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  • #1,281
  • Nov 5, 2006 12:28pm Nov 5, 2006 12:28pm
Sorry Lion, good observation of price action. Believe it or not thats what forex is all about. Some still are betting long on GBPUSD and calling me crazy for shorting I have actually been getting IM's in reference to this. Can you believe that?



Quoting TheJungleLion
Thread hijacking Thread hijacking

LOL

Just joking here, I agree we can go upto 9400 level, cause the channel is slanting upwards, and monthly charts are still on an uptrend, both on macd and parsar, though the trend up is getting weaker.

I remember a big player, in excess of 40 million account telling me he was expecting 1.7600 on GBP/USD sometime this year, but I guess it won't be this year, maybe sometime next year.

We should see a bounce off 8700/8600 levels, don't have the exact figure yet. The next area after this bounce would be a cool 9200 or 9400.

Just lookout for a doji on the daily charts and you will know where it will bounce, and bounce hard.

Hey guys we are in for a nice party, daily charts rock.
  • #1,282
  • Nov 5, 2006 1:30pm Nov 5, 2006 1:30pm
I like the sweet Pin Bar forming on the weekly.

I'll check fib ret. and then down we go.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #1,283
  • Nov 5, 2006 2:08pm Nov 5, 2006 2:08pm
I could be wrong but I see a rising wedge on this pair off the daily chart plus weekly hammer, either way I will protect my short position. Iam aware that price can reach as high as 9400
  • #1,284
  • Nov 5, 2006 2:16pm Nov 5, 2006 2:16pm
price will go down first before going up to 9400's. You may see some upward movement to 9050to 9100. before you see major sell off.

Quoting enoc2g
I could be wrong but I see a rising wedge on this pair off the daily chart plus weekly hammer, either way I will protect my short position. Iam aware that price can reach as high as 9400
  • #1,285
  • Nov 5, 2006 2:24pm Nov 5, 2006 2:24pm
Looking at the fundamentals for this week they are very positive for the GBP. We start the week with expectations of strong Industrial Production numbers and further into the week we have expectations of a rate hike. We could definitely see the 1.9150 area challenged but once the rate hike has been announced we could see a 'buy the rumour sell the news' sell off.
  • #1,286
  • Nov 5, 2006 2:48pm Nov 5, 2006 2:48pm
Hello,

as you mentioned.. "they are expected..only expected.."
After they are actual, we might think twice about shorting GBP.
Forex is not easy!
  • #1,287
  • Nov 5, 2006 2:58pm Nov 5, 2006 2:58pm
If you see 1.9150's do to some news its gonna be whipsaw action.



Quoting notouch
Looking at the fundamentals for this week they are very positive for the GBP. We start the week with expectations of strong Industrial Production numbers and further into the week we have expectations of a rate hike. We could definitely see the 1.9150 area challenged but once the rate hike has been announced we could see a 'buy the rumour sell the news' sell off.
  • #1,288
  • Nov 5, 2006 3:10pm Nov 5, 2006 3:10pm
Thats fine if you are a day trader. Keep ripping bro.



Quoting PipRipper
It will go up. It will go down. Doesn't matter. Just trade the charts and rip the pips.

I just trade with the candle color and keep my eyes on the highs and lows.
  • #1,289
  • Nov 5, 2006 3:25pm Nov 5, 2006 3:25pm
Ya gotta luv it. lol



Quoting PipRipper
I agree. Otherwise you just take advantage of the free money handed out everyday at 5PM EST. Don't you just love it? Beats working for a living.
  • #1,290
  • Edited Nov 6, 2006 4:05am Nov 5, 2006 4:16pm | Edited Nov 6, 2006 4:05am
Edit: removed my post myself due to hijack accusations after a SINGLE post, just because I didn't want to copy and paste what I had already written and linking to a neighboring thread instead. So much for welcoming a diversity of opinions.
Trust price. Know yourself.
  • #1,291
  • Nov 5, 2006 4:17pm Nov 5, 2006 4:17pm
It opened at 1.9020
fxtrada.com
  • #1,292
  • Nov 5, 2006 4:34pm Nov 5, 2006 4:34pm
Thanks SeekingLight for your input. But . . . .

As you know they all don't have to be perfect to be effective.

We'll see how it turns out this week.

Thanks again,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #1,293
  • Nov 5, 2006 4:38pm Nov 5, 2006 4:38pm
So are we agreeing here, that shorter term is sell, and mid-longer term is still a rally in place? Of course then is unless somehow we get dollar strength and the pound severely weakens. This isn't likely to happen, so i'm going to put my chips on pound strength. I would be surprised if BOE didn't raise rates, and hence the rate increase will be factored into price this week. I'm still sticking with buying off a bounce.
  • #1,294
  • Nov 5, 2006 4:52pm Nov 5, 2006 4:52pm
what bounce are you going to use



Quoting ssteiner87
So are we agreeing here, that shorter term is sell, and mid-longer term is still a rally in place? Of course then is unless somehow we get dollar strength and the pound severely weakens. This isn't likely to happen, so i'm going to put my chips on pound strength. I would be surprised if BOE didn't raise rates, and hence the rate increase will be factored into price this week. I'm still sticking with buying off a bounce.
  • #1,295
  • Nov 5, 2006 5:17pm Nov 5, 2006 5:17pm
its still early but i felt there would be some decent bids at the 9000 level, lets see if price can crack thru this level..
  • #1,296
  • Nov 5, 2006 5:24pm Nov 5, 2006 5:24pm
Quoting jarroo
I like the sweet Pin Bar forming on the weekly.

I'll check fib ret. and then down we go.

Jim
Can you explain what you are seeing.

Thanks

Tom
  • #1,297
  • Nov 5, 2006 6:20pm Nov 5, 2006 6:20pm
Quoting PipRipper
No magic system. It's called interest rollover. If you use the proper_broker they pay interest if you are on the "premium" otherwise you pay the interest. Pick the side you want to be on - pay or receive.

Trading by candle color has been around a long time. I believe it is pretty basic stuff. Just like the support/resistance and breakout systems.

I gave the "hint" in the HOW MANY PIPS thread.
Are you referring to the system where you place horizontal lines on the chart and trade with the candle color at the break of the line?

There was a member named "TheRumpledOne" who used the same method. It seems like a logical system, I've been looking into it quite a bit lately. The only problem I have encountered is method of placing the stops as to where your profits will not be taken out by one loss.
  • #1,298
  • Nov 5, 2006 6:37pm Nov 5, 2006 6:37pm
Today i enter trade @ 1.9016 Exit @ 1.9026 get 10 Pips.

I will short again @ 1.9030

Happy Trading!
QS.
"Invest With The Insiders, Not The Masses" George Muzea
  • #1,299
  • Nov 5, 2006 6:53pm Nov 5, 2006 6:53pm
Quoting tomhen
Can you explain what you are seeing.

Thanks

Tom

Have you read the James16 chart thread,Tom?

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #1,300
  • Edited Nov 6, 2006 11:55am Nov 5, 2006 7:13pm | Edited Nov 6, 2006 11:55am
Simple Doji formations on daily charts, and how they affect price moves.

I do not have to say anything here, its a very well known and tested / backtested or whatever you call it.
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