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Cable Update (GBPUSD)

  • #146,501
  • Jul 15, 2009 10:13am Jul 15, 2009 10:13am
where are we now...buying?..am add another 2 lot short..yea enough for her to climb
  • #146,502
  • Jul 15, 2009 10:14am Jul 15, 2009 10:14am
I am looking for a lower high on the 15 or 30 min T/F. If we get it we could be down for the rest of the day. Want another way to look at this. There is a nice 4 hr channel forming. Don't take it lightly, this is a 400 pip channel.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 45 KB
  • #146,503
  • Jul 15, 2009 10:16am Jul 15, 2009 10:16am
Hanging by a thread here. Long tired move up and needs correction.

Ne


Quoting wormboy
Hey lion, look it's Jim! Bugger I looked like a fool calling him that name not too long ago
  • #146,504
  • Jul 15, 2009 10:16am Jul 15, 2009 10:16am
Quoting Nene
I am looking for a lower high on the 15 or 30 min T/F. If we get it we could be down for the rest of the day. Want another way to look at this. There is a nice 4 hr channel forming. Don't take it lightly, this is a 400 pip channel.
  • #146,505
  • Jul 15, 2009 10:17am Jul 15, 2009 10:17am
Quoting stewrigh
haven't read it 3 times tho - maybe I should

I still go back and read it. I know that cramming through it 3 times in such a short time span, I've left plenty more gold to mine there.....

Plus, at least for this old carpenter, reading it many times just helps it become second nature. I can't wait for the day when I, like the seniors on that thread, can look at charts for a few seconds and know what to do.

That will come. Time and patience is all that's needed....
Ghost Rider - WWTBMD?
  • #146,506
  • Jul 15, 2009 10:17am Jul 15, 2009 10:17am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Nice observation Nene!

I have similiar on 1 hr and 4...hence reason for calling short...
Although I am skeptical about 3rd res ....


ams



Quoting Nene
I am looking for a lower high on the 15 or 30 min T/F. If we get it we could be down for the rest of the day. Want another way to look at this. There is a nice 4 hr channel forming. Don't take it lightly, this is a 400 pip channel.
  • #146,507
  • Jul 15, 2009 10:18am Jul 15, 2009 10:18am
Now we add the Fib and we see that we smacked the 61.8 level. Every time I look at this chart it say Bears, Bears, Bears.

Ne
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 47 KB
  • #146,508
  • Jul 15, 2009 10:21am Jul 15, 2009 10:21am
Quoting Nene
Gonna wait to see if this 4 hr pin forms a nicely as it started. Lots and Lots and LOTS of Dialy Resistance at this level. I am going out on a limb and say we may be heaing back to 1.6200. Should run back for a test and maybe DT here.

Jim
Agreed. "If" this possible 4H pin forms nicely, it's off a good round number with space to move.

I'm watching as well......
Ghost Rider - WWTBMD?
  • #146,509
  • Jul 15, 2009 10:21am Jul 15, 2009 10:21am
Thank you and sorry to keep you asking. Is the Trix available on Meta Trader or is it possible to find somewhere? Just cannot find it now at MT4.

Thank you
LT
Quoting Nene
I use the Trix indy and it works pretty well for me. Period 3

Jim
Discomfort and profit often stand side by side
  • #146,510
  • Jul 15, 2009 10:22am Jul 15, 2009 10:22am
Quoting Nene
Now we add the Fib and we see that we smacked the 61.8 level. Every time I look at this chart it say Bears, Bears, Bears.

Ne
Just don't discount the possibility of that double bottom playing out tho jim.
That's too large to ignore
Thank You
  • #146,511
  • Jul 15, 2009 10:23am Jul 15, 2009 10:23am
Ok, if you use a little bit of your imagination, we hit the 50 %, then back down. Then we are at the 61.8% then we could go back down. and then we could go to the 76 % on the 3rd move up. Then again, it could just break long....LOL
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 44 KB
  • #146,512
  • Jul 15, 2009 10:25am Jul 15, 2009 10:25am
Right, we got the higher low DB to be exact, but that move could be over. Check out the Daily.

Quoting wormboy
Just don't discount the possibility of that double bottom playing out tho jim.
That's too large to ignore
  • #146,513
  • Jul 15, 2009 10:25am Jul 15, 2009 10:25am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Have another view, put fib from 3rd june to 8th high- low, and you might get diffrent view :-) we are at 76.4


ams



Quoting Nene
Now we add the Fib and we see that we smacked the 61.8 level. Every time I look at this chart it say Bears, Bears, Bears.

Ne
  • #146,514
  • Jul 15, 2009 10:25am Jul 15, 2009 10:25am
GU... ready to touch 1.6500, sit tight ...launching roket to 1.6600
  • #146,515
  • Jul 15, 2009 10:26am Jul 15, 2009 10:26am
Lots of wick action on top here.
  • #146,516
  • Jul 15, 2009 10:31am Jul 15, 2009 10:31am
But I always look to the very top of the move. Getting my lower high here. RSI looks to be moving toward overbought area.

Quoting ams
Have another view, put fib from 3rd june to 8th high- low, and you might get diffrent view :-) we are at 76.4


ams
  • #146,517
  • Jul 15, 2009 10:32am Jul 15, 2009 10:32am
Got my pending above, just in case

Quoting ranhat007
GU... ready to touch 1.6500, sit tight ...launching roket to 1.6600
  • #146,518
  • Jul 15, 2009 10:35am Jul 15, 2009 10:35am
1.6455 Midpivot proving to be large nut to crack.
  • #146,519
  • Jul 15, 2009 10:38am Jul 15, 2009 10:38am
Wormies 1 hr Evening Star has formed and pulled back nicely.
  • #146,520
  • Jul 15, 2009 10:38am Jul 15, 2009 10:38am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
That's what I used to do until I got to know when we are in ranging markets everyone buy and sell usually at same level.

Imagine we had range for a while in that area and people had buy and sell orders usually at the same level ... banks, brokers would try everything in their hand to push the market a little for lots of commision :-). High on 30th june happened to be at 7:00 before UK market opens, least traffic expected.
Take a look after putting the fibs on the levels mentioned and see how well respected they are, even today's trade.


ams



Quoting Nene
But I always look to the very top of the move. Getting my lower high here. RSI looks to be moving toward overbought area.
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