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Cable Update (GBPUSD)

  • #192,181
  • Jan 11, 2010 7:56pm Jan 11, 2010 7:56pm
Quoting Liquid
this is gbp/usd [ Great British Pants / Under Skirt Dick] thread...
  • #192,182
  • Jan 11, 2010 8:12pm Jan 11, 2010 8:12pm
H & S...

Head and shoulders pattern on the 1hr...and why it should play out...

Red circle is drop below support, right shoulder could not close back above support so we see the fall.

As we are below hourly support, expected retrace is back to 200EMA (Yellow line) on hourly chart...which just happens to close the gap...

Whoa.....
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #192,183
  • Jan 11, 2010 8:36pm Jan 11, 2010 8:36pm
Quoting Magix
H & S...

Head and shoulders pattern on the 1hr...and why it should play out...

Red circle is drop below support, right shoulder could not close back above support so we see the fall.

As we are below hourly support, expected retrace is back to 200EMA (Yellow line) on hourly chart...which just happens to close the gap...

Whoa.....

hey magix have a question for u or any other traders. yes i see the h and s but isnt the right shoulder higher than the left and therefore invalidates the h and s. thank u
  • #192,184
  • Jan 11, 2010 8:42pm Jan 11, 2010 8:42pm
Quoting treadline
hey magix have a question for u or any other traders. yes i see the h and s but isnt the right shoulder higher than the left and therefore invalidates the h and s. thank u
In my experience no it doesent , and they all dont sit pretty on the chart , they can run , they can be running up and down also , very common for the shoulder area to be tested a few times and even the top of the head can be tested
  • #192,185
  • Jan 11, 2010 8:44pm Jan 11, 2010 8:44pm
Quoting treadline
hey magix have a question for u or any other traders. yes i see the h and s but isnt the right shoulder higher than the left and therefore invalidates the h and s. thank u
Personally...I don't spend a lot of time looking for chart patterns...I watch for support and resistance ranges. We are below support on the right shoulder, and it needs unless i am mistaken to be the higher of the shoulders...I just thought I would point it out and why it should play out.

Not that it much matters, a close of the gap has been imminent, and where we go from there is what matters. On a 4 hour chart we are still above support even at close of shoulder and gap....sooooooooo...bounce, continue down????

That is the question you should be looking to answer.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #192,186
  • Jan 11, 2010 8:46pm Jan 11, 2010 8:46pm
Quoting Magix
Personally...I don't spend a lot of time looking for chart patterns...I watch for support and resistance ranges. We are below support on the right shoulder, and it needs unless i am mistaken to be the higher of the shoulders...

Not that it much matters, a close of the gap has been imminent, and where we go from there is what matters. On a 4 hour chart we are still above support even at close of shoulder and gap....sooooooooo...bounce, continue down????

That is the question you should be looking to answer.

cool guys thanks for the answers.
  • #192,187
  • Jan 11, 2010 8:53pm Jan 11, 2010 8:53pm
Actually...

What closes gap is trace back to the 4hr 24SMA support line (red) with dotted white line as first line of support. On the last break to the north, we took 2 runs at the 200EMA with its first bounce off of these supports....

Ima guess, if we try this again, we gunna break that line and be the long chart. But we gotta see if we hold support first.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #192,188
  • Jan 11, 2010 8:55pm Jan 11, 2010 8:55pm
Quoting negro wolf
ANY ONE have any idea about
GBP-CHF ??

AS I AM SHORTING ........-35

Good Luck
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The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #192,189
  • Jan 11, 2010 8:57pm Jan 11, 2010 8:57pm
was just about to say we could get a nice little bounce of the weekly open , just a tad late lol
  • #192,190
  • Jan 11, 2010 9:03pm Jan 11, 2010 9:03pm
Quoting Baby-Trader
After current H4 bar closing for USDJPY, maybe a strong BUY signal.
Talking about the yen this is a short extract from a good analyst:

"If Japan hits the debt wall then a run on the yen could occur. This could in turn trigger the "beggar-thy-neighbour" policies that often occur when a key currency is suddenly devalued and everyone leaps to push their currency lower so as not to lose competitive advantage."

Is in a letter looking at what's next for 2010. I hear elseware about the yen and how expensive it is.

For the full article (long and fundamental)

http://www.gold-eagle.com/gold_diges...man010910.html

But i know is not so usefull as here we don't make yearly desicions

The guys there are gold bugs (I use to read their articles when gold was $800
They know.
  • #192,191
  • Jan 11, 2010 9:05pm Jan 11, 2010 9:05pm
Quoting Magix
Personally...I don't spend a lot of time looking for chart patterns...I watch for support and resistance ranges....
Like u said on the 4h we could bounce right up to 162.. think she's done trying? Nope.
  • #192,192
  • Jan 11, 2010 9:07pm Jan 11, 2010 9:07pm
Quoting Baby-Trader
If I were you, I will not make it.
see attached
You were right. That was a -15, anyway got some from selling.
  • #192,193
  • Jan 11, 2010 9:30pm Jan 11, 2010 9:30pm
Took an agressive position shorting at 1.684. Got greedy but can afford the lose be that the case.

From another post i remebered the contradiction, the two styles of trading,
one buying on support and selling on resistance, and... the opposit?...
shorting on break from support and long from break resistance.

This time i did sell on break. I also recall a competition on fxcm where the winner did that, earn from the raging

Ok. One last thing excuse me for the bad quality of my posts but i'll get better.

baby-trader THANKS http://cdn.forexfactory.com/images/icons/pound.gif
  • #192,194
  • Jan 11, 2010 9:45pm Jan 11, 2010 9:45pm
Entry 6063
TP 6076
SL 6048

Took 13 pips after i saw the reaction to my 300 SMA Expo on 1 hr. Usually holds very strong when it locks above or below on the 1hr/4hr.
  • #192,195
  • Jan 11, 2010 10:04pm Jan 11, 2010 10:04pm
went long @ 6079, i selected heads and the coin toss yielded heads, so went long

by the way its 1 hour charts.
  • #192,196
  • Jan 11, 2010 10:07pm Jan 11, 2010 10:07pm
Quoting forexlion
went long @ 6079, i selected heads and the coin toss yielded heads, so went long

by the way its 1 hour charts.
forgot to add the chart
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  • #192,197
  • Jan 11, 2010 10:13pm Jan 11, 2010 10:13pm
i am long too here. hoping the same bull like yesterday morning
  • #192,198
  • Jan 11, 2010 10:19pm Jan 11, 2010 10:19pm
Quoting Magix
Personally...I don't spend a lot of time looking for chart patterns...I watch for support and resistance ranges. We are below support on the right shoulder, and it needs unless i am mistaken to be the higher of the shoulders...I just thought I would point it out and why it should play out.

Not that it much matters, a close of the gap has been imminent, and where we go from there is what matters. On a 4 hour chart we are still above support even at close of shoulder and gap....sooooooooo...bounce, continue down????

That is the question you should...

Hi Magix,

I am looking at your H4, looks to me when the Yellow line 200EMA (circle in gray) at the high of the candle, it shows downward call to 1.6012. I am looking a short to this level.

I short at 1.6090, target 1.6020. SL 1.6125

Just sharing my observation. Correct me if I am wrong.
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  • #192,199
  • Jan 11, 2010 11:41pm Jan 11, 2010 11:41pm
LONG @ 1.6092
  • #192,200
  • Jan 11, 2010 11:54pm Jan 11, 2010 11:54pm
Good Evening..I am back for more

Here is my current 1M chart. I had a nice Asian session and probably should not trade, but we'll see what happens.

55sma has positioned itself between the 100 and 200 SMA with the 5M, 15M, and 30M all pointing up. H1 is in a neutral position with downward bias because that is where it came from. With price currenty sitting at the 200SMA. Although the 55SMA on the 5M looks like it could go down into bullish territory anytime.

According to the 4H chart, I am thinking we could see 1.5950 sometime soon, but will play my charts as I see them.

Good trading everyone.

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