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Cable Update (GBPUSD)

  • #123,921
  • Feb 27, 2009 1:53am Feb 27, 2009 1:53am
Quoting thirtypips
I posted yesterday that my daily charts are showing a Major Drop on the GBP of 1000 pips but this could be from 1.4400 so my long term target is 1.3400.

This also tests the previous low of last month and also the 7 yr low if you look back on your charts for the last 25 yrs, you will see that 1.3400 is a 7yr average. In 1984, we saw 1.09 and that only took 9 mths to hit from when it hit 1.3400. This 7yr cycle is what the Banks look at.

Hi..juz saw ur post bro. Will this be happening anytime soon? Im still looking for a good position to enter for sell. Still have long position at 1.44 =( ....
  • #123,922
  • Feb 27, 2009 1:53am Feb 27, 2009 1:53am
Morning everyone! Theres no sign of a bounce up just yet, support is being severly tested.

I reckon it will break but I would no way think about shorting now against this support and Its friday and then end of the month! So not gonna trade this today, shall be interesting to watch though and think about positions for monday morning.

Good luck all
  • #123,923
  • Feb 27, 2009 1:55am Feb 27, 2009 1:55am
just missed the 2nd entry buy low for 30 pips, damn it
ROBOT FOREX
  • #123,924
  • Feb 27, 2009 1:58am Feb 27, 2009 1:58am
Quoting Forbes55
just missed the 2nd entry buy low for 30 pips, damn it
If I was thinking about a long i would def wait for these candles to finish in a couple of mins, could go either way
  • #123,925
  • Feb 27, 2009 2:00am Feb 27, 2009 2:00am
For me i buy from major support and sell from major resistance...if she breaks up..i loss only 20pips..stay away..if it comes my way..i take the profits...

the question now is..Is this a major support?..somebody help
  • #123,926
  • Feb 27, 2009 2:03am Feb 27, 2009 2:03am
Quoting abdoosh23
Hi All

I buy the cable at 1.4388 and 1.4200, and know I do not know what I have to do.

So any advice??????????

Thanks
Close your position & cut your losses. There'll be another setup. Good luck.
Thank You
  • #123,927
  • Feb 27, 2009 2:06am Feb 27, 2009 2:06am
Quoting alfamichi
For me i buy from major support and sell from major resistance...if she breaks up..i loss only 20pips..stay away..if it comes my way..i take the profits...

the question now is..Is this a major support?..somebody help
We are the the 8th touch....

Its like cutting a tree... on any attempt, the probabilities of that thing to fall increase... my view... its forex so... anything can happen.
I personally trade only on confirmed signal, no top, no bottom, poor me.. LOL

I expect 1.4100 then 1.3852 minimum.... maby whit a fast correction at 1.42XX first ...


------------

Morning worm!
  • #123,928
  • Feb 27, 2009 2:15am Feb 27, 2009 2:15am
Quoting Forbes55
get ready for 2nd buy at level 4160 if touch it again (the 1st I already closed with some profit)
Would you mind explaining your thought process behind why 4160 was a buy level?

Thanks for your help,

Mark
  • #123,929
  • Feb 27, 2009 2:17am Feb 27, 2009 2:17am
Quoting Inzider
We are the the 8th touch....

Its like cutting a tree... on any attempt, the probabilities of that thing to fall increase... my view... its forex so... anything can happen.
I personally trade only on confirmed signal, no top, no bottom, poor me.. LOL

I expect 1.4100 then 1.3852 minimum.... maby whit a fast correction at 1.42XX first ...


------------

Morning worm!

what about the rule that the more you touch support and bounce off of it, it becomes more reliable?
  • #123,930
  • Feb 27, 2009 2:18am Feb 27, 2009 2:18am
Quoting Inzider
We are the the 8th touch....

Its like cutting a tree... on any attempt, the probabilities of that thing to fall increase... my view... its forex so... anything can happen.
I personally trade only on confirmed signal, no top, no bottom, poor me.. LOL

I expect 1.4100 then 1.3852 minimum.... maby whit a fast correction at 1.42XX first ...

------------

Morning worm!
thanks for your advice, that is why we are here
  • #123,931
  • Feb 27, 2009 2:18am Feb 27, 2009 2:18am
Good morning all.Very exiting morning I traded this crazy move ,it was fun,now I think we are going to flat until NY open and will see
  • #123,932
  • Feb 27, 2009 2:19am Feb 27, 2009 2:19am
Quoting Inzider
We are the the 8th touch....

Its like cutting a tree... on any attempt, the probabilities of that thing to fall increase... my view... its forex so... anything can happen.
I personally trade only on confirmed signal, no top, no bottom, poor me.. LOL

I expect 1.4100 then 1.3852 minimum.... maby whit a fast correction at 1.42XX first ...


------------

Morning worm!
Yeah support has been tested at 4160, 4156, 4140. Its getting deeper on each test, says to me buyers are drying up and could run out on the next test, and when theres an absence of buyers and all those stops in place below 4100 we could easily drop a fair amount quickly
  • #123,933
  • Feb 27, 2009 2:23am Feb 27, 2009 2:23am
Thanks bro.
  • #123,934
  • Feb 27, 2009 2:25am Feb 27, 2009 2:25am
Why all this damn week is so diffucult in profit?!
ROBOT FOREX
  • #123,935
  • Feb 27, 2009 2:26am Feb 27, 2009 2:26am
Quoting PipLand
Yeah support has been tested at 4160, 4156, 4140. Its getting deeper on each test, says to me buyers are drying up and could run out on the next test, and when theres an absence of buyers and all those stops in place below 4100 we could easily drop a fair amount quickly
I'm just curious where it gets deeper and deeper?
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  • #123,936
  • Feb 27, 2009 2:29am Feb 27, 2009 2:29am
I also want to remind to you especially new ppl. to forex that today is Friday ,with means it going to be crazy moves and the last day of the month.So unless you have big deposits stay and watch
  • #123,937
  • Feb 27, 2009 2:33am Feb 27, 2009 2:33am
Quoting laromanell
I'm just curious where it gets deeper and deeper?
I hope you can see on this chart i cant tell exactly how it looks as my laptop screen is broken and all messed up, hope it looks ok lol
Attached Image (click to enlarge)
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  • #123,938
  • Feb 27, 2009 2:36am Feb 27, 2009 2:36am
Quoting PipLand
I hope you can see on this chart i cant tell exactly how it looks as my laptop screen is broken and all messed up, hope it looks ok lol
got ya, you were mentioning last three attmepts. It's just that I was looking for a little bigger time frame from feb 10th.
anyway here is my call, long from 1.4150 with sl @ 1.3970 and tp @ 1.4485
  • #123,939
  • Feb 27, 2009 2:40am Feb 27, 2009 2:40am
reading some negative here about longs at this level I already missed 50 pips and I don't like it at all!
ROBOT FOREX
  • #123,940
  • Feb 27, 2009 2:41am Feb 27, 2009 2:41am
Quoting laromanell
got ya, you were mentioning last three attmepts. It's just that I was looking for a little bigger time frame from feb 10th.
anyway here is my call, long from 1.4150 with sl @ 1.3970 and tp @ 1.4485
My advice, Nice entry but I would set my SL to break even + 1 or 2 pips, now! As sofia said its Friday and end of the month, if this is going down to 150 again then it most likely will blast past your SL at 1.3970 before bouncing up. You'll have a risk free trade then and can sit back and chill out. Just my advice
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