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Cable Update (GBPUSD)

  • #191,081
  • Jan 6, 2010 2:48pm Jan 6, 2010 2:48pm
Is it bad or good for today?
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  • #191,082
  • Jan 6, 2010 3:21pm Jan 6, 2010 3:21pm
Quoting Fatgeeza
Hi Ctic,

Sorry for reposting this. I posted it last night but the forum had moved on to another page before it was released (being a newbie). So not sure if you saw it.

I've been reading your posts with interest and am slowly getting my head around your usage of multiple time-frame fibs. I've a couple of questions which I'm wondering if you could answer for me please?

1. As a session progresses, do you add additional fib indicators to your charts to reflect the movements over the newer time-frames?

2. At what stage would you remove your...

Fatgeeza,

To answer your questions from yesterday, or earlier today however you look at it.

1. Yes and no to this one. I am constantly updating my fib lines as the change like the wind. But I only change the fibs once the session ends, not progresses, and we move onto the next session. I will give you more to this answer in part 2.

2. As I said I constantly change the fibs on my charts since the levels are constantly changing. People are always constantly talking about support, resistance, and pivot levels. Where does this come from? Is it a magical number that some big wig in some government or company comes up with? Of course not. They are determined by the movement away from the current High's and lows. That is where the fibs come in. That is the tape measure that tells you where these points are. Once updated the 0 is the new low, the 50 is the new pivot, the 100 is the new high. The targets once it broke are 138.2, 161.8 and 261.8, Hence R1, R2 and R3 and S1, S2, and S3.

The use of the multiple tf fibs gives you insight into the next higher timeframe. If for example you are at the 161.8 on the 4 hour fibs and it is still the 1st hour of the new 4H candle, guess what the chances of going to eh 261.8 are small. It could happen and you have to be prepared for it, but it usually doesn't happen. Thus, it should go the opposite direction for 3 hours. Does it mean the day will end this way. No, have to wait and see.

I delete the old fibs at the end of that TF's session and enter new ones. There are historic fibs in a sense but they are consumed into a higher TF. For example the old 4H fibs are part of the daily fibs, the daily the weekly, the weekly the monthly, the monthly the quarterly, and the quarterly the yearly fibs.

I hope this is clear and helps. Let me know if you have any other questions.

C.
  • #191,083
  • Jan 6, 2010 3:25pm Jan 6, 2010 3:25pm
Quoting GlobalMacro
Bearish momentum subsided today
Cable tested former down TL around 1.5920 and bounced

As such I'm buying here @ 1.5955 ...just below yesterday's stopout level anticipating re-entry into prior range zone.


Merry Christmas!
Cable probed my entry point and found out that bulls mean real business here...
Huge demand in the area I bought at around 1.5955...bears that got burned in the bear trap below this area didn't have the guts to try any lower and the ensuing buying pressure pushed the pair up into the mid 1.60s

This solidifies the long position even further

I Will Continue To Carry The Long Position Set @ 1.5955
Attached Image
Hear the music before the song is over ...
  • #191,084
  • Jan 6, 2010 3:31pm Jan 6, 2010 3:31pm
Quoting GlobalMacro
Cable probed my entry point and found out that bulls mean real business here...
Huge demand in the area I bought at around 1.5955...bears that got burned in the bear trap below this area didn't have the guts to try any lower and the ensuing buying pressure pushed the pair up into the mid 1.60s

This solidifies the long position even further

I Will Continue To Carry The Long Position Set @ 1.5955
whats your TP?
  • #191,085
  • Jan 6, 2010 3:43pm Jan 6, 2010 3:43pm
Quoting Baby-Trader
Is it bad or good for today?
sir what do you forecast for tomorrow morning usa non farm event?
Where will gbp go up n down?
Thanks .
  • #191,086
  • Edited 3:59pm Jan 6, 2010 3:58pm | Edited 3:59pm
Quoting Ctic
Fatgeeza,

To answer your questions from yesterday, or earlier today however you look at it.

1. Yes and no to this one. I am constantly updating my fib lines as the change like the wind. But I only change the fibs once the session ends, not progresses, and we move onto the next session. I will give you more to this answer in part 2.

2. As I said I constantly change the fibs on my charts since the levels are constantly changing. People are always constantly talking about support, resistance, and pivot levels. Where does this come from?...
Hi Ctic

Many thanks for your explanation. I'll digest it and try to apply it to some of my charts to see if the mist clears a little on my side.

Thanks again. Much appreciated.

Fatgeeza
  • #191,087
  • Jan 6, 2010 4:34pm Jan 6, 2010 4:34pm
Quoting GlobalMacro
Cable probed my entry point and found out that bulls mean real business here...
Huge demand in the area I bought at around 1.5955...bears that got burned in the bear trap below this area didn't have the guts to try any lower and the ensuing buying pressure pushed the pair up into the mid 1.60s

This solidifies the long position even further

I Will Continue To Carry The Long Position Set @ 1.5955
GM, reading your post I feel the base re-test has not been completed at this time. The 4 hour chart for me shows that we need another wave down to complete the retrace move down from 1.6235 high on Dec 31. It was the orthodox high for an a-b-c flat correction south I believe. I am looking for 1.5878 to 1.5918 to bring in the low. Those are the .886 and .786 fib retrace levels of the move up from 5832 to 62.35. Have posted several times yesterday and today - there is an intermediate delta low due on Jan 12, Tuesday which will probably come in early as a turn is due. With NFP on Friday it would not surprise me if the numbers are right, we may see a spring move down into the lows at that time. With increased volume and a spring [hammer candle or spinning top] it will set up a buy for me for an intermediate run north into Jan 15 to Jan 22nd. January 29th is an important date across the board for a lot of index and commodity markets. We need to be ready for perhaps some pretty big move turns at that time.
Now this is the soothsayers curse as I call it. Once shared the market does what ever the hell it wants anyways.
Enjoy your posts

slick
  • #191,088
  • Jan 6, 2010 4:57pm Jan 6, 2010 4:57pm
Quoting fourxtrader
Since I am one without direction...

In the short term, just know that all of Magix's charts
had long signals begging for entry at around ~1.5990.

All movements have crossed northward above the 24sma's on
all five of his four charts. LOL (1m, 5m, 15m, 30m and 1h)

In the long term, his 4h and daily show price below the 24sma's
[i][color=blue]warning that the down...
Great summary in my absence.

I played a few longs into London and went for nappy time leaving on a short note. I slept in this morning, which turned out to be a good thing, the first wave of the upside was just as I was sipping the first few gargles of java, and I ended up scooping +70 on 2 lots closing both at about 1.6013.

The simplex7 indie for me says that we could retrace back to the 1.5965-70 area between now and London, so will watch for toppy motion or short confirmation on the charts.

The daily and 4hr still don't confirm for the bulls for long term plays, so, again, as I am a bit of a sissy will look to still capitalize on the bear plays until I see reason not to. Give the nice movements up and down, there has been opportunity to score a few bucks in both directions.

Waiting for the next best ride.

Thanks for updating my charts.

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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #191,089
  • Jan 6, 2010 5:28pm Jan 6, 2010 5:28pm
Wedged pattern on an already narrow channel.

Red line traces the 55EMA (resistence) and the green line traces the 24SMA (support).

Support to resistance tight, might almost be worth a hedged play with stop losses outside of these channel....

Hrmmmmmmmm.....
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #191,090
  • Jan 6, 2010 6:00pm Jan 6, 2010 6:00pm
what is your prediction for the next day?
  • #191,091
  • Jan 6, 2010 6:10pm Jan 6, 2010 6:10pm
Quoting forexlion
[ Jan 6, 2010 8:59pm (8 hr ago) ]my NN setup tells me a bottom should be in place somewhere here on 4 hour charts either 5975 or 5829, either of the 2
yippee my NN wins, i was the first to say we found a bottom
  • #191,092
  • Jan 6, 2010 6:15pm Jan 6, 2010 6:15pm
Quoting behman8850
sir what do you forecast for tomorrow morning usa non farm event?
Where will gbp go up n down?
Thanks .
Let PA tells us.
  • #191,093
  • Jan 6, 2010 6:16pm Jan 6, 2010 6:16pm
Quoting forexlion
yippee my NN wins, i was the first to say we found a bottom
With all respect to you, Direct trade tells us first.
  • #191,094
  • Jan 6, 2010 6:29pm Jan 6, 2010 6:29pm
will gu hit 1.61xx?
  • #191,095
  • Jan 6, 2010 6:43pm Jan 6, 2010 6:43pm
Quoting forexlion
yippee my NN wins, i was the first to say we found a bottom
I am curious - bottom of what? the day? the move? Where does NN say we are going now then?
  • #191,096
  • Jan 6, 2010 6:44pm Jan 6, 2010 6:44pm
Quoting forexlion
yippee my NN wins, i was the first to say we found a bottom
hinging on ur setup yesterday. thx
Great Post mate
Guide me please
  • #191,097
  • Jan 6, 2010 6:50pm Jan 6, 2010 6:50pm
Quote
hinging on ur setup yesterday. thx http://cdn.forexfactory.com/images/s...m/thumbsup.gif
Great Post mate http://cdn.forexfactory.com/images/s.../yim/happy.gif
Quote
I am curious - bottom of what? the day? the move? Where does NN say we are going now then?

Quote
will gu hit 1.61xx?

Quote
what is your prediction for the next day?

the answers are all right infront of you..
  • #191,098
  • Jan 6, 2010 8:03pm Jan 6, 2010 8:03pm
Quoting forexlion
yep GU will give a long for 50 odd pips
What indicator is that one at the bottom of your chart? The two lines crossing?

Thanks.
  • #191,099
  • Jan 6, 2010 8:03pm Jan 6, 2010 8:03pm
Quoting Geppyg
Lol....Why are you changing your trading stratergy...as I said your thought process is perfect....atleast you dont use lagging indicators

Good Luck
GeppyG
no, GeppyG i didn't change my strategy.... but i will make it simple if i can
and put some simple price so everyone could read it easily

thanks 4 the support GeppyG
  • #191,100
  • Jan 6, 2010 8:08pm Jan 6, 2010 8:08pm
Attached Image (click to enlarge)
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today GU will have resistance 1.6155 before hard resistance 1.6230
and have support 1.5960 before hard support 1.5832 (low 30 Dec 2009)

have a nice n great trading all

we wish we all get green pips again today
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