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Cable Update (GBPUSD)

  • #120,681
  • Feb 16, 2009 4:17pm Feb 16, 2009 4:17pm
Quoting pmn100
A little off topic newb question.

How long do you guys keep your fibs drawn on your charts? For example, I currently have fib from Jan low 1.35xx to Feb high 1.49xx on my daily chart. But also fib from Feb high 1.49xx to current Feb low 1.41xx on hourly chart. And another fib for recent move from 1.46xx to 1.41xx.

Am I over doing the fibs? My charts are getting cluttered. At what point can you stop paying attention to the fibs I have mentioned and remove them?
if price get beyong your fib starting point or ending point you have to redraw the fib with the hig or the new swing low. wich will occur often on a short time frame but on a daily or weekly time frame your fib migth not need to be redraw for quite a period of time. unless you get a new swing low or new swing hig on those time frame.

What I do for the hig and low from higer time frame like you said the hig or the low of January I draw a line on my chart instead acording to these level so I know when we approach these line we will propably have a bounce.

hope that help a bit
  • #120,682
  • Feb 16, 2009 4:24pm Feb 16, 2009 4:24pm
In from 1.4294, let's see....
  • #120,683
  • Feb 16, 2009 4:27pm Feb 16, 2009 4:27pm
Thanks dstryr and Lejumeau
  • #120,684
  • Feb 16, 2009 4:28pm Feb 16, 2009 4:28pm
Quoting Inzider
In from 1.4294, let's see....
Long or short ?
  • #120,685
  • Feb 16, 2009 4:29pm Feb 16, 2009 4:29pm
Quoting Inzider
In from 1.4294, let's see....
Goodluck. Always move stops to entry so if you do get stopped out you can make a better entry.
Going to make it big by age 21.
  • #120,686
  • Feb 16, 2009 4:30pm Feb 16, 2009 4:30pm
Quoting Lejumeau
Long or short ?
I love bears!
BE locked...

Quoting dstryr
Goodluck. Always move stops to entry so if you do get stopped out you can make a better entry.
Thx for the tips, appreciated!
  • #120,687
  • Feb 16, 2009 4:33pm Feb 16, 2009 4:33pm
Im going to wait for 4357 or so to see for a short . If we dont hit it then I wont lose any money =p. Im trying to patiently wait for my entries...im so used to jumping in all the time and chasing PA.
Going to make it big by age 21.
  • #120,688
  • Feb 16, 2009 4:35pm Feb 16, 2009 4:35pm
Anyone else see this?
Attached Image (click to enlarge)
Click to Enlarge Name: forexfactory.gif Size: 12 KB
Going to make it big by age 21.
  • #120,689
  • Feb 16, 2009 4:45pm Feb 16, 2009 4:45pm
Make sens, i'm thinking about a dead cat bounce on my side.

http://images.tradingmarkets.com/200...07Jagerson.png
http://www.tradingmarkets.com/.site/...-a-D-78703.cfm
  • #120,690
  • Feb 16, 2009 4:54pm Feb 16, 2009 4:54pm
Quoting dstryr
Anyone else see this?
yes, the gap is not closed yet. i believe it will close today in a spike up.
  • #120,691
  • Feb 16, 2009 5:04pm Feb 16, 2009 5:04pm
Just closed a long from 263 @ 286. I wanted to ride it all the way up to the 50%/ Friday Close / 350/80 area to look for a short. However the charts started to look really weak so I just closed it.

I don't like the idea of closing a position prematurely but that seemed like the right thing to do at that time. Does anyone have any thoughts about that?
  • #120,692
  • Feb 16, 2009 5:12pm Feb 16, 2009 5:12pm
Quoting 17121712
Just closed a long from 263 @ 286. I wanted to ride it all the way up to the 50%/ Friday Close / 350/80 area to look for a short. However the charts started to look really weak so I just closed it.

I don't like the idea of closing a position prematurely but that seemed like the right thing to do at that time. Does anyone have any thoughts about that?

What im wondering if what gave you a buy signal at 4263?
Going to make it big by age 21.
  • #120,693
  • Feb 16, 2009 5:13pm Feb 16, 2009 5:13pm
Quoting 17121712
Just closed a long from 263 @ 286. I wanted to ride it all the way up to the 50%/ Friday Close / 350/80 area to look for a short. However the charts started to look really weak so I just closed it.

I don't like the idea of closing a position prematurely but that seemed like the right thing to do at that time. Does anyone have any thoughts about that?
yes, i wrote some hours ago:

Quote
in my opinion while price won't close the week above 1.4650, we are still bearish, the possible H&S formation in 4H and the 3 falling peaks formation in dailyare already to confirm; so, the trend will be bearish..
A break above 1.4650 (shoulder upper line) could lead us to the retest of the last peak (1.497x) and then the second peak (1,537x)...

if there is a confirmation for the down, break of the shoulder line to the south, will lead us to retest of the last valley, around 1.35, and then we could move more south around 1.25, first target of...
  • #120,694
  • Feb 16, 2009 5:43pm Feb 16, 2009 5:43pm
Quoting dstryr
What im wondering if what gave you a buy signal at 4263?
A. Breakout to the upside above short term range and 50 EMA, entry @ 263.

B. Bounce near 300 ADX cycle well and truly finished, looking for a retest of local high.

C. Got bored of waiting for 293 again, exit @ 286.

I also have a strong bearish view and I spotted the Head and Shoulders and it's also interesting how the Sunday night low was a perfect bounce off the shoulder line. I hope I can find a nice entry going into tomorrow.
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  • #120,695
  • Feb 16, 2009 5:46pm Feb 16, 2009 5:46pm
Hey Guyz , Went Short @ 4290 , taget is set at 4065 , from which we should bounce as this is the final support before the pairs cracks down .
However, SL is above 4350 which is a key pivot point , if we head north selling should regain strength near this level. GOOD LUCK
  • #120,696
  • Feb 16, 2009 5:49pm Feb 16, 2009 5:49pm
Quoting Inzider
Make sens, i'm thinking about a dead cat bounce on my side.

http://images.tradingmarkets.com/200...07Jagerson.png
http://www.tradingmarkets.com/.site/...-a-D-78703.cfm
I think the dead cat is the market today

Thanks for the tip.
But we already broke the first resistance of this dead cat bounce strategy, so we migth fill the gap how knows hope you are rigth for your position, I'm still on the side waiting see what the asian tonight will do.
  • #120,697
  • Feb 16, 2009 5:54pm Feb 16, 2009 5:54pm
Quoting Lejumeau
I think the dead cat is the market today

Thanks for the tip.
But we already broke the first resistance of this dead cat bounce strategy, so we migth fill the gap how knows hope you are rigth for your position, I'm still on the side waiting see what the asian tonight will do.
Dead cat bounce fill, most of the time 50% of the gap. I can be wrong on this move, its forex, let's see.

-----------

Stop to BE...
  • #120,698
  • Feb 16, 2009 6:01pm Feb 16, 2009 6:01pm
Placing a 60 pip stop makes me quake in my boots. I wouldn't have enough confidence that the trade would work enough of the time. I'm going to have to wait for an opportunity to get an entry with a 30 pip max stop.

With a bit of luck I might get this week right.
  • #120,699
  • Feb 16, 2009 6:01pm Feb 16, 2009 6:01pm
Do we expect breakout soon ?
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  • #120,700
  • Feb 16, 2009 6:09pm Feb 16, 2009 6:09pm
Quoting 17121712
Placing a 60 pip stop makes me quake in my boots. I wouldn't have enough confidence that the trade would work enough of the time. I'm going to have to wait for an opportunity to get an entry with a 30 pip max stop.

With a bit of luck I might get this week right.
Yea Pal , I too hate to place a 60 pip away SL , it's just the sudden news that I worry about , I got really in troubled positions in the AUSSIE last thursday and friday , false breaks , trendless trading , -ve and +ve news 12 hours apart , it was a nightmare ...SO GOOD LUCK with your trades , gotta go sleep now , will be up in EUR session ..we'll see what happens then.
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