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Cable Update (GBPUSD)

  • #154,741
  • Aug 4, 2009 3:23am Aug 4, 2009 3:23am
Quoting yngwie
the road still long bro..

closed at 32pips profit. Enough for the day total 140pips... Need to rest
  • #154,742
  • Aug 4, 2009 3:23am Aug 4, 2009 3:23am
Quoting stewrigh
Ooops . Just can't help it..
...I know buddy. It's a dam habit now huh?....
Ghost Rider - WWTBMD?
  • #154,743
  • Aug 4, 2009 3:26am Aug 4, 2009 3:26am
Bit off topic but I don't know if anyone follows the loonie.

If you pull up the GBPUSD and GBPCAD charts you'll see that cable has been going up but the GBPCAD has been going down.

Now I think the loonie is closely correlated with the dollar so they should move the same.

I think GBPCAD has a lot of catching up to do and went long last week.
  • #154,744
  • Aug 4, 2009 3:27am Aug 4, 2009 3:27am
Quoting albchr
...I know buddy. It's a dam habit now huh?....

Part of my DNA I guess but it helps me see the trees thru the wood.
  • #154,745
  • Aug 4, 2009 3:29am Aug 4, 2009 3:29am
Quoting albchr
Guys please, Quit making unsubstantiated and wild calls here! All it does is eat up thread space, annoy the experienced traders and confuse the new ones...

If you have an "opinion", PLEASE back it up with a chart and some solid reasoning behind your claims!! OK?
EXACTLY we know whats happenning just stick to the plan bro..
  • #154,746
  • Aug 4, 2009 3:37am Aug 4, 2009 3:37am
Quoting Yngwie
Try several times to post my call... this is my position --> [email protected] SL@6858 [email protected]
Malcolm was correct about you. You posted this when the price was well past 1.6935 (http://www.forexfactory.com/showpost...stcount=154697), yet now you say you got in at 1.6935 and had difficulty posting. You must think we are idiots.
  • #154,747
  • Edited 3:39am Aug 4, 2009 3:37am | Edited 3:39am
Cable found resistance at the very top of the previous swing lo zone on the weekly chart and again at the asian hi/reported offers 7000-05/reported barrier interest @ 7010 falling sharply to the 1hr previous swing lo=previous support=potential suppport zone shown on screenshot below.

An initial recovery off the pullback lows saw resistance at the 38.2% of the fall and now a 2nd test of the lows sees price trading aeround 6928 as I write this.

The 1hr chart below shows the obvious near term imbalances of demand/supply (swing lows) and supply/demand (swing highs) as well as fibs from swings up from 6471 and 6693 to current highs and the ascending potential supp trend line on this 1hr t/f.

G/L

http://i27.tinypic.com/dwxk7n.gif
ex member
  • #154,748
  • Aug 4, 2009 3:41am Aug 4, 2009 3:41am
Quoting stewrigh
Bit off topic but I don't know if anyone follows the loonie.

If you pull up the GBPUSD and GBPCAD charts you'll see that cable has been going up but the GBPCAD has been going down.

Now I think the loonie is closely correlated with the dollar so they should move the same.

I think GBPCAD has a lot of catching up to do and went long last week.
You will find this site useful for correlation http://www.mataf.net/en/tools/correlation-table
  • #154,749
  • Aug 4, 2009 3:42am Aug 4, 2009 3:42am
Quoting nAVIN2007
EXACTLY we know whats happenning just stick to the plan bro..
Actually, it's indecision for me ATM. On the 15M we have minor support holding well but the PA is unclear. (Box)

Unlike the the PA with a nice flat bottom on top of the 50 ema which was a clear sign to buy for me. (Arrow)

Would have yielded 67 pips had I been awake 20 minutes sooner...lol

Although I "think" we may test 7000 again.
Attached Image (click to enlarge)
Click to Enlarge Name: gu_15mgif.gif Size: 26 KB
Ghost Rider - WWTBMD?
  • #154,750
  • Aug 4, 2009 3:48am Aug 4, 2009 3:48am
Hi all, took a -90 pips loss yesterday on my short..... Have not build up any shorts until 1.6990 which is close to the psyc level (1.7000) . I have minor support at 1.6920.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #154,751
  • Aug 4, 2009 3:48am Aug 4, 2009 3:48am
Noted. For those who are not so 'buddy' here.. please write something with the lovely chart. If you don't have a chart, do not make any post. Do not laughing or make any stupid joke (eventhough THEY can??).. it will extend the thread with silly knowledge. come on.. sometimes we need some fun..no offense..LoL!
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #154,752
  • Aug 4, 2009 3:49am Aug 4, 2009 3:49am
Quoting stewrigh
Bit off topic but I don't know if anyone follows the loonie.

If you pull up the GBPUSD and GBPCAD charts you'll see that cable has been going up but the GBPCAD has been going down.

Now I think the loonie is closely correlated with the dollar so they should move the same.

I think GBPCAD has a lot of catching up to do and went long last week.
The price of crude does look stretched sitting above $70, judging by current inventory levels. If this theory bears out, then your GBPCAD position should perform.

Both GBP and CAD, to varying degrees, are seen as "risk" currencies, with the latter benefitting enormously of late due to it being a commodity play, hence it's outperformance over the former.

I do not study GBPCAD as an individual pair, so I cannot comment on the current underlying technicals.
  • #154,753
  • Aug 4, 2009 3:49am Aug 4, 2009 3:49am
Quoting albchr
Actually, it's indecision for me ATM. On the 15M we have minor support holding well but the PA is unclear. (Box)

Unlike the the PA with a nice flat bottom on top of the 50 ema which was a clear sign to buy for me. (Arrow)

Would have yielded 67 pips had I been awake 20 minutes sooner...lol

Although I "think" we may test 7000 again.
use everything buddy..pin on 15m high broke.. remember indicator can cloud u ..price action is all u need MA help ith confluence but there trending aids
Attached Image (click to enlarge)
Click to Enlarge Name: trade.gif Size: 22 KB
  • #154,754
  • Aug 4, 2009 3:49am Aug 4, 2009 3:49am
Quoting albchr
Actually, it's indecision for me ATM. On the 15M we have minor support holding well but the PA is unclear. (Box)

Unlike the the PA with a nice flat bottom on top of the 50 ema which was a clear sign to buy for me. (Arrow)

Would have yielded 67 pips had I been awake 20 minutes sooner...lol

Although I "think" we may test 7000 again.
Chris good to see you working those support / resistance areas my friend.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #154,755
  • Aug 4, 2009 3:50am Aug 4, 2009 3:50am
Quoting Yngwie
Noted. For those who are not so 'buddy' here.. please write something with the lovely chart. If you don't have a chart, do not make any post. Do not laughing or make any stupid joke (eventhough THEY can??).. it will extend the thread with silly knowledge. come on.. sometimes we need some fun..no offense..LoL!
one thing that we definitely need is less of the b/s retrospective trading positions.
  • #154,756
  • Aug 4, 2009 3:53am Aug 4, 2009 3:53am
am on break even now hoping for breakout to the top side
Attached Image (click to enlarge)
Click to Enlarge Name: trade.gif Size: 20 KB
  • #154,757
  • Aug 4, 2009 3:54am Aug 4, 2009 3:54am
Quoting gammase1
one thing that we definitely need is less of the b/s retrospective trading positions.

  • #154,758
  • Aug 4, 2009 3:55am Aug 4, 2009 3:55am
Quoting nAVIN2007
use everything buddy..pin on 15m high broke.. remember indicator can cloud u ..price action is all u need MA help ith confluence but there trending aids
Yeah I saw the pin which is why I thought we might test 7000 again. Still learning buddy. Only my second day of open market on the 15M....
Ghost Rider - WWTBMD?
  • #154,759
  • Aug 4, 2009 3:57am Aug 4, 2009 3:57am
Quoting Bull_Bear
Chris good to see you working those support / resistance areas my friend.

BB!! Always engaged in learning my friend...

Sorry about your hit but I know you'll get it right back.
Ghost Rider - WWTBMD?
  • #154,760
  • Aug 4, 2009 3:58am Aug 4, 2009 3:58am
Quoting albchr
Yeah I saw the pin which is why I thought we might test 7000 again. Still learning buddy. Only my second day of open market on the 15M....
remember bro..PA at good locations..at a bottom of a range is a gift trade..use all u know combine all the knowledge..now looking at j16..on the 4hr we have developed a bullish out side bar..a break of the high on the 4hr will push this to my target..momentum is indeed up..
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