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Cable Update (GBPUSD)

  • #112,481
  • Jan 19, 2009 7:20am Jan 19, 2009 7:20am
singing at 77 stop at 60 risking 17 pips to make 40
  • #112,482
  • Jan 19, 2009 7:23am Jan 19, 2009 7:23am
Bones, you could draw a nice symmetrical triangle on that weekly chart, which we are just about to hit the bottom of by my reckoning
  • #112,483
  • Jan 19, 2009 7:23am Jan 19, 2009 7:23am
Quoting Professor4x
5 min 10 min 15 min 30 min and 1 hr all oversold on stoc's great time to get in and catch the bounce
From experience, i think the Stochastic isn't as useful as it appears to be.
"The trend is your friend, until the end."
  • #112,484
  • Jan 19, 2009 7:23am Jan 19, 2009 7:23am
Quoting Professor4x
Has a chance but that is why have stop at 4510 to allow it to trade
I will be looking for reversal between 4500 - 4525 4510 is a strange place to put a stop in my opinion
  • #112,485
  • Jan 19, 2009 7:23am Jan 19, 2009 7:23am
two positions:
stack entry @ 4610 looking for trend trade
swing or day entry short term trade in at 4577 with greater leverage and tighter stop. Always good idea to have two positions in account to participate for long and short term trading opportunities. Longer term terms should be geared down to tolerate wider trading ranges and reduce equity swings while swings trades can be higher leverage but must have tighter stops for risk managment and drawdown control
  • #112,486
  • Jan 19, 2009 7:24am Jan 19, 2009 7:24am
would someone tell me where is the finish line.?
  • #112,487
  • Jan 19, 2009 7:25am Jan 19, 2009 7:25am
Quoting ForexRookie
From experience, i think the Stochastic isn't as useful as it appears to be.
Nothing works 100% of time but stoc's are used most common industry wide. It's just moving average vs current market price and moving avgerae is what every trader uses for entry
  • #112,488
  • Jan 19, 2009 7:25am Jan 19, 2009 7:25am
After more than 300 pips drop i guess it is time to long
  • #112,489
  • Jan 19, 2009 7:26am Jan 19, 2009 7:26am
Quoting dunhill1907
would someone tell me where is the finish line.?
4500 has provided good support recently if 4468 is broken then this could be heading very very low 1.4000?
  • #112,490
  • Jan 19, 2009 7:27am Jan 19, 2009 7:27am
Quoting PipLand
4500 has provided good support recently if 4468 is broken then this could be heading very very low 1.4000?
not today though in my opinion
  • #112,491
  • Jan 19, 2009 7:28am Jan 19, 2009 7:28am
Quoting Professor4x
Nothing works 100% of time but stoc's are used most common industry wide. It's just moving average vs current market price and moving avgerae is what every trader uses for entry
Well i think that is arguable, personally i believe support and resistance works very near to 100% of the time. But i agree, most people use moving averages for entry.
"The trend is your friend, until the end."
  • #112,492
  • Jan 19, 2009 7:30am Jan 19, 2009 7:30am
Quoting Professor4x
Nothing works 100% of time but stoc's are used most common industry wide. It's just moving average vs current market price and moving avgerae is what every trader uses for entry
You are using stochs in a trending market ?
tsk tsk ..
  • #112,493
  • Jan 19, 2009 7:30am Jan 19, 2009 7:30am
Most times in a thin market techs will not be as accurate and with the stall here seems not alot of money moving so throws time factors off on charts for session
  • #112,494
  • Jan 19, 2009 7:31am Jan 19, 2009 7:31am
Quoting ForexRookie
Well i think that is arguable, personally i believe support and resistance works very near to 100% of the time. But i agree, most people use moving averages for entry.
trendlines must always be used with moving averages that is 100%
  • #112,495
  • Jan 19, 2009 7:34am Jan 19, 2009 7:34am
We are nearing the bottom of this downtrend channel...
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Patience + Discipline - Greed = Success
  • #112,496
  • Jan 19, 2009 7:35am Jan 19, 2009 7:35am
Quoting Professor4x
Most times in a thin market techs will not be as accurate and with the stall here seems not alot of money moving so throws time factors off on charts for session
Yep that is true, which is why it is usually better to use little technical indicators as possible. I think we will see below 1.4500, with any luck the USD Dollar should strengthen and Cable should weaken even further.
"The trend is your friend, until the end."
  • #112,497
  • Jan 19, 2009 7:36am Jan 19, 2009 7:36am
Quoting Professor4x
trendlines must always be used with moving averages that is 100%
if yu check since joined this chat thursday you will see made money
bought gbp/jpy at 132 aprox sold 136
sold gbp 4830 cover 4700
bought gbp 4777 stoped out 4700
enter 4702 sold 4880(this trade did late friday afternoon and close sunday evening) so it wasn't posted but said in previous chat would be long coming into this week.
  • #112,498
  • Jan 19, 2009 7:38am Jan 19, 2009 7:38am
for session the short side or easy money is made. Now it's the long side that has the opportune. Not much left for day on downside but the longer she holds in 45's the higher into the 46's she goes.
  • #112,499
  • Jan 19, 2009 7:38am Jan 19, 2009 7:38am
Quoting Infinity
We are nearing the bottom of this downtrend channel...
what is this suppose then
  • #112,500
  • Jan 19, 2009 7:40am Jan 19, 2009 7:40am
around 4540
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