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Cable Update (GBPUSD)

  • #125,781
  • Mar 10, 2009 2:49am Mar 10, 2009 2:49am
Quoting ezodisy
Even if it does move up we have 38.2% at about 3911 which I also have as the daily pivot with the 1h 50ema just above so that should make for a good selling place
Hi. A newb question about fibs. I notice you've drawn your fibs from yesterday's high (1.418x) to yesterday's low (1.374x). Is that the usual way to do that? I would of gone from the most recent high (1.431x) on the 6th of March. Would that have been wrong?

Anyone else's opinions?
  • #125,782
  • Mar 10, 2009 2:55am Mar 10, 2009 2:55am
well, in case you don`t see it. i can see bullissh engulf on 15min.
and i think that is very reliable for long. that is what i think any way.
trade what you see. good luck.


Quoting sofia101
I tried to see reason for long and of course I wanted to see retracement ,but my chart tell me not to hope for it.I will wait a little more and then sell,good luck to all
  • #125,783
  • Mar 10, 2009 2:57am Mar 10, 2009 2:57am
Those are not mine which you're looking at. I have however drawn both -- yesterday's high/low and also last week's high (1.43). After such a big fall I think it's important to know what the retrace values on yesterday's move are and right now 23.6 is holding, though I think 38.2 would be a sell target for many here
  • #125,784
  • Mar 10, 2009 3:02am Mar 10, 2009 3:02am
Quoting pmn100
Hi. A newb question about fibs. I notice you've drawn your fibs from yesterday's high (1.418x) to yesterday's low (1.374x). Is that the usual way to do that? I would of gone from the most recent high (1.431x) on the 6th of March. Would that have been wrong?

Anyone else's opinions?
And if you are talking about my chart my is automatic fibos and I use them just to glance I trade by zig zag levels,cheers
  • #125,785
  • Mar 10, 2009 3:04am Mar 10, 2009 3:04am
Quoting mcmartins
well, in case you don`t see it. i can see bullissh engulf on 15min.
and i think that is very reliable for long. that is what i think any way.
trade what you see. good luck.
I don't trade by small TF my smallest is 1H
  • #125,786
  • Edited 3:34am Mar 10, 2009 3:10am | Edited 3:34am
Quoting ezodisy
Those are not mine which you're looking at. I have however drawn both -- yesterday's high/low and also last week's high (1.43). After such a big fall I think it's important to know what the retrace values on yesterday's move are and right now 23.6 is holding, though I think 38.2 would be a sell target for many here
Thanks for the info. I wasn't referring to the chart, I was looking at your numbers and guessed where you must be drawing them.

  • #125,787
  • Mar 10, 2009 3:21am Mar 10, 2009 3:21am
Quoting pmn100
Thanks for the info. I wasn't referring to the chart, I was looking at your numbers and guessed where you must be drawning them.

well for those who have drawn both, we have 50% retracement of yesterday and 38.2% of last week's high at about 3960 as well as the 1h 50ema just below and last week's low at 3957 which might act as resistance. This whole area would most likely make for good selling pressure, if price gets there.
  • #125,788
  • Mar 10, 2009 3:44am Mar 10, 2009 3:44am
Been trying to long this pair for a while in that dumb range. Finally got a good entry around 3816. Looking to find an area to TP...Im thinking 1.4025.

Anyone have any suggestions?
Going to make it big by age 21.
  • #125,789
  • Mar 10, 2009 3:45am Mar 10, 2009 3:45am
yep. i gat you but you can see how reliable that was?

Quoting sofia101
I don't trade by small TF my smallest is 1H
  • #125,790
  • Mar 10, 2009 3:49am Mar 10, 2009 3:49am
Quoting mcmartins
yep. i gat you but you can see how reliable that was?
This is not a contest this is I hope intelligent discussion of traders and no it not for me because I would never trade against the trend,but if you making money good luck
  • #125,791
  • Mar 10, 2009 3:56am Mar 10, 2009 3:56am
So Sofia,,,in your opnion,,what is the max target for this up retrace,,,,will it be 1.3980 as a maxmimum,,,then going down,,or what ?

Quoting sofia101
This is not a contest this is I hope intelligent discussion of traders and no it not for me because I would never trade against the trend,but if you making money good luck
  • #125,792
  • Mar 10, 2009 3:59am Mar 10, 2009 3:59am
Quoting mohfaid
So Sofia,,,in your opnion,,what is the max target for this up retrace,,,,will it be 1.3980 as a maxmimum,,,then going down,,or what ?
I am not a guru ,but I don't see even 1.3980 I think about 1.3940-50 and yes I expect it to go down from there
  • #125,793
  • Mar 10, 2009 4:10am Mar 10, 2009 4:10am
just now it's hitting the 23.6 of last week. There is also something of a resistance line here if you draw it on the 1h using last week's low and going back
  • #125,794
  • Mar 10, 2009 4:13am Mar 10, 2009 4:13am
My short term bias is bullish. Let's see if my system will give me a long signal in an hour.
My edge ===> Patience
  • #125,795
  • Mar 10, 2009 4:18am Mar 10, 2009 4:18am
Quoting sofia101
I am not a guru ,but I don't see even 1.3980 I think about 1.3940-50 and yes I expect it to go down from there
A quick question SOFIA, when you talk about trading with the trend are you referring to the hourly trend and am I correct in thinking you identify turning points by support and resistance.
  • #125,796
  • Mar 10, 2009 4:21am Mar 10, 2009 4:21am
Quoting Barny
A quick question SOFIA, when you talk about trading with the trend are you referring to the hourly trend and am I correct in thinking you identify turning points by support and resistance.
The trend is on a monthly ,then weekly ,daily and 4H charts and that what I check before I make my plan I get in on 1H and even 30 min. for more accurate entry
  • #125,797
  • Mar 10, 2009 4:23am Mar 10, 2009 4:23am
Quoting Barny
A quick question SOFIA, when you talk about trading with the trend are you referring to the hourly trend and am I correct in thinking you identify turning points by support and resistance.
Oh yeah Barny and support and resistance are the key
  • #125,798
  • Mar 10, 2009 4:31am Mar 10, 2009 4:31am
Quoting sofia101
Oh yeah Barny and support and resistance are the key
I really like that confidence in your system. I think ladies are better at it. Have you read the book " The Way of the Warrior Trader" by Richard McCall. Many thanks.
  • #125,799
  • Mar 10, 2009 4:32am Mar 10, 2009 4:32am
Quoting ezodisy
just now it's hitting the 23.6 of last week. There is also something of a resistance line here if you draw it on the 1h using last week's low and going back
I like your numbers Ezodisy...
Well, in fact the chart's #'s are there for us all to see.

I jumped in far to early w/a short, right where longs were beginning,
@1.3815 "ish". - I suspected the "retrace" of yesterday was done,
w/Frankfurt running it down. -but apparently they didn't clear Tokoyo's low
of 1.3764 "ish".

'Hoping for 1.3616, from
1.3879 an apx. daily ATR of -(263).

We'll see if LONDON drives her down!
Asta,
Terrapin Pipper,

Jeff
I will work to Objectively Identify my Edges
  • #125,800
  • Mar 10, 2009 4:43am Mar 10, 2009 4:43am
Quoting Barny
I really like that confidence in your system. I think ladies are better at it. Have you read the book " The Way of the Warrior Trader" by Richard McCall. Many thanks.
I don't know about ladies being better at trading it's personal for everybody,I may project confidence ,but I don't think I am yet .I didn't read the book you mention ,sorry .Was it good?
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