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Cable Update (GBPUSD)

  • #230,101
  • Edited 7:44am Jun 6, 2010 7:25am | Edited 7:44am
I have read the post by Kill56 and have drawn the fib on the chart attached, can you please have a look and let me know if i have done it right.
Also as per my understanding after reading the earlier post is it right to make the assumption that as it has retraced to 38.2 it is now expected that it would fall to the 138.2 levels, if it fails to move up and beyond the 23.6 levels.

Please help me with my understanding ....


Many thanks for your kind help.
Attached Image (click to enlarge)
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  • #230,102
  • Jun 6, 2010 7:59am Jun 6, 2010 7:59am
Feedback on the logic please. Let us ride the new wave together.
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  • #230,103
  • Jun 6, 2010 8:27am Jun 6, 2010 8:27am
Quoting newbie_fx
Feedback on the logic please. Let us ride the new wave together.
I like the looks of your chart. Using the 200EMA on the hourly and realizing that we have crushed through the 200EMA on all other time frames, would seem to me that before we shoot much lower we will look to retrace the 200 on the hourly first.

The solid yellow line and targeted circle on my chart would put price in the same range on retrace as in your chart, could we go higher? Yes...Could we just keep falling? Yes....

The H4 Sherpa says we will play into the green zone at the bottom of my chart, and will be interesting to see if we find any other support along the way. A true break out below 1.4227 exists, but I will be exercising all caution getting there.

Nice chart and analysis, keep up the good work.

Attached Image (click to enlarge)
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #230,104
  • Jun 6, 2010 8:47am Jun 6, 2010 8:47am
Quoting newbie_fx
Feedback on the logic please. Let us ride the new wave together.
did you count EW manually? or you have indicator to do that?
I will be the number one Manager.
  • #230,105
  • Jun 6, 2010 9:38am Jun 6, 2010 9:38am
Quoting newbie_fx
If you sink your head in what I have written. This is for beginners. And if you keep reading further than 2 lines you will find out that you can trade with 1:50 leverage maximum. Initial money management helps you not to blow your account like so many traders do. My point is to protect your initial investment.

Newbie_fx
Your on the right track. Regardless of your trading style, you seem to have your head on straigt (90% of the battle). Years ago when I started trading options, I started conservative and hot. But, I listened to others and increased the number of contracts. Big mistake and I eventually busted out. That's why I trade credit spreads today.

I went live with FX in March. My broker started me with minimum lot size of 10,000. With a 2% max risk I was limited to 50 pip stops. I was not willing to risk 2% at a crack, and I was passing up trades because of the 50 pip SL max. I had my broker bring my lot size down to 1000 and traded 1 lot. I have now possilbly turned the corner (the jury's still out) and am doing 2 lots - with 1 lot taken part way to my TP with SL adjust to BE (James16). IF and WHEN my trading continues to improve and my account grows, I will increase my trade size accordingly. Without the above, I would not be here now.

People look at the odds of busting out with a 2% MM. I love statistics and the odds look good. Yes, trade with money you can affort to lose, but I wasn't comfortable with even giving up 25% of my account. Many people 'bust out', but how many actually take their account to zero before they stop trading?

Best of luck to you.
The market is always right.
  • #230,106
  • Jun 6, 2010 9:40am Jun 6, 2010 9:40am
Quoting newbie_fx
Feedback on the logic please. Let us ride the new wave together.
Possible play on 4hr then will show with daily and weekly as to why I see it this way.....
Attached Image (click to enlarge)
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  • #230,107
  • Jun 6, 2010 9:58am Jun 6, 2010 9:58am
I can see you this being a possibility too. The magic number will be 1.4629 break above that and hold we long to 5 if not we short to 4300's and possibly 4100's



Quoting Magix
I like the looks of your chart....
  • #230,108
  • Jun 6, 2010 10:07am Jun 6, 2010 10:07am
Quoting fixme1too
Possible play on 4hr then will show with daily and weekly as to why I see it this way.....
  • #230,109
  • Jun 6, 2010 10:22am Jun 6, 2010 10:22am
Possible short play on daily..... but we need to retrace to mid 4600 area and not hold above it to continue on with the short. If we short we bounce hard of 4100's....... Happy trading this week guys Good LUCK........

REMEMBER MID 4600'S VERY IMPORTANT B4 MAKING THIS WEEKS MOVE.....
Attached Image (click to enlarge)
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  • #230,110
  • Jun 6, 2010 10:27am Jun 6, 2010 10:27am
"Come See The Light".... a devotional:


http://www.youtube.com/watch?v=j0F5QmFUgec


Dr. D.
  • #230,111
  • Jun 6, 2010 10:33am Jun 6, 2010 10:33am
For forexlion, kill56, javapips & tech niche.

Here is Elliot Wave Advanced GET e-book.
Let's We Learn together...

Quoting kill56
all the info and files are here

http://www.forex-tsd.com/news-signal...tml#post345452
Quoting javapips
did you count EW manually? or you have indicator to do that?
Quoting tech niche
does anybody know where i can get the crack for advanced get 9 or 10
Quoting forexlion
is ot ew trigger or ew oscillator

give me the link to mt4 version
Attached File(s)
File Type: pdf Elliott Wave Advanced GET.pdf   887 KB | 462 downloads
Always looking the GREAT, never left GOOD Point...
  • #230,112
  • Jun 6, 2010 10:42am Jun 6, 2010 10:42am
Here is the first inkling of trouble at the powerhouse, if they are starting to curtail spending how are they expected to bailout the rest of them:

http://online.wsj.com/article/BT-CO-...atestheadlines

http://news.bbc.co.uk/1/hi/business/10249804.stm

http://www.businessweek.com/news/201...-spending.html
  • #230,113
  • Jun 6, 2010 10:43am Jun 6, 2010 10:43am
dx approaching very strong supp/res level ard 90.
be prepared for wild swings. attached chart here


good luck
Thank You
  • #230,114
  • Jun 6, 2010 10:46am Jun 6, 2010 10:46am
Guys,
Be careful , if 1.42 broken we will see 1.35 faster than you can imagin.
the problem is what will happen if that 1.35 didn't hold.
See the chart.
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  • #230,115
  • Jun 6, 2010 10:50am Jun 6, 2010 10:50am
my 2drakhmas i might be wrong
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  • #230,116
  • Jun 6, 2010 10:54am Jun 6, 2010 10:54am
Yes you are correct but b4 that happens we must go to 4100's first then retrace to mid 4600's b4 continued downfall.....

Quoting Baby-Trader
Guys,
Be careful , if 1.42 broken we will see 1.35 faster than you can imagin.
the problem is what will happen if that 1.35 didn't hold.
See the chart.
  • #230,117
  • Jun 6, 2010 10:55am Jun 6, 2010 10:55am
Quoting wormboy
dx approaching very strong supp/res level ard 90.
be prepared for wild swings. attached chart here


good luck
Same View here bro. BUT take care in my eyes I see a Cup and may be it will complete handle this week, and you know what's after.
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  • #230,118
  • Jun 6, 2010 10:56am Jun 6, 2010 10:56am
Quoting kill56
my 2drakhmas i might be wrong
Hi Kill,
Very Valid and acceptable scenario.
But I'm thinking about the reaction at 1.42
  • #230,119
  • Jun 6, 2010 10:59am Jun 6, 2010 10:59am
Quoting fixme1too
Possible short play on daily..... but we need to retrace to mid 4600 area and not hold above it to continue on with the short. If we short we bounce hard of 4100's....... Happy trading this week guys Good LUCK........

REMEMBER MID 4600'S VERY IMPORTANT B4 MAKING THIS WEEKS MOVE.....

welcome to the crackforex house

i like what i see keep it up
  • #230,120
  • Jun 6, 2010 11:05am Jun 6, 2010 11:05am
Quoting Baby-Trader
Hi Kill,
Very Valid and acceptable scenario.
But I'm thinking about the reaction at 1.42

hey BT how are bro
true 14200's is the line in the sand but a break there will take us deep i will take it hour by hour
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