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Cable Update (GBPUSD)

  • #63,021
  • Apr 26, 2008 9:20am Apr 26, 2008 9:20am
Compare it to the other one in the rectangle, its only a bearish pin bar if the next candle is bearish, and its a spinner. Check this out, you really should read www.babypips.com , Its worth the time.

Quoting Bones
Ive got to say there a good few posters coming to this thread with CHARTS and ideas recently and you are one of them Jim.
Just one question ,is that a monthly inverted hammer candle as you suggest cause im thinking the lower wick is too long.
Ive been seeing it as a bearish pin.
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  • #63,022
  • Apr 26, 2008 9:33am Apr 26, 2008 9:33am
Here is a Bearish Pin

Quoting Bones
Ive got to say there a good few posters coming to this thread with CHARTS and ideas recently and you are one of them Jim.
Just one question ,is that a monthly inverted hammer candle as you suggest cause im thinking the lower wick is too long.
Ive been seeing it as a bearish pin.
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  • #63,023
  • Apr 26, 2008 10:47am Apr 26, 2008 10:47am
Quoting hard1head1
I see not everyone likes my idea of putting a monthly chart up there, However, You can not ignore those candle formations, those Tweezers and that inverted hammer are priceless...... Admitted, your not going to go long of the Monthly chart unless you haved the balls to put a 700 pip stoploss there, because with the way the chart looks, that is what you would need and you would stand to make more than 1400 pips on the deal. But we are not into trading the monthly chart, I know that and this is the play a position player would make. BUT, at least I know we are heading up in the future. Please, I am not trying to tell you to trade the monthly chart. Please, if you are new and havent been there, please go to www.babypips.com and read it 2 or 3 times. What you will learn will be priceless also.

Jim
Who gives a crackers what timeframe you're trading as long as you're making pips.
  • #63,024
  • Apr 26, 2008 10:55am Apr 26, 2008 10:55am
Quoting forexmoments
Who gives a crackers what timeframe you're trading as long as you're making pips.
this is also true ...
  • #63,025
  • Apr 26, 2008 10:59am Apr 26, 2008 10:59am
Quoting hard1head1
Compare it to the other one in the rectangle, its only a bearish pin bar if the next candle is bearish, and its a spinner. Check this out, you really should read www.babypips.com , Its worth the time.
My friend a pin bar dose not have to be a spinner and the next bar dose not have to be bearish.
The bars you have highlighted are pin bars but one is in traffic ,a good pin bar is at an extreme.
Every pin bar has a different length of effect thus once the base is broken it could go for 50 or 500or 5000 pips.
Personally I still do not accept that bar as a inverted hammer as the lower wick should be little to nothing.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,026
  • Edited 11:27am Apr 26, 2008 11:15am | Edited 11:27am
Quoting Turveyd
Its always easy after the fact, but your saying with 600 pip candles+++, you could do that with a 20pip SL, the term GET REAL, how many 1000's of times have you been stopped out swinging for the fence with a 20pip stop ??

It merely looks simple on the higher TF's after the fact, it's harder alot harder.
Also you would only look to sell off the TL on the monthly then start moving down a TF or you may just move down a TF straight away take entry and then move down again for pin point exit.So that gives you the daily and there were lots of signals there
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,027
  • Apr 26, 2008 11:17am Apr 26, 2008 11:17am
this is where i get confused the longer the wick the better pin it is no...it shows more price rejection, i understand that the longer the wick is the more the SL will need to be so its probably not as good but its a beter signal ..

more importantly why is my chart different to yur..i ploted same line but yur and mine is quite different ? ..
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  • #63,028
  • Apr 26, 2008 11:22am Apr 26, 2008 11:22am
In fact so many signals I did not believe them
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,029
  • Apr 26, 2008 11:35am Apr 26, 2008 11:35am
Quoting nAVIN2007
this is where i get confused the longer the wick the better pin it is no...it shows more price rejection, i understand that the longer the wick is the more the SL will need to be so its probably not as good but its a beter signal ..

more importantly why is my chart different to yur..i ploted same line but yur and mine is quite different ? ..
Whats the difference Nav?

Edit:Note mine is an old one
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,030
  • Apr 26, 2008 11:42am Apr 26, 2008 11:42am
Quoting Bones
In fact so many signals I did not believe them
this is why im a bit lost each doji type formation suggest the price isnt happy to be high ..weekly chart suggest start of a downtrend movement yet we come up again ..a close above 1.9979 would make me think of a bullish stance but right now i dunno whats going on ..
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  • #63,031
  • Apr 26, 2008 11:52am Apr 26, 2008 11:52am
weekly evening star and movement up!

1.9979 maybe be tested but we should be moving down..im looking for a rejection when we hit rejection level and then i plan to sell.....
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  • #63,032
  • Apr 26, 2008 12:02pm Apr 26, 2008 12:02pm
Why is the lower formation bearish?
If every pin we have seen this year makes money why not take them?The longer the wick the better but you can play the retrace.

What I mean is you could have made 100+ pips out of every good daily pin we have seen so dose it matter if your stop needs to be large?
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,033
  • Edited 12:21pm Apr 26, 2008 12:05pm | Edited 12:21pm
Reviewing Abuawad method anlysing for 3 days, April 23 - 25, 2008 has been shown the evidence of perfectly result !
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I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #63,034
  • Apr 26, 2008 12:10pm Apr 26, 2008 12:10pm
Quoting Bones
Why is the lower formation bearish?
If every pin we have seen this year makes money why not take them?The longer the wick the better but you can play the retrace.

What I mean is you could have made 100+ pips out of every good daily pin we have seen so dose it matter if your stop needs to be large?
yeah i know , i meant the bearish engulfing candle ...the formation b4 the bullish bounce....all im saying is movement is meant to be down, but theres a lot of indecision and retesting going on and im trying my best not to lose money...when price goes against me i find it hectic (emotions lead me to exit at a loss, i need to deal with this) ..but think i mantain a bearish outlook till i find a close on daily around the area that being rejected
  • #63,035
  • Apr 26, 2008 12:17pm Apr 26, 2008 12:17pm
Quoting nAVIN2007
yeah i know , i meant the dark cloud cover ...the formation b4 the bullish formation....all im saying is movement is meant to be down, but theres a lot of indecision and retesting going on and im trying my best not to lose money...when price goes against me i find it hectic (emotions lead me to exit at a loss, i need to deal with this) ..but think i mantain a bearish outlook till i find a close on daily around the area that being rejected
Nav expect a retrace of that last bullish bar but then up we go for a bit I have around 2.1 as the next sell.
For me I am now seeing fundamentals and the charts come together and from my charts im thinking we may have a statement or maybe more of a cut from the fed which will drive prices up.

We have had a lot of bad numbers from the US and the BOE have now got a get out clause on lowering their rates.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,036
  • Apr 26, 2008 12:21pm Apr 26, 2008 12:21pm
Quoting Bones
Nav expect a retrace of that last bullish bar but then up we go for a bit I have around 2.1 as the next sell.
For me I am now seeing fundamentals and the charts come together and from my charts im thinking we may have a statement or maybe more of a cut from the fed which will drive prices up.

We have had a lot of bad numbers from the US and the BOE have now got a get out clause on lowering their rates.
we have effectively closed above the trendline so this is possible as right now we anit in the downtrend..but i guess will just have to play what happens but those pins i find worrying...
  • #63,037
  • Apr 26, 2008 12:29pm Apr 26, 2008 12:29pm
Well there now just swing highs to me but still have resistance,the monthly is the one to watch.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,038
  • Apr 26, 2008 12:32pm Apr 26, 2008 12:32pm
Quoting Bones
Well there now just swing highs to me but still have resistance,the monthly is the one to watch.
ABCD patern also ...if the neckline dont break ..then plan might not happen carrera theory..
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  • #63,039
  • Apr 26, 2008 12:37pm Apr 26, 2008 12:37pm
oh yes my friend that needs to break if not ......
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,040
  • Apr 26, 2008 3:05pm Apr 26, 2008 3:05pm
Quoting Bones
8 years and not profitable ,im starting to think there’s something wrong with your system.
I was very profitable on stocks for a few years, until they changed the day trading rules then I lost my margin and ability to short, so switched to options made stupid money due to very high risk spent it, then blew the account in a gap up pretty much, had 2 years off, then started messing with Forex casually 3 1/2 years ago, only started to take it seriously last 2months.

And No Navin, I use 15min purely for as above, 1M isn't noise, it's detail, you've got to learn how to interpret the detail and what to ignore thats all.

I'll be profitable on Forex real soon to, don't you worry 7 trades this week, only 1 loser ironically my first trade!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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