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Cable Update (GBPUSD)

  • #122,441
  • Feb 21, 2009 8:55pm Feb 21, 2009 8:55pm
I do not post in here .. very active in gbpjpy thread

but gbpusd has all the makings of heading up this weak coming at least to test 1.4800.

1) wicks on bottom of red down candles = buyers off low
2) buying in the London session
3) rsx turned green on daily = bullish
4) Friday price ended in top half of green candle = bullish
5) price closed Friday above support 1.4350
6) DX ( dollar index has formed a top at previous highs , on very weak volume and bearish div rsx

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Blogging daily now at www.volume.zone
  • #122,442
  • Feb 21, 2009 9:06pm Feb 21, 2009 9:06pm
Quoting malcolmb14
I do not post in here ...
You should more often
  • #122,443
  • Feb 22, 2009 5:47am Feb 22, 2009 5:47am
Quoting NuckingFuts
You should more often
lol yeah, cheers malcolm
  • #122,444
  • Feb 22, 2009 6:03am Feb 22, 2009 6:03am
Quoting malcolmb14
I do not post in here .. very active in gbpjpy thread

but gbpusd has all the makings of heading up this weak coming at least to test 1.4800.

1) wicks on bottom of red down candles = buyers off low
2) buying in the London session
3) rsx turned green on daily = bullish
4) Friday price ended in top half of green candle = bullish
5) price closed Friday above support 1.4350
6) DX ( dollar index has formed a top at previous highs , on very weak volume and bearish div rsx

Attachment

There are lots of things wrong with your analysis that you have to figure out for yourself, one I will mention is that the Friday candle is not closed as all forex brokers stop trading at 4pm est and the candle closes at 5pm est. I doubt its going up though, not until we test lows.
  • #122,445
  • Feb 22, 2009 6:09am Feb 22, 2009 6:09am
Quoting jack.canadia
Where price currently is, according to xe.com, at 4330, is an overlap of a 50% and 61.8% fib. Could be looking at a nice buy come Sunday's open!

Preferably a bounce from there, followed by a dip to 4150/70 or 4230/60 before heading north.

Glad to see we're getting bullish around here. I believe we may have bottomed near 3500.
You are calling a bottom but resistance is not broken on the daily?

  • #122,446
  • Feb 22, 2009 8:32am Feb 22, 2009 8:32am
Quoting NuckingFuts
Three peaks formation, have not heard of it sorry. Do you have any info on this? Am always interested in learning a new pattern.

The formation I see indicates seller weakness. Coupled with with the possible inverted shampoo on the weekly (much the same as GU), my alarm bells are singing beware shorts.

you can read about it in:
http://thepatternsite.com/visualcpindex.html lots of patterns to see.
  • #122,447
  • Feb 22, 2009 10:38am Feb 22, 2009 10:38am
Trading forSummary:
Deposit/Withdrawal: 50 000.00
Credit Facility: 0.00
Closed Trade P/L: 392.50 Floating P/L:
0.00 Margin: 0.00
Balance: 50 392.50 Equity: 50 392.50 Free Margin: 50 392.50

Details:Trading for the investor for 2 days
Quoting Professor4x
Do you have a live track record longer than a month we are always looking for good traders?
  • #122,448
  • Feb 22, 2009 11:20am Feb 22, 2009 11:20am
Quoting AmeriTrini
There are lots of things wrong with your analysis that you have to figure out for yourself, one I will mention is that the Friday candle is not closed as all forex brokers stop trading at 4pm est and the candle closes at 5pm est. I doubt its going up though, not until we test lows.
the statement there is a lot wrong with my analysis I have to figure out for myself is a bit harsh . ...lol ... and you put that one out there without knowing all the details, I use esignal feed ... 300 sources .... my days end at midnight every day so it is closed. The last tick on my charts was 6 pm est Friday . .. the daily candle is complete . I went back over your 1700 posts ,,, what a load of crap .. not one good chart in there.. just a bunch of nonsense and putting others down

I guess the inverted hammer on Thursday and the sign of sellers that was negated on Friday has nothing to do with a sign of buyers in the market ? I am not saying we are going to the moon , only to a test of the upper trend line on the wedge. Also note the rounded bottom forming on the charts for the last few days. Also the high volume up bar closing at the highs on the 12 hour chart is sellers ? Not to mention the increasing volume on the daily of the 6BH9 indicating buying in the gbp futures.

If you look at DX it is looking weak with a classic no demand bar on the daily right at prior highs (if you know anything about VSA then you will understand what this is )

There is NO volume on weekends .. so you can say that some brokers are open weekends ... but with no pros in the markets movements mean nothing on the weekends , and if there is any sort of gap then 99& of the time it gets closed

i will stand by what I see on the charts .. and bet 1 donut it will hit top of the wedge
Blogging daily now at www.volume.zone
  • #122,449
  • Feb 22, 2009 11:27am Feb 22, 2009 11:27am
NO WEEKEND
  • #122,450
  • Feb 22, 2009 12:06pm Feb 22, 2009 12:06pm
I got my ass handed to me Friday trading this down. Looked like a great setup for a drop to me right until it spiked up. Rumors of bank Nationalization I think.

More rumors today in the newspaper. U.S. govt. is going to take over Bank of America and Citi Bank, break them up and sell off the good assets and keep the bad.

I am not an economist but that does not sound good for the $$$$....or does it? In the past i would say no but who knows now!

Due to the failure Friday to spike down i am thinking i will try buying the dips this week.
  • #122,451
  • Feb 22, 2009 12:08pm Feb 22, 2009 12:08pm
Quoting AmeriTrini
You are calling a bottom but resistance is not broken on the daily?

Well, I am not calling an absolute bottom as this is a very bold statement. As mentioned earlier in the USD index, a bearish divergence is present. The same is present in the DOW. Also this is seen in G/U daily and weekly.

It won't matter to me either way if we have absolutely bottomed because I would prefer a retest of the lows before setting up a longer term trade.

I posted a daily showing divergence in MACD and now a possible 1,2,3 pattern. I don't see it as confirmed yet however its a possibility. Couple this to the DOW and USDX and I think we are becoming bullish.
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  • #122,452
  • Edited 1:23pm Feb 22, 2009 12:15pm | Edited 1:23pm
I also have noticed people like to post their performance up to now. I have posted mine. It's bits and pieces of my statement edited together to not show some personal information.

I am a micro account trader and began with a $30 account with FXCM. I started trading 1K lots and was a bit over leveraged for my liking. Now I trade at max 1:20 true leverage. This represents two weeks of trading.

Each line after the deposit represents the closing of my last ticket for the trading week.
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  • #122,453
  • Feb 22, 2009 1:21pm Feb 22, 2009 1:21pm
Quoting TheCable
ManUTD great deal and don't be too rude with the elliotticans
Thanks TheCable, obviously we've met before somewhere on the forex fields...
Unfortunately that deal is not so great, cause the cable doesn't look so bullish as i would like it to be. Still a chance for one more test in the 1.4050 support in Tue. or Wedn. That's why i have a modest target at 1.4570-90.
You have my word for the EW fans.
Berbo count: 12 We'll Keep the Red Flags Flying High
  • #122,454
  • Feb 22, 2009 1:27pm Feb 22, 2009 1:27pm
Kak dela tovaresh? Mozkvech? kak tam zevodnya? zneg?


Quoting meromar
NO WEEKEND
BANDA333
  • #122,455
  • Feb 22, 2009 1:32pm Feb 22, 2009 1:32pm
Quoting jack.canadia
I also have noticed people like to post their performance up to now. I have posted mine. It's bits and pieces of my statement edited together to not show some personal information.

I am a micro account trader and began with a $30 account with FXCM. I started trading 1K lots and was a bit over leveraged for my liking. Now I trade at max 1:20 true leverage. This represents two weeks of trading.

Each line after the deposit represents the closing of my last ticket for the trading week.
very nice 300 % ...... try doing the same trading a 100 k account and risking 50 % per trade ....lol ... the mind set is very different

what was your initial risk per trade ?
what is your risk per trade now in percent of account ?

I wish you luck in your venture .... I have heard reports of people taking $400 to 1 million before .. but never actually seen authentic audited statements to back the claims up . seems like you take your time and trade only when the right trade is there .. that is awesome.
Blogging daily now at www.volume.zone
  • #122,456
  • Feb 22, 2009 1:35pm Feb 22, 2009 1:35pm
Quoting ManUtd
Thanks TheCable, obviously we've met before somewhere on the forex fields...
Unfortunately that deal is not so great, cause the cable doesn't look so bullish as i would like it to be. Still a chance for one more test in the 1.4050 support in Tue. or Wedn. That's why i have a modest target at 1.4570-90.
You have my word for the EW fans.
I agree maybe 1.4150 and the top for now at 1.4550 it's on 4H chart
  • #122,457
  • Feb 22, 2009 1:38pm Feb 22, 2009 1:38pm
Quoting malcolmb14
very nice 300 % ...... try doing the same trading a 100 k account and risking 50 % per trade ....lol ... the mind set is very different
haha .. I think I will try and maintain the same discipline when I can afford a 100k account. Still a student.
  • #122,458
  • Feb 22, 2009 1:53pm Feb 22, 2009 1:53pm
Quoting jack.canadia
haha .. I think I will try and maintain the same discipline when I can afford a 100k account. Still a student.

keep up good work .....
Blogging daily now at www.volume.zone
  • #122,459
  • Feb 22, 2009 1:57pm Feb 22, 2009 1:57pm
http://www.forexfactory.com/showpost...stcount=161720

something on the dx from me in another thread ..... last time we had the same volume pattern DX dropped $10 and gu went up 800 pips
Blogging daily now at www.volume.zone
  • #122,460
  • Feb 22, 2009 2:04pm Feb 22, 2009 2:04pm
Quoting malcolmb14
very nice 300 % ...... try doing the same trading a 100 k account and risking 50 % per trade ....lol ... the mind set is very different

what was your initial risk per trade ?
what is your risk per trade now in percent of account ?

I wish you luck in your venture .... I have heard reports of people taking $400 to 1 million before .. but never actually seen authentic audited statements to back the claims up . seems like you take your time and trade only when the right trade is there .. that is awesome.
I began with 1, 1k lot per trade ($0.10 per pip) which represented about 1:30 true leverage. Risk per trade I am not familiar with what it exactly means. My stops are never greater than 20 pips. Hopefully you can gather as much from what I said.

I made roughly 500-600 pips my first week. A few times I added another 1k position when there was an overlap of prior resistance/support plus a pivot, ema and/or fib.

Currently, I will be trading 2, 1k lots per trade representing, from what I've calculated, 1:17.2 true leverage. Each time I get down to 1:10 leverage, I add 1 more 1k lot to my trades.

Thanks for the praise. I have no set 1 million $ goal, but my goal is to make enough to comfortably trade a mini and then standard account. Have a lot of time to do that.
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