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Cable Update (GBPUSD)

  • #65,221
  • May 12, 2008 3:29am May 12, 2008 3:29am
Mine is more like an inverted doji pinbar

Quoting Runway Trade
Preceding bar is not part of the shooting star formation, no?
  • #65,222
  • May 12, 2008 3:30am May 12, 2008 3:30am
I closed my long, expecting retracement to 1.9535 and might consider another long entry.
The quality of your life is brought about by the quality of your thinking.
  • #65,223
  • May 12, 2008 3:30am May 12, 2008 3:30am
Quoting nAVIN2007
actualy i went long but i can see yur reasoning for short ..we appear to have hit resistance...i taken a short as i think its worth the risk SL1.9620

excellent call m8 .welldone ..
Nav,
do u look at support and resistance lines?? if yes, how do u calculate it? thats the very basis of trading....if u r a day trader (as u seem to be), then u need to know the support and resistances intra day...else it would be very difficult to trade...the biggest mistake that all newbies make is to go long at resistance and go short at support...
  • #65,224
  • May 12, 2008 3:30am May 12, 2008 3:30am
But it is more bearish than bullish. That is what I am trying to get across.

Quoting Runway Trade
Preceding bar is not part of the shooting star formation, no?
  • #65,225
  • May 12, 2008 3:32am May 12, 2008 3:32am
Now that plan fits, nice call hornet.

Quoting hornet
I closed my long, expecting retracement to 1.9535 and might consider another long entry.
  • #65,226
  • May 12, 2008 3:32am May 12, 2008 3:32am
Quoting hard1head1
This is some good reading, Nav. Unless you have read it already.

www.Babypips.com

will do buudy ....thx
  • #65,227
  • May 12, 2008 3:33am May 12, 2008 3:33am
Agreed, it looks week, and when U.S. opens I expect a push down. Comments?

Quoting ns_karthik77
well GU does not look strong at this level, does it...looks interesting...
  • #65,228
  • May 12, 2008 3:36am May 12, 2008 3:36am
Quoting salah k.
hello carrera
how r u buddy

about ur subject if inflation is high usually central banks raise rates but in UK's case they wont raise because they are going through critical economic conditions so instead THEY WONT CUT RATES.

but raising rates at this point would be stupid.
Good, thank you very much.
  • #65,229
  • May 12, 2008 3:36am May 12, 2008 3:36am
Quoting hard1head1
Now that plan fits, nice call hornet.
Thanks, and if it doesn't happen I might look at 1.9625 for possible reversal point. Whatever happens first.

If no more action, I'm done for the day
The quality of your life is brought about by the quality of your thinking.
  • #65,230
  • May 12, 2008 3:41am May 12, 2008 3:41am
Quoting hard1head1
Agreed, it looks week, and when U.S. opens I expect a push down. Comments?
not sure yet though....cos it has not fallen down as well....so lets wait and watch....
  • #65,231
  • May 12, 2008 3:43am May 12, 2008 3:43am
Quoting hard1head1
Agreed, it looks week, and when U.S. opens I expect a push down. Comments?
technically it looks down from here to me ...but have to say it could go up as it rested the weekly pivot and bounced..kind of jamed between r1 and the weekly pivot..shadows towards 1.9610 convienced me to short

and the trend is down so it might be the ideal place
  • #65,232
  • May 12, 2008 3:45am May 12, 2008 3:45am
Got to take my Daughter to school, be back in hr.
  • #65,233
  • Edited 3:59am May 12, 2008 3:48am | Edited 3:59am
Price is stuck between Friday's high and last month's low (also a good round number of 1.96 which has caused reaction previously). It is behaving as if it's in no-man's land.

I anticipate good movement when either of these are convincingly broken.

Until I am shown the way, I will hold my Long and will increase my position if we break resistance.

Rob
  • #65,234
  • May 12, 2008 3:51am May 12, 2008 3:51am
Quoting hard1head1
Agreed, it looks week, and when U.S. opens I expect a push down. Comments?
Difficult occured for next 4 hours ! Count me wrong.
Attached Image
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #65,235
  • May 12, 2008 4:04am May 12, 2008 4:04am
I learning how to read charts- so can someone help me out. On the 30min chart, is there a potential evening star forming if we continue to go down and this new 30min candle closes down?
  • #65,236
  • May 12, 2008 4:07am May 12, 2008 4:07am
Hello Everybody...
I've closed all my positions now, including those longs from last week.. So starting afresh with neg 245 pips for the week so far.
I fear we are in no mans land once again. Will wait for break either way to confirm direction and then enter...
  • #65,237
  • May 12, 2008 4:10am May 12, 2008 4:10am
Quoting DeePipster
I learning how to read charts- so can someone help me out. On the 30min chart, is there a potential evening star forming if we continue to go down and this new 30min candle closes down?
no
The quality of your life is brought about by the quality of your thinking.
  • #65,238
  • May 12, 2008 4:12am May 12, 2008 4:12am
Quoting hornet
no
Thanks! I appreciate the response.
  • #65,239
  • May 12, 2008 4:14am May 12, 2008 4:14am
Quoting hornet
no
evening star or morning stars are formed at begining or end of trends...we have a bearish formation on 30 minute chart, the bodies of the bulish candle are small ..but still in no mans land...anything can happen
  • #65,240
  • May 12, 2008 4:18am May 12, 2008 4:18am
After Hornet told me "no," I went back and looked and noticed it wasn't at the top of an uptrend. The trend is going up and now it's bouncing back between two small points... I guess that negates the evening star- right? Learning to read candlesticks is hard.. but I think I'll get the hang of it eventually.
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