Cable Update (GBPUSD)
I would like to illustrate to you & 4xHero as to what I meant as spotting weakness and selling it from there on.
Here are the two possibilities highlighted on the chart. Should the grey subtrendline gets breached then the peak resistance level is the obvious target to look for weakness.
And yes, a close above 6600 will shift my bias. Atm, personally my bias is still down.
Good luck
I would very much like to improve on my entry and exit points. I shorted half my usual position at 1.6425, 38.2 fib resistance of yesterday's decline, 38.2 fib resistance of larger decline from 2.11 as well as daily resistance level. If it travels up to the second potential entry point, I will then short the other half. Otherwise, I will short the other half on the way down at 1.62 area.
I know everyone trade differently. But please do give me your views on the above. It will be very much appreciated.
- #135,467
- Jun 4, 2009 5:04am Jun 4, 2009 5:04am
- | Joined May 2009 | Status: Trader | 1,124 Posts
You've got to be IN IT to WIN IT!
- #135,469
- Jun 4, 2009 5:13am Jun 4, 2009 5:13am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Would that suggest many hours of non-activity in the meantime?
This was the chart attached earlier : http://www.forexfactory.com/showpost...stcount=135462
Now if you've spotted the weakness after the subtrendline bounce, there won't be any inactivity
Good luck
Thank You 
- #135,470
- Jun 4, 2009 5:21am Jun 4, 2009 5:21am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Thanks for that....
I'm afraid I can't elaborate on your current position as you're trading using fibonacci retracements & I'm not an expert on the technique.
Sorry for that. Good luck & watch out for the boe data coming up
Thank You
You're welcome.
I'm afraid I can't elaborate on your current position as you're trading using fibonacci retracements & I'm not an expert on the technique.
Sorry for that. Good luck & watch out for the boe data coming up
- #135,474
- Jun 4, 2009 5:31am Jun 4, 2009 5:31am
- Joined Mar 2008 | Status: He who believes has eternal life. | 3,764 Posts
looking like a good short opportunity 
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
- #135,475
- Jun 4, 2009 5:33am Jun 4, 2009 5:33am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Thanks wormy..
Thank You
- #135,476
- Jun 4, 2009 5:37am Jun 4, 2009 5:37am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
No problem.
Okay, be back later for the downpour. I'm off jogging for a bit, need to get the heart rate up - I'm not about to let the due datas to have the luxury of pulling that off me lol.
Have a good one mate
Thank You
- #135,477
- Jun 4, 2009 5:46am Jun 4, 2009 5:46am
Dears
There is a very valid reversal on the 4H chart , so even if we go down , wait until this 4 H close , as we may see a double top on 1.6660 very soon , i will change my openion if I see a break of 1.6310
Just wait to see the next hour of the rate news
There is a very valid reversal on the 4H chart , so even if we go down , wait until this 4 H close , as we may see a double top on 1.6660 very soon , i will change my openion if I see a break of 1.6310
Just wait to see the next hour of the rate news
Just trendlines & candle patterns. I think s/r needs no mentioning as I personally think it's an absolute must for any trader to have on their charts
Okay, be back later for the downpour. I'm off jogging for a bit, need to get the heart rate up - I'm not about to let the due datas to have the luxury of pulling that off me lol.
Have a good one mate
- #135,479
- Jun 4, 2009 6:14am Jun 4, 2009 6:14am
- Joined Mar 2009 | Status: FX | 3,789 Posts
Veni, Vidi, Vici (We came, we saw, we conquered)
- #135,480
- Jun 4, 2009 6:39am Jun 4, 2009 6:39am
- | Commercial User | Joined Mar 2009 | 1,423 Posts
Let Price determine your future!