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Cable Update (GBPUSD)

  • #36,221
  • Oct 18, 2007 12:39pm Oct 18, 2007 12:39pm
It should not go any lower than this.

It is being blocked by an upward trendline and unpward support line on the 1HR chart.

Also, and obviously it means not that much but it usually works, the past 4 bars where red. Very rarely the 5th will be the same color. Psychologically, after people see many of the same color bars together, tend to expect a reversal and buy/sell in the opposite way....

But then again, who really knows
"Lunch ? Lunch Is For Wimps !"
  • #36,222
  • Oct 18, 2007 12:40pm Oct 18, 2007 12:40pm
Quoting peterM
interesting day! cable is back on my trend line, almost to the pip
Meaning ? You think it will keep it's actual channel on 4h ?
Risk Less in the next transaction after a Win.
  • #36,223
  • Oct 18, 2007 12:59pm Oct 18, 2007 12:59pm
In my opinion the US news are getting so bad with all these big banks showing huge losses because of the mortgage crisis that the EURO and GBP in the long run will keep going up until everybody will get together to actually push them down on purpose to avoid over inflated currencies against the $.

Until then the news in the US will keep sucking and there is really no reason for people to buy $....
"Lunch ? Lunch Is For Wimps !"
  • #36,224
  • Oct 18, 2007 1:11pm Oct 18, 2007 1:11pm
Quoting MrFuture
It should not go any lower than this.

It is being blocked by an upward trendline and unpward support line on the 1HR chart.

Also, and obviously it means not that much but it usually works, the past 4 bars where red. Very rarely the 5th will be the same color. Psychologically, after people see many of the same color bars together, tend to expect a reversal and buy/sell in the opposite way....

But then again, who really knows
Oh if thats what is blocking it, then get that damn trendline out of there and let it go higher.
  • #36,225
  • Oct 18, 2007 1:12pm Oct 18, 2007 1:12pm
Well, I might as well keep talking alone.

Mmmm...let's see, well yes, the theory I discussed earlier about the colors of the bars is actually pretty precise.

Very rarely 4-5 bars of the same color will be followed by another bar of that same color. Usually it will be the opposite color, and that is usually a correction where people will pocket their profits, while other will open new positions in the opposite direction to take advantage of the reversal.

Works most of the times.....
"Lunch ? Lunch Is For Wimps !"
  • #36,226
  • Oct 18, 2007 1:13pm Oct 18, 2007 1:13pm
Quoting SunTrader
Oh if thats what is blocking it, then get that damn trendline out of there and let it go higher.
What I meant is that the trendline will prevent it form going LOWER, not higher....don't worry, it has now some free space to fly a little in the upside
"Lunch ? Lunch Is For Wimps !"
  • #36,227
  • Oct 18, 2007 1:15pm Oct 18, 2007 1:15pm
If the GBP gdp is good tomorrow, this thing will go crazy to the moon....

Great chance for next week to make some money on the way down
"Lunch ? Lunch Is For Wimps !"
  • #36,228
  • Oct 18, 2007 1:19pm Oct 18, 2007 1:19pm
Quoting SunTrader
Oh if thats what is blocking it, then get that damn trendline out of there and let it go higher.
LOL
  • #36,229
  • Oct 18, 2007 1:19pm Oct 18, 2007 1:19pm
Hey how r u doing Mr. Future ?
"Lunch ? Lunch Is For Wimps !"
  • #36,230
  • Oct 18, 2007 1:20pm Oct 18, 2007 1:20pm
Hey I am good, thanks !
"Lunch ? Lunch Is For Wimps !"
  • #36,231
  • Oct 18, 2007 1:22pm Oct 18, 2007 1:22pm
Quoting MrFuture
Hey I am good, thanks !



Its okay to talk to yourself, its when you answer yourself that shows there might be a problem brewing in your brain
Just Trade It
  • #36,232
  • Oct 18, 2007 1:25pm Oct 18, 2007 1:25pm
What's up folks....just checking in.......

HOLLA
  • #36,233
  • Oct 18, 2007 1:26pm Oct 18, 2007 1:26pm
Quoting Big Wave Rider


Its okay to talk to yourself, its when you answer yourself that shows there might be a problem brewing in your brain

Yep, I agree with you there BWR, Forex can make some people a little coo-coo
Just Trade It
  • #36,234
  • Oct 18, 2007 1:27pm Oct 18, 2007 1:27pm
My boss surfs porn sites

I think he is Bravado
  • #36,235
  • Oct 18, 2007 1:31pm Oct 18, 2007 1:31pm
Oil @ 89.50
  • #36,236
  • Oct 18, 2007 1:35pm Oct 18, 2007 1:35pm
Quoting benssol
Oil @ 89.50
yeah... how long till $100?
  • #36,237
  • Oct 18, 2007 1:39pm Oct 18, 2007 1:39pm
and to think that they got the Nobel Price for economics....
"Lunch ? Lunch Is For Wimps !"
  • #36,238
  • Oct 18, 2007 1:40pm Oct 18, 2007 1:40pm
Mr Future,

This is how I like to draw trendlines. I ignore, for the most part, long wicks. I try to stay as close to the price bars, which to me shows true support/resistance. And if price action pulls too far away, like with many large "hills" and deep "valleys" before re-touching the trendline - I don't put too much confidence on the trendline being valid.

Sun
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  • #36,239
  • Oct 18, 2007 1:41pm Oct 18, 2007 1:41pm
Quoting peterM
yeah... how long till $100?
ask Prince Al Waleed bin Tala
  • #36,240
  • Oct 18, 2007 1:51pm Oct 18, 2007 1:51pm
SURVEY: Most americans think they are already in a recession.

Wall st. says " no-no were doing fine"
americans says "F.U wall st. were hurting here"

When americans feel they are in a recession they start spending like they are in a recession which causes a recession.
Key word here is, say it with me kids, "recession"
Just Trade It
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