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Cable Update (GBPUSD)

  • #202,881
  • Mar 2, 2010 8:42am Mar 2, 2010 8:42am
IF support holds, and IF I get confirmation to longside...

1.5047 would be target.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #202,882
  • Mar 2, 2010 8:44am Mar 2, 2010 8:44am
Quoting JRoyal
I'm long, but with caution. I've been long since this morning and I see it making it to the 5083 level. It's not that the market can't continue down forever without a significant pull back but historically, it just doesn't. We're at a 61% retrace level from the move up that started Jan. 09. Weakness has appeared in the charts since yesterday so this is probably as good a time as any to go long if counter trend trades are in your arsenal.
where ??
  • #202,883
  • Mar 2, 2010 8:45am Mar 2, 2010 8:45am
BBC's take on the falling £ -

http://news.bbc.co.uk/1/hi/programme...cs/8545573.stm

More commentary on why the £ is suffering -

http://www.bbc.co.uk/blogs/dailypoli..._pounding.html

Obviously long-term the trend is bearish, even if the long-term charts say that we have come to the end of the bear run. Short-term it is having a breather, but everyone is gunning for the £!
  • #202,884
  • Edited 8:59am Mar 2, 2010 8:45am | Edited 8:59am
Quoting kill56
bro the coin told me to go west
Coin immediately favored the bulls.

I dont play bull on bear field, I will wait till they win the quarter.

There is still a lot of range to be played and as for right now...200ema on 5m is on deck.

The way this typically plays out, is we see next time frame support spike and than massive exodus.

Sooooooooooooooooooooo...

Depending on the next 15m...a lot can happen.

Reconfirmation of southside on the 5 might still be the easiest and a new LOD can still be set as well.

And yeah, with London close, that could be the next play, sideways for the next 8 hrs in a 20 pip chan...

Here's the chart if we close confirmation bulls...New HOD.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #202,885
  • Mar 2, 2010 8:54am Mar 2, 2010 8:54am
Bulls don't give up !
  • #202,886
  • Mar 2, 2010 9:03am Mar 2, 2010 9:03am
Quoting forexlion
where ??
I've spent alot of times studying charts like most others on this board. I couldn't explain my methodology in just a few sentences but basically what I've learned is that pros enter positions based on targets and amateurs wait for a lot of confirmation. When a low is put in like yesterday at a high probability reversal point (61% fibo) retraces to a point (50%) level then begins to fall but fails to make a new low. That's weakness.

You could wait until the market moves and in that direction on longer times frames and wait for indicators to tell you but that puts you in the position of the ones moving the market up instead of already being in before it starts to move.

Not the way to trade for everyone but I've found it works best for me. It's nowhere near as simple as what I just said but at the same time it's really just that simple. If that makes sense.
  • #202,887
  • Mar 2, 2010 9:03am Mar 2, 2010 9:03am
well magix currently holding long lol, waiting to see what happens here , keeping an eye on the 24sma on the 15 minute also
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  • #202,888
  • Mar 2, 2010 9:16am Mar 2, 2010 9:16am
Quoting digger1
well magix currently holding long lol, waiting to see what happens here , keeping an eye on the 24sma on the 15 minute alsoAttachment
Today I stayed away from the cable and trade on EUR/GBP - still managed +34 pips like yesterday and no loss - baby steps - my trading has improved a lot in the last few days -

Happy trading
  • #202,889
  • Mar 2, 2010 9:17am Mar 2, 2010 9:17am
Quoting Flo7
Today I stayed away from the cable and trade on EUR/GBP - still managed +34 pips like yesterday and no loss - baby steps - my trading has improved a lot in the last few days -

Happy trading
awesome flo, glad to hear your doing well , keep on keeping on
  • #202,890
  • Mar 2, 2010 9:27am Mar 2, 2010 9:27am
hola millionaires
Thank You
  • #202,891
  • Mar 2, 2010 9:27am Mar 2, 2010 9:27am
Quoting digger1
well magix currently holding long lol, waiting to see what happens here , keeping an eye on the 24sma on the 15 minute alsoAttachment
out at 1.4950 (200ema) on 5 minute chart,I have had a good day not going to get greedy now. Cheers all
  • #202,892
  • Mar 2, 2010 9:28am Mar 2, 2010 9:28am
Quoting wormboy
hola millionaires
hey strong kung fu wormie how you doing man lol
  • #202,893
  • Mar 2, 2010 9:30am Mar 2, 2010 9:30am
Quoting digger1
hey strong kung fu wormie how you doing man lol
doing good my digger you?
Thank You
  • #202,894
  • Mar 2, 2010 9:32am Mar 2, 2010 9:32am
Quoting wormboy
doing good my digger you?
just fine bro just fine ha ha
  • #202,895
  • Mar 2, 2010 9:34am Mar 2, 2010 9:34am
Quoting digger1
just fine bro just fine ha ha

so are we buying yet? or are we flat?
Thank You
  • #202,896
  • Mar 2, 2010 9:36am Mar 2, 2010 9:36am
Quoting wormboy
doing good my digger you?
better than fine actually with a few of magix charts set up and going with the other things I use , no complaints at all . Glad to c you are doing well altho you bailed a little early on your gbpusd shorts , I am sure you made up scalping tho ha ha
  • #202,897
  • Mar 2, 2010 9:36am Mar 2, 2010 9:36am
Quoting JRoyal
I've spent alot of times studying charts like most others on this board. I couldn't explain my methodology in just a few sentences but basically what I've learned is that pros enter positions based on targets and amateurs wait for a lot of confirmation. When a low is put in like yesterday at a high probability reversal point (61% fibo) retraces to a point (50%) level then begins to fall but fails to make a new low. That's weakness.

You could wait until the market moves and in that direction on longer times frames and wait for indicators to tell...
As a newbie/amateur, this sounds pretty similar to what I've been doing. Don't know exactly what phrases like reversal point and fibonocci retrace are because I have A LOT of learning to do, but because math is such a hobby of mine that I've decided to go back to school for a degree, forex has been the best outlet for me.

While trying to find reliable sources without getting my head cut off for asking, I've been trading off the 200 day simple moving average. I've finally obtained an indicator that alerts me when the price crosses 10 pips over or under the 200 day sma. I then check the trends for different time periods and trade the trend.

This seems like the best way a newbie/amateur can make pretty good pips while still learning. Just wish there was a way I could get more than four hours sleep. I'm sure there is, I just haven't learned it,yet.
  • #202,898
  • Mar 2, 2010 9:38am Mar 2, 2010 9:38am
Quoting wormboy

so are we buying yet? or are we flat?
nothing long term yet , have one lone lot from 1.4810 other than that just in and out
  • #202,899
  • Mar 2, 2010 9:44am Mar 2, 2010 9:44am
Quoting digger1
better than fine actually with a few of magix charts set up and going with the other things I use , no complaints at all . Glad to c you are doing well altho you bailed a little early on your gbpusd shorts , I am sure you made up scalping tho ha ha
yup, that 200ema on the m5 is very efficient no doubt. it's already in my bag of tricks
yea bailed a bit early on cable but rode the dragon all the way to the mud
but no, no scalping for the past few days, i've been sober lol
I bought cable earlier tho & holding now that it's safe.
Thank You
  • #202,900
  • Mar 2, 2010 9:45am Mar 2, 2010 9:45am
dam it room we are amateurs wait for a lot of confirmation thats why we do make money do we
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