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Cable Update (GBPUSD)

  • #182,241
  • Nov 11, 2009 6:26am Nov 11, 2009 6:26am
Quoting yinbyungheon
1.6652 is a nice entry for short....but will it hold??? let see...
just close with 10 pips..
  • #182,242
  • Nov 11, 2009 6:38am Nov 11, 2009 6:38am
Another spike down on the chart...Wow, somebody looking to take out the little guys....

Support and resistance lines on chart, 4 time frames. Bottom target possible and great support range on 4hr chart, but for confirmation on my side of things, we need to close and hold below the 1.6670 on the 4hr, where I have a 24ma line. The last drop, stopped and changed direction, never holding below the 24ma, never confirming the short chart, assumed trend long if we fail to hold here.

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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #182,243
  • Nov 11, 2009 6:41am Nov 11, 2009 6:41am
The grey area..am waitng for the breaks
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Pride of opinion is a characteristic of losing traders
  • #182,244
  • Nov 11, 2009 6:53am Nov 11, 2009 6:53am
Quoting Magix
Another spike down on the chart...Wow, somebody looking to take out the little guys....

Support and resistance lines on chart, 4 time frames. Bottom target possible and great support range on 4hr chart, but for confirmation on my side of things, we need to close and hold below the 1.6670 on the 4hr, where I have a 24ma line. The last drop, stopped and changed direction, never holding below the 24ma, never confirming the short chart, assumed trend long if we fail to hold here.

just curious how do u use the 24 ma line do you relie on any other indicators an on what time frame does it work i have been using a 20 ma ,what do you feel are the advantages ?
  • #182,245
  • Nov 11, 2009 7:04am Nov 11, 2009 7:04am
Quoting trabagwe
just curious how do u use the 24 ma line do you relie on any other indicators an on what time frame does it work i have been using a 20 ma ,what do you feel are the advantages ?
If on an H4 chart price crosses and closes for 3 consecutive candles, I call that a downtrend, and will use the 1m and 5m crossing below the 24ma for play ranges. Works on the inverse.

Watching a minute chart, I see where price is in relation to the 24SMA, if we cross above, I watch the 5m for support, if we cross and hold the 24sma on a 5m, next is the 15, 30, 1hr......

When there are great gaps in the charts, as well as for entries and exits, I also use the 200 Ema and the 55 Ema as they confirm with the 4hr and daily charts.

I use a combination of MACD and OSMA at default settings. Always keeping the 4hr direction in mind, but using them when they sync is very powerful.

On chart, MACD above zero line, OSMA is below...As OSMA crosses above with MACD, great action, similar to the movement when they confirm sub zero.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #182,246
  • Nov 11, 2009 7:05am Nov 11, 2009 7:05am
Well the sellers and buyers are struggling to get up to the peak now. I think the GBP/USD may go up.
  • #182,247
  • Nov 11, 2009 7:05am Nov 11, 2009 7:05am
considering the hammer on the daily chart one not be too wrong to maintain a southward bias.....i think !
  • #182,248
  • Nov 11, 2009 7:07am Nov 11, 2009 7:07am
Sedaka? Which indicator do you use to get the green and red arrows on the chart?
  • #182,249
  • Nov 11, 2009 7:14am Nov 11, 2009 7:14am
Quoting Magix
If on an H4 chart price crosses and closes for 3 consecutive candles, I call that a downtrend, and will use the 1m and 5m crossing below the 24ma for play ranges....
Example of this on current chart. Top line on 1m, as resistance 200 Ema, possible target for entry, current shows down movement, but MACD and OSMA show that we may still move up to this line. As I am away for the entire day today, not playing, but still like watching movement.

Hope this helps

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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #182,250
  • Nov 11, 2009 7:25am Nov 11, 2009 7:25am
Quoting Gena
Sedaka? Which indicator do you use to get the green and red arrows on the chart?
Believe their fractuals. Thats what I use in conjunction Schot.. not much good on their own as they will give false info
  • #182,251
  • Nov 11, 2009 7:26am Nov 11, 2009 7:26am
I have attached my template and indicators that I use, same things you will see on the charts that I post. If you are bored today, maybe thinking because of the low volume for the holiday might be a good day for watching but not playing, load em up and see what you think...

There is no perfect system, but there are definitely some that can greatly improve your chances of success, or if not perhaps keep you from being an investor or trapped in the markets rather than a trader of the currencies.
Attached File(s)
File Type: mq4 TRO_forexgreenland.mq4   16 KB | 385 downloads
File Type: mq4 LargeTimeFrame.mq4   4 KB | 360 downloads
File Type: tpl simplex.tpl   9 KB | 329 downloads
File Type: mq4 OsMA.mq4   3 KB | 332 downloads
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #182,252
  • Nov 11, 2009 7:29am Nov 11, 2009 7:29am
breakout trade..... bear in mind that it is a US bank holiday and all these moves are happening on relatively low volume. Never a great idea to trade of low vol. Im of for the day
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  • #182,253
  • Nov 11, 2009 7:32am Nov 11, 2009 7:32am
Quoting Chumbawunga
Ok tell all! How did you find that useful tit bit of info?

Rob
I get info like that from http://www.forexlive.com/

Very nice site for finding out why moves happen.
  • #182,254
  • Nov 11, 2009 7:36am Nov 11, 2009 7:36am
Good day to you,

Price currently trapped between 2 levels:

1) Weekly open @ 1.6665
3) The high of last week @ 1.6635

The line in the sand for bears will be the latter (1.6635) - below this, down move is very much on. But beware of 1.6616 the low of Monday, as well as the Friday close @ 1.6607. Could be retrace territory.

Regards
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  • #182,255
  • Nov 11, 2009 7:37am Nov 11, 2009 7:37am
Quoting Gena
Sedaka? Which indicator do you use to get the green and red arrows on the chart?
It's not mine. I google its.
As below..use at your own risk...and don't claim on me later
Attached File(s)
File Type: ex4 super-signals_v2.ex4   2 KB | 329 downloads
Pride of opinion is a characteristic of losing traders
  • #182,256
  • Nov 11, 2009 7:56am Nov 11, 2009 7:56am
i see you ....
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Thank You
  • #182,257
  • Nov 11, 2009 8:01am Nov 11, 2009 8:01am
For those of you watching...See how the 200 EMA acted as resistance here?

A cross breach and hold, will assume the long trend. As I have no confirmation on a 4hr chart...I cannot assume the short trend yet.

Play safe, outa here for the day

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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #182,258
  • Nov 11, 2009 8:26am Nov 11, 2009 8:26am
Quoting Wharfe
I get info like that from http://www.forexlive.com/

Very nice site for finding out why moves happen.
Thanks very much will put that with my bookmarks
  • #182,259
  • Nov 11, 2009 8:33am Nov 11, 2009 8:33am
Quoting Magix
I have attached my template and indicators that I use, same things you will see on the charts that I post. If you are bored today, maybe thinking because of the low volume for the holiday might be a good day for watching but not playing, load em up and see what you think...

There is no perfect system, but there are definitely some that can greatly improve your chances of success, or if not perhaps keep you from being an investor or trapped in the markets rather than a trader of the currencies.
Much appreciated sharing with us
  • #182,260
  • Nov 11, 2009 8:42am Nov 11, 2009 8:42am
GU 6450?........ here u come
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