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GBPUSD

  • #1,141
  • Edited 3:57am Oct 23, 2006 3:04am | Edited 3:57am
Just collected 40 pips on a short, hit 1.8782 [ 61.8% on 4 hour ] will look for some consolidation here.


Big Ouch !! Mis-calculated the fib level
  • #1,142
  • Oct 23, 2006 8:25am Oct 23, 2006 8:25am
I think right here at 1.8692 is a good place to take profits for me. Although I can see it possibly hitting 76 today
Profit is where readiness meets Opportunity
  • #1,143
  • Oct 23, 2006 8:42am Oct 23, 2006 8:42am
Quoting FXopportunist
I think right here at 1.8692 is a good place to take profits for me. Although I can see it possibly hitting 76 today
I'm with you 50% FIB good spot to peal out a partial profit.

Enjoy
Ademac
  • #1,144
  • Oct 23, 2006 10:07am Oct 23, 2006 10:07am
Quoting ademac
I'm with you 50% FIB good spot to peal out a partial profit.

Enjoy
Ademac
Looks like we picked a pretty good exit for the day.
Profit is where readiness meets Opportunity
  • #1,145
  • Oct 23, 2006 11:02am Oct 23, 2006 11:02am
Quoting farhadfx110
hi all

this is my first post.i wish it will be usefull.last week close under 1.8870 and overbought signal shows weakening to maximum 1.8620 ahead of fomc and then we should have a weekly close about 1.9000 .
Is this Fasad Farhad (or whatever that guy's name is) who made the Farhad EA? Or do you just use it or like farhads methods? Or maybe you just are named farhad and don't know who I am talking about. Peace - Teek
  • #1,146
  • Oct 23, 2006 11:03am Oct 23, 2006 11:03am
Hi all,
I think that the last week bullish trend is ended.
Sterling begin a new bearish wave, it probably bring it around 1,8550 to find new fresh bids.

I'm waiting for you comments.

Thanx
  • #1,147
  • Oct 23, 2006 11:44am Oct 23, 2006 11:44am
gbp/usd went as aspected. the hanging man on the 4 our chart was a top reversal signal. 1.30 hours left to the next completed bar pattern. for me it looks like a bullish harami. i think itīll go up for a while but reverse than instantly.

wallboroff
  • #1,148
  • Oct 23, 2006 11:58am Oct 23, 2006 11:58am
Quoting narafa
Well, I noticed something...Almost everyone is Dollar bullish & specifically Pound bearish...Everyone is giving out explanations why the GBP shall continue it's downtrend...It is well known that the majority of traders are usually wrong at market turns (i.e. at tops & bottoms)...That's why I am convinced that almost everyone who is trying to find excuses why the GBP shall go down are wrong...

Personally, my own analysis gave a neutral signal for almost all pairs, which means that it is telling me to be flat after being long the USD against the GBP, the EUR & the CAD...This actually happened 3 days ago & I already covered all my positions & I am waiting for the market to give more details about the direction....

My own advice, guys try to listen to the market, don't just assume things...See what's really happening & analyze it, not what you want to see...


Thanks,

Nader

Nader, not to be critical, but if you dont think people should listen to opinions than dont give your own for them to follow, and if you do, explain a bit more thuroughly. Your premise is completely contradictory. While you ask people not to assume anything, you are assuming that people trade according to plan. Most people are actually pretty good analysts, and the majority of analysts are rarely wrong for they always have conditions that change their view. Trading however is a completely different game. Even when analysis is correct, most trades are still WRONG. Its not a matter of where the market is going, but how is it going to get there, especially when trading shorter time frames with high leverage. Listening to analysis is completely understandable, most pros dont even do their own analysis. Its how you find the trades within this context that truly matters, according to your own profit objectives and risk tolerance.
  • #1,149
  • Oct 23, 2006 11:59am Oct 23, 2006 11:59am
other than that, great advice on the latter part
  • #1,150
  • Oct 23, 2006 6:16pm Oct 23, 2006 6:16pm
Quoting sorbonneconnection
Hi all,
I think that the last week bullish trend is ended.
Sterling begin a new bearish wave, it probably bring it around 1,8550 to find new fresh bids.

I'm waiting for you comments.

Thanx
I also believe that the downtrend began today and shorted. If the Feds on Wed. hint of inflation, the bottom is gonna fall for the cable.
  • #1,151
  • Oct 24, 2006 5:37am Oct 24, 2006 5:37am
I'll take a stab at this My analysis is bearish for this pair.With resistanace at 1.8459 and then at 1.8147. There it is see how I go.
  • #1,152
  • Oct 24, 2006 6:08am Oct 24, 2006 6:08am
I have been bearish on this for a couple of days until now. I have already taken profits and am looking for it to reverse within todays timeframe. My projection is for the pair to reach a low of 1.8654 sometime between 1:00 and 5:00 ET. If it does and reverses, I will be looking to be going long into tomorrows statement at 2:15. If by then I am up with already one profit projection having been met. I will let the other half ride with breakeven stop. If this doesn't happen, I'll just sit it out till late tomorrow or thurs.

I feel that if you want to play the news, your only hope is to build a sound position going into it that is already in the money, at which time, you can book some profit and let the rest ride. I mean, it is pretty much a tossup and I tend to want to build in any direction that will let me be up going into the news. I used to get killed because of having opinions. I would think the news was going to affect the market a certain way and so I would build according to that. By the time the news came around, I would already be in the red only now hoping I was right. It wasn't pretty. Now I pretty much want to build a position on the 4hr charts the way I normally would. If it is in the plus going into the news headline, great, I book some and allow the opportunity to take a free ride. Less stressful too. If the reaction goes against me, I have a stop already placed that gets me out(leave the stop somewhat in the money so that you get filled at or near breakeven). ALthough I treat it as a coin flip, it is pretty easy money when using MM.
  • #1,153
  • Oct 24, 2006 6:23am Oct 24, 2006 6:23am
  •  Trader#0000
  • | Status: Unregistered Trader
Our data indicates that GBP/USD will soon reach a lower limit of approximately 1.8654 followed by an increase in valuation to approximately 1.8800 followed by another change of direction and subsequent decrease to 1.8600. May you all live long and prosper.
  • #1,154
  • Oct 24, 2006 6:57am Oct 24, 2006 6:57am
Quoting fxnewbie
Our data indicates that GBP/USD will soon reach a lower limit of approximately 1.8654 followed by an increase in valuation to approximately 1.8800 followed by another change of direction and subsequent decrease to 1.8600. May you all live long and prosper.

We must be seeing the same thing. I better check again
  • #1,155
  • Oct 24, 2006 7:37am Oct 24, 2006 7:37am
The week is down for gbp/usd, go down and down untill friday, i dont know the bottom. but for sure see friday closing.
I Deeply Love My Virtual Life In Virtual World , RLC
  • #1,156
  • Oct 24, 2006 8:21am Oct 24, 2006 8:21am
Quoting notme32
The week is down for gbp/usd, go down and down untill friday, i dont know the bottom. but for sure see friday closing.
be careful doing that. Not that you are wrong, but never be SURE, that kind of thinking is the downfall of many brilliant traders.
  • #1,157
  • Oct 25, 2006 4:27am Oct 25, 2006 4:27am
oh yes, thanks for the advise, i just try my luck. the truth is my luck not so good till now.

Sometimes i am not sure when to trade in, what position, and when i am in then i dont know when to come out.

You are right, SURE is dangerous.

Thanks anyway.
I Deeply Love My Virtual Life In Virtual World , RLC
  • #1,158
  • Oct 26, 2006 9:27am Oct 26, 2006 9:27am
Seems to me that a lot of people are trading the GBP/USD. Thought it might be a good idead to start a thread for these pairs with opinions on trade. If this is the wrong place to post please advise.

Presently the pound is moving above the high at the 20/10 with the next high at the 3/10 - 30 pips away.

The daily range has also been over 100 pips so far. Is it due for a retrace tomorrow/today, new high or flat trading day tomorrow?

Anyones thoughts?

Cheers
  • #1,159
  • Oct 26, 2006 9:32am Oct 26, 2006 9:32am
Hi, I merged your thread with this one, because it is the same topic...
  • #1,160
  • Oct 26, 2006 9:51am Oct 26, 2006 9:51am
Thanks SMJONES
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