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Cable Update (GBPUSD)

  • #147,061
  • Jul 16, 2009 6:53pm Jul 16, 2009 6:53pm
Quoting GodfreyH
lol...WB, is the trend master. I'm more of an indicator man, so those trendlines are coded to be drawn automatically by the indicator on the previous "zig zag" points.
Godfrey,

Everything on my charts call for a move down. How far? Only time will tell but clearly down.

What do you see?

Any other comments welcome.
  • #147,062
  • Jul 16, 2009 6:55pm Jul 16, 2009 6:55pm
On my feed it's a doji. A spinning top at best but has a really small body so I'll say doji
Ghost Rider - WWTBMD?
  • #147,063
  • Jul 16, 2009 6:57pm Jul 16, 2009 6:57pm
Quoting albchr
On my feed it's a doji. A spinning top at best but has a really small body so I'll say doji
No Chris, the doji opens and closes at or near the same price (11am H1 candle). Spinning tops usually have a body in the middle of the bar.
Hero Traders Live to see their Accounts Die!
  • #147,064
  • Jul 16, 2009 7:03pm Jul 16, 2009 7:03pm
doesn't look like a hanging man to me
  • #147,065
  • Jul 16, 2009 7:03pm Jul 16, 2009 7:03pm
Quoting simoneg
No Chris, the doji opens and closes at or near the same price (11am H1 candle). Spinning tops usually have a body in the middle of the bar.
LOL...I know sweetie. This ones too close to call for me. Opened at 6422, closed at 6408. For a daily, that's pretty close....
Attached Image (click to enlarge)
Click to Enlarge Name: gu_d.gif Size: 23 KB
Ghost Rider - WWTBMD?
  • #147,066
  • Jul 16, 2009 7:04pm Jul 16, 2009 7:04pm
Albchr, while I'm on trendlines, one of the best indicators to help you draw trendlines, is the Demark Trendline Trader. Think of it as training wheels, eventually you will be able to draw the trendlines yourself quite easily.

I have also found the projections after the trendline has been broken remarkably accurate.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd4hr.gif Size: 18 KB
Attached File(s)
File Type: mq4 DeMark Trendline Trader.mq4   22 KB | 377 downloads
  • #147,067
  • Jul 16, 2009 7:06pm Jul 16, 2009 7:06pm
Quoting albchr
LOL...I know sweetie. This ones too close to call for me. Opened at 6422, closed at 6408. For a daily, that's pretty close....
We disagree but hey, its perception.
Hero Traders Live to see their Accounts Die!
  • #147,068
  • Jul 16, 2009 7:08pm Jul 16, 2009 7:08pm
Quoting simoneg
We disagree but hey, its perception.

Disagree? I said it's "either" a doji or a spinning top?? But yep...LOL
Ghost Rider - WWTBMD?
  • #147,069
  • Jul 16, 2009 7:09pm Jul 16, 2009 7:09pm
Quoting GodfreyH
Albchr, while I'm on trendlines, one of the best indicators to help you draw trendlines, is the Demark Trendline Trader. Think of it as training wheels, eventually you will be able to draw the trendlines yourself quite easily.

I have also found the projections after the trendline has been broken remarkably accurate.
Thanks Godfrey,

I just got my hands on that book last night....
Ghost Rider - WWTBMD?
  • #147,070
  • Jul 16, 2009 7:11pm Jul 16, 2009 7:11pm
Regardless of it being a doji or hangman, I think its bearish.
  • #147,071
  • Jul 16, 2009 7:11pm Jul 16, 2009 7:11pm
Quoting albchr
Disagree? I said it's "either" a doji or a spinning top?? But yep...LOL
Yes I know and I was saying hangman so...

Well it has been a slow and draining day...trade safely. Will see u all in the morning.
Hero Traders Live to see their Accounts Die!
  • #147,072
  • Jul 16, 2009 7:12pm Jul 16, 2009 7:12pm
Quoting bablo
Godfrey,

Everything on my charts call for a move down. How far? Only time will tell but clearly down.

What do you see?

Any other comments welcome.
The day did end weak, and the 4hr candlesticks are unquestionably bearish in sentiment at the moment, but I won't be trading shorts unless the 1.6390 area is broken. If you notice the slope of the 20 ma, it is still strongly positive (blue), so we are still in an uptrend, even if price collapses 100 pips.

I generally am not majorly bearish unless the 20 ma turns red.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-4hr.gif Size: 28 KB
  • #147,073
  • Jul 16, 2009 7:13pm Jul 16, 2009 7:13pm
Quoting alex1976
Regardless of it being a doji or hangman, I think its bearish.
True True!
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  • #147,074
  • Jul 16, 2009 7:19pm Jul 16, 2009 7:19pm
Quoting simoneg
Yes I know and I was saying hangman so...

Well it has been a slow and draining day...trade safely. Will see u all in the morning.

Well it's definitely not a hanging man on my chart. That little body is dead center so it's indecision to me.

I agree Godfrey, it has to break 6380 for me....

Anyway, have a good night folks. I gotta get a few hours sleep for London.
Ghost Rider - WWTBMD?
  • #147,075
  • Jul 16, 2009 7:22pm Jul 16, 2009 7:22pm
Quoting GodfreyH
The day did end weak, and the 4hr candlesticks are unquestionably bearish in sentiment at the moment, but I won't be trading shorts unless the 1.6390 area is broken. If you notice the slope of the 20 ma, it is still strongly positive (blue), so we are still in an uptrend, even if price collapses 100 pips.

I generally am not majorly bearish unless the 20 ma turns red.

Agreed that confirmation is needed to take a short.

I have hourly closes under 1.6413 for GBPUSD and 93.25 for USDJPY as trigger points.

On the other side, an hourly close under 153.02 for GBPJPY and one of the above is also a good sign.
  • #147,076
  • Jul 16, 2009 7:27pm Jul 16, 2009 7:27pm
yeah, "Hanging man", but you need to wait for the confirmation before acting off it.

Quoting alex1976
Isn't the daily that closed earlier, a bearish candle, don't they call that a "hangman"?
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  • #147,077
  • Jul 16, 2009 7:36pm Jul 16, 2009 7:36pm
Hey might actually get some movement tommorow, hooorraaaaa!!


Ohhh thats right I'm out all day
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #147,078
  • Jul 16, 2009 8:47pm Jul 16, 2009 8:47pm
Quoting Turveyd
Hey might actually get some movement tommorow, hooorraaaaa!!


Ohhh thats right I'm out all day
No need to wait untill tomorrow. Its happening now.

Shorters rejoice!
Great Bodies are Engineered not Born
  • #147,079
  • Jul 16, 2009 9:02pm Jul 16, 2009 9:02pm
Good morning boys and ...... errr girls

are we in mood for some fun ?

watch the green levels closely for a fun ride as and when it starts
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 16 KB
  • #147,080
  • Jul 16, 2009 9:20pm Jul 16, 2009 9:20pm
Quoting forexlion
Good morning boys and ...... errr girls

are we in mood for some fun ?

watch the green levels closely for a fun ride as and when it starts
The down move will not start this week as dow index still needs to complete the move to 8782

so today we should be just ranging between 1.6453 and 1.6361
Attached Image (click to enlarge)
Click to Enlarge Name: dow.gif Size: 19 KB
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