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Cable Update (GBPUSD)

  • #111,861
  • Jan 15, 2009 12:33pm Jan 15, 2009 12:33pm
Quoting Yohay
That's far out, far out.
Did you mean 1.4600?

depends on which time frame you're trading but on mid term i would watch
1.5000
  • #111,862
  • Jan 15, 2009 12:34pm Jan 15, 2009 12:34pm
1.4440 is where im seeing the bottom if it decides to retest this mornings low. I think if theres sellers they'll try to pick up whats happening around 4440. On the flip side 4632 will need to give way if a break higher is to be sustained.
USD Est Non Mortuus
  • #111,863
  • Jan 15, 2009 12:39pm Jan 15, 2009 12:39pm
Quoting eohater
Welcome to the thread! Emotions hard the hardest part of this business. Not only to get into a trade, but also to accept when your trade is wrong. Find a system that works for you and your trading style. There are a numerous amount of traders in here with multiple trading styles. Anytime you have questions, don't hesitate to ask.

Trade well!
EO
Many thanks Eohater. Your capacity to give is immense. Thank you doesn't seem enough.

Was prompted to join having just watched a one minute candle (16.59 gmt) close below 14600. Which meant that every candle up to 60 min closed below what I understand to be an important psych level. On the hour. Noticed this and was curious. Seems to say 'no more up just yet'.

Any thoughts?
  • #111,864
  • Jan 15, 2009 12:40pm Jan 15, 2009 12:40pm
Quoting Alison
Yep, this threw me on Tuesday. I've been watching the London open for a while. Thought that if it moved with the trend in the Asian session it would go back to pivot before going down further and this didn't happen. Very disillusioning when you think you've found a constant. Back to the drawing board...

Thank you All Serene
Agree with the wise words from Al, trade tiny lot sizes and earn the right to move to slightly bigger sizes. Also, go and complete the classes on babypips.com, look at EO's trading blog, become well-versed in the fundamentals and how they can move the market. Basically, learn, learn and learn some more...

This is a vicious market, one in which over 90% of retail traders will ultimately fail to succeed in. Indeed, the odds are that you will lose all of your account and not be trading in six months time, but this needn't be the case - providing you educate yourself thoroughly and are totally disciplined. The forex markets are fascinating, frustrating, brilliant, ugly, nasty, cruel, logical, illogical - a mass of contradictions, but rarely dull. The learning process is a journey and never a destination.

Welcome to the forum, Alison. Wishing you every success!

Paul
  • #111,865
  • Jan 15, 2009 12:43pm Jan 15, 2009 12:43pm
Quoting Alison
Many thanks Eohater. Your capacity to give is immense. Thank you doesn't seem enough.

Was prompted to join having just watched a one minute candle (16.59 gmt) close below 14600. Which meant that every candle up to 60 min closed below what I understand to be an important psych level. On the hour. Noticed this and was curious. Seems to say 'no more up just yet'.

Any thoughts?
Welcome! It's nice to hear you're here because of noble reasoning =) . If you need any advice or anything, just send me a message.
Probability Professor
  • #111,866
  • Jan 15, 2009 12:47pm Jan 15, 2009 12:47pm
1.64 before 1.36 that is my pick
  • #111,867
  • Jan 15, 2009 12:50pm Jan 15, 2009 12:50pm
Quoting Professor4x
1.64 before 1.36 that is my pick
You rekon it will go up to 1.64? When and why?
Probability Professor
  • #111,868
  • Jan 15, 2009 12:50pm Jan 15, 2009 12:50pm
Quoting Galation
Welcome! It's nice to hear you're here because of noble reasoning =) . If you need any advice or anything, just send me a message.
Will do when my message privileges are granted! She's moving just now...

Many pips to all

Alison
  • #111,869
  • Jan 15, 2009 12:50pm Jan 15, 2009 12:50pm
Quoting Infinity
It's not as far as you think.... especially if this is the right shoulder of an inverted shampoo forming..

Shampoo forming hilarious!!!

Seriously, do you think it would be a reversal any time soon?

I mean that would explain the fucking channel.
  • #111,870
  • Jan 15, 2009 12:53pm Jan 15, 2009 12:53pm
i shouldnt put all my longs on at the same time - it always causes +40 like that !
  • #111,871
  • Jan 15, 2009 12:56pm Jan 15, 2009 12:56pm
CNBC - ok more evidence that the experts talk absolute tosh

CNBC were agreed that Apple would fall to $72 following the skinny man's admission that he was poorly

Its now trading at $83.12 - only 2 dollars less than yesterday before the news came out
and thats on a day the dow fell 65 points anyway !

Don't follow leaders - watch your parking meters
  • #111,872
  • Jan 15, 2009 12:58pm Jan 15, 2009 12:58pm
First and formost historically currency have been trading on interest rate differentials. Since usa is rock bottom and euro with gbp have a bit of room it seems to me that the rates cant go lower. Second reason is if you look at your monthly and weekly chart on stoc's they are both oversold and even though no trade signal issued yet becasue current market price has not crossed over simple moving average price to trigger. We feel that once the daily round trips this time and issues trade signal you will see a chain reaction of triggers. Also if you look at your bollinger banks using defaults 20,2 you can see high band on monthly widen nicely to cause new all time low targets against the dollar and now it has room on every pair. Once this credit crunch is over in usa and repatriation of funds have stopped the buying of dollars the market will get back to techs and techs favor short dollar side. Plus more but you problably sorry you asked. Been trading forex for 15 years.
  • #111,873
  • Jan 15, 2009 1:01pm Jan 15, 2009 1:01pm
Quoting tradeinstant
Shampoo forming hilarious!!!

Seriously, do you think it would be a reversal any time soon?

I mean that would explain the fucking channel.
Easy bro! I wasn't giving a joke there...

Look at your daily chart

Inverted====> reverse
Shampoo ===> head and shoulders

Day chart not closed yet though
Patience + Discipline - Greed = Success
  • #111,874
  • Jan 15, 2009 1:02pm Jan 15, 2009 1:02pm
Quoting Galation
You rekon it will go up to 1.64? When and why?
That's just crazy...The idea could be a reversal but to hit 1.64 would take a month
  • #111,875
  • Jan 15, 2009 1:05pm Jan 15, 2009 1:05pm
It would most likely take 2-4 months. But its the trend that makes you most money once you recognize it.
  • #111,876
  • Jan 15, 2009 1:05pm Jan 15, 2009 1:05pm
Quoting Infinity
Easy bro! I wasn't giving a joke there...

Look at your daily chart

Inverted====> reverse
Shampoo ===> head and shoulders

Day chart not closed yet though
I know
I mean I'm thinking about the channel in H1.
It makes me think about a reversal.
  • #111,877
  • Jan 15, 2009 1:05pm Jan 15, 2009 1:05pm
Quoting tradeinstant
That's just crazy...The idea could be a reversal but to hit 1.64 would take a month
Lol! you obviously haven't been trading long.... That can happen in a day or two...
Patience + Discipline - Greed = Success
  • #111,878
  • Jan 15, 2009 1:05pm Jan 15, 2009 1:05pm
Quoting gammase1
Agree with the wise words from Al, trade tiny lot sizes and earn the right to move to slightly bigger sizes. Also, go and complete the classes on babypips.com, look at EO's trading blog, become well-versed in the fundamentals and how they can move the market. Basically, learn, learn and learn some more...

This is a vicious market, one in which over 90% of retail traders will ultimately fail to succeed in. Indeed, the odds are that you will lose all of your account and not be trading in six months time, but this needn't be the case - providing...
Thank you Paul. Determination is my middle name. That and refusing to let anything beat me. My confirmation name is cautious. Double edged sword in forex I think. I value education.

Alison
  • #111,879
  • Jan 15, 2009 1:09pm Jan 15, 2009 1:09pm
in day or two on gbp/usd. Never happened in history. Not even gbp/jpy that is king of volitality has achieved that but i have seen here go down about 1000 in 1 day.
  • #111,880
  • Jan 15, 2009 1:09pm Jan 15, 2009 1:09pm
Quoting Professor4x
First and formost historically currency have been trading on interest rate differentials. Since usa is rock bottom and euro with gbp have a bit of room it seems to me that the rates cant go lower. Second reason is if you look at your monthly and weekly chart on stoc's they are both oversold and even though no trade signal issued yet becasue current market price has not crossed over simple moving average price to trigger. We feel that once the daily round trips this time and issues trade signal you will see a chain reaction of triggers. Also if you...
Nice mix of techies and fundies Proff - i agree with all of it but don't you think dollar repratiation must have ended already by now ? They have had enough time to close down the sweat shops in 'new europe' (jeez those guys are suckers for a pair of levis)

But when you say 'we', who is 'we' - I only know of Liz Windsor and maggie thatcher using that
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