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Cable Update (GBPUSD)

  • #129,841
  • Edited 9:17pm Apr 19, 2009 8:47pm | Edited 9:17pm
Now its gone. Stalled now at a 38.2% retracement from 4110.
  • #129,842
  • Apr 19, 2009 8:58pm Apr 19, 2009 8:58pm
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 9:18pm Apr 19, 2009 9:18pm
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 20, 2009 12:09am Apr 20, 2009 12:09am
what's the next support expected after going up till 1.4760?
  • #129,845
  • Apr 20, 2009 12:21am Apr 20, 2009 12:21am
Where did you buy/sell again?
  • #129,846
  • Apr 20, 2009 12:25am Apr 20, 2009 12:25am
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 20, 2009 12:26am Apr 20, 2009 12:26am
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 20, 2009 12:29am Apr 20, 2009 12:29am
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 20, 2009 12:38am Apr 20, 2009 12:38am
4600 area is prior support plus a 50% retracement from 4110 .. makes for a good target in that area.
  • #129,850
  • Apr 20, 2009 12:59am Apr 20, 2009 12:59am
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 20, 2009 1:08am Apr 20, 2009 1:08am
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 20, 2009 1:11am Apr 20, 2009 1:11am
Quoting jack.canadia
It could do either.

What price are you short from?
1.4744
  • #129,853
  • Apr 20, 2009 1:17am Apr 20, 2009 1:17am
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 20, 2009 1:25am Apr 20, 2009 1:25am
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 20, 2009 1:26am Apr 20, 2009 1:26am
hello everybody
Attached Image (click to enlarge)
Click to Enlarge Name: 21.gif Size: 15 KB
  • #129,856
  • Apr 20, 2009 1:29am Apr 20, 2009 1:29am
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

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GBPUSD History Level
  • #129,857
  • Apr 20, 2009 1:30am Apr 20, 2009 1:30am
Quoting deboooo2005
hello everybody
I like your lines, 14700 in the past was a very strong resistance.
Many happy pips returned ...
  • #129,858
  • Apr 20, 2009 1:31am Apr 20, 2009 1:31am
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 20, 2009 1:31am Apr 20, 2009 1:31am
Jack, is it ok to buy from 1.4600 to target 1.850?
  • #129,860
  • Apr 20, 2009 1:38am Apr 20, 2009 1:38am
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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