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Cable Update (GBPUSD)

  • #204,321
  • Mar 8, 2010 3:10pm Mar 8, 2010 3:10pm
Quoting kill56
bro the green lines show me the trend down

the blue line is the top of the trend it was 15200 which is line no 1 red no 2 is where i see it going 14940 no. 3 red is the target if we break no 2 which is the bottom of the square i might be wrong
Okay, your playing a channel. I see it, so per your chart any sign of weakness now is a trigger to play short? If that's the case I definitely see your point of view. How do you draw your trendlines to create the channel? Any set rules or timeframes? I definitely see where your coming from though.
  • #204,322
  • Mar 8, 2010 3:10pm Mar 8, 2010 3:10pm
Quoting nAVIN2007
thanks bro
Good to see your posts and charts.

Interesting pins on weekly: E/U, E/G, G/U and U/Chf.

G/J up nicely (+400), E/U and G/U Longs bouncing around as expected over next few days.

G/U bounce from weekly Trendline at 61.8% retacement, formed pin bar and will enter another long at weekly pin bar 50% retracement. As you know, I never risk more than 1%-2%, so I can leave these other two to do their work and add further positions once each position locked in at break Even.

If I'm wrong, then the market wasn't right for my entry and I'll wait for the next setup.

All the best

http://www.forexfactory.com/showthre...99926&page=344
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd01.gif Size: 20 KB
  • #204,323
  • Mar 8, 2010 3:17pm Mar 8, 2010 3:17pm
Quoting JRoyal
Okay, your playing a channel. I see it, so per your chart any sign of weakness now is a trigger to play short? If that's the case I definitely see your point of view. How do you draw your trendlines to create the channel? Any set rules or timeframes? I definitely see where your coming from though.

try this indi for all time u will like
Attached File(s)
File Type: ex4 SHI_Channel_true.ex4   6 KB | 211 downloads
File Type: mq4 SHI_Channel_true.mq4   7 KB | 234 downloads
  • #204,324
  • Mar 8, 2010 3:29pm Mar 8, 2010 3:29pm
Quoting kill56
JR tell what u see on daily chart
This chart details my views. The chart shows the 61% fib line from the up move that started Jan 09 and ended Aug 09. You can see the reaction of the market at that level. We got a trendline break to the upside. Historically after a trendline break there is a retrace back in the direction of previous trend (in this case that would be down) and the buyers who caused the trendline break would be looking to get back in at 50%, 61%, or possibly the 78% retrace levels which I figured it would do because the market is so bearish but we haven't had a retrace deeper than about 38%. So those buyers haven't entered yet. But now if we close down today we will be breaking the up trend that the 61% level (blue line) created and the bias would be back to bearish.

So what happens when we get to the 50%-78% retracement levles up this up move. Bulls going to jump in still or is it going punch right through it. There will be a response at those levels but will the bigger picture bulls really make this a strong rally or just are all the bulls gone for now. Hard to tell Very strange that we haven't been down there at all yet.

Also those redlines represent the retracement fibs for the lasted fractal (down move) that started Feb. 23. You see today we had a sell off the 50% level.
Attached Image (click to enlarge)
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  • #204,325
  • Mar 8, 2010 3:30pm Mar 8, 2010 3:30pm
coming from the dead hoping to prove i am right been wrong alot of times but i learn every day from ppl are humble willing to teach and spend the time trying to show me the right path others love to showoff all the thanks to the great ppl in this room
  • #204,326
  • Mar 8, 2010 3:33pm Mar 8, 2010 3:33pm
Quoting direct-trade
Good to see your posts and charts.

Interesting pins on weekly: E/U, E/G, G/U and U/Chf.

G/J up nicely (+400), E/U and G/U Longs bouncing around as expected over next few days.

G/U bounce from weekly Trendline at 61.8% retacement, formed pin bar and will enter another long at weekly pin bar 50% retracement. As you know, I never risk more than 1%-2%, so I can leave these other two to do their work and add further positions once each position locked in at break Even.

If I'm wrong, then the market wasn't right for my entry and...
i agree buddy completely always nice to see yur views as well..cause u dont miss much and very often i share same thoughts..lets see if they play out, we have good probability
  • #204,327
  • Mar 8, 2010 3:34pm Mar 8, 2010 3:34pm
Quoting kill56
try this indi for all time u will like
I trade with Dukascopy on my main account and Metatrader for my other accounts. I'll give this indicator a look on my mini account and see what it looks like. Thanks. I'm not a big indicator guy being that too much on my screen just makes me indecisive but I'll def give it a look. Thanks
  • #204,328
  • Mar 8, 2010 3:35pm Mar 8, 2010 3:35pm
Quoting JRoyal
This chart details my views....
thanks bro i see where u coming from
  • #204,329
  • Mar 8, 2010 3:38pm Mar 8, 2010 3:38pm
Quoting nAVIN2007
i agree buddy completely always nice to see yur views as well..cause u dont miss much and very often i share same thoughts..lets see if they play out, we have good probability

Nav, do you still like the long?
  • #204,330
  • Mar 8, 2010 3:49pm Mar 8, 2010 3:49pm
Quoting forexlion
you are the man, good analysis
Thank's Lion...
I'm (still) BEGINNER... need Learn much more.

Your One's Senior Trader who I follow... malcolmb14 also
I got the Best of Science you're.
Always looking the GREAT, never left GOOD Point...
  • #204,331
  • Mar 8, 2010 3:54pm Mar 8, 2010 3:54pm
Quoting JRoyal
I trade with Dukascopy on my main account and Metatrader for my other accounts. I'll give this indicator a look on my mini account and see what it looks like. Thanks. I'm not a big indicator guy being that too much on my screen just makes me indecisive but I'll def give it a look. Thanks
how is dukas copy?
  • #204,332
  • Mar 8, 2010 3:58pm Mar 8, 2010 3:58pm
Quoting witsnpips
how is dukas copy?
They are great! Excellent spreads and pretty accurate execution. I also live trade with Interbank FX on MT platform and my spread on GBPUSD is 4 pips while on dukascopy I'm getting normally about 2 pips. I pay $18 per million traded on top of the spread but that's still cheaper than a full time 4 pip fixed spread.

I don't move money in and out of the account often so I can't speak to how easy or difficult it is to constantly deposit and withdraw money but purely trading is good.
  • #204,333
  • Mar 8, 2010 4:33pm Mar 8, 2010 4:33pm
To be honest, I have a long position on right now from 5131, but the 1hr looks like a bear flag testing the support of the up channel.

On the daily it says bear flag.

weekly kinda says long, but there could easily be good retracement to even retest the low of the pin, by which time it may be time to go short?

looking at the previous consolidation phase from 8th feb to the 17th feb, this would suggest a good short.

In summation if it breaks the support channel its short, if its breaks the top of the last high its long. For the week at least!

After that i dont know!
  • #204,334
  • Mar 8, 2010 4:56pm Mar 8, 2010 4:56pm
few pips to go not bad from 65
  • #204,335
  • Mar 8, 2010 5:00pm Mar 8, 2010 5:00pm
Quoting direct-trade
Good to see your posts and charts.

Interesting pins on weekly: E/U, E/G, G/U and U/Chf.

G/J up nicely (+400), E/U and G/U Longs bouncing around as expected over next few days.

G/U bounce from weekly Trendline at 61.8% retacement, formed pin bar and will enter another long at weekly pin bar 50% retracement. As you know, I never risk more than 1%-2%, so I can leave these other two to do their work and add further positions once each position locked in at break Even.

If I'm wrong, then the market wasn't right for my entry...
Welcome back DT.

Much as I am still short side biased based on other indicators for the weekly and monthly, I cannot just throw away the idea of the pin bar from last week, and think that we are heading for a little more north.

So, on your longer term analysis, I have the same feeling as well, and have projected targets into the 1.53 area.

That being said, a pin bar in as much as I can remember from my reading is only validated by the following candle, which of course will be this weeks close. I have circled a couple of examples on your chart showing that the buys off bottom or sells off top were negated by the following week.

It has only been recently that I have started to watch the individual sessions and their movement. One thing that concerns me is that the bottom of the chart is owned by London only, they were the ones who sold to bottom and bought back up, not crossing over with any other sessions. This makes me wonder if we will see other sessions wanting to take that same free fall and if nothing else have an opportunity to buy from the same point to carry into a longer term hold.

>>Shrugs Shoulders<<

My expectations for longs have been stifled by my own personal rules of trading thinking that we haven't got the same support as we gained last week with exception of price points, for me indicating another possible downthrust.

I am showing the resistance line on my chart, the hourly, and the support line that we are below on the H4.

This IS NOT a challenge, and in all honesty, I do welcome a second look at the charts, and even more so when they are supported with your risk management.

Long story short...
Question is...Do you think the worst is over for the longer term?
What are your topside targets?
Do you think other sessions will try to drive down the price for cheaper seats for the ride?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: dt.gif Size: 21 KB
Click to Enlarge Name: short.jpg Size: 215 KB
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  • #204,336
  • Mar 8, 2010 5:13pm Mar 8, 2010 5:13pm
Hi All...

While there is a bear flag that has been forming - based on the trendlines and past PA, it feels like shes gonna go up and down a bit further. By the book - the value of this flag breaking seems to be quite significant. If she goes...Could go to 1.4400

I will short if price enters the rectangle (1.4950 to 1.5000 +/-)
I will consider a short in the smaller circle (1.5250 +/-)
I will short if price reaches the larger circle (1.5350 +/-)

Good luck,
BR
Attached Image (click to enlarge)
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  • #204,337
  • Mar 8, 2010 5:19pm Mar 8, 2010 5:19pm
Quoting forexlion
subject to the positon of the sun, moon and balls a small 25 pips scalp long will play out soon

thanks for the 25 pip sell scalp
Blogging daily now at www.volume.zone
  • #204,338
  • Mar 8, 2010 5:38pm Mar 8, 2010 5:38pm
how should i trade charts indicators economic news events politics

all above or

why we did nit reach 15200 why we are going down instead of going up ist the pin bar we had on weekly or the cable cant go up coz UK have a weak economy ist the strong dixy oil is up gold still holding dammmmmmm dow is up too will hell no back to trade what i see its crackforex and i am high
  • #204,339
  • Mar 8, 2010 7:09pm Mar 8, 2010 7:09pm
Glad i took that short hedge!
  • #204,340
  • Mar 8, 2010 8:05pm Mar 8, 2010 8:05pm
M30 Chart Pattern :
Attached Image (click to enlarge)
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Always looking the GREAT, never left GOOD Point...
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