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Cable Update (GBPUSD)

  • #172,881
  • Oct 5, 2009 1:49am Oct 5, 2009 1:49am
Quoting GodfreyH
Disclaimer: I am an intraday trader not a long term trader, but that scenario would be interesting to see play out.

If you look at the 4hr chart, there's a lot of wood to chop , then looking at the fortnightly chart below the candlestick pattern seems to indicate a clear downtrend. But we'll see how this all turns out.


Cheers


6100-6200-6450 need to chop out for 66 area

6200 will be my long term bullish if price able to close above it
  • #172,882
  • Oct 5, 2009 1:49am Oct 5, 2009 1:49am
Quoting albchr
Ok, we be there. Now let's see if it still wants to go up.

Good MAE Everyone.....
but am rather out and see how London open and be back in US...See ya
  • #172,883
  • Oct 5, 2009 1:50am Oct 5, 2009 1:50am
Quoting grashid
Use double top & bottom for H4 for OB/OS confirmation and use M15 as an entry...Daily/Weekly is the overall trend check. All in all our chart spell everythings and that is what I did for a couple of month with 88-94% accuracy. Someone from here and Auslonco know how much i made and he know well how to use this regardless of all lagging indicator and some BS news. Get it try and feel it..Good luck
Ghost Rider - WWTBMD?
  • #172,884
  • Oct 5, 2009 1:51am Oct 5, 2009 1:51am
[quote=fourxtrader;3116696]Please don't ask projections from me. No one knows where the market will move.

I've said before, the compression pattern alone narrowly viewed on one portion of a chart doesn't indicate the direction of movement. It doesn't tell you WHERE... but I believe it helps tell you WHEN in a narrower time frame. That could be huge. I treat it like an alert signaling that accelerated movement will imminently occur based on that time frame.

Enter then once it breaks out of the narrow range... or more conservatively enter after the breakout and on a pull-back. If you're daring enter while in the compression if your analysis is sound.

The work of Daryl Guppy and Alan Hull using MMA's has shown that this compression pattern indicates the market (short term traders and long term investors) are all in price agreement which then serves as "an alert to the trader of increased price volatility and the potential for good trading opportunities". Their method, not mine, gives further indicators from these patterns for entries and exits such as bubble burst patterns.

Well said,

The market is there because no one can agree on a price, when agreement is found, major movement is immenent, as you point out in one direction or another.

I did a quick chart clinic on this point some time ago at our local Techinal Anaylisis society, I was on before our guest speaker, Alan Hull and illistating the point with GMMA's

Your post was a little walk down memory lane. Thanks.
  • #172,885
  • Oct 5, 2009 1:52am Oct 5, 2009 1:52am
Quoting grashid
Use double top & bottom for H4 for OB/OS confirmation and use M15 as an entry...Daily/Weekly is the overall trend check. All in all our chart spell everythings and that is what I did for a couple of month with 88-94% accuracy. Someone from here and Auslonco know how much i made and he know well how to use this regardless of all lagging indicator and some BS news. Get it try and feel it..Good luck
  • #172,886
  • Oct 5, 2009 1:57am Oct 5, 2009 1:57am
Quoting grashid
but am rather out and see how London open and be back in US...See ya
Agreed. Could still go up. Not good for my shorts if it does...lol

4H closes in an hour for me.
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Ghost Rider - WWTBMD?
  • #172,887
  • Oct 5, 2009 2:02am Oct 5, 2009 2:02am
Quoting albchr
Agreed. Could still go up. Not good for my shorts if it does...lol

4H closes in an hour for me.
Chris, things are looking good for us atm. MACD and OSMA are in harmony.
  • #172,888
  • Oct 5, 2009 2:07am Oct 5, 2009 2:07am
Quoting Alpha Hamste
Chris, things are looking good for us atm. MACD and OSMA are in harmony.
Well you know my thinking Benny. Just tested 6023 and bounced pretty good. First half hour of LDN can get pretty crazy though. I'm not to concerned about it going down overall as I think it will.

Just a question of how high it goes before it does. I "think" the 6023 area will be it. Beyond that we could see 6124 possibly.

Oh well, time for a smoke. That ALWAYS makes it go my way....
Ghost Rider - WWTBMD?
  • #172,889
  • Oct 5, 2009 2:08am Oct 5, 2009 2:08am
I have the Greatest in alot of Genres...

Swimming-- Michael Phelps
Boxing-- Mohammed Ali
Cycling-- Contador
Cricket-- Tendulkar
Baseball-- Sosa
Golf-- Tiger Woods
Basketball-- Michael Jordan
Football-- Diego Maradonna
Tennis-- Roger Federer
Long Race +8000m)-- H. Bekele
100m Dash-- Usain Bolt
200m Dash-- Usain Bolt...

Stock Picker-- W. Buffet

Fx Trader-- I guess He should be here... Just a Guess?!
  • #172,890
  • Oct 5, 2009 2:11am Oct 5, 2009 2:11am
Quoting Alpha Hamste
Chris, things are looking good for us atm. MACD and OSMA are in harmony.
I agree, if it keeps going this way, I could close my short (1.5862) at BE. 4: 30 am GBP news coming out. I really want to go back to sleep though
The Sky is the Limit!
  • #172,891
  • Oct 5, 2009 2:12am Oct 5, 2009 2:12am
Quoting albchr
Well you know my thinking Benny. Just tested 6023 and bounced pretty good. First half hour of LDN can get pretty crazy though. I'm not to concerned about it going down overall as I think it will.

Just a question of how high it goes before it does. I "think" the 6023 area will be it. Beyond that we could see 6124 possibly.

Oh well, time for a smoke. That ALWAYS makes it go my way....
Ok bro, you do that, I'll take the first shift. I'll go for my round when you done smoking
We can make the momentum going if we take turn
  • #172,892
  • Oct 5, 2009 2:18am Oct 5, 2009 2:18am
Quoting ahlamo
I agree, if it keeps going this way, I could close my short (1.5862) at BE. 4: 30 am GBP news coming out. I really want to go back to sleep though
Hi Ahlamo...now you are timing it to BE. You are putting lots of pressure on Chris' and my lungs
I have my short @ 1.5868. The news, as long as it's not NFP, I can live with that. G/L with your trades.
  • #172,893
  • Oct 5, 2009 2:20am Oct 5, 2009 2:20am
Hi guys,

Here is the Ichimoku trader again

I'm always a seller of cable and the main reason is, if you look at my 1H chart and look at my yellow arrow, once again we have a perfect retracement up to 76,4 fibo fan......so confidence for a dowwntrend

On my 15M chart I'll be soon out of my ichimoku cloud.... so confidence again...an d you're all right we'll have for sure an upwards move after that and my down pips

GL to all
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Non licet omnibus adire Corinthum
  • #172,894
  • Oct 5, 2009 2:24am Oct 5, 2009 2:24am
Quoting Alpha Hamste
Ok bro, you do that, I'll take the first shift. I'll go for my round when you done smoking
We can make the momentum going if we take turn
Ok buddy, done with my butt and she's going our way....

Your turn....
Ghost Rider - WWTBMD?
  • #172,895
  • Oct 5, 2009 2:29am Oct 5, 2009 2:29am
Quoting ahlamo
I agree, if it keeps going this way, I could close my short (1.5862) at BE. 4: 30 am GBP news coming out. I really want to go back to sleep though
5862 ? yeah, that is a bit low for a short. I'm looking for 5800 first, if she breaks that then the floor of 5761. If she can get through that, I'm shorting this puppy all the way to 5300.

Has to get through 5923 again first though.

5300?? Are we there yet?
Ghost Rider - WWTBMD?
  • #172,896
  • Oct 5, 2009 2:37am Oct 5, 2009 2:37am
I am Good supprter of SELL in the Cable... We are headed doen SOUTH in the Long-run. So why not sell then. That my Guess or say now.

Holding on to my SHORT...
FTSE is down by -0.1%
XETRA is down by -0.1%
Paris CAC is down -0.25%
But
US- Greenspan "At some point we will start see an improvement... So no need for second stimulus" (That is confidence in the Dollar)
US- we expect some Good news this week... Trader Balance and so on.
  • #172,897
  • Oct 5, 2009 2:37am Oct 5, 2009 2:37am
We will have 50% fibo on 1H 1.5915 take look at this level
  • #172,898
  • Oct 5, 2009 2:49am Oct 5, 2009 2:49am
Sell... it is sell for me. Sell position @ 1.6154 open...
  • #172,899
  • Oct 5, 2009 2:53am Oct 5, 2009 2:53am
London open sees immediate selling, reversing the asian/overnight bullish sentiment...price finding resistance @ the asian hi being the previous 1hr swing hi zone and 76.4% fib fan of the 6124-5808 fib fan, (shown in pic above the current 1hr view in repect of potential supp/res/sbr/rbs factors.) Some bids around the asian lo atm, mni saying a break of 5900 sees little in the way of bids ahead of 5808 friday low area.

Some Uk data @ 0830am gmt.

G/L


http://i34.tinypic.com/a4bkev.gif
ex member
  • #172,900
  • Oct 5, 2009 2:54am Oct 5, 2009 2:54am
Quoting Reznik
Sell... it is sell for me. Sell position @ 1.6154 open...
When did you open that one?
Ghost Rider - WWTBMD?
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