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Cable Update (GBPUSD)

  • #131,801
  • May 11, 2009 4:23pm May 11, 2009 4:23pm
Jack
What is your bias? how is Ontario and Toronto best places on earth..........
BANDA333
  • #131,802
  • May 11, 2009 4:28pm May 11, 2009 4:28pm
Quoting primestop
Folks, I've been monitoring this board all day and see lots of comments about support and resistance, but every posting that mentions them is quoting different levels. Clearly, people are looking at different timeframes, but where do people get your support/resistance/pivot data from?

I use http://www.forexrate.co.uk/pivot_poi...rex_pivots.php.

Anyone care to offer another source?
Hey prime,

I use a daily, weekly and montly pivot indicator for MT4 .. And for support and resistance I just look at the chart. Ill post a chart later showing how i identify a level
  • #131,803
  • May 11, 2009 4:29pm May 11, 2009 4:29pm
Quoting jack.canadia
Hey prime,

I use a daily, weekly and montly pivot indicator for MT4 .. And for support and resistance I just look at the chart. Ill post a chart later showing how i identify a level
hey jake any trade for now or time to wait?

Ub
  • #131,804
  • May 11, 2009 4:31pm May 11, 2009 4:31pm
Quoting BANDA
Jack
What is your bias? how is Ontario and Toronto best places on earth..........
I love Toronto, but I live about 4 hours away!I am near the ontario/detroit michigan border with the US..

My bias for now is still down but the short/medium term bias is up (based on daily charts).

As said earlier the DOW and S/P 500 are due for corrections and as such so are alot of currencies, hence my bearishness now.

Ill be on after dinnre with some charts and ideas.
  • #131,805
  • May 11, 2009 4:33pm May 11, 2009 4:33pm
Quoting ubaidahsan
hey jake any trade for now or time to wait?

Ub
Give me about an hr.
  • #131,806
  • May 11, 2009 4:38pm May 11, 2009 4:38pm
Quoting jack.canadia
Here you go inzider .. these indi's show breaks where new days begin, so you can study how well any pair respected the pivots if you back test.
hello jack i added it into my charts but still confuse how it will work and how i will judge can you explain something about it

thanks

Ub
  • #131,807
  • May 11, 2009 4:39pm May 11, 2009 4:39pm
Quoting ubaidahsan
hello jack i added it into my charts but still confuse how it will work and how i will judge can you explain something about it

thanks

Ub
Ill show you some charts later and explain.
  • #131,808
  • May 11, 2009 4:52pm May 11, 2009 4:52pm
Hey Jack
I was there once maybe windsor ..........Windsor is a nice place been there just across the river..........riverside drive.........I also want to start a new short when Tokyo start at 8EST............
Have nice dinner buddy...........I had a lousy dinner already lol.............I eat early lol

Quoting jack.canadia
I love Toronto, but I live about 4 hours away!I am near the ontario/detroit michigan border with the US..

My bias for now is still down but the short/medium term bias is up (based on daily charts).

As said earlier the DOW and S/P 500 are due for corrections and as such so are alot of currencies, hence my bearishness now.

Ill be on after dinnre with some charts and ideas.
BANDA333
  • #131,809
  • May 11, 2009 5:21pm May 11, 2009 5:21pm
Quoting BANDA
Hey Jack
I was there once maybe windsor ..........Windsor is a nice place been there just across the river..........riverside drive.........I also want to start a new short when Tokyo start at 8EST............
Have nice dinner buddy...........I had a lousy dinner already lol.............I eat early lol
Ya Im from windsor!
  • #131,810
  • May 11, 2009 5:27pm May 11, 2009 5:27pm
Quoting jack.canadia
Ill show you some charts later and explain.
UB,

Here are some shots of the indicators.

Daily pivots on 15-min and hourly chart

Weekly pivots on 4-hour chart

Monthly pivots on daily chart (change this setting under the 'visualization' tab in the indicator)

I color the pivot magenta, supports blue, and resistance red

The daily pivots I prefer to set 'start hour' to 0, meaning the pivots are calcuated based on the previous day's data from 00:00GMT to 00:00GMT .. another popular time to use is 21:00 GMT, which is 5PM EST
Attached Image(s) (click to enlarge)
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  • #131,811
  • May 11, 2009 5:35pm May 11, 2009 5:35pm
Quoting jack.canadia
UB,

Here are some shots of the indicators.

Daily pivots on 15-min and hourly chart

Weekly pivots on 4-hour chart

Monthly pivots on daily chart (change this setting under the 'visualization' tab in the indicator)

I color the pivot magenta, supports blue, and resistance red

The daily pivots I prefer to set 'start hour' to 0, meaning the pivots are calcuated based on the previous day's data from 00:00GMT to 00:00GMT .. another popular...
Keep in mind these are not exact .. I try to look for overlap between these and say a Fib level or support/resistance.. below is an example.

This was the trade call I made earlier. First of all, I saw that we broke below 5155, an area you can see served as resistance to the left (the arrows). So I drew up a fibonacci retracement from high to low and I saw the 38.2, daily pivot and houlry 21 EMA all lied in the 5130/40 area. Price did have some reaction to it (recall you have a small winner off it) but it still went higher to the 50% level (a perfect example of how these are not exact, but they do get your attention). It an example of how I should have probably realized the 55 level was a bit more important than that pivot or 38.2, and waited. But hey, everyone is still learning here and there!.
Attached Image (click to enlarge)
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  • #131,812
  • May 11, 2009 6:00pm May 11, 2009 6:00pm
I agree with canadian jack, both daily and weekly charts showing signs of short on stochastics (down to about 1.4800)
  • #131,813
  • May 11, 2009 6:00pm May 11, 2009 6:00pm
Here's a 4-hour chart.

Minor trendline, and a major one from back a few days.

If the minor line breaks, I do not see why price will not go down to touch 4930/50.

This level is prior resistance/support, a 38.2% level and weekly support 1 at 4948.

If favoring shorts, short if price fails to break 5150/60, or short against 5200/5250. Use, a, stoploss!
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  • #131,814
  • May 11, 2009 6:59pm May 11, 2009 6:59pm
http://www.forexfactory.com/showthread.php?t=167838
  • #131,815
  • May 11, 2009 7:47pm May 11, 2009 7:47pm
haha, i wasted a lot of money in FOREX but i am glad that i found what i really wanted, right now, i am very dependent , 100% dependent on my indicator and signal, (i know you are laughing right now after you read that i stated 100%), i can assure you of that, im not joking..

you can just pm me [email protected], add me up so that we can talk and i can help you out there,

i also wanted to help some other newbies in this forum who are like me, ^^, this will be of great help to each and everyone, i make over 100 pips/day but sometimes, only 80, but it is still great, ^^, just contact me, and i will be serving you ^^,
  • #131,816
  • May 11, 2009 8:48pm May 11, 2009 8:48pm
Quoting jack.canadia
Here's a 4-hour chart.

Minor trendline, and a major one from back a few days.

If the minor line breaks, I do not see why price will not go down to touch 4930/50.

This level is prior resistance/support, a 38.2% level and weekly support 1 at 4948.

If favoring shorts, short if price fails to break 5150/60, or short against 5200/5250. Use, a, stoploss!

so jim rogers gets on bloomberg and slams the dollar but in the same sentence slams the pound.... i doubt that has influence in last few minutes on downfall (im not that naive) ........ but it leads one to ponder about the logic...... so what does that mean, ? sidways, with the two most aggressively easing central banks in the US going full guns?

the jekyll island meeting was PR. I dont buy into conspiracy theories. i just believe working through all of this is bigger than any mortals could imagine trying to control effectively. such is life and its disorderly beauty
  • #131,817
  • May 11, 2009 9:16pm May 11, 2009 9:16pm
Quoting smartalicus
so jim rogers gets on bloomberg and slams the dollar but in the same sentence slams the pound.... i doubt that has influence in last few minutes on downfall (im not that naive) ........ but it leads one to ponder about the logic...... so what does that mean, ? sidways, with the two most aggressively easing central banks in the US going full guns?

the jekyll island meeting was PR. I dont buy into conspiracy theories. i just believe working through all of this is bigger than any mortals could imagine trying to control effectively. such is life and...
Seems we have an hourly close below 5100 and price is being pushed down by the hourly 21-ema. Could spark further weakness, technically speaking.
  • #131,818
  • May 11, 2009 9:18pm May 11, 2009 9:18pm
Quoting smartalicus
so jim rogers gets on bloomberg and slams the dollar but in the same sentence slams the pound.... i doubt that has influence in last few minutes on downfall (im not that naive) ........ but it leads one to ponder about the logic...... so what does that mean, ? sidways, with the two most aggressively easing central banks in the US going full guns?

the jekyll island meeting was PR. I dont buy into conspiracy theories. i just believe working through all of this is bigger than any mortals could imagine trying to control effectively. such is life and...
I think its being accepted now that anything negative directed at the gloabl economy in reference to the global resession favors the USD, regardless of who says it.
  • #131,819
  • May 11, 2009 9:37pm May 11, 2009 9:37pm
Hey guys, I am thinking the yellow UTL, drawn off the 1 hr is the key here and a break of that could drop us to 1.5000 and possibly verify my 300 pip channel, ( Blue ), I have drawn off the 4 hr with the 3 hits at the top.
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  • #131,820
  • May 11, 2009 10:19pm May 11, 2009 10:19pm
to those who contacted me, i will PM you one by one, so please wait, thanks,
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