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Cable Update (GBPUSD)

  • #222,321
  • Apr 28, 2010 6:36pm Apr 28, 2010 6:36pm
Bernanke at it again

http://img697.imageshack.us/img697/9602/35256954.gif
  • #222,322
  • Apr 28, 2010 6:45pm Apr 28, 2010 6:45pm
Quoting forexlion
Bernanke at it again

http://img697.imageshack.us/img697/9602/35256954.gif
WASHINGTON—The U.S. economy ceased to function this week after unexpected existential remarks by Federal Reserve chairman Ben Bernanke shocked Americans into realizing that money is, in fact, just a meaningless and intangible social construct.


Calling it "basically no more than five rectangular strips of paper," Fed chairman Ben Bernanke illustrates how much "$200" is actually worth.
What began as a routine report before the Senate Finance Committee Tuesday ended with Bernanke passionately disavowing the entire concept of currency, and negating in an instant the very foundation of the world's largest economy.


"Though raising interest rates is unlikely at the moment, the Fed will of course act appropriately if we…if we…" said Bernanke, who then paused for a moment, looked down at his prepared statement, and shook his head in utter disbelief. "You know what? It doesn't matter. None of this—this so-called 'money'—really matters at all."


"It's just an illusion," a wide-eyed Bernanke added as he removed bills from his wallet and slowly spread them out before him. "Just look at it: Meaningless pieces of paper with numbers printed on them. Worthless."
  • #222,323
  • Apr 28, 2010 6:52pm Apr 28, 2010 6:52pm
Quoting kill56


Dr. D thanks for the info we need to reopen magix thread to put all the info in one place or open a new thread

Hi Kill

I just looked at the cam pivot calculator and it turns out its very close to a daily fib I use drawn from previous days high to low. Is there a way in the settings of the cam pivots to account for a 2 hour shift in the daily open? My charts open at 7pm EST and I have a Sunday candle. Im just curious if I can move that setting to open at NY close to get it where it should be. I know its not off by far cuz the action after NY close is fairly muted but if there is any real movement then my pivots will be off further.

Thanks Hunter
  • #222,324
  • Apr 28, 2010 6:57pm Apr 28, 2010 6:57pm
Quoting Pip Hunterr
Hi Kill

I just looked at the cam pivot calculator and it turns out its very close to a daily fib I use drawn from previous days high to low. Is there a way in the settings of the cam pivots to account for a 2 hour shift in the daily open? My charts open at 7pm EST and I have a Sunday candle. Im just curious if I can move that setting to open at NY close to get it where it should be. I know its not off by far cuz the action after NY close is fairly muted but if there is any real movement then my pivots will be off further.

Thanks Hunter
change the GMT shiftsun to 6,0

http://tradinglib.com/indicators/camarilla-equation
http://forex-indicators.net/mt4-indicators/camarilla
  • #222,325
  • Apr 28, 2010 6:59pm Apr 28, 2010 6:59pm
Quoting kill56
change the GMT shiftsun to 6,0

Thanks man I appreciate it
  • #222,326
  • Apr 28, 2010 7:23pm Apr 28, 2010 7:23pm
cable stopped near the G line, I would expect a further drop to 4850 subject to 5100 breaking

http://img7.imageshack.us/img7/4554/cableu.gif
  • #222,327
  • Apr 28, 2010 7:27pm Apr 28, 2010 7:27pm
Quoting forexlion
WASHINGTON—The U.S. economy ceased to...
What has got into him? He gonna make this world upside down..
  • #222,328
  • Apr 28, 2010 7:37pm Apr 28, 2010 7:37pm
Quoting forexlion
cable stopped near the G line, I would expect a further drop to 4850 subject to 5100 breaking

http://img7.imageshack.us/img7/4554/cableu.gif
Is that a G line or G Spot? I would love to trade it..

Anyway, that line is the 50% fibo.. maybe if that breaks we will see more bearish sentiment for cable..
  • #222,329
  • Apr 28, 2010 7:52pm Apr 28, 2010 7:52pm
Quoting A-speculator
Is that a G line or G Spot? I would love to trade it..

Anyway, that line is the 50% fibo.. maybe if that breaks we will see more bearish sentiment for cable..
the G line is month open price

adding macd to the mix, we are just starting the party baby

http://img94.imageshack.us/img94/9373/cablev.gif
  • #222,330
  • Apr 28, 2010 7:55pm Apr 28, 2010 7:55pm
Quoting forexlion
the G line is month open price
ic.. i'm just joking bro..

by the way, that line also happen to be the 50% fibo retracement also.. well let's see can that support hold..
  • #222,331
  • Apr 28, 2010 8:01pm Apr 28, 2010 8:01pm
Quoting forexlion
the G line is month open price

adding macd to the mix, we are just starting the party baby
Why is your macd is more or less the same as your MA?
  • #222,332
  • Apr 28, 2010 8:10pm Apr 28, 2010 8:10pm
any body alive in the grave yard or all dead like cable
  • #222,333
  • Edited 8:22pm Apr 28, 2010 8:11pm | Edited 8:22pm
Quoting A-speculator
Why is your macd is more or less the same as your MA?
because i removed the macd bars leaving the lines behind, its the same standard macd minus the histogram

makes it easier for me to read the charts

in short, i stripped macd of her clothes
  • #222,334
  • Apr 28, 2010 8:22pm Apr 28, 2010 8:22pm
Quoting kill56
any body alive in the grave yard or all dead like cable
I am here just watching (not trading) and reading posts. I had a good day in GU and EU during NY trading but have not taken a trade tonight. (I needed a good day today to make up for a couple of bad moves yesterday) ~ I need some volume to make my trading plans work. I am not very good in these dead times. I seem to only make my broker $ during these times and hope I get 1 pip for his 2. haha So I stay on the side till things pick up. I am new to FF (been trading FX for 3 years) but only signed up on FF for about 3 weeks posting. Been reading post for about a year, but only as a guests. Anyway good luck and many pips to you. (except when you are opposite side from mine.
  • #222,335
  • Apr 28, 2010 8:38pm Apr 28, 2010 8:38pm
Need some help, been away for sometime n got rusty in making rational decision. Entered a small long position just above 5300 n currently facing the tsunami head on. Any chance of cable going up to say 5250 to take a smaller loss? Thanks for the guidance.
  • #222,336
  • Apr 28, 2010 8:49pm Apr 28, 2010 8:49pm
Well traders , a senario which I posted 10, 12 days now has played out , at least the top half lol, we sit here at the line in the sand. Price went to the quarterly pivot , (chart on the left ) which also happened to be an upper montly pivot level ( montly pivot levels on right ) where you start watching for failure if it is going to . Came back and tested the quarterly open which is also this months open , then retested the highs and failed massively again and as of yet no bounce from the open area as the previous retraces. . A sign of things to come ? Possibly , if price starts drifting down from the open a test of the lows around 1.4800 could be in the works. A good 1st target would be 1.5015 , if tht is taken out a poke towards 1.4850 would be another good tgt area . If we stay above the open another attempt at the recent highs could just as easily come about . Would imagine next week will help determine direction a little better. As with any extended forecast anything could happen and it probably will and it will be tradeable so good pipping to all , cheers
Attached Image (click to enlarge)
Click to Enlarge Name: Daily chart.jpg Size: 164 KB
  • #222,337
  • Apr 28, 2010 9:01pm Apr 28, 2010 9:01pm
Quoting Najee
Need some help, been away for sometime n got rusty in making rational decision. Entered a small long position just above 5300 n currently facing the tsunami head on. Any chance of cable going up to say 5250 to take a smaller loss? Thanks for the guidance.
we are not in a very convincing drop zone, there is still some room here

you might come out green, but then that will be your final chance


http://img717.imageshack.us/img717/4...yf91qzahlr.jpg
  • #222,338
  • Apr 28, 2010 9:08pm Apr 28, 2010 9:08pm
Quoting forexlion
we are not in a very convincing drop zone, there is still some room here

you might come out green, but then that will be your final chance

we might see some climb here before the drop begins next week

in case of doubts always follow my signature

http://img709.imageshack.us/img709/4535/cablen.gif
  • #222,339
  • Apr 28, 2010 9:19pm Apr 28, 2010 9:19pm
Here's a little looksie at my 5m.

We have been in control of the 5m chart for the best part of the day, showing the 200ema as the line of resistance. How things play out....

The head and shoulders patterns are available throughout the day and present on all time frames. A dip, a second s/r created, the 3rd attempt falling short, showing a temp reversal pattern.

The current 5m presents as an inverse hs pattern. No new bottom created thus far, and we are close range of finding support on the 1m chart.

BIG IF HERE.

IF we find support on the 1m 200ema, we will again attempt the attack on topside resistance at the 200 ema on 5. As we pretty much know that the 200 on the 15m is the next line of support, we can see it on the same chart as the 600ema, yellow dotted line.

Target area, in the box, what happens after that??? Lets get there first.

Of course, if we drop support here, an easy new bottom could be created...

Play safe.
Attached Image (click to enlarge)
Click to Enlarge Name: 5mh.jpg Size: 164 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #222,340
  • Apr 28, 2010 9:55pm Apr 28, 2010 9:55pm
hey Magix can you tell me what the little orange rectangle is all about? (chart attached) thanks

Quoting Magix
Here's a little looksie at my 5m.

We have been in control of the 5m chart for the best part of the day, showing the 200ema as the line of resistance. How things play out....

The head and shoulders patterns are available throughout the day and present on all time frames. A dip, a second s/r created, the 3rd attempt falling short, showing a temp reversal pattern.

The current 5m presents as an inverse hs pattern. No new bottom created thus far, and we are close range of finding support on the 1m chart.

BIG IF HERE.

IF we find support on...
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-5min-magix-100429.01.gif Size: 20 KB
"The real genius is knowing when to stop." - Marc Faber
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