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Cable Update (GBPUSD)

  • #203,761
  • Mar 5, 2010 8:53am Mar 5, 2010 8:53am
Quoting John D
Forexlion, how's that Advanced GET EOD working out for you?

JD
I Love It
  • #203,762
  • Mar 5, 2010 8:53am Mar 5, 2010 8:53am
Quoting Flo7
Might close my position if I see a full green candle above 50MA...
Not sure what 50MA your talking about Flo.

Perhaps, you could post a chart with the time frame you watch, and better define which 50MA you are watching....


I am not saying you are right or wrong, but I hate to assume what people are saying, when it is so easy to just ask.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #203,763
  • Mar 5, 2010 8:57am Mar 5, 2010 8:57am
Quoting ams
Calm down folks, nothing's happening until we hear from EU, perhaps this weekend.

Cable might stay in this 200 pip channel for a while. "Big Guys" who were covering their shorts by buying are not doing anymore neither selling, decision awaited.

Also, there is no major UK news until wednesday next week and nothing for US until thursday (how depressing). Market will be manipulated to the fullest so trade safe.


ta
ams

i think evry body waiting for what the eu will do for greece if they fail to act we are going deep south and the eu will drag the cable with it
  • #203,764
  • Mar 5, 2010 8:59am Mar 5, 2010 8:59am
Quoting Magix
Not sure what 50MA your talking about Flo.

Perhaps, you could post a chart with the time frame you watch, and better define which 50MA you are watching....


I am not saying you are right or wrong, but I hate to assume what people are saying, when it is so easy to just ask.

Time frame - 15mns
MA - 50
The strategy I follow is very simple - if I have a green candle above it - buy signal - providing there is volume and vice versa for a sell signal

so here 1345 and 1430 are a sell signal...stop loss above the last high and target next S1 OR S2 depends on you...

Cant' post a chart as I am at work - I trade from work - oops!!
  • #203,765
  • Mar 5, 2010 9:01am Mar 5, 2010 9:01am
Quoting kill56
i think evry body waiting for what the eu will do for greece if they fail to act we are going deep south and the eu will drag the cable with it
Daily, Weekly and Monthly have no reason to take up a suicidal long position.
  • #203,766
  • Mar 5, 2010 9:01am Mar 5, 2010 9:01am
The beauty of the NFP report is that Unemployment remained steady even during a wintry period. Labour and economics now appear to be moving in the same direction. This kind of situation is not normally good for the Greenback but we've had a tumultous 2 weeks and so anything can happen.

Meanwhile, so far, GU and EU have been moving hand-in-glove. Considering that the latter does not have much room downstairs, the bears should be wary
  • #203,767
  • Mar 5, 2010 9:01am Mar 5, 2010 9:01am
Quoting Flo7
Time frame - 15mns
MA - 50
The strategy I follow is very simple - if I have a green candle above it - buy signal - providing there is volume and vice versa for a sell signal

so here 1345 and 1430 are a sell signal...stop loss above the last high and target next S1 OR S2 depends on you...

Cant' post a chart as I am at work - I trade from work - oops!!
1400 and 1430 are a sell signal...
  • #203,768
  • Mar 5, 2010 9:02am Mar 5, 2010 9:02am
Quoting Flo7
Time frame - 15mns
MA - 50
The strategy I follow is very simple - if I have a green candle above it - buy signal - providing there is volume and vice versa for a sell signal

so here 1345 and 1430 are a sell signal...stop loss above the last high and target next S1 OR S2 depends on you...

Cant' post a chart as I am at work - I trade from work - oops!!
Gotcha.



Plan your trades, trade your plans...

Go with the Flow, Flo.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #203,769
  • Mar 5, 2010 9:05am Mar 5, 2010 9:05am
Quoting Magix
Gotcha.



Plan your trades, trade your plans...

Go with the Flow, Flo.
  • #203,770
  • Mar 5, 2010 9:07am Mar 5, 2010 9:07am
Quoting forexlion
Daily, Weekly and Monthly have no reason to take up a suicidal long position.

true bro that was my view from last week and we are back to the old view cable below 140000 eu to 12000 when i think we are geting there slowly but surly
  • #203,771
  • Mar 5, 2010 9:08am Mar 5, 2010 9:08am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
It's very clear that Germany will not bail out Greece it sets a BAD example of existing govt and to other EU countries should they seek support.
IMF needs stepping but, that's also complex since IMF is supported/funded by countries across the globe and some (big boys) might have objection to it since it's technically europe and as euro as single dominating currency in use it should be supported by europe not IMF. Hence the reason hedge funds are betting tonns of money against EU.

I have doubts that pound will see the daylight of 160 soon, and Euro above 140.

All the reasons in the world not to buy for long term, and all the reasons on the chart to buy short term

Let's play each day as it comes.



Quoting kill56
i think evry body waiting for what the eu will do for greece if they fail to act we are going deep south and the eu will drag the cable with it
  • #203,772
  • Mar 5, 2010 9:14am Mar 5, 2010 9:14am
Quoting kill56
i think evry body waiting for what the eu will do for greece if they fail to act we are going deep south and the eu will drag the cable with it

Don't be too sure. We're dealing with politicians and diplomats here. They will blow hot air as usual and at the end, will cause more confusion in the market
  • #203,773
  • Mar 5, 2010 9:16am Mar 5, 2010 9:16am
hi magix, this is my h4 chart of the past one week. can i ask which h4 support you mentio has been holding since sunday/monday?

Quoting Magix
Dunno mango.

Every downside push over the last 6 weeksish has been a lot stronger than what we are seeing.

Every time we have seen a support line, and especially after covering the retrace zone, we crash deep into a new low.

That last low from Sunday/Monday still seems to be holding, and the downward pressure weakening.

I am not saying buy...but until we close that below that H4 support, I am still gunna trade the longs.
Attached Image
  • #203,774
  • Mar 5, 2010 9:19am Mar 5, 2010 9:19am
well then we are going back to short term trading and the dam moving averages m1 m5 m15 m30 charts ( scalp ) dam i love to hit and run wise man u are wanted dead or alive
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  • #203,775
  • Mar 5, 2010 9:21am Mar 5, 2010 9:21am
Quoting coolshades
hi magix, this is my h4 chart of the past one week. can i ask which h4 support you mentio has been holding since sunday/monday?
Draw any tom, dick or harry support and say its holding, how does it matter where it is
  • #203,776
  • Mar 5, 2010 9:22am Mar 5, 2010 9:22am
Quoting kill56
i think evry body waiting for what the eu will do for greece if they fail to act we are going deep south and the eu will drag the cable with it
Quoting forexlion
Daily, Weekly and Monthly have no reason to take up a suicidal long position.
Hey forexlion,
You're Missed News in My Post #203356
Always looking the GREAT, never left GOOD Point...
  • #203,777
  • Mar 5, 2010 9:23am Mar 5, 2010 9:23am
Quoting coolshades
hi magix, this is my h4 chart of the past one week. can i ask which h4 support you mentio has been holding since sunday/monday?
A little cornfusion my friend.
The low that was set Sunday/Monday is the low that is holding.

The support is one that we crossed over on the 3rd. 24SMA on 4hr chart.

I work off of moving averages, not price points or hand drawn lines. Support for me looks a little different than does many...holding inside of support on a moving average to me says...market doesn't want to go lower yet.

Red line on the chart, and the hand drawn green line.

Price has moved down and has pierced this line, but we haven't closed below.

To me, that is not necessarily a buy time, but not a reason to get all giddy about the next 500 pip downward spiral yet.

From there, I take trades on the lower time frames.
Attached Image (click to enlarge)
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #203,778
  • Mar 5, 2010 9:23am Mar 5, 2010 9:23am
GU attempting to breach 1.5070 if it does I will continue to add my longs.
  • #203,779
  • Mar 5, 2010 9:27am Mar 5, 2010 9:27am
monthly
Attached Image (click to enlarge)
Click to Enlarge Name: monthly cable.gif Size: 30 KB
  • #203,780
  • Mar 5, 2010 9:29am Mar 5, 2010 9:29am
Quoting Tsar
Hey forexlion,
You're Missed News in My Post #203356
well,well, well

now that is something interesting

being a known fact that goldman sachs has been supporting greece for over a year now and with germany out,

the trouble there is far far deeper then i thought

if european union still helps greece somehow then euro will tumble faster.
germany is barely protecting its own economy by staying out of the mess
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