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Cable Update (GBPUSD)

  • #63,061
  • Apr 27, 2008 12:07pm Apr 27, 2008 12:07pm
Quoting Turveyd
and the 2000 previous, OMG you can't trade M1 move to higher TF's NO!!!!
ok will do ,lol
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,062
  • Apr 27, 2008 12:35pm Apr 27, 2008 12:35pm
Quoting warta
BEOVB price action on my weekly chart for whos looking to traid this pair

Attachment
Thanks but we're Cable here.
  • #63,063
  • Apr 27, 2008 1:04pm Apr 27, 2008 1:04pm
Hi every body,

I am new to this forum and reading your stuff which is really great. I am also new to forex trading too... practicing demo account on Meta-trader since last couple of months.

I want to start with you guys, can any body help me to setup the charts and strategy to start with for this pair. I love this pair... do or die....

One thing I saw your last updates that you guys are using 5 min. charts and your charts have gap at the right hand side where as when I tried to create charts it sticking to right hand side and there is no gap so any trend line does not go further. Any way first is the setting of charts and strategy if any body can help me.

Thanks,
786 trading
  • #63,064
  • Apr 27, 2008 1:09pm Apr 27, 2008 1:09pm
You need to turn on your chart shift button at the top on the menue bar. It is just to the left of the green cross with a lower case "f". Jus tlook for it and you will find it.

Quoting 786 trading
Hi every body,

I am new to this forum and reading your stuff which is really great. I am also new to forex trading too... practicing demo account on Meta-trader since last couple of months.

I want to start with you guys, can any body help me to setup the charts and strategy to start with for this pair. I love this pair... do or die....

One thing I saw your last updates that you guys are using 5 min. charts and your charts have gap at the right hand side where as when I tried to create charts it sticking to right hand side and there is no gap so any trend line does not go further. Any way first is the setting of charts and strategy if any body can help me.

Thanks,
786 trading
  • #63,065
  • Edited 4:21pm Apr 27, 2008 4:20pm | Edited 4:21pm
Statistically the Weekly Average True Range is 392 pips over the last 20 weeks. In fact if you look at the last 1,5,10, weeks their ATR is almost identical.
The most obvious potential TL’s on the weekly give 1.9650 as the low and 2.100 as the high which is 450 pips.
So with this info for price to break out of this range up it can not afford to drop much from where it is.
Attached Image (click to enlarge)
Click to Enlarge Name: wwwwwk.gif Size: 36 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,066
  • Apr 27, 2008 4:32pm Apr 27, 2008 4:32pm
Quoting Bones
Statistically the Weekly Average True Range is 392 pips over the last 20 weeks. In fact if you look at the last 1,5,10, weeks their ATR is almost identical.
The most obvious potential TL’s on the weekly give 1.9650 as the low and 2.100 as the high which is 450 pips.
So with this info for price to break out of this range up it can not afford to drop much from where it is.
hey bones great setup were can we get this weekly range automatically like the one shown in ur image.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #63,067
  • Apr 27, 2008 4:33pm Apr 27, 2008 4:33pm
Having said that I also know this is a big week .The biggest weekly bar I can see in recent times is 600 pips.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,068
  • Apr 27, 2008 4:36pm Apr 27, 2008 4:36pm
ATR indicators for Daily ,Weekly and Monthly Salah my friend.
Attached File(s)
File Type: ex4 #(T_S_R)-Daily Range Calculator .ex4   17 KB | 552 downloads
File Type: ex4 #(T_S_R)-Monthly Range Calculator.ex4   17 KB | 509 downloads
File Type: ex4 #(T_S_R)-Weekly Range Calculator.ex4   17 KB | 447 downloads
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,069
  • Apr 27, 2008 4:45pm Apr 27, 2008 4:45pm
There isnt any way I could even think about making a deal here untill I see the 9890 level broke for a long, or the Daily Pivot Point broken for short at .9796 and short is the way I am leaning. Why, because if the DPP is broken, it means the 89 SMA will also go down and that is a real good confirmation. It has Gapped up and could rise to 9870, but there I see it turning down to the .9730 level again. But remember, its Sunday and tomorrows a Japanese off day and things don't always work the way you see them.

Just my take. Jim
  • #63,070
  • Apr 27, 2008 4:52pm Apr 27, 2008 4:52pm
Ranges are kinda risky, better to use as a don't bother to trade Short as as there is limited room left in the range, rather than trying to use it to pick a bottom, cause your likely in a down trend and risky.

If you've got the $$$'s to run a large SL and scale in then fair enough.

IMO.

Range is 1 of the setups on my M1 chart.

D1 charts a Bollinger Band 20,2 works well during chop, so only when the middles lines direction is pretty neutral.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #63,071
  • Apr 27, 2008 5:04pm Apr 27, 2008 5:04pm
Quoting Bones
ATR indicators for Daily ,Weekly and Monthly Salah my friend.

thnx bro
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #63,072
  • Apr 27, 2008 5:05pm Apr 27, 2008 5:05pm
My trading plan for this currency is the fallowing. even though we did get a bounce on our intrday fibb early friday before close its looking bearish to me...The reason why is because we had a double top form there and it got formed since price also got rejected by the trendline.Also price broke its most inner bullish trendline even though its to vertical it adds in my head pressure to the bearish factor. Now in order for me to take a long position i would whant to get a close above the intrdayHigh since that would prove to me that the inner trendline has been brocken and i would feel good to scalp to the next major trendline. So overall this bullish part is not the most apropriate to sit back and let it run to its intrday targets since we do have major reversal spots coming up ahead.

Now for me to trade this short i would like to get a close below resistance short....this would prove to me that it whant to head back south....Also if i do take the short their i would scalp to the intrday long since price may hold major support there. You can close some of your postiong at that point and look at price action as it moves down towards the intrdaypivot and the intrday short..Also if price manages to come down a bunch pay attention to price action at price 9736 that a low from one of the daily low fibbs and might hold some support.Remeber you can guard your pips by placing your stop above the previous candle but dont forget to leave enought air for the market.

Attached Image (click to enlarge)
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  • #63,073
  • Apr 27, 2008 5:13pm Apr 27, 2008 5:13pm
Quoting Bones
Statistically the Weekly Average True Range is 392 pips over the last 20 weeks. In fact if you look at the last 1,5,10, weeks their ATR is almost identical.
The most obvious potential TL’s on the weekly give 1.9650 as the low and 2.100 as the high which is 450 pips.
So with this info for price to break out of this range up it can not afford to drop much from where it is.
Nice analyze. Only pattern I see right now is broadening top on both 30m and 1h chart. Seeking potential trades both ways;
Attached Image (click to enlarge)
Click to Enlarge Name: gu.jpg Size: 87 KB
Measure twice, cut once
  • #63,074
  • Apr 27, 2008 5:17pm Apr 27, 2008 5:17pm
Thanks for the confirmation, and it looks like we are looking at the same thing it bears out what I am finding in a differant manner. So I will post my 4 hr chart again in case you all missed my post on Saturday morning when I was mulling around in here. We have a new falling wedge with the old wedge top DTL acting as support now. Check it out.

Jim

Quoting jets211990
My trading plan for this currency is the fallowing. even though we did get a bounce on our intrday fibb early friday before close its looking bearish to me...The reason why is because we had a double top form there and it got formed since price also got rejected by the trendline.Also price broke its most inner bullish trendline even though its to vertical it adds in my head pressure to the bearish factor. Now in order for me to take a long position i would whant to get a close above the intrdayHigh since that would prove to me that the inner trendline has been brocken and i would feel good to scalp to the next major trendline. So overall this bullish part is not the most apropriate to sit back and let it run to its intrday targets since we do have major reversal spots coming up ahead.

Now for me to trade this short i would like to get a close below resistance short....this would prove to me that it whant to head back south....Also if i do take the short their i would scalp to the intrday long since price may hold major support there. You can close some of your postiong at that point and look at price action as it moves down towards the intrdaypivot and the intrday short..Also if price manages to come down a bunch pay attention to price action at price 9736 that a low from one of the daily low fibbs and might hold some support.Remeber you can guard your pips by placing your stop above the previous candle but dont forget to leave enought air for the market.

Attachment
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 62 KB
  • #63,075
  • Apr 27, 2008 5:22pm Apr 27, 2008 5:22pm
My plans :-

1. Waiting for my Channels to form and jumping on them ( working best in this market for the time being )
2. Waiting for Price action to confirm S/R at one of my SMA lines and trading accordingly with the trend.
3. Looking for break outs of my S/R SMA lines, for scalps.
4. Choppy markets using my BB range for scalps.
5. Jumping on short term Buying / Selling pressure moves

I think thats the 5 setups I'm looking for, over 4 markets, time to put them together and up the trading * realises bad week to start loads of work on dratttss *


1. is best odds on profit and biggest profit potential, 5 is worst!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #63,076
  • Apr 27, 2008 5:24pm Apr 27, 2008 5:24pm
Quoting hard1head1
Thanks for the confirmation, and it looks like we are looking at the same thing it bears out what I am finding in a differant manner. So I will post my 4 hr chart again in case you all missed my post on Saturday morning when I was mulling around in here. We have a new falling wedge with the old wedge top DTL acting as support now. Check it out.

Jim
Np bud I agree with you...
  • #63,077
  • Apr 27, 2008 6:39pm Apr 27, 2008 6:39pm
Thankyou. Yes now the chart is shifted.
Now I need to know about setup charts and strategy to go through with you on this form. Any suggestion and download please...
Thanks in advance.

Quoting hard1head1
You need to turn on your chart shift button at the top on the menue bar. It is just to the left of the green cross with a lower case "f". Jus tlook for it and you will find it.
  • #63,078
  • Apr 27, 2008 7:34pm Apr 27, 2008 7:34pm
There's MACD and RSI divergence on D1 and W1 GBP/USD, indicating price will go up.
Darkness lies one inch ahead..
  • #63,079
  • Apr 27, 2008 7:49pm Apr 27, 2008 7:49pm
Time to hit the sack, but if the price breaks the daily pivot point and tests the back of it, we should see 1.9730 sometime before going up. Just my 2 cents. Up 20 as this writing.

Jim
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  • #63,080
  • Apr 28, 2008 1:43am Apr 28, 2008 1:43am
Price seems to be rejecting the resistance...

will be entering short depending on the close of the candle.


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