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Cable Update (GBPUSD)

  • #53,781
  • Feb 14, 2008 2:37pm Feb 14, 2008 2:37pm
so how do i look at pound now?:
1) as recovering from the lows only to hit new lows after it hits the 38% retracement line.
2)as a yearly chart in which case it will go back up to new highs higher than 2.11 ...
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #53,782
  • Feb 14, 2008 2:45pm Feb 14, 2008 2:45pm
Quoting AmeriTrini
well I mean 38.2% of the rally from 2.1160 to 1.9335, on which ever timeframe your looking at.

yep yur right what u said is happening as always U the man! ...it definetely looks as if we are going to test the line and move up
  • #53,783
  • Edited 3:06pm Feb 14, 2008 2:52pm | Edited 3:06pm
check this weekly chart out for cable, weekly sell off from Medium line on the pitchfork. Been nice trend channel between red line and Medium line. close below the red line has sold off until blue line which could now be weekly support.. 1.9400 up move could well extend to 1.9959 and 2.0350 (red line)... weekly close below 1.9400 forces to review


just another useful tool to look at..
Attached Image (click to enlarge)
Click to Enlarge Name: CABLE WEEKLY PITCHFORK.JPG Size: 383 KB
Trading is 80% Emotional, 20% Technical
  • #53,784
  • Feb 14, 2008 3:08pm Feb 14, 2008 3:08pm
the stochastic says it should move upward but i mean it looks like it would go either way and since the UK fundamentals are week doesnt it seem more likely technicaly and fundamenatly that pound will be bearish ????????

probably nxt week.
plz correct me
http://www.forexfactory.com/images/icons/icon14.gif or http://www.forexfactory.com/images/icons/icon13.gif
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #53,785
  • Feb 14, 2008 3:08pm Feb 14, 2008 3:08pm
Just exited now for a nice 50 pips profit.

Had my sell limit placed exactly on the trend line, just perfect.

Gotta love trendline bounces, tried and trusted, hehe...
Attached Image (click to enlarge)
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  • #53,786
  • Feb 14, 2008 3:18pm Feb 14, 2008 3:18pm
Quoting salah k.
the stochastic says it should move upward but i mean it looks like it would go either way and since the UK fundamentals are week doesnt it seem more likely technicaly and fundamenatly that pound will be bearish ????????

probably nxt week.
plz correct me
http://www.forexfactory.com/images/icons/icon14.gif or http://www.forexfactory.com/images/icons/icon13.gif
hell no! .....i have limited experience but i have found that the chart dont lie. there is nothing to suggest looking at chart data that we are going south..everything is bullish. look at the larger time frames and u notice that we have broken out of the channel which formed the downtrend, 4 bull candles on daily, closes higher than prevous, the momentum is up!!! it should go up to around 1.9890 or so and test a channel line. every1 that said it was going short 2 days ago have disappeared.....lol
study yur charts and im sure u will come to same conclusions
  • #53,787
  • Feb 14, 2008 3:21pm Feb 14, 2008 3:21pm
Quoting jacobtrader
You talk as if you are the next FED Chairman..
Yeah, and you talk as if you are STIFX.
  • #53,788
  • Feb 14, 2008 3:26pm Feb 14, 2008 3:26pm
Quoting nAVIN2007
hell no! .....i have limited experience but i have found that the chart dont lie. there is nothing to suggest looking at chart data that we are going south..everything is bullish. look at the larger time frames and u notice that we have broken out of the channel which formed the downtrend, 4 bull candles on daily, closes higher than prevous, the momentum is up!!! it should go up to around 1.9890 or so and test a channel line. every1 that said it was going short 2 days ago have disappeared.....lol
study yur charts and im sure u will come to same conclusions
technically i agree with u a 100% but i cant help but feel that a recession is hitting the UK so im thinking that it might screw the whole thing up.

like in one day make us sorry for buying cable.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #53,789
  • Feb 14, 2008 3:30pm Feb 14, 2008 3:30pm
Quoting forexmoments
Just exited now for a nice 50 pips profit.

Had my sell limit placed exactly on the trend line, just perfect.

Gotta love trendline bounces, tried and trusted, hehe...
Same as you, but still short at mo, a scalp , + the 200ma was there on 4hr ,holding it, were still in the 4hr uptrend but that seems a little smooth for me Im wondering if were gonna have a little pullback, but am still looking to stop and reverse around 1.9665.
Attached Image (click to enlarge)
Click to Enlarge Name: daily.gif Size: 34 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #53,790
  • Feb 14, 2008 3:32pm Feb 14, 2008 3:32pm
Quoting salah k.
technically i agree with u a 100% but i cant help but feel that a recession is hitting the UK so im thinking that it might screw the whole thing up.

like in one day make us sorry for buying cable.
The only thing that you should be feeling, is your charts and nothing else. When you start feeling any other thing, this is when you have made the BIGGEST mistake that you can make in forex trading.
  • #53,791
  • Feb 14, 2008 3:39pm Feb 14, 2008 3:39pm
its all mechanical discretion and where u have yur lines, every1 has them different slightly, i just saw bones diagram and if i had my line like his ...id probably be short too
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  • #53,792
  • Feb 14, 2008 3:45pm Feb 14, 2008 3:45pm
Quoting nAVIN2007
its all mechanical discretion and where u have yur lines, every1 has them different slightly, i just saw bones diagram and if i had my line like his ...id probably be short too
so what is the main resistance that would signal a breakout.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #53,793
  • Feb 14, 2008 3:52pm Feb 14, 2008 3:52pm
lol ,i know what you mean Nav its not easy,you can get a different picture just by tweaking your lines,you gotta check out the Moukeki thread,
I’m not trying to preach when I recommend, if I know something I will try to help as others have for me
In other words these have only just been pointed out to me within the last few months and they have helped me greatly
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #53,794
  • Feb 14, 2008 3:55pm Feb 14, 2008 3:55pm
Quoting salah k.
so what is the main resistance that would signal a breakout.

1.9625-37 if we fall below this id go short
but im actually quite postive about going up like 99% theres a hammer formation forming on monthly chart to showing major price rejection, bullish engulf on weekly too
  • #53,795
  • Feb 14, 2008 3:58pm Feb 14, 2008 3:58pm
Quoting salah k.
so what is the main resistance that would signal a breakout.
19739, D1 62 % fib, intersecting D1 downtrend line from 09Nov07 peak.

When was the last time you saw 5 consecutive daily green candles?

If it breaks this, it could be BIG...
Attached Image (click to enlarge)
Click to Enlarge Name: 080215 GBP-USD D1 resistance point.gif Size: 74 KB
Darkness lies one inch ahead..
  • #53,796
  • Feb 14, 2008 3:59pm Feb 14, 2008 3:59pm
Quoting Bones
lol ,i know what you mean Nav its not easy,you can get a different picture just by tweaking your lines,you gotta check out the Moukeki thread,
I’m not trying to preach when I recommend, if I know something I will try to help as others have for me
In other words these have only just been pointed out to me within the last few months and they have helped me greatly
thx for the tip...i will definetely check it out..
  • #53,797
  • Feb 14, 2008 4:02pm Feb 14, 2008 4:02pm
Quoting TraderJR
19739, D1 62 % fib, intersecting D1 downtrend line from 09Nov07 peak.

When was the last time you saw 5 consecutive daily green candles?

If it breaks this, it could be BIG...
exactly what i was thinking,i went back and counted and it seems 8- 9 is max
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #53,798
  • Feb 14, 2008 4:04pm Feb 14, 2008 4:04pm
Quoting TraderJR

When was the last time you saw 5 consecutive daily green candles?
Dunno, but a long time ago.
  • #53,799
  • Feb 14, 2008 4:13pm Feb 14, 2008 4:13pm
Quoting salah k.
technically i agree with u a 100% but i cant help but feel that a recession is hitting the UK so im thinking that it might screw the whole thing up.

like in one day make us sorry for buying cable.

I dont think you should worry to much about things like that. You can never be sure when news like that will filter through to the markets.

You can only go with what you have in front of you on the charts. If you learn to understand and Familiarise yourself with the patterns you can look to take advanatge of opportunities.

At the moment im long on cable while it remains above 1.9670 but if we make another test and failure at 1.9738 i would prehaps move to short. However i can not say yet as every minute that passes more of the puzzle is revealed. I think one needs to learn to follow the charts and not attempt to have them predict the future to you.

Be ready to change your decisions at any time dont let yourself have a fixed mind set leading to a bias on a particular direction.

just my thoughts
  • #53,800
  • Feb 14, 2008 4:16pm Feb 14, 2008 4:16pm
Quoting TraderJR
19739, D1 62 % fib, intersecting D1 downtrend line from 09Nov07 peak.

When was the last time you saw 5 consecutive daily green candles?

If it breaks this, it could be BIG...
i guess that would be in november 07 be4 it hit 2.11
"what doesn't bankrupt me, makes me stronger" modern nietzche
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