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Cable Update (GBPUSD)

  • #59,641
  • Mar 27, 2008 9:39am Mar 27, 2008 9:39am
hey guys cable is realy going down now it seems, setup turned badly in short term
  • #59,642
  • Mar 27, 2008 9:45am Mar 27, 2008 9:45am
Happy Birthday Pal.....

Will we have some barbecue party?

Or else??

Quoting Abuawad
27-3-2008
Today is my 26 Birthday
  • #59,643
  • Mar 27, 2008 9:48am Mar 27, 2008 9:48am
wave 4 seems to be complete, wave 5 is expected to start soon and is going down down down!!
  • #59,644
  • Mar 27, 2008 9:57am Mar 27, 2008 9:57am
Quoting AmeriTrini
wave 4 seems to be complete, wave 5 is expected to start soon and is going down down down!!
looks like this wave will go beyond 19700
unless US springs a new problem.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #59,645
  • Mar 27, 2008 9:58am Mar 27, 2008 9:58am
certainly from an intraday prespective the 5min chart shows clearly that the last higher low HL of the uptrend failed to result in a new higher high HH making a lower high LH and now the new low L has exceeded that last higher low of the uptrend. Any continued selling that takes out that 0089 HL swing would see things turn bearish/rangy/neutral at best from an intraday perspective.
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ex member
  • #59,646
  • Mar 27, 2008 10:18am Mar 27, 2008 10:18am
were in a bullish channel,price needs space to move.I hope lol
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #59,647
  • Mar 27, 2008 10:21am Mar 27, 2008 10:21am
Quoting Bones
were in a bullish channel,price needs space to move.I hope lol
long triggered at 100 stop 35 pips
  • #59,648
  • Mar 27, 2008 10:25am Mar 27, 2008 10:25am
Quoting Bones
were in a bullish channel,price needs space to move.I hope lol

Be careful Bones, keep your stops tight!!

  • #59,649
  • Mar 27, 2008 10:42am Mar 27, 2008 10:42am
Hi guys,

I agree that SHORT is the direction for ST traders with target around 2.0030.. but for LT traders, Bones ir right, it is a LONG run..

Both parties be careful, the fundamental data for both parties (GB/US) is very misleading..
Happy trading.
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  • #59,650
  • Mar 27, 2008 10:53am Mar 27, 2008 10:53am
check this out
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  • #59,651
  • Mar 27, 2008 10:57am Mar 27, 2008 10:57am
Quoting Abuawad
check this out
Chart looks good i know but.. AbuAwad, there are no numbers on the right though
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  • #59,652
  • Mar 27, 2008 11:00am Mar 27, 2008 11:00am
Quoting abuzant
Chart looks good i know but.. AbuAwad, there are no numbers on the right though
my bad :. but i think you know i use only 4H and 1H chart for trading during the day
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  • #59,653
  • Mar 27, 2008 11:04am Mar 27, 2008 11:04am
Who says Fibonacci is not a genius
http://en.wikipedia.org/wiki/Fibonacci_number

  • #59,654
  • Mar 27, 2008 11:33am Mar 27, 2008 11:33am
Is there anything wrong with 2.0056 ??

Take a look at the M15 chart, rebounded from that point about 4 times already.. any explanations would be nice..
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  • #59,655
  • Mar 27, 2008 11:34am Mar 27, 2008 11:34am
Quoting tomaz55
long triggered at 100 stop 35 pips
stopped out for -35
  • #59,656
  • Mar 27, 2008 11:35am Mar 27, 2008 11:35am
unless we finish with a strong run up before n.y. close where heading down overnight.
If I Go Broke Trying Then I Will die happy.
  • #59,657
  • Mar 27, 2008 11:47am Mar 27, 2008 11:47am
Quoting abuzant
Is there anything wrong with 2.0056 ??

Take a look at the M15 chart, rebounded from that point about 4 times already.. any explanations would be nice..
its around the 38.2 fibo area
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #59,658
  • Mar 27, 2008 11:55am Mar 27, 2008 11:55am
Quoting abuzant
Is there anything wrong with 2.0056 ??

Take a look at the M15 chart, rebounded from that point about 4 times already.. any explanations would be nice..
Hi guys,
sorry i am not being around much, undergoing my shool final year exams, so will be like this for abt a week or so, but i am still around looking at the charts and all...

Abuzant i see what you're referring too, but i also see a double top that formed 2.0184 and after that neckline was broken we saw a nice move down, could this be strong enough to break this support of 2.0056?? it might and it might not, the best thing is to wait, for me it's a big board with no entry in big red bold lettters!

and since it's almost bedtime for me, i am going off to bed...(have my Economics paper tomorow...Zzzz...wish me luck guys!) but i'll sure look at what happened with the price.

for now in my opinion wathcing it happen from a distance is better!

best of luck to everybody

and Abuawad Happy B'day mate...i am late i know but hope you can ignore on that...
I believe . . .
  • #59,659
  • Mar 27, 2008 12:06pm Mar 27, 2008 12:06pm
Quoting ghous
Hi guys,
sorry i am not being around much, undergoing my shool final year exams, so will be like this for abt a week or so, but i am still around looking at the charts and all...

Abuzant i see what you're referring too, but i also see a double top that formed 2.0184 and after that neckline was broken we saw a nice move down, could this be strong enough to break this support of 2.0056?? it might and it might not, the best thing is to wait, for me it's a big board with no entry in big red bold lettters!

and since it's almost bedtime for me, i am going off to bed...(have my Economics paper tomorow...Zzzz...wish me luck guys!) but i'll sure look at what happened with the price.

for now in my opinion wathcing it happen from a distance is better!

best of luck to everybody

and Abuawad Happy B'day mate...i am late i know but hope you can ignore on that...
thanks b'day... i hope your exams is OK
  • #59,660
  • Mar 27, 2008 12:24pm Mar 27, 2008 12:24pm
Quoting Abuawad
Who says Fibonacci is not a genius
http://en.wikipedia.org/wiki/Fibonacci_number
This article is by Tim Morge.It might shed some light on the origins of Fib numbers.
They are one of the most popular tools in all of trading. Do the numbers 38.2, 61.8, 1.272 and 1.618 ring a bell? The trading community refers to these numbers as 'Fib numbers' or 'Fib retracements and projections'. In fact, I plead guilty to using the same terms at times when describing these numbers.
At a recent Traders Expo session an aspiring trader asked me if I use 'Fib numbers' in my trading. I paused for a moment before answering her and filed the question away for further thought and then I answered that I did use 'Fib numbers', particularly the major retracements and projections. Because of their popularity, it is wise to know where these levels are at all times and when possible, to use them to your own advantage in stop and entry order placement.
I think she was asking me if I thought they worked. And indeed, they do have an uncanny ability to help pinpoint areas where price is likely to turn-whether it is because they have innate predictive powers or because they have become self-fulfilling prophecies because of the number of traders that look at them. But I paused in answering her because they really are not 'Fib' numbers [Fib' being a shortened version of the name Fibonacci, whose name was really Leonardo of Pisa].
The Fibonacci number series 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144. actually first appeared, under the name matrameru (mountain of cadence), in the work of the Sanskrit grammarian Pingala (Chandah-shastra, 'The Art of Prosody', 450 or 200 BC). Prosody was important in ancient Indian ritual because of an emphasis on the purity of utterance. Later, Leonardo of Pisa used this same series of numbers in his biological treatise 'Liber Abaci'. He considers the growth of an idealized (biologically unrealistic) rabbit population, assuming that:

  1. In the first month there is just one newly-born pair,
  2. New-born pairs become fertile from their second month on,
  3. Each month every fertile pair begets a new pair, and
  4. The rabbits never die.

It was Johannes Kepler that later observed that the ratio of consecutive Fibonacci numbers converges. He wrote that "as 5 is to 8 so is 8 to 13, practically, and as 8 is to 13, so is 13 to 21 almost", and concluded that the limit approaches the golden ratio 1.618 or [IMG]file:///C:/Documents%20and%20Settings/mgartley/Application%20Data/Macromedia/Dreamweaver%208/OfficeImageTemp/clip_image001_0002.gif[/IMG] [pronounced 'Fee']. But where did the Golden Ratio come from and how is it related to these other mathematical numbers traders commonly call 'Fib numbers'?
Pythagoras, the Greek father of Geometry said: ‘FIRST OF ALL IS NUMBER’. The Greeks had a very poor number system that used letters of the alphabet without a zero, yet they produced art and architecture that was amazingly beautiful because of their exquisite proportions. Their unique artistry came from their use of complex mental processes, coupled with very direct and simple ways of transferring ideas into wood and stone structures, because they were so well versed in the repeatable patterns found throughout nature.

http://www.intershow.net/TradersTips...densection.jpg


Translated into today’s language, The Golden Mean can be defined as: ‘the lesser is to the greater as the greater is to the whole’. Now let’s see if we can derive the other popular numbers I cited above:
1 divided by 1.618 = .618
.382 = .618 multiplied by .618 that means it is .618 squared
The square root of 1.618 = 1.272
How do these numbers relate to the number series commonly referred to as the ‘Fibonacci sequence’?
The 61.8 % ratio is found by dividing one number in the series by the number that follows it. For example: 8/13 = 0.6153, and 55/89 = 0.6179.
The 38.2% ratio is found by dividing one number in the series by the number that is found two places to the right. For example: 55/144 = 0.3819.
You can see that these numbers were well known and used throughout the ancient world well before the birth of Christ. Their derivation came from mathematicians and philosophers studying the recurring beauty and symmetry found throughout nature in such natural phenomenon as the spiral growth of seashells and the number and relative size of petals and leaves on plants and flowers. And it should surprise none of us that if these ratios are pervasive throughout nature, they are also very visible and useful in all the markets.
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