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Cable Update (GBPUSD)

  • #62,261
  • Apr 22, 2008 12:41am Apr 22, 2008 12:41am
May come back to test the DPP at 1.5883... Red and green lines are alert lines to let me know when level is hit
Attached Image (click to enlarge)
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  • #62,262
  • Apr 22, 2008 1:03am Apr 22, 2008 1:03am
Quoting Turveyd
Well recently this simple system is working great again.

6am GMT set a Buy and Sell Limit +/- 10 pips below the 0:00-06:00 high/low, easy ( to go the direction, ie price drops to lows go short )

It's working 80% of the time with gains upto 200pips if you've the balls to hold that long.

Set a trailing stop strategy 40 pips area away would likely work for a hand free well profitable system to.
So stupid had a clear entry signal but did not trust the system yet missed +30pips so far. Will wait for retraction for new entry. Thinking it will go to 1.9763 61.8% Fibo
  • #62,263
  • Apr 22, 2008 1:46am Apr 22, 2008 1:46am
Nice call, But I wouldn't depend on it 100% of the time. But good job.

Jim

Quoting Runway Trade
Why do you think it will not test the bottom of the wedge? It now only in the middle.
What does make me think it will go up is those 3 pinchers forming on the 4H. Same as on the 15th and 17th! could go up +150 only bottom side is tomorros MPC meeting which should hold rates then cable could go down.
I'll wait for clear directional signal BUY above 1.9830 sell below 1.9780
  • #62,264
  • Apr 22, 2008 1:58am Apr 22, 2008 1:58am
Quoting magictrader
Manize, where do you usually put your stop loss when you're trading with this "system"?
Good question. That is what I still learn now. Currently I don't use the stoploss. I did close quickly when the cable move to the opposite forecast. Therefore the result profit sometimes only a few or even loss or BEP.

I just think to lessen margin use from 20% to perhap less than 10% for each trade, so I can plan more wide target with any enoguh space for stop loss.
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #62,265
  • Apr 22, 2008 2:04am Apr 22, 2008 2:04am
Quoting manize
Some modification on Abuawad method, I always review to revise the unknown area on M 30 when the cable already went beyond the current unknown area at least 20 pips, and it is effective for me, no need waiting for the fundamental news. No greedy just 10 - 20 pips target each open trade. For open trade I analyze H1/H4 chart. Current unknown area 1.9775 - 1.9815.
Please see Abuawad method modify is working fine. In this session I take 1.9791 - 1.9764 = 27 pips profit. But rather nervous when the cable move up till level 1.9813.
Attached Image
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #62,266
  • Apr 22, 2008 2:14am Apr 22, 2008 2:14am
Quoting hard1head1
Nice call, But I wouldn't depend on it 100% of the time. But good job.

Jim
Yes right like now LOL
  • #62,267
  • Apr 22, 2008 2:34am Apr 22, 2008 2:34am
Where do you guys think this pair is headed today, considering the US housing data coming out later?
Expected the unexpected
  • #62,268
  • Apr 22, 2008 2:43am Apr 22, 2008 2:43am
Jury is out on current direction, still in a weak downtrend, but wouldn't be too surprised if this changed upward.

No news to 12:00gmt so back to bed for me!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #62,269
  • Apr 22, 2008 2:45am Apr 22, 2008 2:45am
I am slightly bullish today.
The quality of your life is brought about by the quality of your thinking.
  • #62,270
  • Apr 22, 2008 3:04am Apr 22, 2008 3:04am
Quoting hard1head1
Very clean bounce after that nicely formed hammer off the DTL. This all started for me with a triangle on the 15 Min chart.
.
Hi,
I like the graph, but got confused when I saw it was NOT a GBPUSD graph. Could you see to place your EURUSD graph in the respective thread and not in the cable update?
Thanks for taking this into consideration.
  • #62,271
  • Apr 22, 2008 3:17am Apr 22, 2008 3:17am
Quoting manize
Please see Abuawad method modify is working fine. In this session I take 1.9791 - 1.9764 = 27 pips profit. But rather nervous when the cable move up till level 1.9813.
Is this method still working? or you were referring to current uptrend?
  • #62,272
  • Apr 22, 2008 3:32am Apr 22, 2008 3:32am
Good morning,

I've done some Fibo research with different time frames and we've bounce from strong support 1,9770-1,9750 area. There are 4 pivots from different swing highs and lows.

Now G/U is bouncing from Daily pivot at 1,9819.
Attached Image (click to enlarge)
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  • #62,273
  • Apr 22, 2008 3:52am Apr 22, 2008 3:52am
Quoting magictrader
Good morning,

I've done some Fibo research with different time frames and we've bounce from strong support 1,9770-1,9750 area. There are 4 pivots from different swing highs and lows.

Now G/U is bouncing from Daily pivot at 1,9819.
I agrre, my chart shows a new limit area at 1.9749 - 1.9789. But to get more fix figure let see at what level a new H1/H4 candle opened.
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #62,274
  • Apr 22, 2008 4:03am Apr 22, 2008 4:03am
Ok, she should move up to at least 1.9860 from now !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #62,275
  • Apr 22, 2008 4:05am Apr 22, 2008 4:05am
Quoting manize
Ok, she should move up to at least 1.9860 from now !
Yes, and I believe well beyond.
It has a nice open road after 1.9835 was broken.
After all ...it has a responsibility to its ave daily range
  • #62,276
  • Apr 22, 2008 4:14am Apr 22, 2008 4:14am
Sorry Mate,My bad

Quoting bernbeach
.
Hi,
I like the graph, but got confused when I saw it was NOT a GBPUSD graph. Could you see to place your EURUSD graph in the respective thread and not in the cable update?
Thanks for taking this into consideration.
  • #62,277
  • Apr 22, 2008 4:17am Apr 22, 2008 4:17am
Just what we needed, a 4 Hr hammer on the top of that wedge. FANTASTIC!!!
Attached Image (click to enlarge)
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  • #62,278
  • Apr 22, 2008 4:26am Apr 22, 2008 4:26am
Quoting hard1head1
Just what we needed, a 4 Hr hammer on the top of that wedge. FANTASTIC!!!
Perfick http://www.forexfactory.com/images/icons/icon14.gif
  • #62,279
  • Apr 22, 2008 4:33am Apr 22, 2008 4:33am
A LLLLLLLLLLLLLLLLOOOOOOOOOOOOOOOOOOOONNNNNNNNNNNNNNNNNGGGGGGGGGGGGGlegged hammer too.
  • #62,280
  • Apr 22, 2008 4:38am Apr 22, 2008 4:38am
Whereas the 4hr decsending resistance trend line had offered resistance twice on way down, it's upside breech and subsequent retest now sees resistance becoming support at area highlighted.
Attached Image (click to enlarge)
Click to Enlarge Name: 4hr.gif Size: 22 KB
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