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Cable Update (GBPUSD)

  • #12,661
  • May 12, 2007 7:06am May 12, 2007 7:06am
Short Term Downtrend only, long term we are still in a up trend.

I still find it best not to try to predict though, as it creates a mind set which is hard to trade against, even when against is correct.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #12,662
  • May 12, 2007 8:00am May 12, 2007 8:00am
Short term downtrend
Medium term sideways
Long term uptrend
  • #12,663
  • May 12, 2007 8:05am May 12, 2007 8:05am
My opinion on the long term charts.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD weekly.jpg Size: 70 KB
  • #12,664
  • May 12, 2007 9:43am May 12, 2007 9:43am
Quoting WTB
My opinion on the long term charts.
as it seems on your chard it stopped 382 fibo. so still holding the up trend. more confirmation is needed to make pure conclusion.
  • #12,665
  • May 12, 2007 10:12am May 12, 2007 10:12am
I dont trade off one element of support, they are weak. I require a few of them to come together within one price level to add up strength. It's normal to find some temporary support off the 38% fib level, but that doesnt mean it will spring a new bounce up.
  • #12,666
  • May 12, 2007 10:15am May 12, 2007 10:15am
Quoting WTB
I dont trade off one element of support, they are weak. I require a few of them to come together within one price level to add up strength. It's normal to find some temporary support off the 38% fib level, but that doesnt mean it will spring a new bounce up.
indeed! its good to explane it when posting your analysis .) so meaby some new people can take some knowledge from it.
  • #12,667
  • May 12, 2007 10:18am May 12, 2007 10:18am
Oh sorry. Sometimes I forget that we all dont see the same things off the same chart. So let me explain: the reason as of why I will be watching the 1.9600 area is because there is a confluence of support there: fib level, channel bottom and 30 SMA (I use the area between the 30 and 50 SMA as a Dynamic Area of support/resistance).
  • #12,668
  • May 12, 2007 1:20pm May 12, 2007 1:20pm

when you guys talk about long term trading, how long a term are you talking about? several weeks, months or years?

For me long term sounds like years. But i think few here have that kind of patience.

  • #12,669
  • May 12, 2007 2:14pm May 12, 2007 2:14pm
Quoting WTB
I dont trade off one element of support, they are weak. I require a few of them to come together within one price level to add up strength. It's normal to find some temporary support off the 38% fib level, but that doesnt mean it will spring a new bounce up.
goog points. I think if price down, don't think up.
  • #12,670
  • May 12, 2007 10:24pm May 12, 2007 10:24pm
Depend.... if cable break Fib 38.2 ...yes ..it will go down....
Quoting wshhmm
goog points. I think if price down, don't think up.
  • #12,671
  • May 12, 2007 10:28pm May 12, 2007 10:28pm
Quoting gurugs
Which statistical method u r using.

Let us share please.
It is a modified version of this breakout system
http://www.strategybuilderfx.com/showthread.php?t=15439
  • #12,672
  • May 12, 2007 10:59pm May 12, 2007 10:59pm
Quoting wshhmm
goog points. I think if price down, don't think up.
Guess you mean if trend is down, don't go long?
  • #12,673
  • May 12, 2007 11:37pm May 12, 2007 11:37pm
How will Gbp be on Monday, Up or down? I think Gbp will be down until Blair resign on 27 June and some days after that, Is it good for Gbp if G Brown become P.M. ?
Give me patience
  • #12,674
  • May 13, 2007 5:16am May 13, 2007 5:16am
Quoting PandoraBox
Depend.... if cable break Fib 38.2 ...yes ..it will go down....
I wish trading was that easy. The 38.2 might create a temporary bounce to the upside, you hop in, and then it plummets down. That's why I dont trade off one single element of support but rather seek confluences.
  • #12,675
  • May 13, 2007 6:21am May 13, 2007 6:21am
Quoting WTB
I wish trading was that easy. The 38.2 might create a temporary bounce to the upside, you hop in, and then it plummets down. That's why I dont trade off one single element of support but rather seek confluences.
but as ambeleavable how it seems there is some poor traders who only trade tru fibonacci. and use indicator just to confirm thos points

no right or wrong just conclusions.
  • #12,676
  • May 13, 2007 11:01am May 13, 2007 11:01am
Something to be bearish GBP about:

Quote
UK HOUSE PRICES: THE RATE OF HOUSE PRICE GROWTH HAS FALLEN IN MOST AREAS OF THE UK, BUT LONDON PROPERTY PRICES ARE STILL CLIMBING - LATEST FT HOUSE PRICE INDEX

Whats happening in US starting to happen in UK?
  • #12,677
  • May 13, 2007 12:41pm May 13, 2007 12:41pm
Where is the cable going??? Below 1.9760 or above 1.9850??
  • #12,678
  • May 13, 2007 2:04pm May 13, 2007 2:04pm
Quoting Bullfx
How will Gbp be on Monday, Up or down? I think Gbp will be down until Blair resign on 27 June and some days after that, Is it good for Gbp if G Brown become P.M. ?
Does it really matter.

Goes down go short. Goes up go long. How cares who is PM.
  • #12,679
  • May 13, 2007 3:10pm May 13, 2007 3:10pm
Quoting Igrok
For the moment Cable looks like being in a broadening triangle on hourly chart. If it turns into a diamond later on then the probability to see it gaining later in the day is higher because from such diamonds market usually makes breaks in the direction opposite to the direction of the main diagonal.
The outcome turned out exactly as expected.
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  • #12,680
  • May 13, 2007 3:10pm May 13, 2007 3:10pm
I don't think whomever is the PM will affect the GBP, but let's watch and see
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