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Cable Update (GBPUSD)

  • #145,661
  • Jul 13, 2009 9:15am Jul 13, 2009 9:15am
Quoting Bull_Bear
U have to stop chasing the market.....
True, true...humbly accept. My planned long area was 1.6080 and i did otherwise. Nevertheless my view is still long. So finally long...will just hold that position.
Hero Traders Live to see their Accounts Die!
  • #145,662
  • Edited 9:33am Jul 13, 2009 9:15am | Edited 9:33am
Quoting 4cfx
Hi wormboy, I'm targetting 6160 to add to my current short, being 38.2% fib retrace plus resistance level. Will also add if it gets to 62. What do you think? Your view matters.
Hi 4cfx. As I mentioned earlier to a friend, anything below 6165 I personally regard as valid selling, so 6160 sounds about right methinks. However should price close above 6165 I will hesitate selling. Close above 6220 level & long is favoured, even tho I would probably sit that long out IF it gets there.
I think 5900 is still on the cards.

Good luck buddy
Thank You
  • #145,663
  • Jul 13, 2009 9:23am Jul 13, 2009 9:23am
I still smell a huge sell off in the future...
  • #145,664
  • Jul 13, 2009 9:25am Jul 13, 2009 9:25am
I see lots of volumes pushing up the prices but they got absorbed at the 1.6125 range.. Perhaps sell-off is just around the corner.

http://forex.azlankasim.com/13julyGU1.gif
  • #145,665
  • Jul 13, 2009 9:26am Jul 13, 2009 9:26am
Quoting simoneg
True, true...humbly accept. My planned long area was 1.6080 and i did otherwise. Nevertheless my view is still long. So finally long...will just hold that position.
Now plan a stop and let play out, if your stop does not play out than its happy days...... Stick to your trading plan
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #145,666
  • Jul 13, 2009 9:31am Jul 13, 2009 9:31am
A trillion dollar sell off followed by a billion dollar chop and then a trillion dollar sell off... and so on...
  • #145,667
  • Jul 13, 2009 9:32am Jul 13, 2009 9:32am
Thanks Bull_Bear!
Hero Traders Live to see their Accounts Die!
  • #145,668
  • Jul 13, 2009 9:33am Jul 13, 2009 9:33am
Well it's getting close to my cut off time for entering new trades so I think I'm about to shut down and see what it looks like after the close of the US session.

Have fun folks and wait for the market to come to "your" plan....
Ghost Rider - WWTBMD?
  • #145,669
  • Jul 13, 2009 9:39am Jul 13, 2009 9:39am
I'm @ SELL GBP/USD.

Weekly chart double resistance...
H1 in my chart -> Sell
  • #145,670
  • Jul 13, 2009 9:42am Jul 13, 2009 9:42am
Well, I have the range and a buy stop and sell stop waiting. It may move sideways for a while.
  • #145,671
  • Jul 13, 2009 9:44am Jul 13, 2009 9:44am
Everytime i saw head and shoulders, nothing really worked... Hope atleast this head and sholuders pattern on the 5M chart will have some meaning... or i would regard Price Action as crap...
Attached Image
  • #145,672
  • Jul 13, 2009 9:49am Jul 13, 2009 9:49am
Ok guys I signing off......staying long EUR and GBP.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #145,673
  • Jul 13, 2009 9:52am Jul 13, 2009 9:52am
Quoting Bull_Bear
Ok guys I signing off......staying long EUR and GBP.
k, good luck bull...
  • #145,674
  • Jul 13, 2009 10:04am Jul 13, 2009 10:04am
Quoting Bull_Bear
Ok guys I signing off......staying long EUR and GBP.
After shorting last night and another one after the bounce today i entered long too @ 6114.

The chart below is the reason... and also we are too close to the range bottom and too far from the daily pivot for me to short now...

Good luck everyone!
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 31 KB
  • #145,675
  • Jul 13, 2009 10:05am Jul 13, 2009 10:05am
098 is support level

---------------

support resistance

.
  • #145,676
  • Jul 13, 2009 10:06am Jul 13, 2009 10:06am
I am very curious about u folks that use the VSA ( volume ). Since the forex is unlike the stock market, it does not have a central hub. So the volume is only read from ur broker, which means if u use FXDD and I use FXPRO we will have to different readings on the Volume. Can one of u Volume traders please explain this to me.
  • #145,677
  • Jul 13, 2009 10:10am Jul 13, 2009 10:10am
I am still a beginner.. learning indirectly from Malcolm the VSA guru through his posting..
  • #145,678
  • Jul 13, 2009 10:17am Jul 13, 2009 10:17am
I have read on it and went to the main site, but it has not convinced me, to many variables. But to each there own as they say. If it works for u it works. But u r correct about price going up. I called that last night at 2am est last night.

Quoting Benkasim
I am still a beginner.. learning indirectly from Malcolm the VSA guru through his posting..
  • #145,679
  • Jul 13, 2009 10:18am Jul 13, 2009 10:18am
Quoting dobbie11
I am very curious about u folks that use the VSA ( volume ). Since the forex is unlike the stock market, it does not have a central hub. So the volume is only read from ur broker, which means if u use FXDD and I use FXPRO we will have to different readings on the Volume. Can one of u Volume traders please explain this to me.
I have it just so i can see what`s happening, i don`t rely on it that much...

You are right you don`t get readings from all the brokers... i guess you could open 2-3 MT4 demo at different brokers and see it a bit more clear... but i`m not sure if you could trade on it.

As far as i know people using volume also buy esignal...

But imo it doens`t hurt to have it there.... to confirm your other signals...

My broker also gives autochartist for free... it`s the same as volume for me, i don`t trade based on it, but it helps confirm the signals i get from my system or intuition.
  • #145,680
  • Jul 13, 2009 10:25am Jul 13, 2009 10:25am
I have been trading for 4 years and the less u have to look at the better off u r. What if they conflict. do u take the trade. PA is the way to go. with maybe one or 2 indicators of ur choice. Use S&R Levels and Fibs. But it all comes down to what u feel works for u.

Quoting alexandru987
I have it just so i can see what`s happening, i don`t rely on it that much...

You are right you don`t get readings from all the brokers... i guess you could open 2-3 MT4 demo at different brokers and see it a bit more clear... but i`m not sure if you could trade on it.

As far as i know people using volume also buy esignal...

But imo it doens`t hurt to have it there.... to confirm your other signals...

My broker also gives autochartist for free... it`s the same as volume for me, i don`t trade based on it, but it helps confirm the signals i get...
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