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Cable Update (GBPUSD)

  • #204,221
  • Mar 8, 2010 10:32am Mar 8, 2010 10:32am
Quoting Magix
Just starting to thwart with 24SMA on 4hr...that was our support line from Friday.

It's a fair risk imo...

A close below, we got a long way to play down, if this holds, we still looking topside targets 1.5320 imo.
yup that's possible, I agree. But if for the h4 i'd wait for a confirmation candle tho tbh because the lower tf were headed lower with no reversal in sight yet.
EU is taking a beating btw.
Thank You
  • #204,222
  • Mar 8, 2010 10:32am Mar 8, 2010 10:32am
has gone fast ... has been stopped ... made another "chill out" : )
GBPUSD is acting like a newbie level demo of trend line classes lesson
  • #204,223
  • Mar 8, 2010 10:33am Mar 8, 2010 10:33am
Quoting forexlion
Okay, I am shorting cable to 5075 the weekly pivot
Quoting malcolmb14
thanks for long entry Preet ....
Quoting Ctic
I got in long too...ty.
Quoting forexlion
Upside should be limited by 5176 bringing fall resumption
Quoting forexlion
no problem, enjoy it if you manage to get it
Quoting malcolmb14
thanks for target
Quoting forexlion
with 1 hour macd loosing strength its a waiting game
Quoting forexlion
5176 is kiss of death level as per daily currently

unless daily macd turns otherwise

the last time it happened was 16 feb, check my chart
Quoting forexlion
and we have 2 important supports to break along the way

the last week close and current week open, this excludes sunday trading
Quoting forexlion
Ihope Malcolm is enjoying his long
Quoting Ctic
We are...I even got another with that dip you showed.
Quoting forexlion
Okay, I am shorting cable to 5075 the weekly pivot
I am loving this

Plan Your Trade the Trade Your Plan

My target 5075 was met and trade closed , will decide new short later.

I hope Malcolm loves going against me and the visible trend
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  • #204,224
  • Mar 8, 2010 10:34am Mar 8, 2010 10:34am
Quoting wormboy
yup that's possible, I agree. But if for the h4 i'd wait for a confirmation candle tho tbh because the lower tf were headed lower with no reversal in sight yet.
EU is taking a beating btw.
gold got whacked pretty good too , lots of manipulation today lol
  • #204,225
  • Mar 8, 2010 10:37am Mar 8, 2010 10:37am
Quoting wormboy
yup that's possible, I agree. But if for the h4 i'd wait for a confirmation candle tho tbh because the lower tf were headed lower with no reversal in sight yet.
EU is taking a beating btw.
Confirmation candle for down will come on close of the 4...

And I am seeing the same thing as Friday as of current.

A drawdown was needed to sustain the longside charts, only 30m confirmed, but played to the 1hr resist without playing through confirmation.

Draw down was needed.

Too much draw down, and we re-engage short side. But the way I see it, we not done yet.

Just gettin jiggy is all.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #204,226
  • Mar 8, 2010 10:39am Mar 8, 2010 10:39am
Quoting forexlion
I am loving this

Plan Your Trade the Trade Your Plan

My target 5075 was met and trade closed , will decide new short later.

I hope Malcolm loves going against me and the visible trend

Lion, you got your retracement! good one.

But lets not call it back on the bear train just yet!

Weve been in a range for 3 days and strong support is at 1.5000.
  • #204,227
  • Mar 8, 2010 10:46am Mar 8, 2010 10:46am
Quoting alex1976
Lion, you got your retracement! good one.

But lets not call it back on the bear train just yet!

Weve been in a range for 3 days and strong support is at 1.5000.
All I am saying is that the time is not right to consider longs just yet

Cable needs 2 to 7 days on daily charts to confirm a long entry

And definitely needs to break 5195 for it

The kiss of death level played out very well indeed.
  • #204,228
  • Mar 8, 2010 10:49am Mar 8, 2010 10:49am
Quoting JRoyal
I was one of the ones claiming this thing was headed back up to the 1.5600-1.5900 area but todays action concerns me....
1.56-1.59 isn't even close to a fair assessment of charts...

We could still crap grand scale at the full cover trade area just above 1.53.

Calling 800-1000 pips off bottom is remiss IMO. This takes what you have had to say and turns you into a dart board hopeful, chiming in like a newb.

Realistic targets and actual charting goes a long way in suggesting possibilities.

As much muck as was flung about amateurs using moving averages, and how laggy they are, I would have thought that Friday would have been a fair to decent testament of what might and can happen.

I am not saying we will never see those target ranges, but seriously, lets not put the cart before the horse.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #204,229
  • Mar 8, 2010 10:49am Mar 8, 2010 10:49am
Quoting forexlion
All I am saying is that the time is not right to consider longs just yet

Cable needs 2 to 7 days on daily charts to confirm a long entry

And definitely needs to break 5195 for it

The kiss of death level played out very well indeed.
u right! ..but i had to try
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  • #204,230
  • Mar 8, 2010 10:51am Mar 8, 2010 10:51am
Quoting forexlion
All I am saying is that the time is not right to consider longs just yet

Cable needs 2 to 7 days on daily charts to confirm a long entry

And definitely needs to break 5195 for it

The kiss of death level played out very well indeed.

your right lion, as on the 1hr it clearly shows an up trending channel, not a solid uptrend.

Yes, on the daily we are still in a downtrend.
  • #204,231
  • Mar 8, 2010 10:51am Mar 8, 2010 10:51am
i think last 2 hours of trading were a great example why daily average indicator shouldn't be so underrated ...
101 % - Simple as that ...
  • #204,232
  • Mar 8, 2010 10:52am Mar 8, 2010 10:52am
Quoting alex1976
Lion, you got your retracement! good one.

But lets not call it back on the bear train just yet!

Weve been in a range for 3 days and strong support is at 1.5000.
On the chart below I have marked what is considered a good long entry and a good short entry

Now unless that condition is not met, entering a trade against the trend is suicidal

However on lower time frames subject to this condition being met scalping can be done.
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  • #204,233
  • Mar 8, 2010 10:56am Mar 8, 2010 10:56am
Quoting alex1976
your right lion, as on the 1hr it clearly shows an up trending channel, not a solid uptrend.

Yes, on the daily we are still in a downtrend.
even 1 hour was showing weakness as the Linear regression line in orange and the time series forecast in magenta had divorced their marriage and were moving apart already.
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  • #204,234
  • Mar 8, 2010 10:57am Mar 8, 2010 10:57am
for how long he will sleep to 14940
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  • #204,235
  • Mar 8, 2010 10:59am Mar 8, 2010 10:59am
Quoting forexlion
even 1 hour was showing weakness as the Linear regression line in orange and the time series forecast in magenta had divorced their marriage and were moving apart already.

lion give me back my 5b u got u 90 pips
  • #204,236
  • Mar 8, 2010 11:00am Mar 8, 2010 11:00am
Quoting forexlion
On the chart below I have marked what is considered a good long entry and a good short entry

Now unless that condition is not met, entering a trade against the trend is suicidal

However on lower time frames subject to this condition being met scalping can be done.

lion are you saying that the moving averages on your chart must cross for you to change your direction?
  • #204,237
  • Mar 8, 2010 11:03am Mar 8, 2010 11:03am
Quoting alex1976
lion are you saying that the moving averages on your chart must cross for you to change your direction?
Not crossing its the slope

"\" this is a down trending slope

"--" is a flat slope, showing possible trend change

"/" is an up trending slope
  • #204,238
  • Mar 8, 2010 11:03am Mar 8, 2010 11:03am
Quoting Magix
1.56-1.59 isn't even close to a fair assessment of charts...

We could still crap grand scale at the full cover trade area just above 1.53.

Calling 800-1000 pips off bottom is remiss IMO....
You have a right to disagree. As far as the reasoning why I said such a distant target was possible is due to the energy that created the turn. Position traders and large cap players who were bullish the pair and entered orders up from the low last Jan to the high in August that were looking to re-enter the market at a 50% or 61% fibo got there chance. When we get a trendline break upward on a daily chart possibly confirming that buying pressure, you have to pay attention. Monthly level moves generally runs right through daily and short term resistance which is what everything under the 1.5550 level is.

Think about it, that's 8 months of buying, don't you think they're going to protect their positions? With that said the charts don't lie. It appears there may not be enough of those buyers who still maintain a bullish bias and there may not be enough of them to create the pressure to push it up there but to not consider that possibility is not a option for me when opening and closing my positions.

As far you discounting my diagnoses and calling me a newb.......Well, like I said. I'm a full time trader who is just here to add to the board not get into "who's the best trader" arguments with fellow posters so feel free to insult me any way you want. Good luck
  • #204,239
  • Mar 8, 2010 11:13am Mar 8, 2010 11:13am
Quoting dukeofdents
Okay, screw all the fundamentals, right? Everyone is flipping about this big move off housing starts but before that the charts said to go long on USD, right? I don't care what anyone says, I'm a patriotic American and I'm holding my USD longs!

I will throw all of my heart, soul, and money at American hegemony until I can throw no more, then I will borrow it!

In the meantime I'm going long on Yen!
nice ...
  • #204,240
  • Mar 8, 2010 11:15am Mar 8, 2010 11:15am
Quoting JRoyal
You have a right to disagree....
i agree with u completely infact any1 who knows how to trade can see your a good trader..u have my vouch!!

any descent trader would take a chance here to long especially after taking weekly into account..u just need to be able to see mm
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