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Cable Update (GBPUSD)

  • #47,981
  • Jan 3, 2008 7:28am Jan 3, 2008 7:28am
Quoting Designer1
when you told i am short that time you were wrong direction actually

did you complete your short or still on?
+25 out
  • #47,982
  • Jan 3, 2008 7:28am Jan 3, 2008 7:28am
Quoting Bones
Like I said Mike I couldnt agee more.I must admit Im not sure what a Pin bar is but a reackon its bearish I really want to see 1.9650 but am open minded at mo

I know I need to study candles ....so much to learn
Yeah, pin bars are candlesticks that have little or no real body with a large wick on the end. Check out James16 chart thread. Get the book Martin Pring worte as well. Turst me, you'll be happy you did. Price action WILL, I promise you this, take your trading to another level- consistent profit.
I dream, therefore I become.
  • #47,983
  • Jan 3, 2008 7:53am Jan 3, 2008 7:53am
Just now was an excellent example of how holding on to a trade for a bit longer would make you more profit. I am saying this because I want for all of you to become more profitable within this market. Learn price action, fibs, and how to effectively draw out trendlines. Those three things alone will enhance your trading to a new level. I plan to see the gbp/usd at lower lows by the end of tomorrow.

Don't forget, it's nothing that hasn't been said before; Fundamental analysis plays out in technical analysis.
I dream, therefore I become.
  • #47,984
  • Jan 3, 2008 8:01am Jan 3, 2008 8:01am
Just to let everyone know were I am
I closed my long from 1.9745 for profit when Mikes 30 min Pin bar was formed.That candle also touched the top of my down channel and i had a bearish divergence forming on my 15 min stoch (I know only 15 min but can get somthing from it)
My short is still open from 1.9745 and Im hopeing this down move will a least allow me to cover for no risk but hopefully for the 1.9650 target
I would probably cover the short at 1.9765-- 70 again if givern the chance
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #47,985
  • Jan 3, 2008 8:02am Jan 3, 2008 8:02am
Quoting mike w
Get the book Martin Pring worte as well.
Which one of this books, he has a few.
  • #47,986
  • Jan 3, 2008 8:06am Jan 3, 2008 8:06am
Quoting Bones
Just to let everyone know were I am
I closed my long from 1.9745 for profit when Mikes 30 min Pin bar was formed.That candle also touched the top of my down channel and i had a bearish divergence forming on my 15 min stoch (I know only 15 min but can get somthing from it)
My short is still open from 1.9745 and Im hopeing this down move will a least allow me to cover for no risk but hopefully for the 1.9650 target
I would probably cover the short at 1.9765-- 70 again if givern the chance
Take it?
  • #47,987
  • Jan 3, 2008 8:11am Jan 3, 2008 8:11am
Quoting TIckerShuffl
Take it?
what do mean close my short
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #47,988
  • Jan 3, 2008 8:28am Jan 3, 2008 8:28am
Quoting Bones
what do mean close my short
Bones we might can see 9948 arround price in next few hours?

what u think ?
  • #47,989
  • Jan 3, 2008 8:31am Jan 3, 2008 8:31am
Quoting Bones
what do mean close my short
Still hoding my Short from 9812.
  • #47,990
  • Jan 3, 2008 8:34am Jan 3, 2008 8:34am
Quoting Designer1
Bones we might can see 9948 arround price in next few hours?

what u think ?
Not trying to be picky Mate but could you explain why?? I am 1yr newbie trying to assimilate as much info as possible. A chart or some analysis based on the methods/indicators you use would be much appreciated. Thanx.

edit- I have seen many of your trade calls come true. Looking forward to your analysis.
  • #47,991
  • Jan 3, 2008 8:36am Jan 3, 2008 8:36am
14:32 GBP/USD: Elicits Support circa 1.9750, US Factory Orders Ahead London, January 3. Cable elicited support circa 1.9750 following its pullback from a pre-ADP employment report peak of 1.9825. That peak was reportedly notched with the aid of German bank and UK clearer buying, from 1.9740/50. A Middle Eastern Central Bank was a buyer of GBP/USD at 1.9745/50 during the European morning.
Loss consolidation from Monday"s high of 2.0103 is the big-picture story, with forecast UK rate cuts weighing on the pound. Today"s downbeat quarterly BoE Credit Conditions survey underpins the lower UK base rate expectation. A Swiss bank predicts that the UK base rate will be 4.5% by November, compared to 5.5% now. The first BoE MPC meeting of 2008 takes place next week (Jan 9/10).
US November factory orders will be disclosed at 15:00GMT. Forecast: +0.5% m/m, to follow a 0.5% rise in October.
  • #47,992
  • Jan 3, 2008 8:39am Jan 3, 2008 8:39am
[quote=forexnovice;1782713]Not trying to be picky Mate but could you explain why?? I am 1yr newbie trying to assimilate as much info as possible. A chart or some analysis based on the methods/indicators you use would be much appreciated. Thanx.

Think he was joking! I hope. If we fail to support @ 9764 then next support 30% fib @ 9756
  • #47,993
  • Jan 3, 2008 8:39am Jan 3, 2008 8:39am
Quoting tim1234
14:32 GBP/USD: Elicits Support circa 1.9750, US Factory Orders Ahead London, January 3. Cable elicited support circa 1.9750 following its pullback from a pre-ADP employment report peak of 1.9825. That peak was reportedly notched with the aid of German bank and UK clearer buying, from 1.9740/50. A Middle Eastern Central Bank was a buyer of GBP/USD at 1.9745/50 during the European morning.
Loss consolidation from Monday"s high of 2.0103 is the big-picture story, with forecast UK rate cuts weighing on the pound. Today"s downbeat quarterly BoE Credit Conditions survey underpins the lower UK base rate expectation. A Swiss bank predicts that the UK base rate will be 4.5% by November, compared to 5.5% now. The first BoE MPC meeting of 2008 takes place next week (Jan 9/10).
US November factory orders will be disclosed at 15:00GMT. Forecast: +0.5% m/m, to follow a 0.5% rise in October.
Thanks for the heads up
  • #47,994
  • Jan 3, 2008 8:45am Jan 3, 2008 8:45am
Quoting Terri1
[

Think he was joking! I hope. If we fail to support @ 9764 then next support 30% fib @ 9756
Well there are bears & bulls in this market. Some analysis explaining why you think price might be headed this way or that way would be appreciated b4 you post your point of view.

Remember we are all here to learn. Taking others trade calls will help in the short term but long term one will eventually end up among the 90% losers as statistics state.
  • #47,995
  • Jan 3, 2008 8:52am Jan 3, 2008 8:52am
From the current 5-min Cable...

I was going to call it a Head and Shoulders Pattern, But it looks like a different part of anatomy.
Attached Image
  • #47,996
  • Jan 3, 2008 8:55am Jan 3, 2008 8:55am
Quoting Trillionaire
From the current 5-min Cable...

I was going to call it a Head and Shoulders Pattern, But it looks like a different part of anatomy.
  • #47,997
  • Jan 3, 2008 9:01am Jan 3, 2008 9:01am
Bye Bye Cable.
Humble Lifetime Member
  • #47,998
  • Jan 3, 2008 9:03am Jan 3, 2008 9:03am
Quoting Designer1
Bones we might can see 9948 arround price in next few hours?

what u think ?
Im still short mate hopeing for original target 1.9650-30 but will now cover any bounce up now
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #47,999
  • Jan 3, 2008 9:11am Jan 3, 2008 9:11am
i am short from 1.9750 but not sure where my tp shoud be
  • #48,000
  • Jan 3, 2008 9:12am Jan 3, 2008 9:12am
Quoting Trillionaire
From the current 5-min Cable...

I was going to call it a Head and Shoulders Pattern, But it looks like a different part of anatomy.
On a different note, check the breakout from the HeadnShoulders pattern on Pound/Yen Weekly chart.
Attached Image (click to enlarge)
Click to Enlarge Name: gj weekly.gif Size: 18 KB
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