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Cable Update (GBPUSD)

  • #119,981
  • Feb 12, 2009 3:26am Feb 12, 2009 3:26am
goodwings : I have replied to jammerjams regarding cci. Please take note that it works with large timeframe only, and myself trade large timeframes. So it might not be applicable to the way you trade.
Thank You
  • #119,982
  • Feb 12, 2009 3:29am Feb 12, 2009 3:29am
Quoting goodwings
Someone told me oversold means almost nothing to sell which may result to high demand,therefore a bullish market will happen,but your concept seems to contradict the picture i have;can u shed some light pls?
In my view, stochastic is usefull for the long term plan, based on daily chart /weekly chart ! It means, we should use very wide stop loss !!!
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #119,983
  • Feb 12, 2009 3:29am Feb 12, 2009 3:29am
I see 2 big levels on the way down, the first is the 14060 area there is a 61fib from the last up move and a little bit of previous S&R aswell, the other is 13860.

What does everyone else think?

What do we think about the medium term direction, do we think 13500 then back up again?
Or do you think it wont reach the bottom before going up?
Or do you think it will carry on down past 13500 and below?

I would like to know everyones opinions.
  • #119,984
  • Feb 12, 2009 3:30am Feb 12, 2009 3:30am
Quoting Abuawad
i don't know why to run fast and enter the trade, we have already collect nice pips, and there are news now. also still the market at the first two hours,
no need to jump then hang with position for long time and missing the good entry.
wait thats all, keep an eye on the large time frame, 30M 1H&4H didn't close yet and there are a good support on 1.4207.
lets see
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  • #119,985
  • Feb 12, 2009 3:31am Feb 12, 2009 3:31am
Quoting Abuawad
i don't know why to run fast and enter the trade, we have already collect nice pips, and there are news now. also still the market at the first two hours,
no need to jump then hang with position for long time and missing the good entry.
wait thats all, keep an eye on the large time frame, 30M 1H&4H didn't close yet and there are a good support on 1.4207.
lets see
been reading your chart analysis for a good year now, installed your indicator for grins and watched the price action react to your lines. After what I was seeing I traded your system for the first time and you gave me some Pips. I'll keep that indicator thank you. Bravo Abuawad, Thank you.. don't kow how to repay you for your generosity, OH I paint vehicles on the side need a free paint job?
  • #119,986
  • Feb 12, 2009 3:34am Feb 12, 2009 3:34am
bobcat : I would not try to guess the bottom, myself being in this trade atm, I'd be happy for it to take me as low as it would ( 1.36 is where I have my limit at ), or unless there is a reversal which has a candle going over my sma, only then I will change my bias.
Thank You
  • #119,987
  • Feb 12, 2009 3:41am Feb 12, 2009 3:41am
Quoting Abuawad
i don't know why to run fast and enter the trade, we have already collect nice pips, and there are news now. also still the market at the first two hours,
no need to jump then hang with position for long time and missing the good entry.
wait thats all, keep an eye on the large time frame, 30M 1H&4H didn't close yet and there are a good support on 1.4207.
lets see


i want you to teach me Boss
MY OPINION NOT FINANCIAL ADVISE
  • #119,988
  • Feb 12, 2009 3:43am Feb 12, 2009 3:43am
Quoting wormboy
goodwings : I have replied to jammerjams regarding cci. Please take note that it works with large timeframe only, and myself trade large timeframes. So it might not be applicable to the way you trade.
Wormboy,
Thanks. i really understand where your strategy is based on which someone also tried to explaind that the market tend to persist on the oversold direction on a larger time frame based on the fact that many traders at such moments believe that there should be the direction of the market.
Am a day trader. Larggely a scalper. I think one needs lots of courage to be your type!http://www.forexfactory.com/images/icons/icon14.gif
  • #119,989
  • Feb 12, 2009 3:45am Feb 12, 2009 3:45am
Quoting donfriday
i want you to teach me Boss
Hey we all hear to learn... go back to my start post to see the BOSS you are taking about him, you will find me funny...
  • #119,990
  • Feb 12, 2009 3:45am Feb 12, 2009 3:45am
Such a nice week
I made only 1 trade, short since 1.48 (almost 600 pips now).

Now, seriously, we have some important news comming out in less than 4 hours. You can expect a retest of the 1.4160 support before that time (a good exit point, at least to liquidate a good % of your position).
If we close below that support level, we can expect a move down to 1.4066 (61.8 fib level), or next target at 1.3916 (next support).
The problem is that the upcomming news are more likely to be negative to the dollar than positive. So it would be wise to liquidate most of your sell positions at the next retest of 1.4160 before that news release, and reenter if GBPUSD closes down above the mentioned targets.
On monday we have a quite interesting day (beeing the definition of Obama's time schedule for the rescue plan).
Which could take GBPUSD down further (if they explain further details on the plan, such as whats going to happen with all toxic assets at the banks), or could go up (if they essentially dont say anything meaningful about it, because the market is expecting some more info, and not having it would mean low credibility on the plan).

pips to all,
jcc
  • #119,991
  • Feb 12, 2009 3:45am Feb 12, 2009 3:45am
i only want to say

4000 pages talking about GU

to all of us:



Cesar
  • #119,992
  • Feb 12, 2009 3:47am Feb 12, 2009 3:47am
Quoting cesarg
i only want to say

4000 pages talking about GU

to all of us:



Cesar
8000
  • #119,993
  • Feb 12, 2009 3:49am Feb 12, 2009 3:49am
Quoting Abuawad
Hey we all hear to learn... go back to my start post to see the BOSS you are taking about him, you will find me funny...


i am newbie in forex but want to learn...
where do you want me to go to?
MY OPINION NOT FINANCIAL ADVISE
  • #119,994
  • Feb 12, 2009 3:51am Feb 12, 2009 3:51am
Quoting donfriday
i am newbie in forex but want to learn...
where do you want me to go to?
you got me wrong, what i mean go to the first post of me... i was also new here and i learn.. nothing comes in one time... you have to spend some time also blowing some demo accounts also my friend.
  • #119,995
  • Feb 12, 2009 3:52am Feb 12, 2009 3:52am
Quoting rocknme
been reading your chart analysis for a good year now, installed your indicator for grins and watched the price action react to your lines
how to instal indicator on metatrader 4?
  • #119,996
  • Feb 12, 2009 3:55am Feb 12, 2009 3:55am
Quoting Abuawad
Well.
hi abuawad
i have a question
when take a position by your signal?!
for example when the 15m or 30m candles close below your sell price then take a sell position???
  • #119,997
  • Feb 12, 2009 3:57am Feb 12, 2009 3:57am
Hello everybody!

There is nice divergence on MACD...
  • #119,998
  • Feb 12, 2009 3:57am Feb 12, 2009 3:57am
Quoting wormboy
bobcat : I would not try to guess the bottom, myself being in this trade atm, I'd be happy for it to take me as low as it would ( 1.36 is where I have my limit at ), or unless there is a reversal which has a candle going over my sma, only then I will change my bias.
I agree, i am also in the trade, but what i was looking for is peoples opinions backed up by their technical analysis, as i keep reading abit of a bullish long term bias, i would like to know why that is and where they think the turning point will be.
  • #119,999
  • Feb 12, 2009 3:59am Feb 12, 2009 3:59am
Congrate Ya akhi Abu Awad
  • #120,000
  • Feb 12, 2009 4:00am Feb 12, 2009 4:00am
Quoting juanchoc
Such a nice week
I made only 1 trade, short since 1.48 (almost 600 pips now).

Now, seriously, we have some important news comming out in less than 4 hours. You can expect a retest of the 1.4160 support before that time (a good exit point, at least to liquidate a good % of your position).
If we close below that support level, we can expect a move down to 1.4066 (61.8 fib level), or next target at 1.3916 (next support).
The problem is that the upcomming news are more likely to be negative to the dollar than positive. So it would...

Man, again I find your views on how US data effects Cable to be somewhat muddled.....
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