Cable Update (GBPUSD)

I think he means after he took a +160 profit he then went long.

I wait H4 close/open > 1.9703 to go long and < 1.9663 to go short. Horizontal line are the support and resistance level.

verey Nice value US session still have 10 min to close

Like others, I am very keen to use your method more. In fact I already do but we need to understand better the PDF that you published here: http://www.forexfactory.com/attachme...7&d=1206711175

Can you send me the answers to these questions?

1) On page 9 of the PDF, you state; "Determining the unknown area limits. Which give me the indicator of the trend direction."
I can see how you establish the 'unkown area limits'.

- How does this give you an indication of trend direction?
- Where & When would you decide to buy or sell?


2) On page 3 of the PDF, Step 4 states; "Determining the last trend channel to start the analysis on it. By adding the fibo levels and fibo fan."
Do you mean that you first establish the last trend, THEN you add fib levels and the fib fan to that last trend channel?


3) From what I read in the PDF, it seems that:
a) you use fib levels and support and resistance to establish the unknown area limits.
b) you only use previous support and resistance levels to establish new support and resistance levels

Is this correct?


4) On page 12 of the PDF, you describe how to establish support and resistance lines.

Do you only look at the daily chart to do this?


5) What stop loss do you use?


--------------------------------
As I said the other day, I will then build on your original PDF to help create a very clear and concise version of your method that you can share.

Thanks in advance Abuawad.

Best regards,
Rob

Can you please let us know what level of PT would be reasonable: my thought was 1.9740 but I don't want to extend as the market is very volatile as you know.

Hey guys im on holiday at mo and not trading , just checking in ,and loving the senior members involvement ,thanks guys your guidance is much appreciated.

out of my 9685 long for +15

+168 for the day

will look to sell tomorrow for 9585

Price hotld resistace at 38.2 green fibb and manages to close at the other side of the counter fibb...i will short since next major resisatnce is located at level...9592

With dread 1/2 in long here, loose stop for me will get in the other 1/2 on further weakness.

Just playing a over the night profit taking / new positions play though, ultimately this puppy is going down!!

1) On page 9 of the PDF, you state; "Determining the unknown area limits. Which give me the indicator of the trend direction."
I can see how you establish the 'unkown area limits'.

- How does this give you an indication of trend direction? breaking the uplimit mean to the uplimit target and same for the downlimit on 4H chart
- Where & When would you decide to buy or sell? after confirm the break of these limits


2) On page 3 of the PDF, Step 4 states; "Determining the last trend channel to start the analysis on it. By adding the fibo levels and fibo fan."
Do you mean that you first establish the last trend, THEN you add fib levels and the fib fan to that last trend channel? Yes


3) From what I read in the PDF, it seems that:
a) you use fib levels and support and resistance to establish the unknown area limits. not 100% correct i establish the unknown area limits from the last day closing by adding these limits as - + 20 pips. that if there are no any support or resistant line in that range if there are any S/R line i'll make them as the unknown area limits.
b) you only use previous support and resistance levels to establish new support and resistance levels: usually i keep the last value as is and start new fibo for the new day.

Is this correct?


4) On page 12 of the PDF, you describe how to establish support and resistance lines.

Do you only look at the daily chart to do this?
Monthly , Weekly, Daily , 4 H and 1 H

5) What stop loss do you use?
the opesit near value
like the limit is 1 and 2
and the first up target 2.2
and the first down target is 0.9
price confirm the uplimit broken the order will be long from 2.0 to 2.2 with stop loss at 0.9 after hiting the target and it try to move to the next target lets say its 2.5
the stop los will be 2.0
and so on

--------------------------------
As I said the other day, I will then build on your original PDF to help create a very clear and concise version of your method that you can share.

Thanks in advance Abuawad.

Yep agree...i whant to see the yellow fib 61.8 that was broken and now is resistance hold also you have to 21 ema.... and lastly after that the next support is far below...

You are right Ameritrini.
i took profit at ~160 pips. i haven't worked it out to the exact pip yet.
i say ~160 pips because i used a "limit order", so when price hit....i took i profit of ~160 pips and then the broker automatically when long for me...

im down -25 pips at the moment..

oh well....i will will stick it out.

thanks all

Jets, I should wait for a break out of the 12sma line ( on 1 hour, I use 720sma on M1 ) it's been failing at this line several times for the last 3hours.

Why there is a risk and I'm 1/2 in!!

Shukran Abuawad.
That's great.
I need to get some sleep now but will review in the morning.

Best regards,
Rob

09-04-2008

Expected really, 2nd 1/2 is in play, ugggggg

Entry=9661
Limit=9610

Today 07:01pm
(UK) CBI's Lambert: BOE Should Cut Bank Rate To 5.0% This Wk

Jets, don't do that man, gets me worried!!!

Still holding, down a few pips at this level, hopeful on a move up over the night, hopefully back down to for you

37mins, until i expect this to kick into gear and move up nicely, the day change.

the reason i came in was because we had a fibb failure...that the main reason i came in short...