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Cable Update (GBPUSD)

  • #122,921
  • Feb 23, 2009 8:12pm Feb 23, 2009 8:12pm
Quoting trader8686
We are ready for education, so please describe it more details. Thanks.
After large rallies in price, in either direction, price may find a level and pull back. Others will join in on this pull back and try to send the price back in the original direction lower or higher, but sometimes the price may fail between 38.2% and 61.8% of the first leg down, wave 1-2. Where price fails forms wave 3, and this pattern is only confirmed when price breaks below point 2. See the chart.

I am by no means warranting a short here. I'll leave that up to you and your methods. 3 may extend as far as 61.8 or this setup may fail all together.

But this is the basic 1-2-3 reversal pattern. One was seen around New York open where you could have joined the short train for the day and made 100+ pips.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 40 KB
  • #122,922
  • Feb 23, 2009 8:17pm Feb 23, 2009 8:17pm
Quoting jack.canadia
After large rallies in price, in either direction, price may find a level and pull back. Others will join in on this pull back and try to send the price back in the original direction lower or higher, but sometimes the price may fail between 38.2% and 61.8% of the first leg down, wave 1-2. Where price fails forms wave 3, and this pattern is only confirmed when price breaks below point 2. See the chart.

I am by no means warranting a short here. I'll leave that up to you and your methods. 3 may extend as far as 61.8 or this setup may...
Thanks One Million Great education!
  • #122,923
  • Feb 23, 2009 8:32pm Feb 23, 2009 8:32pm
Quoting Bullfx
GU is up

GBP Prelim Business Investment q/q:
forecast: -4.2%, prev: -1.3%http://www.forexfactory.com/images/m...us_revised.gif (revised from -0.2)

forecast bad than prev ----> GU up ???
hmmm..... are u sure? why?
  • #122,924
  • Feb 23, 2009 8:38pm Feb 23, 2009 8:38pm
Quoting jack.canadia
But this is the basic 1-2-3 reversal pattern. One was seen around New York open where you could have joined the short train for the day and made 100+ pips.
according to your chart we may sell it for 100-150 pips down
ROBOT FOREX
  • #122,925
  • Feb 23, 2009 8:40pm Feb 23, 2009 8:40pm
Quoting alearner
I see the double low but the high of the second candle was lower by 7 pips on both my platforms and just below DP so looked risky. oh well.
Quoting pmn100
I'm seeing exactly the same. Double low, but second candle closed lower than the first candle open.
chart....

with the dblhc, it does not have to be an engulfing candle at the close... I did not hesitate after the close to buy the first pullback with stop below the previous candle low....
Attached Image
Patience + Discipline - Greed = Success
  • #122,926
  • Feb 23, 2009 8:47pm Feb 23, 2009 8:47pm
Quoting Infinity
chart....

with the dblhc, it does not have to be an engulfing candle at the close... I did not hesitate after the close to buy the first pullback with stop below the previous candle low....
Infinity,

Which candle is engulfing candle ?
  • #122,927
  • Feb 23, 2009 8:51pm Feb 23, 2009 8:51pm
Quoting trader8686
Infinity,

Which candle is engulfing candle ?
This is from babypips.com

http://www.babypips.com/wiki/images/...-engulfing.gif
Patience + Discipline - Greed = Success
  • #122,928
  • Feb 23, 2009 8:55pm Feb 23, 2009 8:55pm
Quoting Infinity
This is from babypips.com

http://www.babypips.com/wiki/images/...-engulfing.gif
That was a bullish engulfing.... here is a bearish engulfing...
http://www.babypips.com/wiki/images/...-engulfing.gif

links..
http://www.babypips.com/forexpedia/B...ulfing_Pattern
http://www.babypips.com/forexpedia/B...ulfing_Pattern
Patience + Discipline - Greed = Success
  • #122,929
  • Feb 23, 2009 8:55pm Feb 23, 2009 8:55pm
we are not babies here, we are men
ROBOT FOREX
  • #122,930
  • Feb 23, 2009 8:58pm Feb 23, 2009 8:58pm
Quoting Forbes55
we are not babies here, we are men
check out menpips.com then... jk....
Patience + Discipline - Greed = Success
  • #122,931
  • Feb 23, 2009 9:00pm Feb 23, 2009 9:00pm
Quoting Infinity
check out menpips.com then... jk....
I better like sellpips.com GU and buypips.com EURGBP
ROBOT FOREX
  • #122,932
  • Feb 23, 2009 9:03pm Feb 23, 2009 9:03pm
Quoting Forbes55
I better like sellpips.com GU and buypips.com EURGBP
I am neither permabull nor permabear... I trade both ways...

btw... we may have the opposite now... dbhlc...

m15 and h4 looks bullish though...
Attached Image
Patience + Discipline - Greed = Success
  • #122,933
  • Feb 23, 2009 9:05pm Feb 23, 2009 9:05pm
I go to sleep, take this damn thing GU down guys, I'd like to see 4440 in 6 hours, don't dissapoint me
ROBOT FOREX
  • #122,934
  • Feb 23, 2009 9:09pm Feb 23, 2009 9:09pm
Quoting Infinity
I am neither permabull nor permabear... I trade both ways...

btw... we may have the opposite now... dbhlc...

m15 and h4 looks bullish though...
But, now 1H has another open candle next to it, so, a buy dbhlc or a sell dbhlc???? Does it have to be longer on the top then the close candle?
  • #122,935
  • Feb 23, 2009 9:11pm Feb 23, 2009 9:11pm
I think it's gonna go back up. will wait until Europe open.
Trading Just Got Easier...
  • #122,936
  • Feb 23, 2009 9:19pm Feb 23, 2009 9:19pm
Quoting trader8686
But, now 1H has another open candle next to it, so, a buy dbhlc or a sell dbhlc???? Does it have to be longer on the top then the close candle?
I did not take a trade because I am going to sleep soon. It would have been a sell. I would have put stop a few pips above 4562 with 4450 in mind for profit ... but as I said, other timeframes are looking bullish and I am tired so no trade for me....
Patience + Discipline - Greed = Success
  • #122,937
  • Feb 23, 2009 9:50pm Feb 23, 2009 9:50pm
Quoting Infinity
I did not take a trade because I am going to sleep soon. It would have been a sell. I would have put stop a few pips above 4562 with 4450 in mind for profit ... but as I said, other timeframes are looking bullish and I am tired so no trade for me....
I hear that bro........

Hopefully it clears up soon!!!!

HOLLA
  • #122,938
  • Feb 23, 2009 10:09pm Feb 23, 2009 10:09pm
Quoting dashboard
Originally Posted by Bullfx http://www.forexfactory.com/images/buttons/viewpost.gif
GU is up

GBP Prelim Business Investment q/q:
forecast: -4.2%, prev: -1.3%http://www.forexfactory.com/images/m...us_revised.gif (revised from -0.2)

forecast bad than prev ----> GU up ???
hmmm..... are u sure? why?
haha, I guess only, maybe up, maybe down...
Give me patience
  • #122,939
  • Feb 23, 2009 11:33pm Feb 23, 2009 11:33pm
Happy Trading
Attached Images
Attached File(s)
File Type: txt abuawad_data.txt   < 1 KB | 282 downloads
File Type: txt abuawad_h4.txt   < 1 KB | 253 downloads
  • #122,940
  • Feb 23, 2009 11:50pm Feb 23, 2009 11:50pm
Quoting Abuawad
Happy Trading
Dear Abuawad,

Great sharing, and I did browsed your videos.
My suggestion is, make an entry call here with the table you provide.
So that we may learn how to read your valuable data here.
Don't read me wrong, I know that your table is very simple.
However, the number in your table can show up many times, we need to know the right timing to get in,
that's it.

BTW, your video is not clear to watch, you my need to move camera closer to the chart.
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