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Cable Update (GBPUSD)

  • #132,641
  • May 17, 2009 6:00pm May 17, 2009 6:00pm
Quoting Inzider
Cmon Jack! I understand your point but GPB/JPY is corolated pairs....

Anyway, good trading weeks start for all!
haha ya that's true .. too many beers earlier .. it's a long weekend in Canada
  • #132,642
  • May 17, 2009 6:03pm May 17, 2009 6:03pm
Quoting dimlat
good point Jack - i guess i shouldnt believe everything i read! where do you go for objective, reliable points of view???
That was in part what I was trying to say.

To be honest, I am trying to steer myself away from news and I only focus on major headlines from reliable sources (bloomberg, reuters, forbes etc.). Othewise, I trade both directions and hold a positions longer if it favors the trend on the 4h/daily chart.
  • #132,643
  • May 17, 2009 6:11pm May 17, 2009 6:11pm
Quoting Rav700n
I dont think I would agree to that jack and it is not a good point...in my opinion..I am not saying I am bearish..dear friend but I am merely showing long term patterns and flows on cable...
I respect you seniority on the forum not in trading..but teaching someone to flip the coin is dangerous....
If you would have said don't follow the herd I would have understood...

Anyways good luck

Rav
It is in our DNA to feel safe in numbers as to not face danger alone. If the whole speculative crowd is saying, now for example, bearish US dollars, dollar will depreciate more, then we feel safe selling USD (going long GBP/USD). If its something to be talked about enough from enough sources, then we must be at some sort of extreme in the sentiment of the markets. Not to say a turn is due hours after you read this news, but it may be near.

Think of it this way, anyone with a basic knowledge of support/resistance will know that 5350 is quite a hurdle, just based on the history of price to the left of the chart. If the crowd, the herd, is so bearish against the USD as price goes toward this level, but the institutional, large, smart money traders are lined up to get short orders filled (orders we do not know about) as we are buying, they are heavily selling. As we believe that price may push through 5350 onto its next target, we are going to suffer a loss as a shift in sentiment is underway.

Does this always happen? No. Being aware of it is what will save your ass. That's where we get "buy at support and sell at resistance", as this is where the longs and shorts await, and in between support and resistance levels are the speculators (us) battling it out.

So if the speculative crowd is extremely bullish or extremely bearish, switch your view a bit and look at the chart ... Is there an opportunity for price to reverse? If so, get paid from those who don't know.
  • #132,644
  • May 17, 2009 6:13pm May 17, 2009 6:13pm
Quoting dimlat
good point Jack - i guess i shouldnt believe everything i read! where do you go for objective, reliable points of view???
Hey dilmat!

When the "industry" have locked enough position at high level, they will release news that say: It's a bullish market...

When the cookie jar will be full of dump traders position who are bullish, they are going to stop everyone that's short like them first, and then they will crush everyone's on the down side.

At the other extreme, when move will be almost done, they are going to release a news that say how bearish is the market... Then they are going to fill the jar of cookies, for the next ride up....

They are the cookies holder, the jar is their playing area... they are making the market, the keep spread alive... don't you think they all know where your stop loss are.... why any move are corrected first any furher one... humm.... Answer: they wanna be alone whit the $. No one to sell on their ride up... so they clean the table first....

5% of peeps are making money over that thing... you think it's by going whit the mass that you are going to win money.... or by reading post over that forum... LOL

95% of the mass loose... wanna be whit them?

Anyway.... you can buy after all that last rally aiming into major resitance, if you feel like...



If you have time, have a look at those video, it explain it very well. Forget about PAT system, get the general idea.
http://www.youtube.com/user/TradingToTheMillion

Take care!
  • #132,645
  • May 17, 2009 6:25pm May 17, 2009 6:25pm
Quoting jack.canadia
It is in our DNA to feel safe in numbers as to not face danger alone. If the whole speculative crowd is saying, now for example, bearish US dollars, dollar will depreciate more, then we feel safe selling USD (going long GBP/USD). If its something to be talked about enough from enough sources, then we must be at some sort of extreme in the sentiment of the markets. Not to say a turn is due hours after you read this news, but it may be near.

Think of it this way, anyone with a basic knowledge of support/resistance will know that 5350 is quite...

I was only trying to help guys here they got you mate...Works out well...
Am gonna open ma own thread...With ma analysis on pa....
You need to look at ma previous posts mate...if you still aint satisfied....have a look who post MR for IGMARKETS...

Good Luck all
AM out of here
I know who the real stop hunter is....
  • #132,646
  • May 17, 2009 6:29pm May 17, 2009 6:29pm
I like it when especially some guy on bloomberg says that they are so bullish and cant understand why others aren;t as bullish as them and then 2 days later whatever they were bullish on collapses with a splash. my favourite of all is when gu was trading near 2.1 everyone were screaming 2.5 and wrote the dollar off completely and then you know what happened.

buy low sell high
  • #132,647
  • May 17, 2009 6:37pm May 17, 2009 6:37pm
anyways looks like 1.5150 being defended here lets see if this wall can withstand all the bears myself i think it can.
  • #132,648
  • May 17, 2009 6:44pm May 17, 2009 6:44pm
do yo see a H&S on 4 hrs.
  • #132,649
  • May 17, 2009 6:47pm May 17, 2009 6:47pm
im still trapped on USD CHF...going up n up..OMG...
hope to return to GB as soon as possible...
this CHF thing is not my fav
- Always pray on your trading - God know the best for everyone
  • #132,650
  • May 17, 2009 7:32pm May 17, 2009 7:32pm
Maybe it would be good for you to ditch the USD/CHF during european session it may shoot even to 1.15 level where there is a significant resistance.........I maybe wrong................SNB behind this move so not worth shorting.......

Quoting kingindian
im still trapped on USD CHF...going up n up..OMG...
hope to return to GB as soon as possible...
this CHF thing is not my fav
BANDA333
  • #132,651
  • May 17, 2009 7:33pm May 17, 2009 7:33pm
bearish Gartley?
Attached Image (click to enlarge)
Click to Enlarge Name: GBP$.JPG Size: 85 KB
BANDA333
  • #132,652
  • May 17, 2009 7:44pm May 17, 2009 7:44pm
Oh baby take out 51.... Thank goodness I left that short open, was gonna close.
  • #132,653
  • May 17, 2009 7:57pm May 17, 2009 7:57pm
Quoting BANDA
bearish Gartley?
Yes my friend!

Personnaly i doubt about back to 1.53xx and more before a nice drop.
The cookie jar is full of long so... LOL

About the gartley, all other significant ratio are arount 1.5525...
A shoot down to 1.4988 seems really possible, could be stop by 1.5075...

I will trade any wave, but that's my major idea behind any trade...

For now we ll maby going to go back into channel so I wait for the breaking low of the breakout...
take care !!
  • #132,654
  • May 17, 2009 8:44pm May 17, 2009 8:44pm
mercier monsieur.. Désolé mon français n'est pas bon.I think it is in second channel maybe this will retrace to 1.4850 area?


Quoting Inzider
Yes my friend!

Personnaly i doubt about back to 1.53xx and more before a nice drop.
The cookie jar is full of long so... LOL

About the gartley, all other significant ratio are arount 1.5525...
A shoot down to 1.4988 seems really possible, could be stop by 1.5075...

I will trade any wave, but that's my major idea behind any trade...

For now we ll maby going to go back into channel so I wait for the breaking low of the breakout...
take care !!
Attached Image (click to enlarge)
Click to Enlarge Name: GBP$.JPG Size: 87 KB
BANDA333
  • #132,655
  • May 17, 2009 9:21pm May 17, 2009 9:21pm
Quoting BANDA
mercier monsieur.. Désolé mon français n'est pas bon.I think it is in second channel maybe this will retrace to 1.4850 area?
I don't believe that pitchfork is drawn correctly
  • #132,656
  • May 17, 2009 10:18pm May 17, 2009 10:18pm
Video about gartley pattern, scuse my strong french accent, hehe!
Worth the 5 min i think, anyway...



Inserted Video
  • #132,657
  • May 17, 2009 10:23pm May 17, 2009 10:23pm
Hi all, this is my trade levels

Attached Image (click to enlarge)
Click to Enlarge Name: forex.GIF Size: 15 KB


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History Level GBPUSD

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  • #132,658
  • May 17, 2009 10:30pm May 17, 2009 10:30pm
The day trend is down... so, we might test sub 1.5s in the coming days and reverse above open just around the close of the week and might continue to go up further to continue the trend of the month...
  • #132,659
  • May 17, 2009 10:59pm May 17, 2009 10:59pm
Quoting jack.canadia
I don't believe that pitchfork is drawn correctly
Good day..
New week for trading now.. hehe..
How is your prediction of GU..??
http://www.forexfactory.com/images/icons/icon6.gif
  • #132,660
  • May 17, 2009 11:52pm May 17, 2009 11:52pm
Buying currently. First Target 1.5178.
ABCD..
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