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Cable Update (GBPUSD)

  • #131,541
  • May 7, 2009 4:16pm May 7, 2009 4:16pm
Quoting jack.canadia
Yeah I just read on Daily Fx..

I mean, banks dont need that much it seems. All the market needs to see is one tiny mistake and dollar will gain strength again. I guess this makes it tough to chose direction.

also MACD crossover signal line to downside on 4h just now...
  • #131,542
  • May 7, 2009 4:21pm May 7, 2009 4:21pm
Prop's if you're shorting into
this ...

But
I think this will swing both ways,
to test this back up to the 50's,
and 60's... before it settles down,
'We'll see who knows,

Jeff... !
I will work to Objectively Identify my Edges
  • #131,543
  • May 7, 2009 7:27pm May 7, 2009 7:27pm
hey jack this is my Indicator overlay

Attached Image (click to enlarge)
Click to Enlarge Name: forex.GIF Size: 24 KB


Attached File(s)
File Type: mq4 OverlayChart.mq4   9 KB | 639 downloads
  • #131,544
  • May 7, 2009 8:29pm May 7, 2009 8:29pm
Quoting errich fx
hey jack this is my Indicator overlay

Attachment

Attachment

whats the best way to interpret this chart? is the crossover significant?
  • #131,545
  • May 7, 2009 8:32pm May 7, 2009 8:32pm
Quoting pockets99
whats the best way to interpret this chart? is the crossover significant?
Noo.. all this indicator does is overlay another currency pair/index on top of the one you are interested.

I use GBP/USD with and overlay of the inverse US Dollar index to look for any divergence in price .. like when the dollar index is going up (dollar bull) but gbp/usd is also going up (dollar bear) .. I then look to short gbp/usd since it is diverging away from dollar strength.
  • #131,546
  • May 7, 2009 8:32pm May 7, 2009 8:32pm
http://www.dailyfx.com/story/market_...734288917.html
  • #131,547
  • May 7, 2009 8:34pm May 7, 2009 8:34pm
And then this ... http://www.dailyfx.com/story/market_...731452921.html

Two views in this pair.
  • #131,548
  • May 7, 2009 9:06pm May 7, 2009 9:06pm
so we got two different stories on what the GBPUSD will be doing from the same site on the same day, but how does the previous indicator help decode this difference of opinion? will your system of using usd divergence with the gbpusd pair give a better idea of how to read the situation?

just trying to learn all i can. just started trading real money after 2years papertrading - with differing success so I am concentrating just in GBPUSD with the reral money to keep thing as simple as possible.

thanks for your input
  • #131,549
  • May 7, 2009 9:33pm May 7, 2009 9:33pm
here is my level trade

Attached Image (click to enlarge)
Click to Enlarge Name: forex.GIF Size: 13 KB


________________________________

History Levels GBPUSD

.
  • #131,550
  • May 7, 2009 9:41pm May 7, 2009 9:41pm
Quoting pockets99
so we got two different stories on what the GBPUSD will be doing from the same site on the same day, but how does the previous indicator help decode this difference of opinion? will your system of using usd divergence with the gbpusd pair give a better idea of how to read the situation?

just trying to learn all i can. just started trading real money after 2years papertrading - with differing success so I am concentrating just in GBPUSD with the reral money to keep thing as simple as possible.

thanks for your input
I am favoring the downside based on the double top and break of trendline. If you are familiar with candlesticks, there have been some nice bearish signals in that past days, including today.

Have a look.

This is a 4-hr chart similar to the above but with the lines. This shows the close prices.

GBP - black

USD index - blue (this is an inverse .. so the chart is overlayed upside down)

You can see that the GBP/USD (black) is closing away from the direction of the USD index (blue). In other words, the GBP/USD made a higher close but the dollar index did not (remember this USDx is upside down). Also, there is divergence in the MACD, which is applied to GBP/USD.

This is why I favor the dowside but please do not take my word for it. Tomorrow is non-farm payroll day and this week has been all about surprises.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 17 KB
  • #131,551
  • May 7, 2009 11:06pm May 7, 2009 11:06pm
The start of the London session should be fun.
{Promotion Removed}
  • #131,552
  • Edited May 8, 2009 1:34am May 7, 2009 11:35pm | Edited May 8, 2009 1:34am
Gbp news:

Pound Falls Against Dollar, Euro as Bank of England Will Buy More Assets :
The Bank of England said it will increase bond purchases to give the British economy a further push as it shows signs of emerging from the worst recession in a generation, spend an additional 50 billion pounds ($75 billion) of newly printed money to spur economic growth.

Euro Declines Versus Dollar as Central Bank May Signal Further Rate Cuts The euro declined against the dollar for the first time in three days on speculation a European Central Bank official will signal interest rates may be lowered again after the bank cut them to a record low yesterday.
Give me patience
  • #131,553
  • May 8, 2009 12:58am May 8, 2009 12:58am
Quoting jack.canadia
Noo.. all this indicator does is overlay another currency pair/index on top of the one you are interested.

I use GBP/USD with and overlay of the inverse US Dollar index to look for any divergence in price .. like when the dollar index is going up (dollar bull) but gbp/usd is also going up (dollar bear) .. I then look to short gbp/usd since it is diverging away from dollar strength.
Hi

Can you tell me where I can see US Dollar index, my broker has not!
Thank you
  • #131,554
  • May 8, 2009 1:07am May 8, 2009 1:07am
I am short from 1.5040 from double top.
  • #131,555
  • May 8, 2009 1:13am May 8, 2009 1:13am
Quoting sinisabrkic
I am short from 1.5040 from double top.
Close it +30
  • #131,556
  • May 8, 2009 1:58am May 8, 2009 1:58am
Quoting jgnorton
The start of the London session should be fun.
I hope so. I set my shorts yesterday and I don't like waiting for days.
Gone to a better place
  • #131,557
  • May 8, 2009 2:19am May 8, 2009 2:19am
I think there might not be much happening until 5 hours have elapsed? I think we're waiting for the NFP figures?
Gone to a better place
  • #131,558
  • May 8, 2009 2:49am May 8, 2009 2:49am
Good morning all.

I'm biased towards the downside:

punching of trendline
bearish engulfing on the daily
ending diagonal

Events could take over particularly when we are expecting better US nonfarm payroll figure. But it could be a surprise.
  • #131,559
  • May 8, 2009 3:11am May 8, 2009 3:11am
long @1.5038 TP 1.5148
  • #131,560
  • May 8, 2009 4:03am May 8, 2009 4:03am
Quoting mikjurado
long @1.5038 TP 1.5148
please post your reasons.
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