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Cable Update (GBPUSD)

  • #57,561
  • Mar 8, 2008 7:01pm Mar 8, 2008 7:01pm
Quoting TraderJR
But once you've mastered manual calculation, there's every reason to increase your productivity and not waste time like that any more, and use calculators/spreadsheets.

The Gartley etc. indicators I saw looked interesting because they would measure/check ratios, identify candidate types and enable predictions of where the D point would occur.



Which platform do you use?

Some ppl criticise Gartley etc. as being no more accurate than conventional TA - your comment?

cheers
That is cool, but unfortunaly my platform doesn't work with any external program like MT4.
I use DealBook.

Well, is the way people do trading. I'm a master with patterns, and I don't want to sound like a jrk, but is just that patterns is the way I dominate better after dozen of strategies. I lost last year 205K traying all kind of plans and now I got that back and a littler more with my trading style. So, all depends about trading style.

karmostaji has some kind of indicator that made the gartleys or buttlerflys automatic. Check some post behind, there are the programs to install, I guess so. I can't use them, but you probably can.
  • #57,562
  • Mar 8, 2008 7:19pm Mar 8, 2008 7:19pm
Quoting Abuawad
10-3-2008
Attached, uses his colour scheme.

Thanks again to Abuawad for sharing

enjoy
Attached File(s)
File Type: tpl Abuawad.tpl   3 KB | 470 downloads
Darkness lies one inch ahead..
  • #57,563
  • Mar 8, 2008 11:27pm Mar 8, 2008 11:27pm
Quoting TraderJR
BTW Nizar, is that your real pic? - just curious, 4x_Trader whose real name is Valentino and who is a guy, often used female avatars (damn attractive ones too) tho currently he uses Einstein.

cheers
Yes this is my real name and photo
  • #57,564
  • Mar 8, 2008 11:31pm Mar 8, 2008 11:31pm
Quoting TraderJR
Attached, uses his colour scheme.

Thanks again to Abuawad for sharing

enjoy

thanks
  • #57,565
  • Mar 9, 2008 1:25am Mar 9, 2008 1:25am
In the Daily chart, What formation(s) we have at the bottom?
a) Triple bottom
b) Double bottom
c) Channel break out
d) All the above

Well, this chart is my answer.
Attached Image (click to enlarge)
Click to Enlarge Name: GBP-USD Daily analysis March 9-2008.png Size: 60 KB
  • #57,566
  • Edited 3:15am Mar 9, 2008 1:58am | Edited 3:15am
Cable steadily retreated from 2.1158 (26 year high Nov 09 '07), falling to 1.9334 on 22 Jan '08. A choppy 1.9361 to 1.9968 range has followed, the latest dip from the top of this band ideally needs a higher low around 1.9718 to keep alive hopes of a recovery over coming weeks toward 2.0350 and possibly 2.0566. A sustained reversal under 1.9700 (23.6% of 2.0830 & 1.9334) will change my view!


PS: Just an info and not a reco!
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 47 KB
  • #57,567
  • Mar 9, 2008 4:23am Mar 9, 2008 4:23am
It’s an interesting way to look at it the pips per day thing to get a grasp of strength and I like it. Yes the trend line could be lower but the one you have drawn is only touching at 2 points and I doubt it is correct. It is off that fake out spike which I would say is totally unreliable and I would say you should at least lift it so it to get the 3 points for now.
I hear what your saying on the sheer strength of this up move and I believe it can be sustained. Personally I was surprised the move never started earlier, with the build up causing such a explosive move.
I go back to my main fundamental view, the interest differential, and expect the gap to remain as is or more likely widen further. Interest rates mean everything forget about everything else these are the Daddy
Of course anything’s possible Trader JR…..
Sorry I never quoted Trader JR post just above No 57570
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #57,568
  • Mar 9, 2008 4:38am Mar 9, 2008 4:38am
hey bones how u doin mate
i need to ask u a question
do u think interest rates will hold this month too?
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #57,569
  • Mar 9, 2008 6:53am Mar 9, 2008 6:53am
Industrial Production
PPI Input
RICS House Price Balance

i know everybody hates news but these 3 numbers are coming in on monday and they have major impact on rate decisions.

so might see cable brake every resistance or a possible trend reversal might happen.

any comments are appreciated.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #57,570
  • Mar 9, 2008 7:14am Mar 9, 2008 7:14am
im seeing the weekly pivot is at 9765 and i'd appreciate if any1 corrects me as i dont have much experience.

now i saw RSI at 71 and stoch almost at 78.
so technically we are entering the overbought area.
regardless of those indicators as some consider them as lagging...
almost 858 pip hike in 4 consecutive weeks, hence theres bound to be a correction,
now im just afraid that this correction might be overdone because of POSSIBLE weak UK fundamentals and dollar rebounding.(STRESS ON POSSIBLE)

now my SL are at 2.0000 (100 pips profit)
but im turning bearish if weekly pivot is crossed.
any comments???????

http://www.forexfactory.com/C:%5CDoc...ator%5CDesktop
Attached Image (click to enlarge)
Click to Enlarge Name: weekly pivot.JPG Size: 127 KB
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #57,571
  • Mar 9, 2008 7:31am Mar 9, 2008 7:31am
Salaams and peace to all on this thread.
Ofcourse news release might send it higher but i think the probability of a retrace to the 2.00, 1.9960 area is very high.
Attached Image (click to enlarge)
Click to Enlarge Name: 111a.gif Size: 15 KB
  • #57,572
  • Mar 9, 2008 8:45am Mar 9, 2008 8:45am
Quoting salah k.
hey bones how u doin mate
i need to ask u a question
do u think interest rates will hold this month too?
Hi Salah ,
Its great and to talk about the news and I am up for it my friend. In fact anything that affects this pair is interesting to me correlations the lot.
But overall I trust my charts as there are big players out there that have worked out what the news will be way in advance. They add up all the results and in the main get it right.
Everybody will have a different approach as to how they will ultimately trade, what suits them, and there is no one way being right.
The news event you talk about on there own will not determine the next interest rate decision for the UK and since we just had one I am looking to US decision next. I am adding up in my mind all the bad data that’s coming out and I am reading that US is not afraid to cut further. So potentially the next move is to widen the gap or at the very minimum to stay the same.
Im sure there are more cuts to come from the UK during the year but they are going to pale into insignificance compared to where America is going. As I say I am not a news trader but I do like to have a view on the big picture to get my long term view.

The other thing Salah, that I noticed ,was I had a problem with in my first year trading is the need to go countertrend. So price was shooting up I was missing the move’s and thinking this can not go higher then looking for a turning point. This is very hard work. Although when the falls came they would be swift and that got me addicted to going short. To go long you do need to be more patient. The market we are in right now you should look to buy the dips until price tells you otherwise.

The market will tell you by breaking your bullish/bearish line.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #57,573
  • Mar 9, 2008 8:59am Mar 9, 2008 8:59am
bones my friend i hear wat ur saying
and im not after shorting gbp/usd at the moment u c i already have 2 longs with almost 200 pips each and im happy
plus im starting to get an interest in long term trading(weekly or monthly even) and not day trading.
but wat i was worried about is a good S/L

anyway could u check my chart set be4.
u c i think we are gonna witness a correction and im afraid bad fundamentals plus dollar rebounding might cause a trend reversal.

hope u can advice me on that bro.
thnx in advance
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #57,574
  • Mar 9, 2008 9:01am Mar 9, 2008 9:01am
Quoting salah k.
im seeing the weekly pivot is at 9765 and i'd appreciate if any1 corrects me as i dont have much experience.

now i saw RSI at 71 and stoch almost at 78.
so technically we are entering the overbought area.
regardless of those indicators as some consider them as lagging...
almost 858 pip hike in 4 consecutive weeks, hence theres bound to be a correction,
now im just afraid that this correction might be overdone because of POSSIBLE weak UK fundamentals and dollar rebounding.(STRESS ON POSSIBLE)

now my SL are at 2.0000 (100 pips profit)
but im turning bearish if weekly pivot is crossed.
any comments???????

http://www.forexfactory.com/C:%5CDoc...ator%5CDesktop
Salah are you saying your long right now? if so I would book some profits.
My weekly 1.9808 but its just about to move up after close tonight.
Price being in the overbought area means nothing on its own.
I am sure there is a correction coming in the first few days next week but really I see 1.9970 as the bottom and all around that area is where I will be buying.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #57,575
  • Mar 9, 2008 9:03am Mar 9, 2008 9:03am
Quoting salah k.
bones my friend i hear wat ur saying
and im not after shorting gbp/usd at the moment u c i already have 2 longs with almost 200 pips each and im happy
plus im starting to get an interest in long term trading(weekly or monthly even) and not day trading.
but wat i was worried about is a good S/L

anyway could u check my chart set be4.
u c i think we are gonna witness a correction and im afraid bad fundamentals plus dollar rebounding might cause a trend reversal.

hope u can advice me on that bro.
thnx in advance
not trend reversal but good call on correction Salah IMO
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #57,576
  • Mar 9, 2008 9:11am Mar 9, 2008 9:11am
Quoting Carrera
In the Daily chart, What formation(s) we have at the bottom?
a) Triple bottom
b) Double bottom
c) Channel break out
d) All the above

Well, this chart is my answer.
Looks good to me
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #57,577
  • Mar 9, 2008 11:29am Mar 9, 2008 11:29am
H4 forecast
Ascending trend, but there are some signs of trend turn:
1) if the channel "C-C+" will be broken through, then level 1.9630 will become target

2) if the pair won't be able to go down lower then level 1.9600, then level 2.0555 will become its target
cancelation this scenarion if will be able to go down lower then level 1.9600

3) if the pair will be able to go down lower then level 1.9600, then level 1.9400 will become its target
cancelation this scenario, if after passing level 1.9600 the pair will be able to go up higher then level 1.9660

http://forexmillion.com/images/GRAPH...08/gu%20h4.gif

Daily
http://forexmillion.com/images/GRAPH...08/gu%20d1.gif
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  • #57,578
  • Mar 9, 2008 1:56pm Mar 9, 2008 1:56pm
Quoting Carrera
nAVIN, did you understand now what is a bullish and bearish Gartley?

cheers
Not yet buddy ..this weekend has been hectic i have been out mostly looking at house i need to buy ...its crazy everything is so damn expensive i feel sick but im gonna looks at your posts so i can learn..thx man for imformation as always, it really helps me...
  • #57,579
  • Mar 9, 2008 4:46pm Mar 9, 2008 4:46pm
Nearly time to let battle commence!!

Hope you don't mind if i just wing it as it goes
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #57,580
  • Mar 9, 2008 5:26pm Mar 9, 2008 5:26pm
I must say i didnt expect it to open above the high of the last candle, im expecting us to go bearish...slightly confused right now .
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