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Cable Update (GBPUSD)

  • #35,501
  • Oct 15, 2007 4:09pm Oct 15, 2007 4:09pm
not yet. and it won't be a correction.

Quoting madalin
And it's about time to start the correction, probably will go down to 2.0223 or go up a little more to 2.0493 and correct to 2.0223, if it doesn't do this well the market has gone crazy.
Nihil Sine Deo.
  • #35,502
  • Oct 15, 2007 4:11pm Oct 15, 2007 4:11pm
It was based on the chart below , of course i may be wrong, but reversal pattern + bounce level at 2.0442 made me take the decision, but like i said it could go to 2.0493 or 2.05 and then reverse.
Attached Image (click to enlarge)
Click to Enlarge Name: tech-analisys.jpg Size: 69 KB
Risk Less in the next transaction after a Win.
  • #35,503
  • Oct 15, 2007 4:14pm Oct 15, 2007 4:14pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting dragonk
Wave Rider I need help my system never work, hw do u take the GUESS work out.

HELP PLEAS!!!
are you on a demo account? and please explain your system, many will help point you in right direction, but they need to know were you are at to start with.

Don't expect someone to hand forex to you on a plate, work for it and you will find the help.

Happy trading.
  • #35,504
  • Oct 15, 2007 4:14pm Oct 15, 2007 4:14pm
Quoting Scrat
not yet. and it won't be a correction.
Yes true, so got up in the work i didnt saw is slightly downtrend and it's a impulse. But it will be an impulse soon.
Risk Less in the next transaction after a Win.
  • #35,505
  • Oct 15, 2007 4:16pm Oct 15, 2007 4:16pm
Quoting Scrat
not yet. and it won't be a correction.
Scrat, what would you consider a correction? I'm asking in sincerity. I would look at a correction, not only as a full reversal, but as a retracement also. I could see a retracement possibility (albeit, a very small one). Look now, I doubt it would retrace further than to 0390 area. Thanks.
I dream, therefore I become.
  • #35,506
  • Edited 4:19pm Oct 15, 2007 4:19pm | Edited 4:19pm
Quoting madalin
Yes true, so got up in the work i didnt saw is slightly downtrend and it's a impulse. But it will be an impulse soon.
Do you mean this is an impulse trade for you? If so, don't take it. It could play out, but then again maybe not. If your trading based on gut instinct right now, study as much as possible. Don't trade until after this and then try to trade without emotion. I don't know the situation entirely, but I do know that trading from impulse will lead you down the road to debt. Take the time, learn everything (learn it again if you already have before) and then start trading without emotion.
If Im wrong, then just ignore this post entirely.
I dream, therefore I become.
  • #35,507
  • Oct 15, 2007 4:19pm Oct 15, 2007 4:19pm
Quoting dragonk
Wave Rider I need help my system never work, hw do u take the GUESS work out.

HELP PLEAS!!!

Dragonk, mate i have to make 500 pips in 4 weeks to get a job (on demo account) and right now just recovered the losses and maybe tonight i will be on 10 000 again meaning the starting account and another 3 weeks to make 5000, no one can help you just got to work, guys here can just tell you if you are on the right way, can't serve you transactions.

Trial and fail .
Risk Less in the next transaction after a Win.
  • #35,508
  • Oct 15, 2007 4:20pm Oct 15, 2007 4:20pm
Quoting mike w
Do you mean this is an impulse trade for you? If so, don't take it. It could play out, but then again maybe not. If your trading based on gut instinct right now, study as much as possible. Don't trade until after this and then try to trade without emotion. I don't know the situation entirely, but I do know that trading from impulse will lead you down the road to debt. Take the time, learn everything (learn it again if you already have before) and then start trading without emotion.
If Im wrong, then just ignore this post entirely.

No impulse in the market, correction and impulse. I try to trade only on tech analisys without emotion, rather hard in just 1 month of demo trading but what the hell learn learn learn.
Risk Less in the next transaction after a Win.
  • #35,509
  • Oct 15, 2007 4:31pm Oct 15, 2007 4:31pm
Quoting madalin
No impulse in the market, correction and impulse. I try to trade only on tech analisys without emotion, rather hard in just 1 month of demo trading but what the hell learn learn learn.
Excellent, thats good to hear. I thought you meant you were taking the trade based on impulse, rather than market impulses. Sorry about the misunderstanding there. Just trying to look out for others' accounts. This is the right attitude to have also, keep learning everything that you can. With only one month into the market, it seems that you already have a fairly good knowledge about market moves. Good job and keep on learning my friend.
I dream, therefore I become.
  • #35,510
  • Oct 15, 2007 4:43pm Oct 15, 2007 4:43pm
Quoting mike w
Excellent, thats good to hear. I thought you meant you were taking the trade based on impulse, rather than market impulses. Sorry about the misunderstanding there. Just trying to look out for others' accounts. This is the right attitude to have also, keep learning everything that you can. With only one month into the market, it seems that you already have a fairly good knowledge about market moves. Good job and keep on learning my friend.
Thank you, what i'm trying to learn right now and i scan in your discussions how to spot strong levels and "known" bounce levels, resistance/suport levels because i'm good at the winning rate as long as i have triangles, double tops and other figures and on chanels, if those miss, well let's just say i have a problem.

On top of that i have problems spoting the end of a corection or impulse, but i'm working on that and i'm opened to anything from you guys, plus 400 forex and stoch market books that i don't know when i'm gona read them.

Already lost 2 kg spending nights on forex..but gonna get them back once i'm rich...haha i'm funny.. NOT
Risk Less in the next transaction after a Win.
  • #35,511
  • Oct 15, 2007 4:52pm Oct 15, 2007 4:52pm
Quoting madalin
Thank you, what i'm trying to learn right now and i scan in your discussions how to spot strong levels and "known" bounce levels, resistance/suport levels because i'm good at the winning rate as long as i have triangles, double tops and other figures and on chanels, if those miss, well let's just say i have a problem.

On top of that i have problems spoting the end of a corection or impulse, but i'm working on that and i'm opened to anything from you guys, plus 400 forex and stoch market books that i don't know when i'm gona read them.

Already lost 2 kg spending nights on forex..but gonna get them back once i'm rich...haha i'm funny.. NOT
First things first then, learn about price action. It is the driver of the market. It is the market. Price action is what the consensus thinks of the market at that particular time so use that to your advantage. Learn about fib levels as those usually let you know, almost exactly, where a reversal is imminent. Anybody else want to add anything that helps out to know. Like I said earlier, jsut keep reading as much as possible. It takes diligence, without it, you'll fail. With it you have the chance to succeed in this market.


Back to the pound, I doubt we are going to see any movement until that speech of Bernankes tonight at 7 PM Eastern. This might give us a good amount of "noise" throughout the speech. If nothing is really foretold by the speech, then I think we will keep seeing a dollar selloff until the G7 meeting. That's just my take, anybody think anything differently at the moment?
I dream, therefore I become.
  • #35,512
  • Oct 15, 2007 4:54pm Oct 15, 2007 4:54pm
I'm thinking this could be the trigger we need to break out of this range and upwards again. I dont want to try and predict because I never bought a crystal ball, however.
I dream, therefore I become.
  • #35,513
  • Oct 15, 2007 5:00pm Oct 15, 2007 5:00pm
Hope Bernake "makes" the USD stronger so the pound drops at least 100pips. Need those pips . What is G7? if you don't mind.
Risk Less in the next transaction after a Win.
  • #35,514
  • Oct 15, 2007 5:04pm Oct 15, 2007 5:04pm
Quoting madalin
Hope Bernake "makes" the USD stronger so the pound drops at least 100pips. Need those pips . What is G7? if you don't mind.
G7 is a group of seven industrialised countries.. US, Germany, Japan, France, UK, Canada and Italy. Every so often they have scheduled meetings to talk about a wide array of topics. The weak yen is often brought up, trichet likes to whine about it. It has caused a carry unwind a few times.
  • #35,515
  • Oct 15, 2007 5:12pm Oct 15, 2007 5:12pm
Quoting peterM
G7 is a group of seven industrialised countries.. US, Germany, Japan, France, UK, Canada and Italy. Every so often they have scheduled meetings to talk about a wide array of topics. The weak yen is often brought up, trichet likes to whine about it. It has caused a carry unwind a few times.
Thank you Peter, this meeting is available somewhere? or something like the indicators are?
Risk Less in the next transaction after a Win.
  • #35,516
  • Oct 15, 2007 5:12pm Oct 15, 2007 5:12pm
Quoting madalin
Hope Bernake "makes" the USD stronger so the pound drops at least 100pips. Need those pips . What is G7? if you don't mind.
There isn't really much he could say without lying that would make the dollar much stronger. I do look to see a whipsaw directly with his speech however. I actually hope this doesnt drop as I am long! but oh well if it does, just another opportunity.
I dream, therefore I become.
  • #35,517
  • Oct 15, 2007 5:17pm Oct 15, 2007 5:17pm
If I were to be trading solely on technical analysis, right now I would look to add onto my position as we have just made a retrace from the last move upwards to the 5 sma. I don't normally follow to many indicators but this one has seemed to be fairly proficient in defining pullbacks. I could see this trend continuing upwards very easily. Plus, having drawn a trendline upwards on the 4 hour chart from the low of 2.0243, it looks as though it has come to the bottom of this line, which would give me more confluence as to whether I should create another buy position on top of the ones I have in previously. If it breaks the line clearly and closes below however, I would look to close out of my longs and look to either just stay out or open a sell position. Any other thoughts at the moment?
I dream, therefore I become.
  • #35,518
  • Oct 15, 2007 5:17pm Oct 15, 2007 5:17pm
Quoting madalin
Thank you Peter, this meeting is available somewhere? or something like the indicators are?
Sorry, I am not sure what are asking?
  • #35,519
  • Oct 15, 2007 5:25pm Oct 15, 2007 5:25pm
Quoting madalin
Hope Bernake "makes" the USD stronger so the pound drops at least 100pips. Need those pips . What is G7? if you don't mind.
Fed is not doing that for full 5 years. I don't believe Oct 15, 2007 was in their agenda for the turnaround LOL...
  • #35,520
  • Oct 15, 2007 5:27pm Oct 15, 2007 5:27pm
depends on the timeframe. if we're talking about daily chart, then i see a daily wave down (from 2.0493, wave C on the chart) to below 1.9650. it's not looking like a correction, but more like an impulse.

Quoting mike w
Scrat, what would you consider a correction? I'm asking in sincerity. I would look at a correction, not only as a full reversal, but as a retracement also. I could see a retracement possibility (albeit, a very small one). Look now, I doubt it would retrace further than to 0390 area. Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: gu_d1.jpg Size: 133 KB
Nihil Sine Deo.
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