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Cable Update (GBPUSD)

  • #64,101
  • May 4, 2008 9:47am May 4, 2008 9:47am
Quoting coop38
consider this, an inverted one

looks similar
http://thepatternsite.com/images/hsbmeasure.jpg

yes ..yur right ....lol it does look better well spotted ...
  • #64,102
  • May 4, 2008 11:23am May 4, 2008 11:23am
Just a couple things to note. I have been taught to disregard to a certain extent any spikes as lows or highs caused by news releases, and to draw my trendlines thru them as if they weren't there. They may or may not hold up, and in my expierience most of the time they do not hold up. The area that stopped the news spike on Friday, was the 9730 area of support combined with the 1 Hr UTL noted by Bones. The chart below is my 15 Min trendline. Notice how its drawn off the 2 bottoms in the Lower left corner, You can even see where the price came up to test the back of it, ( Blue Elipse ) And trickled out Friday in a small triangle. I dont take any price action after noon on Friday, seriously, since people are leaving and exiting their positions or shutting down for the weekend.

Just food for thought.


Quoting nAVIN2007
we have a v shape pattern denoting possible reversal which has failed,or has it ? possible head n shoulder...right rougly 61.8 % ratio is met so really not to sure confirmation is needed ofcourse but for long that trendline acting as resistance need to break..im in favor of short..but u never know

and this is reason why...

that line acting as resistance can be considered a early signal (advanced entry for head n should pattern) already in play if 1.9711 break ..200 pips is likely ..

i think ..lol
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 58 KB
  • #64,103
  • May 4, 2008 12:05pm May 4, 2008 12:05pm
yeah sorry guys i dont think the head n shoulder i have posted is right ...it definately not 61.8 ratio met..just me doing the fibs wrong again ....lol

i guess we can only wait and see ....as i think we definately in limbo right now
  • #64,104
  • May 4, 2008 12:07pm May 4, 2008 12:07pm
Quoting coop38
dear naVIN2007,
i dont expert with candles formation, it;s harmonic pattern that told me the price will go north next week, i like the setup because the RR ratio is very good

cheers....
coop38, very good for you. If you understand this type of trading, I bet you will make money easily. This is a contrarian trading and its pays good.

TC
  • #64,105
  • May 4, 2008 12:33pm May 4, 2008 12:33pm
Quoting hard1head1
I am leaning on trading this triangle unless the market tells me otherwise. See you all tonight.
This triangle you posted is the same one I have(well everybody has) I think the price will still bounce up and down in it before any breakout. No predictions on which side the breakout will be. I dont really care, just hope it is a clear breakout and not one of those sill false breakouts that takes my money. LOL Profitable trading for all this comming week!
  • #64,106
  • May 4, 2008 12:48pm May 4, 2008 12:48pm
I have a question for everybody: Monday is a holiday in UK and also holiday in Japan. So what do you guys think about any obvious activity in tonight London Session and pre-UK trading session regarding G/U, E/U and G/J.

Alqaz.
  • #64,107
  • May 4, 2008 12:48pm May 4, 2008 12:48pm
Quoting TraderJR
Yes, but it really is a trading robot, with all the advantages and disadvantages that that implies:

Advantages: No emotion, will execute trades according to set rules with extreme efficiency.

Disadvantages: Rule-bound, very inflexible, nothing in the way of judgement, discretion or insight..

The EA can be optimised according to past data i.e. to give max profit, minimum drawdown - If you have gone through this exercise, you really get to understand the meaning of "Past performance has no bearing on future returns"

An EA can be profitable for months, then tank because the market climate has changed.

Progress is being made in getting robots to do complex tasks, like driving unattended on roads, but trading the forex... hmmm?

See http://en.wikipedia.org/wiki/DARPA_Grand_Challenge

However one would be a fool to say "never", though a trading robot which consistently made money in all types of markets and generally available to traders might mean the end of FOREX as we know it. If such a beast exists, one would presume extraordinary efforts were being made to cloak the fact, including regular random losses..

Interestingly FXCM's jumped on the EA band wagon and offers a stack of alledegely profitable EA's to choose from and can view them all by performance based on 1day to 3 month or something figures, possibly a Demo account testing free thing aswell be interesting to see them running live, dunno if there using Meta or there own platform either!!

Go check it out!!! but I remain sceptical!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #64,108
  • May 4, 2008 3:08pm May 4, 2008 3:08pm
Quoting asyed4
I have a question for everybody: Monday is a holiday in UK and also holiday in Japan. So what do you guys think about any obvious activity in tonight London Session and pre-UK trading session regarding G/U, E/U and G/J.

Alqaz.
Holiday mean Time for scalping 20-30 p. all day for me.
I Deeply Love My Virtual Life In Virtual World , RLC
  • #64,109
  • May 4, 2008 3:58pm May 4, 2008 3:58pm
Possible sideway movement for a while because holiday.

Well...

Who knows, it is forex!!! Crazy market.
  • #64,110
  • May 4, 2008 4:43pm May 4, 2008 4:43pm
imagine a breakout while every1 on holiday, that would be a surprise...lol happy holidays guys ..
  • #64,111
  • May 4, 2008 4:59pm May 4, 2008 4:59pm
I am going to take the night off KBL. Gonna grab 20 or so with a couple of standard lots trading that nice gap up, short on E/U. See ya all tomorow.

Jim
  • #64,112
  • May 4, 2008 4:59pm May 4, 2008 4:59pm
Well, last week was extremely good for me. I hope this week to be the same.

This is what I see this week...

For lorg term positions, I use an account. I will place a contract shorting with the data of the first chart in my lorng term account and for the others charts I use another account for scalping and short term positions.


Here are my charts.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBP-USD MAY 4 PROJECTION 4H.png Size: 59 KB
Click to Enlarge Name: GBP-USD MAY 4 PROJECTION 4H Gartley.png Size: 66 KB
Click to Enlarge Name: GBP-USD MAY 4 PROJECTION 4H Bullish Buttlerfly Pattern.png Size: 51 KB
Click to Enlarge Name: GBP-USD MAY 4 PROJECTION 4H AB=CD.png Size: 60 KB
Click to Enlarge Name: GBP-USD MAY 4 PROJECTION 4H BULLISH THREE DRIVES.png Size: 74 KB
  • #64,113
  • May 4, 2008 6:04pm May 4, 2008 6:04pm
Keep an eye on the 1 hr for a Morning star to form, signs are pointing up so far.
  • #64,114
  • May 4, 2008 6:35pm May 4, 2008 6:35pm
Just dont underestimate that 9730 level.

JIM
  • #64,115
  • May 4, 2008 6:58pm May 4, 2008 6:58pm
Quoting hard1head1
Because the market is constantly changing, there will never be an EA that makes consistant money......UNLESS you do like I am doing. I have found a good one, but I have to make adjustments every day. I have to see where the price is and make changes constantly.
Interesting, looks like trading assistant rather than trading robot, with you the master guiding hand.

Did u create this EA or buy it?
Darkness lies one inch ahead..
  • #64,116
  • May 4, 2008 7:36pm May 4, 2008 7:36pm
Quoting Carrera
Well, last week was extremely good for me. I hope this week to be the same.
Way to go. Also thanks for your posts, I really enjoy reading your point of view.
USD Est Non Mortuus
  • #64,117
  • May 4, 2008 8:18pm May 4, 2008 8:18pm
Quoting asyed4
I have a question for everybody: Monday is a holiday in UK and also holiday in Japan. So what do you guys think about any obvious activity in tonight London Session and pre-UK trading session regarding G/U, E/U and G/J.

Alqaz.
Would sit tight to be honest.
  • #64,118
  • May 4, 2008 8:33pm May 4, 2008 8:33pm
Quoting LuckyLurker
Way to go. Also thanks for your posts, I really enjoy reading your point of view.
you welcome.
  • #64,119
  • May 4, 2008 8:38pm May 4, 2008 8:38pm
Quoting Carrera
Well, last week was extremely good for me. I hope this week to be the same.

This is what I see this week...

For lorg term positions, I use an account. I will place a contract shorting with the data of the first chart in my lorng term account and for the others charts I use another account for scalping and short term positions.


Here are my charts.
What price level are you planning on entering a short position?
Expected the unexpected
  • #64,120
  • May 4, 2008 10:49pm May 4, 2008 10:49pm
Quoting scyang
What price level are you planning on entering a short position?
Usualy I don't trade on Sundays, but If I see someting real good I will trade.

In the charts bellow is your answer.

Take care
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp-usd may 4 projection 4h ab=cd short entry.png Size: 52 KB
Click to Enlarge Name: gbp-usd may 4 projection 4h gartley - scyang explanation.png Size: 81 KB
Click to Enlarge Name: gbp-usd may 4 projection 4h bullish buttlerfly pattern scyang explanation.png Size: 56 KB
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