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Cable Update (GBPUSD)

  • #121,061
  • Feb 17, 2009 11:27am Feb 17, 2009 11:27am
Quoting jack.canadia
Break up and re-test of 1.43xx for a short before heading south? The flag suggests bullish with a projected target in or around the light greay box, but 1.4300 seems a bit more conservative and guarenteed based on where we failed previously.

I am looking to short up here again and then hold for a target at 40xx and watch price from there.
Hi Jack,

I understand pivot points, support and resistance - forgive my ignorance, but what are the "M1, M2 M3" lines etc marked on your chart?

Thanks,

Mark
  • #121,062
  • Feb 17, 2009 11:28am Feb 17, 2009 11:28am
Quoting cesarg
YES
I just opened the chat and they are having technical issues. http://www.fxstatus.com
  • #121,063
  • Feb 17, 2009 11:29am Feb 17, 2009 11:29am
Quoting MarkyBoy
Hi Jack,

I understand pivot points, support and resistance - forgive my ignorance, but what are the "M1, M2 M3" lines etc marked on your chart?

Thanks,

Mark
Mark, these are simply the mid points between the pivot levels. Not as strong as the pivots themselves but historically these levels are sometimes respected.
  • #121,064
  • Feb 17, 2009 11:31am Feb 17, 2009 11:31am
Quoting Abuawad
It's fine here...
Price on MT4 was moving but not on FXCMs platform. This broker has many techincal issues. One of them cost me money but I was re-imbursed.
  • #121,065
  • Feb 17, 2009 11:32am Feb 17, 2009 11:32am
Quoting Galation
I'll put this one out again for people to comment:

What are your 3 month and 6 month projections for the Cable?

Mine:

3 month: Down to 1.25/1.30 (finds bottom here)
6 month: Correction up to 1.60ish
Good trading to all,
Am not used to trading at this time of the day....just piped to see the type of traders at this time.
Well in answer to ur question , cable will go dowm and down,then up and up again then down and up many times untill it reaches the point it will stop at the end of six months.......haha! just joking pls. Have a nice trading day "King Solomon".http://www.forexfactory.com/images/icons/icon14.gif
  • #121,066
  • Edited 11:43am Feb 17, 2009 11:33am | Edited 11:43am
Quoting Galation
I'll put this one out again for people to comment:

What are your 3 month and 6 month projections for the Cable?

Mine:

3 month: Down to 1.25/1.30 (finds bottom here)
6 month: Correction up to 1.60ish
As you know I am totally schizo and don't know if I am GBP or USD based
My GBP wad is with the bank of England as I don't trust anyone - not even them really

It is earning nuffink of course which is not acceptable - it isn't meant to be acceptable -its supposed to make me take risk or spend it

ok I will take risk

I am moving a chunk into USD at this lousy rate - and then buying the ETF EWU which is an unhedged play on the UK total stock market (not just ftse)

Now if GBP strengthens, I sell the dollar etf, make a profit in USD and go buy a new motorbike and I am a winner yee har !

If Gbp weakens, I sell the dollar etf and send the money back to to the Bank of england having made no gain /no loss in GBP

In both scenarios, I am hoping to make some gain on UK "all shares" over a year or two - plus dividends

So for happiness and success you need to be invested in both places, be highly schizo and adept at self deception - with those elements in place, nothing can go wrong unless UK 'all shares 'goes down 25% from here (in GBP) over the next 2 years
  • #121,067
  • Feb 17, 2009 11:33am Feb 17, 2009 11:33am
Quoting jack.canadia
I just opened the chat and they are having technical issues. http://www.fxstatus.com
It's start happening to often with them
  • #121,068
  • Feb 17, 2009 11:34am Feb 17, 2009 11:34am
Quoting jack.canadia
Price on MT4 was moving but not on FXCMs platform. This broker has many techincal issues. One of them cost me money but I was re-imbursed.
Its 1.4201 on FXCM & MT
  • #121,069
  • Feb 17, 2009 11:36am Feb 17, 2009 11:36am
Quoting MarkyBoy
Hi Jack,

I understand pivot points, support and resistance - forgive my ignorance, but what are the "M1, M2 M3" lines etc marked on your chart?

Thanks,

Mark
i believe its abuawad's analysis indi!

pop
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  • #121,070
  • Feb 17, 2009 11:38am Feb 17, 2009 11:38am
Quoting Abuawad
Its 1.4201 on FXCM & MT
I take it back, now even my MT stops
  • #121,071
  • Feb 17, 2009 11:42am Feb 17, 2009 11:42am
Quoting popisdead
i believe its abuawad's analysis indi!

pop
No, its a pivot indicator based on previous days data.
  • #121,072
  • Feb 17, 2009 11:42am Feb 17, 2009 11:42am
Well I'll get some rest then,if I can not log in to my platform it is time to rest .Good luck to all of you,I hope they will fix it soon
  • #121,073
  • Feb 17, 2009 11:42am Feb 17, 2009 11:42am
Quoting Abuawad
I take it back, now even my MT stops
Ab if your FXCM prices are streaming fine then it's probably just a handful of us.

If they keep it up I'll have to find another broker.
  • #121,074
  • Feb 17, 2009 11:45am Feb 17, 2009 11:45am
Quoting jack.canadia
Ab if your FXCM prices are streaming fine then it's probably just a handful of us.

If they keep it up I'll have to find another broker.
both FXCM & MT. and now have this error in FXCM, ORA-12152
  • #121,075
  • Feb 17, 2009 11:47am Feb 17, 2009 11:47am
Here are the pivots and medians you may have seen on my chart. Set the time to 0 GMT for both. I also am posting a custom which plots a line at the open for the day as of 00:00 GMT. Both have been very useful and profitable for me.

I'll give you guys one more. It's a moving average that changes color everytime price crosses it. It's difficult to change between simple and exponential. You'll have to play with the number and compare it to a basic MT4 moving/exponential average. I dont use this MA but someone may find use for it in their strategy.
Attached File(s)
File Type: mq4 FX Sniper's MA.mq4   2 KB | 303 downloads
File Type: mq4 daily_openline.mq4   2 KB | 289 downloads
File Type: mq4 Pivots_Daily.mq4   17 KB | 260 downloads
File Type: mq4 Pivots_Daily_Medians.mq4   16 KB | 251 downloads
  • #121,076
  • Feb 17, 2009 11:49am Feb 17, 2009 11:49am
Quoting Abuawad
both FXCM & MT. and now have this error in FXCM, ORA-12152
If you're in a trade that turns out bad for whatever reason they will fix it for you.
  • #121,077
  • Feb 17, 2009 11:49am Feb 17, 2009 11:49am
Quoting jack.canadia
Mark, these are simply the mid points between the pivot levels. Not as strong as the pivots themselves but historically these levels are sometimes respected.
On the subject of pivot points, I have daily pivot points (H+L+C)/3) plotted on my daily chart, the values for today are as follows:

R2 1.4487
R1 1.439
P 1.4271
S1 1.4174
S2 1.4055

However, on my houly charts and 15 & 5 minute chart, I get:

R2 1.4423
R1 1.4358
P 1.4255
S1 1.419
S2 1.4087

Why is the daily different to the lower time frames? I'm assuming my charting software is reading different high/low values, but that's a bit wrong isn't it? And which is correct?
  • #121,078
  • Feb 17, 2009 11:50am Feb 17, 2009 11:50am
Quoting Abuawad
It's fine here...
1st short target was hit ! But I was srewed when short at 1.4160 because impatient waiting for PA on US session !
What next target bro ?
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #121,079
  • Feb 17, 2009 11:51am Feb 17, 2009 11:51am
Quoting jack.canadia
If you're in a trade that turns out bad for whatever reason they will fix it for you.
Well yes i'm in trade but that not the first time, i remember it happen before and the SL was hit. but they return the it to and close it to me at 0.
  • #121,080
  • Feb 17, 2009 11:52am Feb 17, 2009 11:52am
Quoting manize
1st short target was hit ! But I was srewed when short at 1.4160 because impatient waiting for PA on US session !
What next target bro ?
thanks, my 2nd target is login to the platform first.
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