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Cable Update (GBPUSD)

  • #26,841
  • Aug 25, 2007 4:31pm Aug 25, 2007 4:31pm
Quoting winterwhite
At the risk of looking lacking, what are you talking about here and
what parameters are you using for your trendline?

Thank you.
Here's a pic:
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD082507.jpg Size: 33 KB
  • #26,842
  • Aug 25, 2007 9:49pm Aug 25, 2007 9:49pm
Quoting SunTrader
Here's a pic:
This is interesting
Hello World!
  • #26,843
  • Aug 25, 2007 10:44pm Aug 25, 2007 10:44pm
I was just trying to learn chart reading and was wondering if this 4hr chart makes any sense? I'm seeing possible double resistance at current price.

http://img180.imageshack.us/img180/9...usd1dg9.th.png
Check Mate GAME OVER
  • #26,844
  • Aug 25, 2007 10:51pm Aug 25, 2007 10:51pm
hmm.. im confused now... if we suppose that the channel is right.. then we should be shorting soon.... right?
  • #26,845
  • Aug 25, 2007 10:57pm Aug 25, 2007 10:57pm
Quoting invicta79
hmm.. im confused now... if we suppose that the channel is right.. then we should be shorting soon.... right?
I can't predict what might happen, but from what I see it needs to break the trendline and so my personal bias is neutral on it here.
Check Mate GAME OVER
  • #26,846
  • Aug 25, 2007 11:18pm Aug 25, 2007 11:18pm
Wait for a penetration or a bounce.
Is your SL my TP?
  • #26,847
  • Aug 25, 2007 11:21pm Aug 25, 2007 11:21pm
I'm going to let the market decide whether we are at resistance, while knowing in the back of my mind that it's a UK Holiday...............
  • #26,848
  • Aug 25, 2007 11:46pm Aug 25, 2007 11:46pm
Quoting invicta79
hmm.. im confused now... if we suppose that the channel is right.. then we should be shorting soon.... right?
pretty simple eh? short at the trend line,load the boat,call your broker,let him know if you need a wire transfer or if a check would be just fine.don't forget to call the travel agent,let him know you'll be one of the few americans vactioning in London this summer
  • #26,849
  • Aug 26, 2007 12:02am Aug 26, 2007 12:02am
Quoting 59fender
pretty simple eh? short at the trend line,load the boat,call your broker,let him know if you need a wire transfer or if a check would be just fine.don't forget to call the travel agent,let him know you'll be one of the few americans vactioning in London this summer

Now that sounds like a plan............

Let's see what the market tell us............
  • #26,850
  • Aug 26, 2007 1:04am Aug 26, 2007 1:04am
ok I like trend lines as much as the next guy, but lets try this. lets remove thee imaginary trend line just for a moment(don't tell anyone) now what do we see" hmm first off I notice we are above 2.000 that is in my book is bullish if we are above two dollars were is are first target? 2.0250 where might we encounter problems,"well if we had a trend line"we might have a problem there but since we no longer do I would think 1.0200 seems like a natural spot. one other thing I've noticed is we have retraced past the 618 fib also quite bullish,I have too ask myself this,is the pound overbought? no I don't believe it is,if we fail to make it to 1.0250 by tommorrow then yes siree bub,at that point I would watch for a pullback back to the two dollar mark and a good place for a long I might add. things to consider the overall trend is up'the short term trend is however down we need to break above that last double top to reverse the daily down trend as long as we stay above 2.0125 the pound is a buy,below 2.0115 we head back to 2.000 if we stay above this level buy buy bye
  • #26,851
  • Aug 26, 2007 4:11am Aug 26, 2007 4:11am
lets juts make some stupid jokes instead...
de123 said that the black gold, "oil" is going to break resistance and will try to take 80s level, We might have a double top at 78 and something but he strongly believe we are going to visit 80s level, so he raised his expectations from neutral to outperform, its a win win oportunity, for cable, euro, china dow etc, de123 says it will reach 1.42, 2077, 14400...sooner then expected.

Its a wild guess, but according to weekly chart, he strongly believes for speculators and small investors to disregard smaller time frames, including DAILY CHARTS! bloomberg reported in break out news.
its just money
  • #26,852
  • Aug 26, 2007 8:46am Aug 26, 2007 8:46am
Hey guys thanks for your replies. I tried looking at the long term chart or monthly and can see a bullish channel. Now I placed some fib-lines on the map. Thus far this guy longer term is in Bull mode and I was a thinking that possible longer term support could be around the 61.8 fib and I would be cautious of a stall at the 78.6 fib. If she can bust 78.6 she might stand a good chance at testing old highs.

I was wondering also if this one could be in a EW wave 3?

http://img413.imageshack.us/img413/6...usd1wb1.th.png
Check Mate GAME OVER
  • #26,853
  • Aug 26, 2007 9:03am Aug 26, 2007 9:03am
left all setting from the monthly and dropped down to a weekly and notice several tests at the 61.8. Bullish bust up through 61.8.

So my study concludes longer term bullish and short term neutral.

http://img256.imageshack.us/img256/5...usd1ne8.th.png
Check Mate GAME OVER
  • #26,854
  • Aug 26, 2007 9:12am Aug 26, 2007 9:12am
Pretty confusing direction now.

Looking at D1 chart 2.0150 is the 50% Fib of complete drop from 2.0652 to 1.9652

At the same time GBPUSD has triple daily bottoms at 1.9650 with every failure to break it.

Now the scneario is complicated. The 2.0150 is also 61.8 Fib of drop from 2.0462 to 1.9652

So we have 2 fibonacci resistance at same area.

A person thinking: It is time to short for a return back to test 1.9650 area
B person thinking: It is time to buy a break above 2.0150 for a return to 2.0462 lower top then test yearly highs 2.0652

And I honestly do not know where the pair is heading. But my mind leads me to put shorts with stop at 2.0200
Attached Image (click to enlarge)
Click to Enlarge Name: fibgu.jpg Size: 62 KB
Forex is not easy!
  • #26,855
  • Aug 26, 2007 9:32am Aug 26, 2007 9:32am
Whatever direction you follow, right size SL or hedge is must. I have heard of people making decent in the long run using Fibo etc. But fibo itself can guide you in two directions as stated above. I wonder what senior n successful fella members like Bravado have to say at this moment.

I'm eagerly awaiting for early london monday morning and will take a direction then IF I can understand the market at that time. I understand its holiday there, I'll keep my eyes open and glued. My clock is ticking and IF IF my clock and calendar are working right, I can see decent size move tomorrow. Hope all Good.
Hello World!
  • #26,856
  • Aug 26, 2007 9:36am Aug 26, 2007 9:36am
Quoting ClockTrader
Whatever direction you follow, right size SL or hedge is must. I have heard of people making decent in the long run using Fibo etc. But fibo itself can guide you in two directions as stated above. I wonder what senior n successful fella members like Bravado have to say at this moment.

I'm eagerly awaiting for early london monday morning and will take a direction then IF I can understand the market at that time. I understand its holiday there, I'll keep my eyes open and glued. My clock is ticking and IF IF my clock and calendar are working right, I can see decent size move tomorrow. Hope all Good.
Don't forget USD has Existing Home Sales tomorrow and wonder how this could impact short term direction?
Check Mate GAME OVER
  • #26,857
  • Aug 26, 2007 9:57am Aug 26, 2007 9:57am
Quote
Don't forget USD has Existing Home Sales tomorrow and wonder how this could impact short term direction?

Usually I do not take a direction on the basis of news, but yes, I do look at eco events etc. expecting a news to trigger a move. Eagerly waiting to see what London morning has in its kitty for us.
Hello World!
  • #26,858
  • Aug 26, 2007 10:08am Aug 26, 2007 10:08am
News was positive for the greenback, although currencies continued to strengthen against it. Perhaps It was meant to reach significant resistance areas before extending the bullish USD trend who knows?

The situation is so tricky, and I will just use tight SL.. whether it is a long or short trade until I get the direction. There is a good opportunity that the market is near important fib.
Forex is not easy!
  • #26,859
  • Aug 26, 2007 10:49am Aug 26, 2007 10:49am
Quoting de123
lets juts make some stupid jokes instead...
de123 said that the black gold, "oil" is going to break resistance and will try to take 80s level, We might have a double top at 78 and something but he strongly believe we are going to visit 80s level, so he raised his expectations from neutral to outperform, its a win win oportunity, for cable, euro, china dow etc, de123 says it will reach 1.42, 2077, 14400...sooner then expected.

Its a wild guess, but according to weekly chart, he strongly believes for speculators and small investors to disregard smaller time frames, including DAILY CHARTS! bloomberg reported in break out news.
weekly time frame showing higher highs and higher lows
Attached Image (click to enlarge)
Click to Enlarge Name: friday long11800 3450 9-29trendhhhl.jpg Size: 38 KB
  • #26,860
  • Aug 26, 2007 11:31am Aug 26, 2007 11:31am
A higher low by 30 pips is more like double bottom, but in-any-case I trade intra-day so then the trend on weekly charts have less meaning. Now for longer term traders then yes.
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