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Cable Update (GBPUSD)

  • #131,381
  • May 6, 2009 7:37pm May 6, 2009 7:37pm
Price now back to reistance level at 1.516.
I am waiting for it to retrace to 1.5057, then long, TP at 1.5150, SL at 1.4990.

No signs of this pair going down despite the good news from US. UK may give some more good news to break towards new high at 1.526-1.538
  • #131,382
  • May 6, 2009 7:41pm May 6, 2009 7:41pm
Quoting errich fx
he Jack, I like your indicator,
I have like that to, but I have the candle one

Attachment

can you tell how to change candle to a line like yours?
can you help me please ?
Lets trade! My indicator only lets you used line! Please post yours!
Attached File(s)
File Type: mq4 OverLayChartLINE.mq4   12 KB | 284 downloads
  • #131,383
  • May 6, 2009 7:53pm May 6, 2009 7:53pm
Quoting jack.canadia
Lets trade! My indicator only lets you used line! Please post yours!
Does any one want to commit to a double top retracement?
  • #131,384
  • May 6, 2009 7:57pm May 6, 2009 7:57pm
Quoting ammal07
i think gu still can climb up ..
agreed..
my next PO above 1.5175

Clear down trend if break the bottom channel
Attached Image (click to enlarge)
Click to Enlarge Name: price in the channel.gif Size: 9 KB
  • #131,385
  • May 6, 2009 7:58pm May 6, 2009 7:58pm
If I see 5130 again I may short.

I called what could have been two trades now short from 5150 area. Some idiot in another thread was bashing me for it.
  • #131,386
  • May 6, 2009 7:59pm May 6, 2009 7:59pm
Quoting redland
agreed..
my next PO above 1.5175
I was hoping for a retracement before a climb up.... it will reach 1.53 at somepoint but hopefully a major retracement before then
  • #131,387
  • May 6, 2009 8:01pm May 6, 2009 8:01pm
Quoting jack.canadia
If I see 5130 again I may short.

I called what could have been two trades now short from 5150 area. Some idiot in another thread was bashing me for it.
Which thread?
  • #131,388
  • May 6, 2009 8:11pm May 6, 2009 8:11pm
Quoting EricB
Which thread?
No brainer trades.

I brought up the idea of a double top, and got jumped on .. then we all started bickering! haha

Just read if your interested, dont comment.
  • #131,389
  • May 6, 2009 8:30pm May 6, 2009 8:30pm
Quoting jack.canadia
No brainer trades.

I brought up the idea of a double top, and got jumped on .. then we all started bickering! haha

Just read if your interested, dont comment.
What an idiot you did well Its all about ideas here no one should be discouraged from giving ideas - as long as theres good reasoning behind it. I'm behind you all the way!
  • #131,390
  • May 6, 2009 8:36pm May 6, 2009 8:36pm
Dont tell me 1.51 is the new resistance?! surely not?
  • #131,391
  • May 6, 2009 8:37pm May 6, 2009 8:37pm
Quoting EricB
What an idiot you did well Its all about ideas here no one should be discouraged from giving ideas - as long as theres good reasoning behind it. I'm behind you all the way!
Haha thanks ...

Oh look some volatility.
  • #131,392
  • May 6, 2009 8:47pm May 6, 2009 8:47pm
Here are my 3 options.

Two short possibilities and 1 long.

Short near 5150 with stop just above the high.
Short a breakdown of 5100 .. enter on a pullback with stop back above 5100.
Buy a pullback after breakout of the highs with stop just below.

Looks like a kids drawing

NOTE ... the stop loss lines are just there to show you that you should be placing a stop. They do not indicate a price level for a stop. You determine that.
Attached Image (click to enlarge)
Click to Enlarge Name: plan.gif Size: 42 KB
  • #131,393
  • May 6, 2009 8:51pm May 6, 2009 8:51pm
Quoting jack.canadia
Here are my 3 options.

Two short possibilities and 1 long.

Short near 5150 with stop just above the high.
Short a breakdown of 5100 .. enter on a pullback with stop back above 5100.
Buy a pullback after breakout of the highs with stop just below.

Looks like a kids drawing

NOTE ... the stop loss lines are just there to show you that you should be placing a stop. They do not indicate a price level for a stop. You determine that.
Be happy to take 30-50 to the downside but if you take a breakout long entry you could be in for something more like 75-100.
  • #131,394
  • May 6, 2009 8:52pm May 6, 2009 8:52pm
Quoting jack.canadia
Lets trade! My indicator only lets you used line! Please post yours!
thanx jack
  • #131,395
  • May 6, 2009 8:53pm May 6, 2009 8:53pm
He guys, AUD just make a new high, I think GBP will follow to
  • #131,396
  • May 6, 2009 8:56pm May 6, 2009 8:56pm
Quoting errich fx
He guys, AUD just make a new high, I think GBP will follow to
Ya saw some good news there. All currencies had a little boost.

The world seems to be finding some stability .. maybe! lol
  • #131,397
  • May 6, 2009 8:59pm May 6, 2009 8:59pm
Quoting errich fx
thanx jack
Post that indicator pleaseeeeee
  • #131,398
  • May 6, 2009 9:11pm May 6, 2009 9:11pm
I took a short at 5150, SL 5165.

Ive been staring at the screen too much for now .. I'll be back in a bit.

Good luck and use a stop loss!
  • #131,399
  • May 6, 2009 10:40pm May 6, 2009 10:40pm
Looking at EURGBP, if support holds as it has been the last 5 hrs and regular rules apply, you go long eurgbp. GBPUSD will go down as well as GBPJPY.

Flip side, support breaksdown and opposite rules apply. We might see a move around london but alot of news coming out tomorrow so should be interesting.
  • #131,400
  • May 6, 2009 10:54pm May 6, 2009 10:54pm
Quoting mappollo69
Looking at EURGBP, if support holds as it has been the last 5 hrs and regular rules apply, you go long eurgbp. GBPUSD will go down as well as GBPJPY.

Flip side, support breaksdown and opposite rules apply. We might see a move around london but alot of news coming out tomorrow so should be interesting.
Very true.

Looking at EUR/GBP is tricky though. If E/G is rising, but USD is very weak, then we wouldn't expect much movement in GBP/USD. Rather, we would expect EUR/USD to rise.

EUR/GBP can be used as a nice indicator of which currency, EUR or GBP is stonger relative to the other, and combining this anytime with a weak dollar produces the best pair to trade.
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