GBPUSD

Use this thread to discuss British Pound vs US Dollar.

I'm new to GBPUSD too, but I'm sure trading is trading is trading. So here are 2 charts based on what I've learnt so far from James16 thread. I've also read that the nickname for cable is "terminator".

http://www.forexfactory.com/forexfor...ntid=492&stc=1

http://www.forexfactory.com/forexfor...ntid=493&stc=1

Does anybody see the attached charts or just the links. I'm wondering whether there's something wrong with my browser. Or am I doing something wrong to display the charts?

Cable just broke up through the daily pivot (1.8000). Firsrt resistance 1.8046. Will be moving stops to breakeven now.

HEY ... anybody. Please correct me if you see anything wrong or have a different oppinion. I'm new to trading too. We'll learn from mistakes.

Here's a link to CNBC (sound only) that I listen to.
CNBC

I'm long as well. Looks bid to me.

Yesterday I suggested short in the 18000-15 range. It looks like it would of triggered with a high of 18019 on my charts. Although I didn't specify a stop!

Could it fall to the bottom of the channel? There is plenty of support to stop it though!

(Apologies for using a zip, the picture won't upload even though I shrunk it originally to 600x600)

Your short would've had a lovely run down +-100 pips. Unfortunately I got stopped out by 5 pips, and missed the run up again. I wasn't at my PC today. Just got in. I still think we'er headed up. Looks like another Pin Bar setup forming on the daily chart.

Good luck

http://www.forexfactory.com/forexfor...ntid=559&stc=1

Is this a bullish flag formation?

I sure think so.

Perhaps you could straighten the pole a little?

Also check out:
http://www.stockcharts.com/education...agPennant.html

Thanx Isotonic, that's where I found out about these patterns. Must try to memorize them, so I can spot them quicker.

When/where would you take up position after the breakout?

http://www.forexfactory.com/forexfor...ntid=591&stc=1

Looking at the close on Friday, there seems to be alot of support.

1. a weekly pivot point - 1.8000
2. a daily pivot R1 - 1.7996
3. a 50% Fibo level from 19/08 - 26/08
4. a trendline thats been holding strong

A long position seems to be in order, unless price breaks through.
Also, as Jim would say, "wait for price action" before openning a trade.

I'm still not too confident with my charts, and I'm open to helpful critic. I get the feeling that I'm seeing in the charts what I WANT to see.

Happy trading and a successful week to all.
Habeeb

There are some nice channels on the hourly, one inside the other.

Anybody know what caused the BIG move down. Is this one of those "stop hunting" tricks?

It was me. I meant to sell 1 lot this morning, but my "0" key got stuck, so I accidentally sold 100,000 lots. Oops!!

-Liz

Is this the beginning break of the "old" channel to enter the "new" one? I hope we'll find out when Cons.Conf. comes out.

I thought it might be you.


It went through the new one too. Waiting for a retrace to go short at 1.789?

I see two possible entries:
1: Pair retraces and bounces back on the top of the new channel / bottom of the old. 1,7890
2: Pair breaks below S2 and the lower middle line 1,7810

Unfortunately I missed that move by 2 pips. Overall, I had a bad day. Been hit around like a ping-pong ball. I even missed the big Oil move up. Just closed my trade ... few minutes later ... up, up, and away. If that wasn't bad enough, I even missed the run down again. What a wasted day. As for GBP, it's resting along the 38 Fibo after today's beating, but will probably put up a fight by the end of the day. Will maybe retrace till 1.7890 ... I hope.

Hope everyone else had a better than mine.

Happy trading
habeeb

Hi all,

I made no changes on my plan, still waiting for:
1. Retracement to the top of new channel, to get a better entry
or
2. Break of lower middle line + S2 pivot

I've made a new chart with fib-lines. There are some interesting coclusions

- When we wait a few candles 62 EMA will match with top of the new channel / bottom of the old channel and with 0.62 fib ---> lot of resistance
- 30 EMA will match with S1 pivot---> a possible turning point
- Fib exten. 1.24 matching with bottom of new channel