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Cable Update (GBPUSD)

  • #91,441
  • Oct 13, 2008 3:03pm Oct 13, 2008 3:03pm
1.7356 23% retracement of the last up trend on the 15 min
1.7339 38% retracement.. look to buy at these levels if rsi 1 min is > 50
stop loss below 1.7310
When life gives you lemons, make lemonade
  • #91,442
  • Oct 13, 2008 3:04pm Oct 13, 2008 3:04pm
Quoting PipGal
Well, I do see the uptrend on hourly, but I also see that the first candle touched the EMA 50 on 4H but the second candle is in the red, and failed to close above it.
dunno i dont trade the EMAS 50
i trade fibonacci... but its so complicated and full of shit
u have a million trend up and down and u have to chose the right one hahahahahah
When life gives you lemons, make lemonade
  • #91,443
  • Oct 13, 2008 3:13pm Oct 13, 2008 3:13pm
From Dow Jones

GBP/USD
http://www.djnewsplus.com/public/res...2008225422.gif

1st support - 1.6779 (minor)
1st resistance - 1.7445 (minor)
2nd support - 1.6692 (minor)
2nd resistance - 1.7838 (minor) GBP/USD (last 1.7105) is likely to consolidate this week. The daily MACD indicator is bearish, but the stochastic measure has turned bullish at the oversold level. Resistance is at 1.7445, the previous base set Sept. 11; a breach would expose the upside to the Oct. 3 high of 1.7838. Support is at Friday's low of 1.6779; a breach would reinstate the near-term negative bias, and would target the projected base of descending channel formed with the July 31 high of 1.9928 and the Sept. 8 low of 1.7469, coming in now at 1.6692, and then the November 2003 reaction low of 1.6563. The medium-term outlook for GBP/USD is negative as the weekly MACD and stochastic indicators are still bearish, although the latter is at the oversold level. The pair may target the Sept. 3, 2003 bottom of 1.5606 in coming weeks.



Have a nice day
I am back. Actually, I never left...
  • #91,444
  • Oct 13, 2008 3:16pm Oct 13, 2008 3:16pm
now its boucing between 23% 1.7456 of the 15 min up trend and the 23% of the 1 hour 1.7462 up trend
When life gives you lemons, make lemonade
  • #91,445
  • Oct 13, 2008 3:17pm Oct 13, 2008 3:17pm
As long as we don't get a close above the 4h 50ema, I still stay...
Patience + Discipline - Greed = Success
  • #91,446
  • Oct 13, 2008 3:20pm Oct 13, 2008 3:20pm

now if 1.7383 breaks (100% of the last 15 min up trend) then first target is should would be 1.7424

When life gives you lemons, make lemonade
  • #91,447
  • Oct 13, 2008 3:24pm Oct 13, 2008 3:24pm
i have a feeling thats its going to 1.7424
When life gives you lemons, make lemonade
  • #91,448
  • Oct 13, 2008 3:25pm Oct 13, 2008 3:25pm
Quoting Infinity
As long as we don't get a close above the 4h 50ema, I still stay...
I agree!
Just digging in the trenches like everyone else!
  • #91,449
  • Oct 13, 2008 3:38pm Oct 13, 2008 3:38pm
Ok guys.You trade with emas.What about 1 hr 50 ema.On 1 hr we are above on 4 hr we are below.What bout that?Is it range?Or..what does that mean.Short on 4 hr long on 1 hr 50 ema touch?
  • #91,450
  • Oct 13, 2008 4:04pm Oct 13, 2008 4:04pm
again if 56 and 62 break then next target 1.7379
When life gives you lemons, make lemonade
  • #91,451
  • Oct 13, 2008 4:05pm Oct 13, 2008 4:05pm
Quoting micho
dunno i dont trade the EMAS 50
i trade fibonacci... but its so complicated and full of shit
u have a million trend up and down and u have to chose the right one hahahahahah
There are plenty of fibs to choose from but I stick with the hi and low of previous day plus last recent hi low. Though I think previous day is by far the best. IMO
  • #91,452
  • Oct 13, 2008 4:09pm Oct 13, 2008 4:09pm
Quoting Chris_35
There are plenty of fibs to choose from but I stick with the hi and low of previous day plus last recent hi low. Though I think previous day is by far the best. IMO
well for me i take each trend on each chart
like 15 min
1 hour
1 day
and it doesnt mean the last day only, but i pick the most significant daily trend like 7 8 9 20 days or whatever
When life gives you lemons, make lemonade
  • #91,453
  • Oct 13, 2008 4:19pm Oct 13, 2008 4:19pm
Quoting micho
well for me i take each trend on each chart
like 15 min
1 hour
1 day
and it doesnt mean the last day only, but i pick the most significant daily trend like 7 8 9 20 days or whatever
I draw fibs on hourly chart and they r automatically inserted on all lower t/frames. Rarely look at fibs on higher t/frames because of the nature in which I tend to trade, though I do look at some of the longer t/frames
  • #91,454
  • Oct 13, 2008 4:22pm Oct 13, 2008 4:22pm
now if 83 breaks next target 1.7424
When life gives you lemons, make lemonade
  • #91,455
  • Oct 13, 2008 4:24pm Oct 13, 2008 4:24pm
Quoting Chris_35
I draw fibs on hourly chart and they r automatically inserted on all lower t/frames. Rarely look at fibs on higher t/frames because of the nature in which I tend to trade, though I do look at some of the longer t/frames
but u should look cause they are resistance and supports
also i dont draw the same trend on all charts, all charts have different trends (like swing high swing low)
When life gives you lemons, make lemonade
  • #91,456
  • Oct 13, 2008 4:33pm Oct 13, 2008 4:33pm
did u see how at 1.7310 no 1 min candle closed below it so it didnt break... then head up again at the 38% and broke it to tp1 at 79 and now going to 1.7424
When life gives you lemons, make lemonade
  • #91,457
  • Oct 13, 2008 4:53pm Oct 13, 2008 4:53pm
dont short cause we r still going up
When life gives you lemons, make lemonade
  • #91,458
  • Oct 13, 2008 5:34pm Oct 13, 2008 5:34pm
Quoting PipGal
Question, how would you know it will "go back to the day's recent high"? Are you saying she will try to test it?

eohater is right. GBP USD is a funny pair. When technicals are running, you can almost bet money (oh wait..we are) that it will hit a high (or low) twice. Just like you can bet that it will return to the spike low from last friday to 6775 (or very close to it). It may take a couple days, or sometimes longer if news and "other events" interfere, but eventually technicals will take over and run back to do it's thing.

This is one of those things you will notice about this pair the longer you study it. It will do this accross multiple time frames. Even the 5M. A LOT of times it will peak (up or down) give up 20-30 pips the other way and retun to it's previous hi/low before it truly goes the other direction. You can open up the 5M chart and watch it happen over and over.
  • #91,459
  • Oct 13, 2008 5:36pm Oct 13, 2008 5:36pm
Quoting Chris_35
I draw fibs on hourly chart and they r automatically inserted on all lower t/frames. Rarely look at fibs on higher t/frames because of the nature in which I tend to trade, though I do look at some of the longer t/frames
i have daily H/L with fibs above and below for further targets. then i draw new fibs as the day progresses
  • #91,460
  • Oct 13, 2008 5:55pm Oct 13, 2008 5:55pm
4H Chart
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