Cable Update (GBPUSD)

I almost always end up with large profits but I am holding trades through several rides up and down of these waves. The optimum profit indeed would be to actually ride each wave up and down, taking profit at each wave reversal. I think in a nutshell that is what "Wise Man" "Voodoo Boodoo" Magix system is all about. Great concept... I intend to get it down, with help of y'all

The green line, MA that you have on your charts is the 4SMA. This line as per the last instructions can be changed to show you support or resistance from the following time frame.

What??

Okay, it's like this. We have been able to see the power of the 24SMA on all time frames and how much cable obeys this line. So, lets say, were only watching a 5m chart because that is what is valid. We are looking to the 15m chart for support or resistance, so we take 15/5 <-mins = 3 x 24SMA = 72. So, you take that green 4SMA, change it's properties to 72, and then while you are watching the 5m chart in a larger expanded version, you can see the support or resistance of the 24SMA on the 15m chart. Pretty easy?

Moving on.

The yellow bar. That appears if you have simple7x. There are retrace areas that work much the same as the cam daily pivots where price works its way back to. On simple7x, and through fxsol charts, this point acts like the daily pivot.

Now, for the crosses that are important.

24x200. When you see this on any time frame, that means that the time frame is confirmed and that you can typically wait for a retrace of the 200, wait until price closes in favor of direction with the 24, and use this as a trigger on trend.
What?

Look at the m30 chart below.

2 examples, 1, we have seen played out, the other is retracing as I type.
Left side of the chart, we see that the 24x200 down. From there, the price retraced the m30 200ema, and closed below the 24sma. Trigger on M30 chart, the red circle at the bottom is the play, and we can even see by way of the cams where support was found.

The current set, we are looking for a retrace back to the 200ema on the m30, and price close above the 24SMA to re-engage the long chart 30, and look for topside resistance.

Now, this being said, have a look at your hourly. The same thing happened as the grouping of 200 EMAs on the time frames was rather tight when we made the last big move up. Even if we confirm and trigger on the M30, the play range can still be shortened if the hourly 200 EMA has not been retraced as well.

Hope this helps out. I am taking some screen shots as we go, and will include in the final draft of instructions. Everything in time.

Hint....When you see a 24x200 cross, this is a good time to watch for a critical level on the cams and either exit trend trade for profit, and if you got some big brass ones, perhaps play the counter for a few sheckles.

Here is another example on the 5m chart.

We can see the 24x200 cross, confirming downside play. Which is what is to be expected because we know that the 15m/30m/hourly have not been full retraces yet.

The yellow dotted line on this chart is the 600EMA, which is the same as the 200EMA on the M15 chart.

K, so here we go again.

We are looking for price to move back to the 200 EMA on the 5m chart. We can see that as soon as the cross was made and support found, a good time to exit for profit and again, possibly counter trend trade for a few sheckles.

So, expectation, we see price move back to the 200EMA on 5m chart. We watch for price to close below the 24SMA on 5m chart. We look for the second attack on the 15m chart to be crushed through so that we can possible see an attack on the M30 support line of the 200EMA.

Weeeeeeeeeeeeeeeeeeeeeeeeeeeeee.

Does this make sense?

We need to go down to go up, and then need to go up to go down. Creates the zig zags and the some what forecast-able entries on the charts.

Hopefully for those of you playing along with our home version (heh, always wanted to say that) will begin to understand the relevance of watching more then a single time frame.

FWIW....

And a little side note. If you only pulled up a 5m chart and worked triggers off of this, you will find that there are approx 5-7 triggers per week off of this chart averaging 40 pips gain from the 24SMA.

Do the math. If you find yourself sitting in the shiznit for a good part of the week, try to exercise a little patience, watch and wait and take the trigger on 5.

At a mere 5 plays, avg 40 pips, 200 gains.

Do this a couple weeks in a row and see how your account can grow.

Maby a gartley in play, but D still have space.

My view here if interrested: http://www.forexfactory.com/showpost...postcount=6320

Later!

1. We see the cross, 24 sma, 200 ema.
2. Price on 5m supported on 15m 200 ema.
3. Retrace back to 200 ema on 5m.

For continuation of downward movement, trigger on trend would be if price closed below the 24sma on the 5m chart.

Great magicx we think the same way hope it will be

Good Morning all,

cable still hanging at the 38.2 fib from 1.6457 to 1.4798.
bbakker u still in your short from yesterday?
Wish many greenys for all ff traders.

I got stopped out at BE at about 1am. Looking for the next setup...

Magix, I got to stick to U... But my call is the Bulls are at the side-line. It down to 1.5363 and a LONG-way up. See ya later, but me I am side-line.

chart

cable moves sideways since monday morning... just tested and bounced off the support @ 5420

thanks wise man

voodoo boodoo baby

Ohh, sorry for that, new day new opportunities
get the greenys today

little bit off topic

testing utl of bearish wedge and then break down ? will watch this today.

hi Everybody

Seems as if the GU been sideways for the last 24 Hrs ranging only about 70 pips or so or am I seeing it wrong possible breakout hopefully during London will push it along

Nice pinbar on the M15 - seems a bunch of longs were just triggered for those 15 mns to LDN

Still some pressure, Yet Asia will be looking to cover shorts. Positive numbers coming out of EURO zone. @ around the same time fibre hits lower TL.

GBP news @ 4:30 AM est

BBA Mortgage Approval-
From FF
"Number of new mortgages approved for home purchase by BBA-represented banks during the previous month;"

cant imagine it will break 5420 until news earliest IMHO

We had a bullish hammer on the M15 and M30 and now we have a shooting star forming on said time frames. I'm still bearish and will hang onto this short or bail out around 1.5463

Good luck to all

Dazzer