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Cable Update (GBPUSD)

  • #216,681
  • Apr 13, 2010 6:49am Apr 13, 2010 6:49am
how long is a fibo valid for? If price touches the 38.2 and bounces back up but then meanders back down to 38.2 and shoots up but never further than 100% then when can one say, Fibo over, we need to look for breakout?

Hope I'm not annoying anyone with these questions?
@pawpaw1000 on Twitter
  • #216,682
  • Apr 13, 2010 6:49am Apr 13, 2010 6:49am
Quoting wormboy
it's taken. we go up
hey bro

how is u day
  • #216,683
  • Apr 13, 2010 6:53am Apr 13, 2010 6:53am
hows this for a fib study... Means we will be going WAY higher if it is valid...

this must be what bull...bear is looking at as this predicts around 5540 no//?
Attached Image (click to enlarge)
Click to Enlarge Name: fibo.png Size: 70 KB
@pawpaw1000 on Twitter
  • #216,684
  • Apr 13, 2010 6:56am Apr 13, 2010 6:56am
Quoting pawpaw1000
how long is a fibo valid for? If price touches the 38.2 and bounces back up but then meanders back down to 38.2 and shoots up but never further than 100% then when can one say, Fibo over, we need to look for breakout?

Hope I'm not annoying anyone with these questions?
Fibo can valid for months. Depends on what TF you're using it for. For me, my TF if from weekly to 4H. I never used fibo any lower than that. The goal of Fibo is to measure the length of the retracement. Personally, I first see how price reacts when its reached the fibo levels. Next, to ensure that you have a valid fibo, see how previous price reacts towards the fibo levels. you can refer to my last attachment to see what i mean.
  • #216,685
  • Apr 13, 2010 6:56am Apr 13, 2010 6:56am
Quoting pawpaw1000
how long is a fibo valid for? If price touches the 38.2 and bounces back up but then meanders back down to 38.2 and shoots up but never further than 100% then when can one say, Fibo over, we need to look for breakout?

Hope I'm not annoying anyone with these questions?

one way paw paw san, is to take the highest high and lowest low of the previous day and today session (preferably swing highs and lows) and setup your fib levels from them and keep them as long as they arent breached. when they do breach re-set to new highs and lows. Run your fib tool from the high down to the low in order to get your levels. Nice 'n easy. If you dont understand, email me and I will explain further.....
  • #216,686
  • Apr 13, 2010 6:57am Apr 13, 2010 6:57am
Quoting omiunu
Got my buy limit order at 1.5290. Holding my short until 1.5310
why don't you just follow your system?


earlier:

Quoting omiunu
Can some one please tell me i am not crazy :d
replied:

Quoting wormboy
why short when price is clearly above your midband?
might as well not use it ..

if, there is even a remote chance of price going back down to 5310, it'll be below your midband & you plan to go long?
Bad enough indicators lag when you have to use it, now you're stacking the odds against you by not even following the indicators you put up in the first place. You just decrease your odds of coming out with a bit of profit really ..
Good luck.
Thank You
  • #216,687
  • Apr 13, 2010 6:58am Apr 13, 2010 6:58am
Quoting kill56
hey bro

how is u day

doing good bro thanks. you?
Thank You
  • #216,688
  • Apr 13, 2010 6:58am Apr 13, 2010 6:58am
Quoting sensei
one way paw paw san, is to take the highest high and lowest low of the previous day and today session (preferably swing highs and lows) and setup your fib levels from them and keep them as long as they arent breached. when they do breach re-set to new highs and lows. Run your fib tool from the high down to the low in order to get your levels. Nice 'n easy. If you dont understand, email me and I will explain further.....

forgot to mention...u shud also put in your ADR high and ADR low levels in order to use a your daily movement guideline....Very important, paw paw san.
  • #216,689
  • Apr 13, 2010 6:59am Apr 13, 2010 6:59am
wall of sellers opened at the 40-50 level suggest it will need some breaking through. However once broken the short covering will kick in to perhaps the fib levels around 80 or further, so setting SL at 61

there's also alot of opened buy orders below 420, but i reckon they all have their TP at the 40-50 market anyway.

good luck all.
  • #216,690
  • Apr 13, 2010 7:00am Apr 13, 2010 7:00am
thanks guys...

Too bad but g2g...

Had a horrible training session this morning where we basically F^$ked each other up for 2hrs and got another one now in 30min...

French rugby, Gotta wonder if its worth it!!!

FOREX, SAVE ME!!!
@pawpaw1000 on Twitter
  • #216,691
  • Apr 13, 2010 7:01am Apr 13, 2010 7:01am
Quoting sensei
forgot to mention...u shud also put in your ADR high and ADR low levels in order to use a your daily movement guideline....Very important, paw paw san.
I never do that, And I know cloggs always uses it so I guess I should start havin a look at them!!!
@pawpaw1000 on Twitter
  • #216,692
  • Apr 13, 2010 7:01am Apr 13, 2010 7:01am
will dow oil down we did trade the news spike and cable is shy dixy holding near 80.50

if cable break above 15430 and we have a h1 open then we will go west other wise we will see new lows i might be wrong
  • #216,693
  • Apr 13, 2010 7:02am Apr 13, 2010 7:02am
Quoting pawpaw1000
thanks guys...

Too bad but g2g...

Had a horrible training session this morning where we basically F^$ked each other up for 2hrs and got another one now in 30min...

French rugby, Gotta wonder if its worth it!!!

FOREX, SAVE ME!!!

Bon rugby !!
Better safe than sorry
  • #216,694
  • Apr 13, 2010 7:02am Apr 13, 2010 7:02am
Quoting sensei
forgot to mention...u shud also put in your ADR high and ADR low levels in order to use a your daily movement guideline....Very important, paw paw san.

current situation is that we are very close to the ADR high, and have traded 101 pips in the daily range already, so odds are more in favour of a continued climb until the ADR is reached, after which we should see a
a significant retrace until tomorrow.... Cable average range over the past five trading days has been 145 pips
  • #216,695
  • Apr 13, 2010 7:03am Apr 13, 2010 7:03am
Quoting pawpaw1000
thanks guys...

Too bad but g2g...

Had a horrible training session this morning where we basically F^$ked each other up for 2hrs and got another one now in 30min...

French rugby, Gotta wonder if its worth it!!!

FOREX, SAVE ME!!!
Sounds like your training session runs in line with my trading sessions!
Back to basics, it has to be for me!
  • #216,696
  • Apr 13, 2010 7:03am Apr 13, 2010 7:03am
Quoting wormboy
doing good bro thanks. you?
not bad at all i love zulu
  • #216,697
  • Apr 13, 2010 7:05am Apr 13, 2010 7:05am
Quoting BadTradingFi
Sounds like your training session runs in line with my trading sessions!
@pawpaw1000 on Twitter
  • #216,698
  • Apr 13, 2010 7:05am Apr 13, 2010 7:05am
Quoting kill56
will dow oil down we did trade the news spike and cable is shy dixy holding near 80.50

if cable break above 15430 and we have a h1 open then we will go west other wise we will see new lows i might be wrong
Translation please?

And could you remind me again how the dxy relates to cable .. inverse relationship? And why...

Thanks
******************* I'd rather make money than be right.
  • #216,699
  • Apr 13, 2010 7:06am Apr 13, 2010 7:06am
g/u [h1] -bullish

g/u [d1] -bullish

good luck every one..

see you soon
  • #216,700
  • Apr 13, 2010 7:14am Apr 13, 2010 7:14am
Quoting pawpaw1000
how long is a fibo valid for? If price touches the 38.2 and bounces back up but then meanders back down to 38.2 and shoots up but never further than 100% then when can one say, Fibo over, we need to look for breakout?

Hope I'm not annoying anyone with these questions?
P/Paw. Fibos are never "over"...they are always there and always will be...they are always relevant to the points from which they are plotted. If you plot them incorrectly, they are irrelevant and therefore "over". So the point is to plot them correctly. this is always off swing highs and swing lows. but the important concept to grasp is that you need to choose significant SW and SL 's in order to plot them. that comes with some experience,but as a general rule, the more history the better, so try not to use swing highs and lows that are within too small a time frame, otherwise you cant trade the levels effectively due to the brokers spreads etc...hope this helps!
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