6