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Cable Update (GBPUSD)

  • #88,581
  • Sep 19, 2008 4:19am Sep 19, 2008 4:19am
Quoting hard1head1
Notice how the pair hit the bottom of the rising wedge and is recovering. It will take a news release to shoot it down and break this wedge. By the way, the wedge looks better on the 4 Hr, but the Daily is more honest. The TP3 is now invalid since another day has passed.

Jim

Thank you for the post I see the Daily chart ascending supp t/line now...missed it, doh!!
ex member
  • #88,582
  • Sep 19, 2008 4:22am Sep 19, 2008 4:22am
Quoting bbmac
Thank you for the post I see the Daily chart ascending supp t/line now...missed it, doh!!
i basically bought at the trendline rising on dailly which is where the retrace occured at 61.8f but the blasted price seems to be playing, SL was to tight but saying that is was 32 pips

was a mental stop loss...canceled it and it flew up! ....lol
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  • #88,583
  • Sep 19, 2008 4:33am Sep 19, 2008 4:33am
Quoting nAVIN2007
i basically bought at the trendline rising on dailly which is where the retrace occured at 61.8f but the blasted price seems to be playing, SL was to tight but saying that is was 32 pips

was a mental stop loss...canceled it and it flew up! ....lol
Thx mate, unlucky there, ...right idea though trend line and fib confluence...maybe dropping down to a 'trigger' time frame like 5min would help to fine tune the entry when you see something potentially setting up that you want to get involved in?
ex member
  • #88,584
  • Sep 19, 2008 4:36am Sep 19, 2008 4:36am
Quoting hard1head1
Notice how the pair hit the bottom of the rising wedge and is recovering. It will take a news release to shoot it down and break this wedge. By the way, the wedge looks better on the 4 Hr, but the Daily is more honest. The TP3 is now invalid since another day has passed.

Jim
good one jim
  • #88,585
  • Sep 19, 2008 4:37am Sep 19, 2008 4:37am
ftse100 up 7.9% biggest 1day rise in it's history,...on back of the paulson/Benanke plan muted y/day re hiving off all bank bad debt...no doubt dow futures are up on yesterday's close, pointing to a gap up at open?
ex member
  • #88,586
  • Sep 19, 2008 4:46am Sep 19, 2008 4:46am
Quoting bbmac
ftse100 up 7.9% biggest 1day rise in it's history,...on back of the paulson/Benanke plan muted y/day re hiving off all bank bad debt...no doubt dow futures are up on yesterday's close, pointing to a gap up at open?

DJIA30 futures (Dec contract) trading at 11260area atm, y/days close on the index was 10996 area, no data before then, will keep eye on any announcemnet re this Paulson/Bernanke plan.
ex member
  • #88,587
  • Sep 19, 2008 5:02am Sep 19, 2008 5:02am
anybody sure of how low this pair would go?
  • #88,588
  • Sep 19, 2008 5:06am Sep 19, 2008 5:06am
Quoting bbmac
Thx mate, unlucky there, ...right idea though trend line and fib confluence...maybe dropping down to a 'trigger' time frame like 5min would help to fine tune the entry when you see something potentially setting up that you want to get involved in?

yes i should have at least drop the time frame and did the trendlines and wait for a beak of the down trendline..only think with that is SL would have been bigger but signal would have been stronger....
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  • #88,589
  • Edited 5:21am Sep 19, 2008 5:11am | Edited 5:21am
Quoting hard1head1
Notice how the pair hit the bottom of the rising wedge and is recovering. It will take a news release to shoot it down and break this wedge. By the way, the wedge looks better on the 4 Hr, but the Daily is more honest. The TP3 is now invalid since another day has passed.

http://www.forexfactory.com/attachme...1&d=1221815599

Jim
I thought u r telling us about LONG...as the yesterday was Pivot Bar and should go long after today close??

and now u r saying bearish...

HERE

Sonic
  • #88,590
  • Sep 19, 2008 5:37am Sep 19, 2008 5:37am
Quoting sonicdeejay
I thought u r telling us about LONG...as the yesterday was Pivot Bar and should go long after today close??

and now u r saying bearish...

HERE

Sonic
id go with the bearish thou it is pretty much impossible to tell, price on the lower time frame is making lower high and lower lows, the only chance was a max retrace of 61.8 and that i think we sitiing to now...if it retrace more then trend is reversed again and dailly candle yesterday isnt looking healthy for a long
  • #88,591
  • Sep 19, 2008 6:21am Sep 19, 2008 6:21am
Quoting nAVIN2007
id go with the bearish thou it is pretty much impossible to tell, price on the lower time frame is making lower high and lower lows, the only chance was a max retrace of 61.8 and that i think we sitiing to now...if it retrace more then trend is reversed again and dailly candle yesterday isnt looking healthy for a long
Price retested the broken 4hr descending channels UTL and is travelling up nicely, keep it simple naVIN
  • #88,592
  • Sep 19, 2008 6:33am Sep 19, 2008 6:33am
as screenshot
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ex member
  • #88,593
  • Sep 19, 2008 6:42am Sep 19, 2008 6:42am
Quoting belekas
Price retested the broken 4hr descending channels UTL and is travelling up nicely, keep it simple naVIN
check this out...
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  • #88,594
  • Sep 19, 2008 6:45am Sep 19, 2008 6:45am
Quoting nAVIN2007
check this out...
I dont trade m30, nor 1hr timeframe anymore. Just for entry sometimes i use 1hr to be more precise. Better go with higher timeframes for better/larger swings nAVIN.

cheers
  • #88,595
  • Sep 19, 2008 6:51am Sep 19, 2008 6:51am
Quoting belekas
I dont trade m30, nor 1hr timeframe anymore. Just for entry sometimes i use 1hr to be more precise. Better go with higher timeframes for better/larger swings nAVIN.

cheers
yes i know what u mean...maybe i need to stop looking at so many time frames..
  • #88,596
  • Sep 19, 2008 6:58am Sep 19, 2008 6:58am
short at 1.8010
please DON'T copy my trades I am still learning
  • #88,597
  • Sep 19, 2008 7:12am Sep 19, 2008 7:12am
Quoting ezmystic
short at 1.8010
You are selling when everybody is buying dips
  • #88,598
  • Sep 19, 2008 7:16am Sep 19, 2008 7:16am
Quoting nAVIN2007
yes i know what u mean...maybe i need to stop looking at so many time frames..
Hallo Navin, are you ok ? Freaky friday might be come true. Wait to break the next stop 1.8085/90. Hold long from 1.8000.
I inform you that I stop my hedge by today. 60% loss, but now I feel more fresh and more better than the latest 2 months situation to start a new battle.
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #88,599
  • Sep 19, 2008 7:24am Sep 19, 2008 7:24am
I am just showing you how I am trading this wedge. The pivot bars are long trades and the next long pivot trade will be Sunday night if the opportunity is still there. Bearish move is over for the most part, however, I wouldn't rule out that it come back down to the 1.7900 area, which is what we want to be able to trade this long Pivot trade on Sunday with a small stoploss. As it stands now the stoploss would be over 160 Pips with a net profit of approx. 234. You are reading 1 step behind me. I will reiterate one more time: As I said before, GBP/USD is not for beginner traders, if you are new try E/J or E/U because this pair will kill you and it won't even look back.

And yes you are right about going long after todays close, but only if the trade is still there and it fits the MM

Jim


Quoting sonicdeejay
I thought u r telling us about LONG...as the yesterday was Pivot Bar and should go long after today close??

and now u r saying bearish...

HERE

Sonic
  • #88,600
  • Sep 19, 2008 7:25am Sep 19, 2008 7:25am
Short at 1.8069. Reaon - Feds take over of banks and new housing structure, this has propmted a bit of a sell off of gold after the jump yesterday and GB suspension of short sales on the stock market. I think USD will gain strenth from this for the rest of the day. Just my opinion
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