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Cable Update (GBPUSD)

  • #64,861
  • May 8, 2008 2:57pm May 8, 2008 2:57pm
It is clear on the daily time frame that we are now in a down trend. The candles are piercing the bollinger bands going down and are "walking the bands". Today was mainly retracement and is now continuing down this evening. It should also go down tomorrow before thinking about retracing up a bit again.

This is also evident on the 4hr time frame. All moving averages are pointing down.

If you are in doubt as to where price is going, put some moving averages on a chart and look at these time frames for confirmation.

Also bare in mind that nearly every GBP news release has been coming out negative for a while now. The UK economy is in a slump.

CCI on 4hr has also skimmed up out of the over bought zone and is now heading back down into the over bought zone. So it tried to go up, failed and is continuing back down.


CCI 24 period
Moving averages - Exponential - applied to the close or median value -
Period 1 2 3 4 5 6 7 8 9 10 11 12 13
Bollingerbands 13 period, shift 0, deviation 2.0

Also do a search for FX snipers T3 CCI. Its a nice multicolored CCI that shows things a bit easier. Set it to 24 period and its T3 period to 1 also.

See if that shows things a bit clearer for you.
  • #64,862
  • May 8, 2008 3:00pm May 8, 2008 3:00pm
Quoting mabidashraf
Hey - I am new to forex - Could you open long and short positions at the same time? Is that the way you hedge?
Hi Mabid Ashraf:
Yes you can only do both positions at the same time ONLY in FXCM. My personal advice to you is to do a lot of practice for all the technical indicators in Demo Account then trade on live without hedging because first of all hedging is not available in Forex platform, secondly hediging and scalping both would come easily along with time, practice and experience.

Alqaz Syed.
  • #64,863
  • May 8, 2008 3:08pm May 8, 2008 3:08pm
Quoting asyed4
Hi Mabid Ashraf:
Yes you can only do both positions at the same time ONLY in FXCM. My personal advice to you is to do a lot of practice for all the technical indicators in Demo Account then trade on live without hedging because first of all hedging is not available in Forex platform, secondly hediging and scalping both would come easily along with time, practice and experience.

Alqaz Syed.

Ehm only FXCM, I don't think so. I think you can with all MT4 brokers. I can with alpari. Ok not with 1 button, but just open a short, then immediately after open a long.
  • #64,864
  • May 8, 2008 3:25pm May 8, 2008 3:25pm
Looks like EUR is more eager to drop than the GBP again, just like yesterday Might be a good time to jump into EUR/GBP short for 30+ pips

I opened new fresh shorts at the daily central (1.9534). Take profit laddered @ 1.9519 and 1.9505
"Luxury is one of the basic needs", (c), Don Corleone
  • #64,865
  • May 8, 2008 3:29pm May 8, 2008 3:29pm
Quoting SimonJ
Ehm only FXCM, I don't think so. I think you can with all MT4 brokers. I can with alpari. Ok not with 1 button, but just open a short, then immediately after open a long.

with all broker u can hedge
  • #64,866
  • May 8, 2008 3:35pm May 8, 2008 3:35pm
Quoting deboooo2005
with all broker u can hedge
......just not the same pair.
Patience + Discipline - Greed = Success
  • #64,867
  • May 8, 2008 3:38pm May 8, 2008 3:38pm
Quoting SimonJ
Ehm only FXCM, I don't think so. I think you can with all MT4 brokers. I can with alpari. Ok not with 1 button, but just open a short, then immediately after open a long.
You are right, it's a typo. Actually I only have these two platforms- forex and fxcm so I meant one of these two has hedging feature...
  • #64,868
  • May 8, 2008 3:40pm May 8, 2008 3:40pm
Quoting asyed4
You are right, it's a typo. Actually I only have these two platforms- forex and fxcm so I meant one of these two has hedging feature...
for the same pair, Forex don't have the capability to do the hedging in the same pair, on the other hand fxcm or some other brokers do have heding feature in the same pair.
  • #64,869
  • May 8, 2008 3:44pm May 8, 2008 3:44pm
Quoting Runway Trade
I'll help you and hedge now, then will go up!!

PS Hedging I can short a long position without using more margin, in theory selling a long or longing a short. but then you really have to watch it. If you short hedge a long you need to exit the hedge at the bottom to make it worth it and the add a nother long to lower your entry price. Very risky. Smart thing is to get out -30 to 40 pips as planned!
lol
When life gives you lemons, make lemonade
  • #64,870
  • May 8, 2008 4:02pm May 8, 2008 4:02pm
Why would people open a fresh position at this time of day ?

I don't understand....
The quality of your life is brought about by the quality of your thinking.
  • #64,871
  • May 8, 2008 4:10pm May 8, 2008 4:10pm
Quoting hornet
Why would people open a fresh position at this time of day ?

I don't understand....
for me personally, i would open new position 10-15 minutes before updates, when i think the direction will goes along with the positive swap/overnight charge direction..

for example, in this time, i've open new position, buy gbp/usd because currently the swap are in positive, and in my *personal* opinion, gbp/usd will seeking the pivot again @1.9555..

so, i will get my profit + positive overnight charge.. ^^

if i think it would be down, and overnight charge for selling gbp/usd are negative.. i wouldn't make new position before updates..
  • #64,872
  • May 8, 2008 4:41pm May 8, 2008 4:41pm
Quoting baz
Hi navin
Upper trendline from 6/05 7/05 and than today a bounce
A fibo swing of 50% from yestedays high
Prices decisive broke yesterday LAST WEEKS lows,put a test today and failed
on 30 min topping candles seen at the same point
Prices below 200 ema on 30 min,below 60 ema on 30 min.
I shorted @1.9568 and just closed now.

Tommorow look for a test of the 60 ema on the 30 min,a failure then i see Cable going down,if a short term trend line break is seen,then even better.

Good Luck Mate

baz
thx buddy ..looks like thins thing might actually be trying to move up now
  • #64,873
  • May 8, 2008 4:47pm May 8, 2008 4:47pm
guys whats the price of cable right now ....i think my platform froze???
  • #64,874
  • May 8, 2008 4:50pm May 8, 2008 4:50pm
Here at NF 1.9547 since 0:35... I guess as the price isn't changing or no transactions, "eats up" a few bars, happens all the time.
P.S. Just dropped two pips as soon as I hit "send"...
  • #64,875
  • May 8, 2008 4:55pm May 8, 2008 4:55pm
Quoting doblece
Here at NF 1.9547 since 0:35... I guess as the price isn't changing or no transactions, "eats up" a few bars, happens all the time.
P.S. Just dropped two pips as soon as I hit "send"...
either there no movement or my platform froze.....i had to reboot and still dunno...but i gone from 4 pips to 2 ..lol

so i guess it working now anyways....thanks
  • #64,876
  • May 8, 2008 5:08pm May 8, 2008 5:08pm
You're welcome! On smaller timeframes there's always a lot of missing candles for the same reason I presume.
  • #64,877
  • May 8, 2008 5:15pm May 8, 2008 5:15pm
i think the next target is 9470...opened a new short at: 9544
  • #64,878
  • May 8, 2008 5:33pm May 8, 2008 5:33pm
Quoting nAVIN2007
either there no movement or my platform froze.....i had to reboot and still dunno...but i gone from 4 pips to 2 ..lol

so i guess it working now anyways....thanks
what level you are going to take profit navin?

mine are 9560 or 9580..
  • #64,879
  • Edited 5:56pm May 8, 2008 5:45pm | Edited 5:56pm
Quoting plumiash
what level you are going to take profit navin?

mine are 9560 or 9580..
actual mine a position trade i plan to exit at 1.98 levels possibly..

buy low sell high kinda idea ...went in with 0.1 mini lot so i can hold the position
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  • #64,880
  • May 8, 2008 5:53pm May 8, 2008 5:53pm
nice navin..
goodluck then..



goodluck for me too..
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