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Cable Update (GBPUSD)

  • #129,841
  • Edited 7:17pm Apr 19, 2009 6:47pm | Edited 7:17pm
Now its gone. Stalled now at a 38.2% retracement from 4110.
  • #129,842
  • Apr 19, 2009 6:58pm Apr 19, 2009 6:58pm
Quoting MantaRedSea
guys , do the next support 1.4600?
I agree, the next support around 1.4600, I'm going to buy on that level, or if the price touch 760 first, I'd like to sell
  • #129,843
  • Apr 19, 2009 7:18pm Apr 19, 2009 7:18pm
Quoting errich fx
I agree, the next support around 1.4600, I'm going to buy on that level, or if the price touch 760 first, I'd like to sell
Ya 4750/60 a nice area to short!

If we fall much further we take out an andrews pitchfork.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp d andrew.gif Size: 43 KB
  • #129,844
  • Apr 19, 2009 10:09pm Apr 19, 2009 10:09pm
what's the next support expected after going up till 1.4760?
  • #129,845
  • Apr 19, 2009 10:21pm Apr 19, 2009 10:21pm
Where did you buy/sell again?
  • #129,846
  • Apr 19, 2009 10:25pm Apr 19, 2009 10:25pm
Quoting jack.canadia
Where did you buy/sell again?
I did sell at 4744 and my target is 4660. is it ok?
  • #129,847
  • Apr 19, 2009 10:26pm Apr 19, 2009 10:26pm
Quoting jack.canadia
Where did you buy/sell again?
i think we have to wait it is 50/50 now and sell above 4800 or wait till uk session

Ub
  • #129,848
  • Apr 19, 2009 10:29pm Apr 19, 2009 10:29pm
sold @ 4748 not sure how far it could go, til 4710 or next support i guess will be 4640 or 4600. have to leave pc, but not sure where to stop trade, if goes above 4760, probably will get to 4850.
  • #129,849
  • Apr 19, 2009 10:38pm Apr 19, 2009 10:38pm
4600 area is prior support plus a 50% retracement from 4110 .. makes for a good target in that area.
  • #129,850
  • Apr 19, 2009 10:59pm Apr 19, 2009 10:59pm
Quoting jack.canadia
4600 area is prior support plus a 50% retracement from 4110 .. makes for a good target in that area.
And if will reach 1.4600 do you thing that it will go up till 1.4850? or keep moving down?
  • #129,851
  • Apr 19, 2009 11:08pm Apr 19, 2009 11:08pm
Quoting MantaRedSea
And if will reach 1.4600 do you thing that it will go up till 1.4850? or keep moving down?
It could do either.

What price are you short from?
  • #129,852
  • Apr 19, 2009 11:11pm Apr 19, 2009 11:11pm
Quoting jack.canadia
It could do either.

What price are you short from?
1.4744
  • #129,853
  • Apr 19, 2009 11:17pm Apr 19, 2009 11:17pm
but still have the 2 buy trades at 1.4974 and 1.4954 active, waiting till the correction at 1.4850 to close it
  • #129,854
  • Apr 19, 2009 11:25pm Apr 19, 2009 11:25pm
Quoting jack.canadia
It could do either.

What price are you short from?

im with you on the 4600 area, jack. liked the pitchfork analysis
  • #129,855
  • Apr 19, 2009 11:26pm Apr 19, 2009 11:26pm
hello everybody
Attached Image (click to enlarge)
Click to Enlarge Name: 21.gif Size: 15 KB
  • #129,856
  • Apr 19, 2009 11:29pm Apr 19, 2009 11:29pm
Quoting errich fx
I agree, the next support around 1.4600, I'm going to buy on that level, or if the price touch 760 first, I'd like to sell
I take 35 pips only, from 740

__________________________________________________________

GBPUSD History Level
  • #129,857
  • Apr 19, 2009 11:30pm Apr 19, 2009 11:30pm
Quoting deboooo2005
hello everybody
I like your lines, 14700 in the past was a very strong resistance.
Many happy pips returned ...
  • #129,858
  • Apr 19, 2009 11:31pm Apr 19, 2009 11:31pm
Quoting MantaRedSea
but still have the 2 buy trades at 1.4974 and 1.4954 active, waiting till the correction at 1.4850 to close it
I'd like to give you a friendly reminder of how hoping will almost certainly kill your trading career in the long run. It's not good practise. Those levels you have opened for long is above a very strong resistance level. Chances of cable bouncing off the 46xx support is just as high as cable going through the floor at 46xx. S/R levels are important to identify probable positioning but, they are not necessarily rules that can't be broken.
Off course, this trade that you have opened could still be salvaged if cable bounces back off the support. That is IF.
Never lock losses my friend, only lock profits. If the trade is bad, just close it & move on.
Anyway, good luck with your trade & hopefully it turns out good for you

Current cable outlook : http://www.forexfactory.com/showpost...&postcount=894
Thank You
  • #129,859
  • Apr 19, 2009 11:31pm Apr 19, 2009 11:31pm
Jack, is it ok to buy from 1.4600 to target 1.850?
  • #129,860
  • Apr 19, 2009 11:38pm Apr 19, 2009 11:38pm
Quoting wormboy
I'd like to give you a friendly reminder of how hoping will almost certainly kill your trading career in the long run. It's not good practise. Those levels you have opened for long is above a very strong resistance level. Chances of cable bouncing off the 46xx support is just as high as cable going through the floor at 46xx. S/R levels are important to identify probable positioning but, they are not necessarily rules that can't be broken.
Off course, this trade that you have opened could still be salvaged if cable bounces back off the support....
Now I know it, it was a big mistake, I'm still learning . just 1 month with forex. ;o)
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