While you guys are wasting time talking pure bullcrap, GBPUSD is quietly going back up.....
Pretty good run for a 30 minute window....guess they took advantage of any brokers who close at 4:30est....
HOLLA
Cable Update (GBPUSD)
- #47,401
- Dec 28, 2007 3:59pm Dec 28, 2007 3:59pm
- | Joined May 2007 | Status: Trader | 4,716 Posts
Pretty good run for a 30 minute window....guess they took advantage of any brokers who close at 4:30est....
HOLLA
This forum makes me laff every time i come in here.What ever happened to peace and goodwill ,to all men and women and children .
Go and rest my children and may the father the son and the holy spirit lets not forget Ali and Mohammed and Budda oh and the Jedis among us and wish them all a Happy New Year
Dont forget everyone fighting amongest yourselfs will only create anger,anger leads to suffering suffering leads to hate,hate leads to less pips
Be good and prosper in the new year all of you.
Go and rest my children and may the father the son and the holy spirit lets not forget Ali and Mohammed and Budda oh and the Jedis among us and wish them all a Happy New Year
Dont forget everyone fighting amongest yourselfs will only create anger,anger leads to suffering suffering leads to hate,hate leads to less pips
Be good and prosper in the new year all of you.
- #47,407
- Dec 29, 2007 12:17am Dec 29, 2007 12:17am
Thats all Good 
i am wrong sometime but i am getting much confidence everyday
what reason for i am wrong and next time i will correct it!
i am long from 1.9949 and my target is 2.0210
stop loss at 1.9877
we will see good uptrend up coming week.
i am wrong sometime but i am getting much confidence everyday
what reason for i am wrong and next time i will correct it!
i am long from 1.9949 and my target is 2.0210
stop loss at 1.9877
we will see good uptrend up coming week.
- #47,408
- Dec 29, 2007 12:19am Dec 29, 2007 12:19am
- | Membership Revoked | Joined Mar 2005 | 4,703 Posts
If I Go Broke Trying Then I Will die happy.
.
According to what I see the down trend is over, looking at daily. 1.9755 was the low for this down trend that started 9 Nov. Long term we are going up to at least 2.08xx by end Jan begin Feb. British economy has problems now but US has bigger problems. That is Fundamentally my reasoning but technically on fibo 2.0287 is first stop. So for me it will be long all the way with long term and scalping the bounce short term.
(And yes I do have a cristal Ball
)
Happiness, peace and lots of pips to all for 2008
(And yes I do have a cristal Ball
)Happiness, peace and lots of pips to all for 2008
I'm Short from 2.0010
Just a lucky guess, or some reason?
As I said before, there were many reasons for taking that trade, even with people here saying long was the way to go (I don't listen anyway, I read this stuff for entertainment, as trading is boring.)
There has to be a confluence of reasons for taking a trade. Okay here's what I saw....
Price spiked up thru 2.0000 to 2.0020 and started pulling back on the next 15min candle, that's were I went short.
It spiked thru the upper Bollinger Band on all timeframes up to the 4hr. But even Bollinger says this in of itself is not an entry signal, you need other reasons to back it up. Usually price will pull back within the bands before advancing further, so I felt pretty safe on the entry, at least temporarily.
The other main reason was that there was divergence between MACD and price on the 5, 15, and 60 min levels. MACD Divergence is a strong signal, but it can disappear if price continues against it...so I would have considered exiting if it had. As it turned out it was a good reason to stay in the trade. (Stochastics was also overbought and divergent but it is too much like MACD, and they shouldn't be used to confirm each other)
Also, if you follow Pivot Point theory...2.0004 was R1 for the day, yes I got in above it, for the reasons stated above, but when price failed to stay there--esp. on the hourly--that was a good reason to go short anywhere when price was bouncing about 1.9990 and below R1, and reason for me to stay in.
There were good reasons to go short on this one, and you had about two hours to make that decision.
Other reasons to stay in the trade:
-The spike up to 2.0020 became a Tweezer top on the 15min, which presented as a doji top or as a shooting star on the 1hr, bearish signals...somebody mentioned this here.
-The trendline break at about 1.9990
-The trendline break at about 1.9970
-Further down, the breach of daily M3 pivot at 1.9964 then the weekly PP at 1.9956 (somebody else pointed this out)
My target was M2 at 1.9899 (turned-out I was off by only 2 pips), but I exited after price bounced twice off PP at 1.9925, and breached the lower Bollinger Band on the 15min, and more importantly, it was just before the US news release. I figured 80 pips was enough and not worth risking it on the news for a few more pips.
As for my original stop loss, it was above M4 (2.0030) and depended on whether the MACD Divergence got negated (it didn't, it's still there, go look).
I'd post a picture but you're better off researching these points for yourself. It's not complicated, but it works better than "Down, Cable Down!" though not as much fun. Hope this helps.
--Tman
There always has to be a reason, guessing is gambling.
As I said before, there were many reasons for taking that trade, even with people here saying long was the way to go (I don't listen anyway, I read this stuff for entertainment, as trading is boring.)
There has to be a confluence of reasons for taking a trade. Okay here's what I saw....
--Tman
- #47,415
- Dec 29, 2007 3:15am Dec 29, 2007 3:15am
Hi all,
Well i think let just see what happen next.We got another trading day till this year end @[email protected] the cable reach around 1.9885ish next monday..then i prefer to go short.There is a pinbar on my daily chart for the reason (attached).And if the price break 1.9750ish, meaning the down trend still stand.But if the pinbar failure (break 2.0021)..usually the cable try to reach the 38.2% Fibo (2.0283ish).Btw I dont trade news, mostly PA with fibo.just my 2 cents.
Well i think let just see what happen next.We got another trading day till this year end @[email protected] the cable reach around 1.9885ish next monday..then i prefer to go short.There is a pinbar on my daily chart for the reason (attached).And if the price break 1.9750ish, meaning the down trend still stand.But if the pinbar failure (break 2.0021)..usually the cable try to reach the 38.2% Fibo (2.0283ish).Btw I dont trade news, mostly PA with fibo.just my 2 cents.
According to what I see the down trend is over, looking at daily. 1.9755 was the low for this down trend that started 9 Nov. Long term we are going up to at least 2.08xx by end Jan begin Feb. British economy has problems now but US has bigger problems. That is Fundamentally my reasoning but technically on fibo 2.0287 is first stop. So for me it will be long all the way with long term and scalping the bounce short term.
(And yes I do have a cristal Ball
Happiness, peace and lots of pips to all for 2008
- #47,416
- Dec 29, 2007 6:05am Dec 29, 2007 6:05am
Thank you so much for your insightful comments. It really helps.
Talking about the divergence between MACD and price on 15 min timeframe, which two peaks should we compare? I see the MACD value @2.0023 is higher than the immediately previous peak (the one 3 hours before), but lower than the peaks on the day before, and therefore I was thinking I could see another higher price than 2.0023. I know I was wrong but could anyone explain it in a little more detail?
Talking about the divergence between MACD and price on 15 min timeframe, which two peaks should we compare? I see the MACD value @2.0023 is higher than the immediately previous peak (the one 3 hours before), but lower than the peaks on the day before, and therefore I was thinking I could see another higher price than 2.0023. I know I was wrong but could anyone explain it in a little more detail?
The other main reason was that there was divergence between MACD and price on the 5, 15, and 60 min levels.
--Tman
