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Cable Update (GBPUSD)

  • #219,501
  • Apr 19, 2010 11:38pm Apr 19, 2010 11:38pm
Quoting forexlion
Always trust price action, indicators are chart decoration not a way of life
Do you know any good ebook about price action? I have mixed knowledge on price action. XD
  • #219,502
  • Apr 19, 2010 11:55pm Apr 19, 2010 11:55pm
Quoting darksorrow
Do you know any good ebook about price action? I have mixed knowledge on price action. XD
No ebook will ever help you, chart observation with open eyes and learning how the market reacts to certain levels will help more
  • #219,503
  • Apr 19, 2010 11:59pm Apr 19, 2010 11:59pm
An alternate possibility,
It could go as high as 1.5705 without invalidating the wave count. I think it will push down short term for the b wave of 4 of C, But then go up to at least the 1.57 to finish the C of 4. Technically it definitely could have finished 5 of C at 1.5522, but that is no guarantee.
Attached Image (click to enlarge)
Click to Enlarge Name: GBP_04_19_2010_Day.PNG Size: 20 KB
  • #219,504
  • Apr 20, 2010 12:03am Apr 20, 2010 12:03am
Quoting darksorrow
Do you know any good ebook about price action? I have mixed knowledge on price action. XD
But, on a second thought

If you need an ebook to teach you what to do when you are newly married, then you definitely need an ebook to learn price action in forex.
  • #219,505
  • Apr 20, 2010 12:03am Apr 20, 2010 12:03am
Quoting forexlion
No ebook will ever help you, chart observation with open eyes and learning how the market reacts to certain levels will help more
Second that..
  • #219,506
  • Apr 20, 2010 12:04am Apr 20, 2010 12:04am
i will wait for a long term signal on gbpusd with tp of 200-300 pips.
Lets see where to go in

Regards
  • #219,507
  • Apr 20, 2010 12:08am Apr 20, 2010 12:08am
Quoting A-speculator
Second that..
don't vouch for my second post after that, it will kill him
  • #219,508
  • Apr 20, 2010 12:13am Apr 20, 2010 12:13am
Quoting forexlion
don't vouch for my second post after that, it will kill him
  • #219,509
  • Apr 20, 2010 12:16am Apr 20, 2010 12:16am
Quoting forexlion
No ebook will ever help you, chart observation with open eyes and learning how the market reacts to certain levels will help more
That's what i do now
  • #219,510
  • Apr 20, 2010 12:20am Apr 20, 2010 12:20am
Quoting forexlion
But, on a second thought

If you need an ebook to teach you what to do when you are newly married, then you definitely need an ebook to learn price action in forex.

Quoting darksorrow
That's what i do now
you learn really fast

 

  1. xx25
  2. xx45
  3. xx65
  4. xx85

observe and learn

  • #219,511
  • Apr 20, 2010 12:25am Apr 20, 2010 12:25am
Quoting forexlion
you learn really fast

 

  1. xx25
  2. xx45
  3. xx65
  4. xx85

observe and learn

Glad to know that

I guess you mean price moving up!!! Right?
  • #219,512
  • Apr 20, 2010 12:28am Apr 20, 2010 12:28am
Quoting FX-Mentor
i will wait for a long term signal on gbpusd with tp of 200-300 pips.
Lets see where to go in

Regards

Given that last weeks range was 188 pips, you might struggle with them long term plays.

40-50 pip triggers off the 5m chart are easier to catch and play and typically don't leave you in the lurch.

A lot of folk wait through great price action, getting in only just a touch too late.

Just something for you to ponder is all.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #219,513
  • Apr 20, 2010 12:29am Apr 20, 2010 12:29am
Quoting forexlion
you learn really fast

 

  1. xx25
  2. xx45
  3. xx65
  4. xx85

observe and learn

Bro, I'm interested in your downtrend view.. Sadly, I can't find enough evidence to support that view. Looking at Daily, I think yesterday closed was a bullish candle. Zoom at 4hr, we are making new high last week with no lower low and today I expect it to test 5285 level (5250 - if overshoot/retest the high of the hammer or the 38.2 fibo) before continue up.
Attached Image (click to enlarge)
Click to Enlarge Name: charts.gif Size: 30 KB
  • #219,514
  • Apr 20, 2010 12:36am Apr 20, 2010 12:36am
Price and moving averages:
GBPUSD() has closed below its Short time moving average.
Short time moving average is currently below mid-time, AND below long time moving averages.
The relationship between price and moving averages is: bearish in short-term, and bearish in mid-long term.
GOOD LUCK
  • #219,515
  • Apr 20, 2010 12:40am Apr 20, 2010 12:40am
Quoting darksorrow
Glad to know that

I guess you mean price moving up!!! Right?
WRONG

lets say the price levels are

 

  1. 5325
  2. 5285
  3. 5265
  4. 5245
  5. 5225

then using the rule above

 

  1. if xx25 or 5325 breaks then it can go to 5285
  2. and so on
  3. observe and learn

  • #219,516
  • Apr 20, 2010 12:45am Apr 20, 2010 12:45am
Forecast for this week, 19-23. H4 graph (dated 04/19/10)
After leaving the “B-B+” uptrend (going under level 1.5333) the pair is now trading along the downtrend having the drop targets seen at level 1.5137 (first) and 1.4940 (second). Level 1.5137 may become a strong support, and so when the market will retrace from it the pair will get a good chance to form the right shoulder of a “head and shoulders” trend-turning figure. If the pair takes this chance, the shoulder formation is supposed to be finished around resistance levels 1.5333–1.5382, from where the pair will continue downtrend development with the drop target set to level 1.4940 (1.4815).

Developing of an uptrend is possible only in case the pair rises above level 1.5450. If so, the pair’s upside target will be set to level 1.5800.

http://fxdom.ru/uploads/posts/1271673055_gbpusd-h4.gif
  • #219,517
  • Apr 20, 2010 12:46am Apr 20, 2010 12:46am
Actionforex

GBP/USD drops to as low as 1.5191 today before recovering mildly. As noted before, whole correction from 1.4783 might have completed at 1.5521 already and at this point, intraday bias remains on the downside for a retest on 1.4783 support. On the upside, above 1.5364 minor resistance will turn intraday bias neutral and delay the bearish case.

http://www.actionforex.com/images/st...d20100419b.gif
  • #219,518
  • Apr 20, 2010 12:49am Apr 20, 2010 12:49am
Most cricketers, who are not comfortable in conversing in English, go prepared for some standard questions that are asked to them when commentators chat with them during the awards ceremony. Inzamam was once asked a different question after Pakistan won the match, for which he was not prepared. He always used his standard response to the first question after winning


But this time.....
After Winning the Match

Tony Greg : So Inzi, that's fantastic, your wife is pregnant for the second time and u must be happy!

Inzamam : Thanks Tony…! All credit goes to the boys. Everyone
work hard for
it, especially Afridi. It was difficult situation when he went in. Also Bob Woolmer was keeping close watch on progress and giving instructions. It's all team effort. Insha Allah, we all will work together as a team, put in big effort and deliver good result all the time and will be able to REPEAT the same result.


Tony fainted!!!!! !
  • #219,519
  • Apr 20, 2010 12:55am Apr 20, 2010 12:55am
Quoting forexlion
WRONG

lets say the price levels are

 

  1. 5325
  2. 5285
  3. 5265
  4. 5245
  5. 5225

then using the rule above

 

  1. if xx25 or 5325 breaks then it can go to 5285
  2. and so on
  3. observe and learn

Thanks

I was thinking the other way around. I really don't know these rules and my SL's are based on SnR or an acceptable amount of pips. Don't know yet how to set target.
  • #219,520
  • Apr 20, 2010 12:57am Apr 20, 2010 12:57am
Quoting darksorrow
Thanks

I was thinking the other way around. I really don't know these rules and my SL's are based on SnR or an acceptable amount of pips. Don't know yet how to set target.
Stick with support and resistance lines.

Watch for direction, ride the tide.

Do not try to catch bottoms or guess tops.

These few simple rules will save your account time after time.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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