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Cable Update (GBPUSD)

  • #137,241
  • Jun 15, 2009 12:40pm Jun 15, 2009 12:40pm
is 240 the bottom for today?
  • #137,242
  • Jun 15, 2009 12:43pm Jun 15, 2009 12:43pm
Quoting Exciter135
Hi Jack.Canadian, enjoyed very much with your guidance on taking 1-2-3 setups. He he. . Hope to hear from your R&S soon. Many thanks.
You're very welcome. These aren't "my" setups, I learned them off the internet but I thought I'd pass them along.

I started to put together the second part of my strategies so expect that this week.
  • #137,243
  • Jun 15, 2009 12:47pm Jun 15, 2009 12:47pm
Jack, are you looking to short and if so, where are your sell levels?
  • #137,244
  • Jun 15, 2009 12:49pm Jun 15, 2009 12:49pm
Quoting jack.canadia
You're very welcome. These aren't "my" setups, I learned them off the internet but I thought I'd pass them along.

I started to put together the second part of my strategies so expect that this week.
roll call time

you were missing this month a lot many times

punishment: teach me to trade GU
  • #137,245
  • Jun 15, 2009 12:55pm Jun 15, 2009 12:55pm
There's a clear 40 pip difference between to two tops on the daily double top, and that's enough for me to call it one. A break below 5800 confirms it.

I notice a possible head and shoulders on the 1 hr chart that projects about 340 pips, taking us back into the 58's. Check it out below. I've also entered some possible entry options for the H/S pattern if it is one.

6240 seems to the be area to beat.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: hs.jpg Size: 141 KB
  • #137,246
  • Jun 15, 2009 1:02pm Jun 15, 2009 1:02pm
Quoting alex1976
Jack, are you looking to short and if so, where are your sell levels?
I had an order to short 6420 this morning and that hit so thats my position for now.

USD is looking strong across the board and that double top may cause some more selling pressure on GBP/USD.

It sitting on a nice support right now as is so it's not a good time to short.

Right now, 6310/30 looks good. Former support/resistance level plus a fib 38.2/50% zone.
Attached Image (click to enlarge)
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  • #137,247
  • Jun 15, 2009 1:05pm Jun 15, 2009 1:05pm
Quoting forexlion
roll call time

you were missing this month a lot many times

punishment: teach me to trade GU
haha .. it's fun. an easy 50-100 pips can be made a day if you are patient and on the right side obviously.

its more violent than euro, but far less than g/j .. daily pivot points work well when used with the trend .. basic support/resistance

with trend it seems 38.2/50% retracement levels seem to be the more favored ones from this pair, just from experience with it.
  • #137,248
  • Jun 15, 2009 1:12pm Jun 15, 2009 1:12pm
Jack are you in the green overall since you started trading?
  • #137,249
  • Jun 15, 2009 1:20pm Jun 15, 2009 1:20pm
Jack, is it better to wait for the daily candle to close before looking for a position short?
  • #137,250
  • Jun 15, 2009 1:48pm Jun 15, 2009 1:48pm
Quoting alex1976
Jack are you in the green overall since you started trading?
overall in the red.. in the green since i became better educated with forex.
  • #137,251
  • Jun 15, 2009 1:51pm Jun 15, 2009 1:51pm
Quoting alex1976
Jack, is it better to wait for the daily candle to close before looking for a position short?
If that's what you prefer .. I like to trade higher timeframes but make my entries on 15 or 5 minute charts.
  • #137,252
  • Jun 15, 2009 1:52pm Jun 15, 2009 1:52pm
GBPUSD Analysis.
Being contained by 1.6662 previous high resistance, GBPUSD pulled back from 1.6618 last week. Range trading between 1.6240 and 1.6662 could be seen later today. As long as 1.6240 support holds, we’d expect uptrend to resume, and rise above 1.6662 would more likely be seen. However, below 1.6240 will take price back to sideways consolidation between 1.5801 and 1.6662.
  • #137,253
  • Jun 15, 2009 1:52pm Jun 15, 2009 1:52pm
yeah me too Jack!

Been in the red since i started, but i see some light at the end of the tunnel!!

I guess only those that are persistent and persevere, are successful in the long run!
  • #137,254
  • Jun 15, 2009 1:53pm Jun 15, 2009 1:53pm
Quoting jack.canadia
overall in the red.. in the green since i became better educated with forex.
WOW, I find that hard to believe given how sound your analysis is on such a regular basis.

Thanks for posting your views and analysis on here by the way. I always greatly appreciate it.
Doh! I didn't mean to do that.
  • #137,255
  • Jun 15, 2009 2:01pm Jun 15, 2009 2:01pm
Quoting *Pipster*
WOW, I find that hard to believe given how sound your analysis is on such a regular basis.

Thanks for posting your views and analysis on here by the way. I always greatly appreciate it.
Well in the beginning I was way over-leveraged and lost very very quickly... now I use strict leverage guidelines as to not expose myself too much. And alot of my analysis that I post plays out while I sleep, or am out doing something, and I hate to leave an order un attended so I miss alot of opportunities. Oh well.

Anyway,, there is a light at the end of the tunnel and the forex journey is about being a turtle, slow and steady
  • #137,256
  • Jun 15, 2009 2:03pm Jun 15, 2009 2:03pm
Just taken a short on the GBP/USD

Entry @ 1.6296
TP: 1.6140 zone (From daily & 21EMA on Daily)
Sl: 1.6415

I will post a video reviewing this trade when its over.
  • #137,257
  • Jun 15, 2009 2:27pm Jun 15, 2009 2:27pm
Quoting welshguy2000
Just taken a short on the GBP/USD

Entry @ 1.6296
TP: 1.6140 zone (From daily & 21EMA on Daily)
Sl: 1.6415

I will post a video reviewing this trade when its over.
Hi, Thanks for posting that, I'll be following it but I want to see if I can get a better entry point.

I have a question for you. I know that you use really large SL... but do you trail them as the trade moves in your favor? Or do you always leave your SL as is when you take the trade.
Doh! I didn't mean to do that.
  • #137,258
  • Jun 15, 2009 2:32pm Jun 15, 2009 2:32pm
Quoting *Pipster*
WOW, I find that hard to believe given how sound your analysis is on such a regular basis.

Thanks for posting your views and analysis on here by the way. I always greatly appreciate it.

sometimes you can have the best analysis and knowledge about forex, but that alone doesn't determine success!

I have been watching the gbp usd for three years and am still yet to make a profit!. I feel however I have a lot of knowledge and understanding of how it moves.

My problem is my discipline to stick to a trade plan.


That is what I believe to be holding me back!!

Gotta have huge amounts of faith to stick in this game!!

Good luck to all!
  • #137,259
  • Jun 15, 2009 2:42pm Jun 15, 2009 2:42pm
Quoting *Pipster*
Hi, Thanks for posting that, I'll be following it but I want to see if I can get a better entry point.

I have a question for you. I know that you use really large SL... but do you trail them as the trade moves in your favor? Or do you always leave your SL as is when you take the trade.

I think there's more upside before looking for short.

Look between 38.2 and 50% fib.

Between 310 and 330.
  • #137,260
  • Jun 15, 2009 2:46pm Jun 15, 2009 2:46pm
i went long eu, gj, gu
i checked friendly pairs so i believe there should be at least 38,2% fib
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