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Cable Update (GBPUSD)

  • #146,261
  • Jul 15, 2009 2:10am Jul 15, 2009 2:10am
Quoting matjaz1982
feel that they can back dawn
wait for the perfect trade setup to form on 5 min chart first, before thinking about shorting
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  • #146,262
  • Jul 15, 2009 2:11am Jul 15, 2009 2:11am
Quoting Angelina
1h nicely hit 25 MA support level and showed bit run upside, I think if stock moves up today we could see long on Cable, let see.

Angelina.
i agree with you lara croft
  • #146,263
  • Jul 15, 2009 2:12am Jul 15, 2009 2:12am
Quoting dobbie11
Plus the pound is know for just breaking fib levels, highs or lows and channels and reversing on a dime, weather it is long or short.
look at the respect given to these fib levels !!!
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  • #146,264
  • Jul 15, 2009 2:13am Jul 15, 2009 2:13am
Well reading the dow and its candles are much different then reading the forex. But the dow looks like it is trying to close its window, which is at 8364-65 and if that holds it may come down. Keep in mind that the forex patterns and candles are much different then stocks, futures and options.

Quoting forexlion
if dow breaks 8120.47 ........ GU will dive hard, else ......... who knows Angelina might appear on the horizon with nukes in hand .............
  • #146,265
  • Jul 15, 2009 2:13am Jul 15, 2009 2:13am
Quoting rockpillars
i agree with you lara croft
  • #146,266
  • Jul 15, 2009 2:16am Jul 15, 2009 2:16am
Quoting dobbie11
Well reading the dow and its candles are much different then reading the forex. But the dow looks like it is trying to close its window, which is at 8364-65 and if that holds it may come down. Keep in mind that the forex patterns and candles are much different then stocks, futures and options.
the dow at your service sir .......... always read weekly dow
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  • #146,267
  • Jul 15, 2009 2:17am Jul 15, 2009 2:17am
Ok u r shorting everytime it hits the 400 ?

Quoting forexlion
look at the respect given to these fib levels !!!
  • #146,268
  • Jul 15, 2009 2:18am Jul 15, 2009 2:18am
Quoting forexlion
the dow at your service sir .......... always read weekly dow
and if i am reading this correctly then on daily dow is on the road to 8782

look at the damn respect given even by dow to the fib levels !!!
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  • #146,269
  • Jul 15, 2009 2:19am Jul 15, 2009 2:19am
I was looking at the hourly chart which shows a window

Quoting forexlion
the dow at your service sir .......... always read weekly dow
  • #146,270
  • Jul 15, 2009 2:20am Jul 15, 2009 2:20am
Quoting dobbie11
Ok u r shorting everytime it hits the 400 ?
i took just 1 short on the pullback, covered it for 230 pips and then stopped

on fxpro the digits are 5 hence 230 pips

on other servers the digits are 4 and it will read as 23 pips
  • #146,271
  • Jul 15, 2009 2:21am Jul 15, 2009 2:21am
Respect the lion too!
Great Bodies are Engineered not Born
  • #146,272
  • Jul 15, 2009 2:23am Jul 15, 2009 2:23am
Quoting dobbie11
Ok u r shorting everytime it hits the 400 ?
i did not short the second time as it was too risky to enter

sometimes its better to miss than to cry
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  • #146,273
  • Jul 15, 2009 2:26am Jul 15, 2009 2:26am
hats of to the lion but lion it will be good if you can explain your calls so that we can learn how to read it from the chart.

Thanks mr Lion
  • #146,274
  • Jul 15, 2009 2:27am Jul 15, 2009 2:27am
I am not disrespecting anyone. Just explaining what I am seeing. if someone else see something different that is fine. I have been trading for 4 years and I am not disagreeing to fib levels I am just saying that the pound will sometimes run buy it to take out shorts or longs, it is know for it. Anyway I put in my 2 cents. I think 430-450 , if it makes it that high is a good place to short, period.

Quoting RichLadyFX
Respect the lion too!
  • #146,275
  • Jul 15, 2009 2:31am Jul 15, 2009 2:31am
Quoting dobbie11
I am not disrespecting anyone. Just explaining what I am seeing. if someone else see something different that is fine. I have been trading for 4 years and I am not disagreeing to fib levels I am just saying that the pound will sometimes run buy it to take out shorts or longs, it is know for it. Anyway I put in my 2 cents. I think 430-450 , if it makes it that high is a good place to short, period.
It's always much safer to watch pa when it reaches the identified levels and observe the reaction instead of picking tops/bottom.
Thank You
  • #146,276
  • Jul 15, 2009 2:32am Jul 15, 2009 2:32am
Quoting dobbie11
I am not disrespecting anyone. Just explaining what I am seeing. if someone else see something different that is fine. I have been trading for 4 years and I am not disagreeing to fib levels I am just saying that the pound will sometimes run buy it to take out shorts or longs, it is know for it. Anyway I put in my 2 cents. I think 430-450 , if it makes it that high is a good place to short, period.
Hats off to dobbie11. 430-450 B4 New York?
Great Bodies are Engineered not Born
  • #146,277
  • Jul 15, 2009 2:35am Jul 15, 2009 2:35am
Not picking tops or bottoms either I am reading patterns, EW, PA, FIBS, S&R levels and so on.

Quoting wormboy
It's always much safer to watch pa when it reaches the identified levels and observe the reaction instead of picking tops/bottom.
  • #146,278
  • Jul 15, 2009 2:39am Jul 15, 2009 2:39am
Hi Dobbie,

Could you recommend a book or a webside which explain the formation you said already, please...

London Trader

Quoting dobbie11
Swing traders may disagree, but I think it is forming a bearish wedge and if u look at the last several months after the correction up which is the first wave A, we are in the corrective wave of A. The at 1.58xx is (a) the last high1.67xx is (b), we are in (c) and is consolidating in wave 2. just my 2 cents I could be wrong. But we shall see or it could be on its way down now and may never see 450. But price action is looking very sloppy and not that strong at all and for what reason do u think the pound should be stronger then the Dollar, that...
Discomfort and profit often stand side by side
  • #146,279
  • Jul 15, 2009 2:41am Jul 15, 2009 2:41am
Forex Binary : Who thinks it will hit 430 first or will it hit 350 first , I say 350 first.
  • #146,280
  • Jul 15, 2009 2:43am Jul 15, 2009 2:43am
Quoting dobbie11
Not picking tops or bottoms either I am reading patterns, EW, PA, FIBS, S&R levels and so on.
So am I.
Matter of fact my target level is at 420, not far off from your target btw.
I posted it yesterday:
http://www.forexfactory.com/showpost...postcount=1732

But it does not necessarily mean, price will stop there & turn just because we have identified the level. Assuming that it will is picking top/bottoms.
It's a lot safer to watch the reaction once it reach the identified level as I mentioned before, ie reversal patterns, before selling.

Anyway trade safe & good luck
Thank You
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