Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

#176,581
Oct 15, 2009 5:04am Oct 15, 2009 5:04am

Alison
| Joined Jan 2009 | Status: Trader | 33 Posts

Hello Everyone,

What an exciting morning - now what? My question is about pivot points, as I've run out of my daily pivot points and am feeling a bit lost. I don't yet have a plan for this scenario as it hasn't occurred very often recently.

Do people recalculate for the NY open?

Also, I seem to remember reading that at this stage, ie by R3 it's good if you're in a trade, but not so good to enter. Except maybe on a pullback , which is all I can think of to do.

Many thanks.

Alison

#176,582
Oct 15, 2009 5:08am Oct 15, 2009 5:08am

wormboy
Joined Jan 2009 | Status: Not bothered. | 18,084 Posts

Quoting doubledutch

Disliked

Hi Azim,
now that the slight misunderstanding is done with, i want to point out that i never ridiculed your trading,if it came across as such then perhaps there was some misunderstanding.
I agree with you wholeheartedly that if one follows a well defined plan, with a clear statistical edge then it doesn't matter if you are buying in a down move or selling a rally. As this buying and selling is part of a plan which over the long run will be profitable.
The market is so vast with so many participants employing many different methodologies, yet...

Ignored

Cheers dutch have a good one brother!

Thank You

#176,583
Oct 15, 2009 5:11am Oct 15, 2009 5:11am

knoxxxalot
| Joined Jun 2009 | Status: woosa | 257 Posts

oh baby what a morning,
whats pushing that high? gold, the numbers, weak usd/yen - all together??? love it

#176,584
Oct 15, 2009 5:12am Oct 15, 2009 5:12am

bbmac
Joined Jul 2007 | Status: Trader | 5,392 Posts

Quoting Alison

Disliked

Hello Everyone,

What an exciting morning - now what? My question is about pivot points, as I've run out of my daily pivot points and am feeling a bit lost. I don't yet have a plan for this scenario as it hasn't occurred very often recently.

Do people recalculate for the NY open?

Also, I seem to remember reading that at this stage, ie by R3 it's good if you're in a trade, but not so good to enter. Except maybe on a pullback , which is all I can think of to do.

Many thanks.

Alison

Ignored

Price is above Daily R4 which is unusual,..it is also @ 144% of it's average 20day pip range so far today and @ 85% of it's average 52week pip range so far this week. As there is no official ohlc data for a non-exchange otc market like forex they are subjective. The ones I refer to for eg are calculated from midnight London as the daily Close, but others will have different ideas....the choice is yours. It is this that makes them only a minor consideration re potential support/resistance and best advice is learn to read other factors such as previous price pivots, fibs and trend lines, particularly the confluence of these other factors.

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On a different subject...look where price has arrived at ...the underside of the previous daily t/f ascending support trendline..

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ex member

#176,585
Oct 15, 2009 5:15am Oct 15, 2009 5:15am

Fx1618
| Joined Sep 2006 | Status: Trader | 839 Posts

Quoting Fx1618

Disliked

Long @ 1.6006

Ignored

Quoting Fx1618

Disliked

SL moved to 1.6009

Ignored

Quoting Fx1618

Disliked

SL Moved >>> 1.6031

Ignored

SL Moved >>> 1.6054

Still battling at the Weekly R2@ 1.622*

#176,586
Oct 15, 2009 5:18am Oct 15, 2009 5:18am

seliverstov8
| Joined Oct 2009 | Status: Captain Obvious will save us | 51 Posts

good mae dt )
just woke up n saw smthng reaaly strange... it up again oh no its going to kill my depo soon... 6350 will be that point the point of execution

what the hell is happening ? there is no news for it to go up

tell me please smthng about that so i can put my superpanic button back to shelf...

#176,587
Oct 15, 2009 5:22am Oct 15, 2009 5:22am

bbmac
Joined Jul 2007 | Status: Trader | 5,392 Posts

Quoting seliverstov8

Disliked

good mae dt )
just woke up n saw smthng reaaly strange... it up again oh no its going to kill my depo soon... 6350 will be that point the point of execution

what the hell is happening ? there is no news for it to go up

tell me please smthng about that so i can put my superpanic button back to shelf...

Ignored

....fundamentally speaking the across the board $ weakness finally caught up with this pairing, aided by some not as bad as expected Uk data this week from which bullish traders in this pairing have taken comfort. ....technically speaking, there have been more buyers than sellers, creating an uptrend to 4hr t/f with the last LH of the daily downtrend breeched to the upside.

G/L

ex member

#176,588
Oct 15, 2009 5:22am Oct 15, 2009 5:22am

knoxxxalot
| Joined Jun 2009 | Status: woosa | 257 Posts

hey , got blasted like this about a week ago in a aussi short, finally quit with a total loss of my monthly gains, was hard to push the trigger but the right decision, now i was on the good side and bitb, gl bro
btw andrew spanton sayd yesterday in his forex recap that sterling might explode.

#176,589
Oct 15, 2009 5:29am Oct 15, 2009 5:29am

javajames
| Joined Dec 2006 | Status: swing day-trader | 425 Posts

For those who know VSA and practice it, we had a perfect accumulation, mark-up and distribution cycle.....

I believe in another mark-up, volumes are still high BIG BOYZS are still in the game and feeding avid buyers.....

Non licet omnibus adire Corinthum

#176,590
Oct 15, 2009 5:30am Oct 15, 2009 5:30am

Johor JCS
| Joined May 2008 | Status: Trader | 230 Posts

great move indeed! dont expect this high

#176,591
Oct 15, 2009 5:32am Oct 15, 2009 5:32am

forexlion
| Additional Username | Joined Sep 2009 | 8,623 Posts

Quoting forexlion

Disliked

Ok, the London boys came and cleaned their hands too in the running river

Next the US boys ........

.

Ignored

i just went long again at the top , my target this time is 1.6347

to hell witht he bears

#176,592
Oct 15, 2009 5:33am Oct 15, 2009 5:33am

Pak Tiger
| Joined Jul 2009 | Status: Trader | 214 Posts

Hi Folks!!

When do you guyz think it will retrace back to 6100 level? DO you reckon it will further go up before dropping? And what is NY expected to do today??

#176,593
Oct 15, 2009 5:35am Oct 15, 2009 5:35am

Ifty
| Joined May 2009 | Status: Trader | 1,124 Posts

Quoting forexlion

Disliked

i just went long again at the top , my target this time is 1.6347

to hell witht he bears

Ignored

Yes but the question is what will happen then? Will you short once your target is reached?

You've got to be IN IT to WIN IT!

#176,594
Oct 15, 2009 5:35am Oct 15, 2009 5:35am

bbmac
Joined Jul 2007 | Status: Trader | 5,392 Posts

Quoting Pak Tiger

Disliked

Hi Folks!!

When do you guyz think it will retrace back to 6100 level? DO you reckon it will further go up before dropping? And what is NY expected to do today??

Ignored

No-one here has any idea whatever, even itf they think they do, how can we, we don't have a crystal ball or the trading plans of all market participants.... trade what you say on the t/f's of interest to you, it's all you can do..it's all you need...it matters not what price will do next, just trade what you see..

G/L

ex member