Cable Update (GBPUSD)

Good night master !

More than welcome by friend

the red line seems to be holding ...maybe we going up? ...but i still fancy down..bearish candle exceeds body of white candle still ...

Mixed also here, 60% down, 40% up at this stage, not enough to base a trade on.

Trend line down working well on the daily calling 2 tops kinda sitting @2.0000 currently.

Got to respect the 62EMA, historically not something you want to bet against, we are below odds are we'll go lower, traded under it pretty much all day.

Looking like EU's run's came to a end to, 1.5640 then DOWN dragging GU with it.

UJ's showing strength again to, which points at GU going down, 103.00 to take out!!!

Support and Resistance lines on GU ( time to get serious )


R1 1.9910
R2 1.9975
R3 2.0035

S1 1.9845
S2 1.9775
S3 1.9740 ( this is a Biggy )

Has someone just nukes the USA ???

EU ran up 50+pips ( lucky escape for me )

GU popped over 1.9900 tis all going NUTS tonight, no sign of news, UJ down abit so not suggesting JPY news.

STRANGE!!!!

Don't understand so staying out!!

this just scared the cr"p out of me....WTF just happened

I know...look at eurusd also...even scarier

No idea, no news posted anywhere, this is abnormal to say the least.

must be some big bank movement or something...some government probably sold a lot of $$$$$

Yeah, and didn't mind running it up and paying over the odds.

Something big is a foot and it's got my spider sense a tingling!!

EU going higher, new highs ??

Looks like move up ? More better waiting for current H4 candle closed another 40 minutes.

FXCM's feed.

Sydney, April 08: Stops in the EUR/USD have been triggered above yesterday"s 1.5735 high with model funds the main buyers. The EUR/USD has continued to surge with more stops above 1.5780 also getting mowed down. The EUR/USD has traded as high as 1.5787, which is the April 1 high and next level of resistance. There is talk of more stops above 1.5810. The EUR/USD trades 1.5775/80

That knackers all TA work in seconds.

UJ started selling off aswell currently.

Hey Turveyd,

Does this information come out on DailyFX+? Thank you.

News out!!!!

Trader falls asleep at the keyboard triggering 4Bil $$'s worth of USD selling on EU!!!


* This is joke just incase LOL *

Yeah it does, shame they lost there news feed in the FXCM's system

Need a full account to access it i think sadly!!

i dunno what happen outside there..
looks like GBP n USD weak, EURO n YEN strong

Dailyfx+

Despite stalling around the April 1 high at 1.5787, the EUR/USD is not backing away as more stops above 1.5810 are in the market"s focus. Traders suspect that a large sovereign name might be behind the EUR/USD buying even though model funds have also been active buyers into a market that is running short.


Who's Bush pissed off tonight then ??

Awaiting the just invaded Iran news

How to use the template

Drag the attached TPL file to the MT4 "templates" folder

Right click on the chart, select Templates, Abuawad

Lines will appear on the chart which match Abuawad's values and colour scheme (if not, restart MT4, open GBP/USD and try again)

Unknown Area Limits UALs are solid yellow lines, T1 thru T3 (capital T) are solid lines, Support/Resistance (S/R) lines are dotted, appropriately coloured.


How I use Abuawad's method
A work in progress, especially step 5, based on my limited but growing experience

Basically Abuawad's method says: The H4 candle Close and/or next H4 candle Open indicates price will move to the next priceline in the direction indicated by the first H4 candle, provided that Open/Close is not in the Unknown Area (between the yellow lines). Price will then try to break that priceline and move to the next priceline. If it fails, it will move back to the previous priceline.

Any of the lines is a "priceline", and can be a "target" (small t) i.e. including UALs and S/R lines.

My rules
BE OUT OF ANY TRADES AT LEAST 30 MINUTES BEFORE A SIGNIFICANT NEWS RELEASE. If NEWS interrupted a move, it might continue afterwards...

1. Wait for a valid signal as per the above, that it's GO for entry. If the H4 Close/Open is only a few pips from a priceline, it's prudent to look for some sort of confirmation, perhaps in the preceding H4 or H1 candles; the risk adverse will wait for the next H4 candle. I regard 5 pips or more from a trigger priceline as a clear signal.

2. Entry: Like any trade you try to get a good entry (e.g. price may close under the trigger indicating to go short, then move up somewhat - a great opportunity to enter), but ultimately you need to get onboard

3. StopLoss (SL): Find the priceline adjacent to the trigger priceline, and set SL equal to the adjacent priceline value plus 15 pips, away from indicated price movement direction. If the resulting SL is less than 50 pips, it's probably a good idea to increase it to at least that.

4. TakeProfit (TP): If you are content with a "small" profit, set TP to the next priceline value in indicated price movement direction (1st target). It's prudent to set TP a few pips short of the target, and if in a Sell trade you must add the spread to the nominal TP.

Advantages: Very high probability of a profitable trade
Disadvantages: Often a poor reward/risk ratio

5. If you want to try for greater profits, look at the preceding H1 candles and see if there is a trend. If the indicated move looks like a retracement, use step 4 to set TP. If it looks like a continuation, then you must use TA to find a the first S/R where price is highly likely to reverse and set the TP there (if that corresponds to a priceline, so much the better, but it need not).