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Cable Update (GBPUSD)

  • #88,521
  • Sep 18, 2008 7:42am Sep 18, 2008 7:42am
Quoting hard1head1
Just wanting to show some of the MAJOR support areas she will be hitting on the way down if she continues off of those goog U.S. numbers. Cant see why it shouldn't.
We have yet so see..

New Lower High and Lower Low....in H4 TF....
before we can confirm continue of Down trend..


Sonic
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  • #88,522
  • Sep 18, 2008 8:01am Sep 18, 2008 8:01am
Did not say it was going down, just showing daily support if it continues.
  • #88,523
  • Sep 18, 2008 8:05am Sep 18, 2008 8:05am
Im bored so thought i would come back into this thread. I would look to sell this thing if it tests the highs of the four hour candle soon. I wouldnt be touching it at this level for a buy or sell.
  • #88,524
  • Sep 18, 2008 8:08am Sep 18, 2008 8:08am
looks like we have a higher low on lower time frame, false break of descending trendline on 30 minute chart...

i hope the people that are overtrading are not getting killed...it seems to me that the action happen after london closes..crazy stuff
  • #88,525
  • Sep 18, 2008 8:16am Sep 18, 2008 8:16am
Quoting nAVIN2007
looks like we have a higher low on lower time frame, false break of descending trendline on 30 minute chart...

i hope the people that are overtrading are not getting killed...it seems to me that the action happen after london closes..crazy stuff
I wouldn't touch this damn thing right now even if my broker paid me the spread.
Just digging in the trenches like everyone else!
  • #88,526
  • Sep 18, 2008 8:23am Sep 18, 2008 8:23am
Quoting eohater
I wouldn't touch this damn thing right now even if my broker paid me the spread.
same here
  • #88,527
  • Sep 18, 2008 8:26am Sep 18, 2008 8:26am
Quoting hard1head1
Did not say it was going down, just showing daily support if it continues.
u didnt have to, yur chart did....
just kidding man...bored
  • #88,528
  • Sep 18, 2008 8:37am Sep 18, 2008 8:37am
Quoting nAVIN2007
same here
Just added another 100 lots long! Go down now!
  • #88,529
  • Sep 18, 2008 8:48am Sep 18, 2008 8:48am
Read the highlighted bit in particular, that's the banks/brokers etc laughing at us, lol.

The potential support area becomes 8091-8129 and the potential resistance area 8242-80 on the 1hr chart.. a b/o of these should give a clue to further near term direction.
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ex member
  • #88,530
  • Sep 18, 2008 8:54am Sep 18, 2008 8:54am
Quoting Runway Trade
Just added another 100 lots long! Go down now!
  • #88,531
  • Sep 18, 2008 9:04am Sep 18, 2008 9:04am
Quoting bbmac
Read the highlighted bit in particular, that's the banks/brokers etc laughing at us, lol.

The potential support area becomes 8091-8129 and the potential resistance area 8242-80 on the 1hr chart.. a b/o of these should give a clue to further near term direction.
does this mean that we are going to see 1.8500 before a possible retrace downward to 1.7450?
  • #88,532
  • Sep 18, 2008 9:10am Sep 18, 2008 9:10am
...

i was gonna this morning take that signal but news got in the way and thought maybe it will break....we are in no mans land...

will it retrace or head up.....
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  • #88,533
  • Sep 18, 2008 9:10am Sep 18, 2008 9:10am
The Daily fib chart below shows the potential resistances above that 8280 area (point a) the 61.8% of 8795-7447.

Point b is the 23.6% 1162-7447, Point c the 2 fib cluster of 76.4% of that 8795-7447fall with 38.2% of the start of the move to bottom of move 0157-7447.
Point d is the area of the pullbacks on the daily show from the interim 8503base, the pullbacks extending to 8795 before a ciontinuation in the fall to current 7447base. In this area there are 3 x fibs being 38.2% 0396-75447 @ 8572, 38.2% of 0836-7447 @ 8739 with 50% of the total current fall from 0157-7447 now @ the pullback hi of 8795 area.

g/l
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  • #88,534
  • Sep 18, 2008 9:13am Sep 18, 2008 9:13am
Quoting finian204rea
does this mean that we are going to see 1.8500 before a possible retrace downward to 1.7450?
Hello, like the rest of the market the truth is I have absolutely no idea...currently I am flat.
ex member
  • #88,535
  • Sep 18, 2008 9:19am Sep 18, 2008 9:19am
Quoting bbmac
Hello, like the rest of the market the truth is I have absolutely no idea...currently I am flat.
when i first started forex i thought it wasnt so hard and people were saying its hard, now its come near impossible..

the market dynamics have gone into a next level..
  • #88,536
  • Sep 18, 2008 9:24am Sep 18, 2008 9:24am
I close all short. No more down I see. Tomorrow will be a feaky friday. I bet upward trend. Just opinion, count m wrong !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #88,537
  • Sep 18, 2008 9:30am Sep 18, 2008 9:30am
Hi nav,...in a way i think it's been easier for the position players and intraday players like myself. For the position boys it's been a one way ride with no thought of a long position till recently...and for the intraday players the extended average daily ranges have produced decent set-ups.

It really is all about trend, support/resistance, and price action. Personally I always identify potential support/resistance areas first and then look for regular divergence/extreme readings set-ups at them to trade. in terms of trend I look to identify sbr/rbs areas as they develop then look for hidden divergence based set-ups at them to get back with trend, the trend needing to exist on at least 2 time frames above the one on which the set-up exists on in respect of calssic price action peak/trough analysis. (ie HH Hl, LL Lh etc..) In this way you know in advance the areas at which you are looking to trade.

An example today is that current intraday hi, the 8278 area being that 61.8% fib, it was touted by botyh mni and another newsfeed too with mni further suggesting medium offers residded in the region. When price reached the area and there was regular bearish divergence patterns to the 4hr chart and hidden divergence on the daily oscillators, these and other technical conditions indicated an edge in the market.

g/l
ex member
  • #88,538
  • Sep 18, 2008 9:47am Sep 18, 2008 9:47am
Quoting bbmac
Hi nav,...in a way i think it's been easier for the position players and intraday players like myself. For the position boys it's been a one way ride with no thought of a long position till recently...and for the intraday players the extended average daily ranges have produced decent set-ups.

It really is all about trend, support/resistance, and price action. Personally I always identify potential support/resistance areas first and then look for regular divergence/extreme readings set-ups at them to trade. in terms of trend I look to identify sbr/rbs areas as they develop then look for hidden divergence based set-ups at them to get back with trend, the trend needing to exist on at least 2 time frames above the one on which the set-up exists on in respect of calssic price action peak/trough analysis. (ie HH Hl, LL Lh etc..) In this way you know in advance the areas at which you are looking to trade.

An example today is that current intraday hi, the 8278 area being that 61.8% fib, it was touted by botyh mni and another newsfeed too with mni further suggesting medium offers residded in the region. When price reached the area and there was regular bearish divergence patterns to the 4hr chart and hidden divergence on the daily oscillators, these and other technical conditions indicated an edge in the market.

g/l
thats a good point. it could have been easy work trading this but for me i never even knew this pair could move like this..i like yur trading method, damn good post
  • #88,539
  • Sep 18, 2008 9:53am Sep 18, 2008 9:53am
Quoting manize
I close all short. No more down I see. Tomorrow will be a feaky friday. I bet upward trend. Just opinion, count m wrong !
Thanks God, isn't that a freaky friday started now ?
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #88,540
  • Sep 18, 2008 9:54am Sep 18, 2008 9:54am
Quoting manize
Thanks God, isn't that a freaky friday starting now ?
man u certainly timied that one close....
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