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Cable Update (GBPUSD)

  • #60,541
  • Apr 6, 2008 3:59am Apr 6, 2008 3:59am
Quoting myteax
Man, your kinda funny... you got me rolling on the floor. There is a choice to use either 4 hr, monthly,daily,weekly timeframes. it all depends on the one that favours you. This is my terminology to that.. When I use the 4 hour time frame.. I only check the market once in every four hours and if i really wanna baby sit then i can decide to use 5 min.. so it depends on the one that favours you. Dont forget what works for the goose might not work for the gender. The most important thing is whatever timeframe you use alwaYS follow the corresponding trend. When you use lower timeframe and you can identify the trend you gain more than someone using a larger timeframe.
But from experience there are alot of fake trends in lower timeframe thats why is recommended you use higher timeframes. I personally use the 4Hr time frame and its been wonderful.
Dont forget the trend is your friend and make your analysis as simple as possible. all these charts you guys are drawing makes me wonder if you really make money cos I can see that most of the guys here are confused. You will post very interesting chart and you will still say "IT MIGHT GO LONG " that MIGHT should not be there it should be IT WILL GO LONG... this is not gambling... so if your analysis is not giving you a concrete direction to follow.. I advise MAKE IT SIMPLE...
Ok Myteax maybe you could give a chart as to why you are so sure up is the direction?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #60,542
  • Apr 6, 2008 4:03am Apr 6, 2008 4:03am
In my opinion you must be armed with important numbers for the week to make decisions for that week and actually without Sundays data a long dose not look good.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #60,543
  • Apr 6, 2008 4:15am Apr 6, 2008 4:15am
Myteax if your trading the 4 hour how can you say the trend is up?
Its in a small up channel within a larger down move. If anything according to the 200 and 365 ema it is flat as these emas are converged and flat and have been for some time.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #60,544
  • Apr 6, 2008 4:15am Apr 6, 2008 4:15am
Ok for my chart. its as simple as this
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  • #60,545
  • Apr 6, 2008 4:19am Apr 6, 2008 4:19am
Quoting Bones
Myteax if your trading the 4 hour how can you say the trend is up?
Its in a small up channel within a larger down move. If anything according to the 200 and 365 ema it is flat as these emas are converged and flat and have been for some time.
Bones we dont need to argue about this. lets wait and see... forget EMAs they are lagging they only follow price movements... believe me... Well lets see, i had already said it I entered long since 1.9759 and am saying its still long...
  • #60,546
  • Apr 6, 2008 4:19am Apr 6, 2008 4:19am
Would you explain your line of thinking on the chart my friend
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #60,547
  • Apr 6, 2008 4:21am Apr 6, 2008 4:21am
forex is about mechanical decretion...going up or down there is no right direction...as it goes in both...what matter is the margin u give yourself. i guess from all u are saying myteax that your margin (SP) is fairly big...??


what would interest me is whats yur risk:reward / trade..?

I realise the reason why i ws successfull in demo was because i didnt actually have a SP as i was following the trend...I made plenty of fake money...lol but when i lost the trade the lose was massive now im live and using mm..i not prepared for the huge loses and this is where its kinda falling apart for me, so it be interesting to see what u say...
  • #60,548
  • Apr 6, 2008 4:22am Apr 6, 2008 4:22am
Quoting myteax
Bones we dont need to argue about this. lets wait and see... forget EMAs they are lagging they only follow price movements... believe me... Well lets see, i had already said it I entered long since 1.9759 and am saying its still long...
No no im not arguing ,just discussing,I would like to see bullish movements
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #60,549
  • Apr 6, 2008 4:23am Apr 6, 2008 4:23am
Quoting Bones
Would you explain your line of thinking on the chart my friend
Bones, no need to stress that point, i believe you are a good trader and have your reasons for saying its in short. well i will let u understand something. news does not change the trend. it only cause a temporary change in trend , but the major trend still holds. well as i said lets wait and see ...I am not saying the trend might be long am saying the trend IS LONG
  • #60,550
  • Apr 6, 2008 4:46am Apr 6, 2008 4:46am
Quoting myteax
Bones, no need to stress that point, i believe you are a good trader and have your reasons for saying its in short. well i will let u understand something. news does not change the trend. it only cause a temporary change in trend , but the major trend still holds. well as i said lets wait and see ...I am not saying the trend might be long am saying the trend IS LONG
Ok buddy, no probs, I’m not short or long at mo as my fundamental view says up but charts says down ,lol
I know what you mean about overcomplicating things . You are correct on the time frame thing as plans should come from the larger timeframes and if you open your monthly the bullish trend is still intact.
In regard to the news I do believe no single event can change a trend and anti trend news can give great opportunities’ but if anti trend news mounts up something has to give.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #60,551
  • Apr 6, 2008 5:08am Apr 6, 2008 5:08am
myteax...first of all ...this is not a uptrend...at least not in the big picture ..but i hear u ..yur view is we are at the moment in a retracement at 38.2 level and bouce to resume current upward movement ....this is also possible and can happen

posible target 2.0105 then definate bounce down likely i think..is this what yur seeing?? ...its certainly possible i think also yur view as well as other would be excellent ....this would also tie in with tony's view and looking at the 38.2 level and the formations i think we could go up actually ...
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  • #60,552
  • Apr 6, 2008 5:11am Apr 6, 2008 5:11am
Trend seems to be holding
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #60,553
  • Apr 6, 2008 5:16am Apr 6, 2008 5:16am
Quoting nAVIN2007
myteax...first of all ...this is not a uptrend...at least not in the big picture ..but i hear u ..yur view is we are at the moment in a retracement at 38.2 level and bouce to resume current upward movement ....this is also possible and can happen

posible target 2.0105 then definate bounce down likely i think..is this what yur seeing?? ...its certainly possible i think also yur view as well as other would be excellent ....this would also tie in with tony view and looking at the 38.2 level and the formations i think we could go up actually ...
Let me tell you what am seeing here.. GU is retracing will go as high as over 2.0191 and just above that we should be expecting a reversal in the trend at any point above 2.0191... Good luck
  • #60,554
  • Edited 5:56am Apr 6, 2008 5:38am | Edited 5:56am
Quoting myteax
Let me tell you what am seeing here.. GU is retracing will go as high as over 2.0191 and just above that we should be expecting a reversal in the trend at any point above 2.0191... Good luck
if i can just ask thou...on the daily theres a inverted hammer formation and its right at r1 level, so its a justified pin, are u long because of fundamentals or because u believe the chart suggest this..

it will be interesting to see what happens...
  • #60,555
  • Apr 6, 2008 7:27am Apr 6, 2008 7:27am
Quoting myteax
Bones, no need to stress that point, i believe you are a good trader and have your reasons for saying its in short. well i will let u understand something. news does not change the trend. it only cause a temporary change in trend , but the major trend still holds. well as i said lets wait and see ...I am not saying the trend might be long am saying the trend IS LONG
Correct, news does not change the trend the trend is determined by things we will never see most likely, all it does it create short term setups before and after, its effect after the news is very limited and sometimes even ignored.

There are different time scales to judge trend, I judge trend on a M1 chart going down to 10mins at times, your obvisously a LONG term.

The advantage of my way is, much more control as in on strength out on weakness no watching is chop around hoping it'll keep following the trend, and no 100+pip stops, so much more control over my loses.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #60,556
  • Apr 6, 2008 7:34am Apr 6, 2008 7:34am
Quoting myteax
Let me tell you what am seeing here.. GU is retracing will go as high as over 2.0191 and just above that we should be expecting a reversal in the trend at any point above 2.0191... Good luck
No that is not what you see, that is what you HOPE for nothing more nothing less.

Not saying it won't do that, not saying it will do that, how many months / years are you prepared to wait, how much of a draw down can you take ??
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #60,557
  • Apr 6, 2008 8:18am Apr 6, 2008 8:18am
Quoting Turveyd
No that is not what you see, that is what you HOPE for nothing more nothing less.

Not saying it won't do that, not saying it will do that, how many months / years are you prepared to wait, how much of a draw down can you take ??
Well am a long term trader and not a day trader. I entered GJ SHORT from 13th Dec 2007 and I closed on 18th March and I made 3100 pips. thats just the way i trade. that has been my longest trade ever most times it ranges from few days to just few weeks and not months upon months.
Well thats my style. am not in anyway trying to say that you must change your style. Remember "What works well for the Goose might be so bad for the Gender".
Thats it.
  • #60,558
  • Edited 9:18am Apr 6, 2008 8:40am | Edited 9:18am
Need a comment by Master Abuawad. Using his method analysis, I found that the unknown area limit for 7 April 2008 is 1.9960 - 1.9920. Right or wrong ? . Ups ... sorry I didn't see that he already posted the tomorrow forecast, and my forecast is wrong !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #60,559
  • Apr 6, 2008 8:53am Apr 6, 2008 8:53am
Just looking ay my fibo veiw from last week
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #60,560
  • Apr 6, 2008 9:22am Apr 6, 2008 9:22am
Quoting nAVIN2007
myteax...first of all ...this is not a uptrend...at least not in the big picture ..but i hear u ..yur view is we are at the moment in a retracement at 38.2 level and bouce to resume current upward movement ....this is also possible and can happen

posible target 2.0105 then definate bounce down likely i think..is this what yur seeing?? ...its certainly possible i think also yur view as well as other would be excellent ....this would also tie in with tony's view and looking at the 38.2 level and the formations i think we could go up actually ...
On 4H charts, from the high on 3/14/08 to the present, I see what appears to be a huge descending triangle formation forming? If the current head & shoulder formation continues, that would be three in a row, each smaller than the last..... IF the descending triangle formation continues, wouldn't this indicate a potential Short move to well under 1.9700?
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