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Cable Update (GBPUSD)

  • #61,561
  • Apr 14, 2008 3:38pm Apr 14, 2008 3:38pm
  •  Kokan
  • | Joined Mar 2007 | Status: Should I stay, or should I go | 73 Posts
Quoting Kokan
Navin I know what you are going trough.
Try with fibonacci daily pivot points.
No need to calculate.
Take them from Action forex and place them on your chart.
It will give you visual direction and how far it could go.
When it come to resistance or support you will se the action and make a decision.
To elaborate price action of GBP-USD.

The price action was similar as EUR-USD but it broke Resistance 3 for 90 pips.
When this occur the price usually fall back as you can see in the chart.
Assume you have entered a short position at Tokyo session start at support 2.
With chart with pivot points at next support you would know you are wrong and change your position.
Or you could wait till end of the trend and on indecision place an short order.

Hope this will help you.

Regards to all
  • #61,562
  • Apr 14, 2008 3:40pm Apr 14, 2008 3:40pm
from what hour in GMT time you calculate your pivots??
  • #61,563
  • Apr 14, 2008 3:48pm Apr 14, 2008 3:48pm
The pound entered a short term downward cycle on April 6. I am establishing short positions in this currency at 1.9700 or better.

http://www.morrisfunds.com/storage/b...Down%204-6.PNG

  • #61,564
  • Apr 14, 2008 3:49pm Apr 14, 2008 3:49pm
  •  Kokan
  • | Joined Mar 2007 | Status: Should I stay, or should I go | 73 Posts
Quoting magictrader
from what hour in GMT time you calculate your pivots??
I do not know what your time zone is so I will use openings of the sessions so you could see your time.

NY is ending at 23.00 my time, in an hour new calculation for next day is on the action forex, but some time I calculate them by myself.
The real power of the pivots come at the beginning of London session.
Usually the price action go from one to another point and it is up to you how you will trade. Both long and short can win if you have patience or place an order on the wright pivot.
  • #61,565
  • Apr 14, 2008 3:57pm Apr 14, 2008 3:57pm
First I was using pivots from 23 GMT (I'm GMT + 1) so it was midnight my time.

But now I'm using it from 8 GMT (London opens) and it plays very well especially on GBP/USD.
  • #61,566
  • Apr 14, 2008 3:59pm Apr 14, 2008 3:59pm
  •  Kokan
  • | Joined Mar 2007 | Status: Should I stay, or should I go | 73 Posts
Quoting Kokan
I do not know what your time zone is so I will use openings of the sessions so you could see your time.

NY is ending at 23.00 my time, in an hour new calculation for next day is on the action forex, but some time I calculate them by myself.
The real power of the pivots come at the beginning of London session.
Usually the price action go from one to another point and it is up to you how you will trade. Both long and short can win if you have patience or place an order on the wright pivot.
I would like to thank for pivot points to mr. dove_alliance.
If you would like to learn more read his posts.

Thanks again mr dove_alliance.
  • #61,567
  • Apr 14, 2008 4:00pm Apr 14, 2008 4:00pm
  •  Kokan
  • | Joined Mar 2007 | Status: Should I stay, or should I go | 73 Posts
Quoting magictrader
First I was using pivots from 23 GMT (I'm GMT + 1) so it was midnight my time.

But now I'm using it from 8 GMT (London opens) and it plays very well especially on GBP/USD.
Than you should do fine.
And it is 23.00 in my country.
  • #61,568
  • Apr 14, 2008 4:47pm Apr 14, 2008 4:47pm
Quoting shajib
I have a short position which was opened at 9845. Looking to add one more at 9785. SL 9825-ish. 1st TP in the region of 9650 hopefully after bad housing news. obviously we need to see a clean break of 9725 first.

I still think g/u will have another run towards 9900 from 9600/50 region once strong inflation data is released on Tuesday. Besides if either TIC or Business Cond. Index comes out lower, Dow will continue to drop giving more reason for g/u to rally. Technically, the line in the sand for me is 9600. As long as we are trading above it, I will hold my g/u long positions as there seems to be a strong base forming at that level.
if price price breaks 9740 we will prob see 9600, and then a huge retracement from there. i just sold at 9790 anticipating that break, tp 9600
  • #61,569
  • Apr 14, 2008 5:10pm Apr 14, 2008 5:10pm
Good short term trade setting up on pound.

If it holds below 9775, look to set shorts down to 9565. I would exit here.
  • #61,570
  • Apr 14, 2008 5:31pm Apr 14, 2008 5:31pm
Quoting bearded_clam
Good short term trade setting up on pound.

If it holds below 9775, look to set shorts down to 9565. I would exit here.
hi clam, price is at 9760, are you short? my tp to be exact is at 9585

do you have a stop? if so where? mine will be around 9825...
  • #61,571
  • Apr 14, 2008 5:40pm Apr 14, 2008 5:40pm
Yes short. If price settles above 9775 area, then I would exit. I don't use fixed stops but your stop is GOOD.

Trade needs to move below 9735 for us to gain any momentum in the short term.
  • #61,572
  • Apr 14, 2008 5:47pm Apr 14, 2008 5:47pm
Quoting bearded_clam
Yes short. If price settles above 9775 area, then I would exit. I don't use fixed stops but your stop is GOOD.

Trade needs to move below 9735 for us to gain any momentum in the short term.
i dont know why you will exit if price goes above 9775, price could easily test 9800 area, i will be surprised if it doesnt. i have another sell order there. lets see
  • #61,573
  • Apr 14, 2008 5:58pm Apr 14, 2008 5:58pm
Quoting tomaz55
if price price breaks 9740 we will prob see 9600, and then a huge retracement from there. i just sold at 9790 anticipating that break, tp 9600

Yup..I got another short at 9790 as well. Lets see where we end up in an hour. TP1 at 9610 for the time being. Fingers crossed!
  • #61,574
  • Apr 14, 2008 6:30pm Apr 14, 2008 6:30pm
Quoting adrianebn
is the abuawad system getting used today guys?
Does anyone know where Abuawad has gone, I certainly cannot be the only one missing him?
  • #61,575
  • Apr 14, 2008 6:43pm Apr 14, 2008 6:43pm
I got 9711 which is 76% fib to get 9600 to the bottom of the triangle.
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  • #61,576
  • Apr 14, 2008 7:29pm Apr 14, 2008 7:29pm
9585 could certainly be a good tp1
USD Est Non Mortuus
  • #61,577
  • Apr 14, 2008 7:34pm Apr 14, 2008 7:34pm
Quoting LuckyLurker
9585 could certainly be a good tp1
lets find a nice sell area before tp lol
  • #61,578
  • Apr 14, 2008 8:16pm Apr 14, 2008 8:16pm
Quoting warta
lets find a nice sell area before tp lol
woah. everyone and their brother went short today once it settled. You?
USD Est Non Mortuus
  • #61,579
  • Apr 14, 2008 8:35pm Apr 14, 2008 8:35pm
Quoting tomaz55
i dont know why you will exit if price goes above 9775, price could easily test 9800 area, i will be surprised if it doesnt. i have another sell order there. lets see

Based on what I am seeing, I am scratching my short. FLAT.

Going to go long to 2.35.
  • #61,580
  • Apr 14, 2008 8:40pm Apr 14, 2008 8:40pm
Quoting bearded_clam
Based on what I am seeing, I am scratching my short. FLAT.

Going to go long to 2.35.

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