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Cable Update (GBPUSD)

  • #235,221
  • Jul 1, 2010 7:11pm Jul 1, 2010 7:11pm
She's out of control. Next stop is ~5375, a major resistance.

May or may not get there depending on NFP.
The markets can remain irrational longer than you can stay solvent. -Keynes
  • #235,222
  • Jul 1, 2010 8:02pm Jul 1, 2010 8:02pm
she turned back i guess is another swing. but we need to check out the bearish engulf that is on 15mins. does that mean anything?

come do any one see it going back up now?


Quoting keitsuke
She's out of control. Next stop is ~5375, a major resistance.

May or may not get there depending on NFP.
  • #235,223
  • Jul 1, 2010 8:32pm Jul 1, 2010 8:32pm
GU might have a made a Top today a 1.5190 and this might be the beginning of wave 5....me thinks.... just a thought, for people going long. wait until it breaks 5200. if not we might have a retrace or 1.3800

Also, Dollar Moves Signals a Critical Bearish Break Just before NFPs.

http://www.dailyfx.com/forex/fundame...medium=twitter
  • #235,224
  • Jul 1, 2010 8:58pm Jul 1, 2010 8:58pm
Quoting keitsuke
She's out of control. Next stop is ~5375, a major resistance.

May or may not get there depending on NFP.

15370-15400 looks like the top from here (Daily R2 is same area). We have a major confluence of resistance in that area. But considering GU hasn't broken above the Daily 200ema since January, the WR2 at 15300 sitting in the same area is a reasonable target.

chart I posted earlier -
http://www.forexfactory.com/showpost...stcount=235201


NFP could be quite bad, so this looks like positioning for the drop.

Longer term, a continuation above the weekly descending TL we're testing would signal major trend change for GU. EU is on fire and the USDX could drop quite a bit if it breaks support in this area, so I'm not ruling out the possibility that we may be seeing something very different heading towards August. The GBPLFX has plenty of room to rise, GY has been testing a major resistance area past 3 weeks and the LFXJPY index right at major resistance too.

Honestly a drop makes more sense, but as they say, the danger with chaos is when you start to see logic in it.... lol

I've been trading the current moves in both directions while we sort it out, but the potential for a bull run exists should these areas not hold.

In the meantime, we have bearish divergence on the 15/30M. A pullback to 15130 area with a touch at 15108 could sort the overbought condition before we continue higher. This would also test the June 28 resistance area as support. If that doesn't hold, the DPP is a good downside target as well. So far, no breakout to the downside yet, even on the 5M, so not shorting until the proper signal presents itself.

Good luck w/ your trades.
  • #235,225
  • Jul 1, 2010 9:42pm Jul 1, 2010 9:42pm
Quoting kill56
try this
http://www.forexfibonacci.com/
thanks guys magixand kill.ll do just that.
  • #235,226
  • Jul 1, 2010 9:52pm Jul 1, 2010 9:52pm
Here's a little something I found today in my boredom...maybe something you wanna muck around with...maybe not...

What it does is automatically draw trend lines dependent on the time frame you have them set to...

Maybe this helps keep you in a winning play longer, maybe it gets you into a winning play faster...maybe it just pisses you off and you delete it...

Like I care...you think I'm gunna get all misty eyed because you don't like some indicator I found?

Because if that's what your thinking...you are dead wrong!

I changed the color of the lines to purple so they would show up better on my charts, otherwise they can easily blend in and not be seen...
Attached Image (click to enlarge)
Click to Enlarge Name: autotrendline.jpg Size: 70 KB
Attached File(s)
File Type: mq4 AUTO-TREND-LINE.mq4   16 KB | 430 downloads
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #235,227
  • Jul 1, 2010 10:31pm Jul 1, 2010 10:31pm
Watch 1hr PA = 1.5209 :nerd:Will it bounce??
Attached Image
GELORE
  • #235,228
  • Jul 1, 2010 11:13pm Jul 1, 2010 11:13pm
hey what is happening here on cable, i`m just tired of this creepy movement.
move up buddy, gashhh.
  • #235,229
  • Jul 1, 2010 11:18pm Jul 1, 2010 11:18pm
Quoting Magix
Here's a little something I found today in my boredom...maybe something you wanna muck around with...maybe not...

What it does is automatically draw trend lines dependent on the time frame you have them set to...

Maybe this helps keep you in a winning play longer, maybe it gets you into a winning play faster...maybe it just pisses you off and you delete it...

Like I care...you think I'm gunna get all misty eyed because you don't like some indicator I found?

Because if that's what your thinking...you are dead wrong!

I changed the color of the...
Lol it's very nice actually, Thanks Magix . Got back from the beach exhausted. There was a nice move on gbp/usd, didn't trade it but took a nice ride on eur/usd instead
  • #235,230
  • Jul 1, 2010 11:23pm Jul 1, 2010 11:23pm
Quoting mcmartins
hey what is happening here on cable, i`m just tired of this creepy movement.
move up buddy, gashhh.
You're just going to have to wait. The overall trend is still up, and we're still trading below yesterday's high.
  • #235,231
  • Jul 2, 2010 12:39am Jul 2, 2010 12:39am
Quoting Forextrader4
Lol it's very nice actually, Thanks Magix . Got back from the beach exhausted. There was a nice move on gbp/usd, didn't trade it but took a nice ride on eur/usd instead
Actually, it is kinda neat.

The way that it uses a single straight line to assist with helping to define the motion. Correcting itself to follow price movement.

A few other charts haven't shown quite as clear, but I guess if you only followed what made sense..it would still make cents...dollars n cents even...

First chart, original showing a pierce of trendline, second chart, corrective pattern to show the continued movement....very neat.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: autotrendline.jpg Size: 70 KB
Click to Enlarge Name: trendline2.jpg Size: 70 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #235,232
  • Jul 2, 2010 12:45am Jul 2, 2010 12:45am
Quoting Magix
Actually, it is kinda neat.

The way that it uses a single straight line to assist with helping to define the motion. Correcting itself to follow price movement.

A few other charts haven't shown quite as clear, but I guess if you only followed what made sense..it would still make cents...dollars n cents even...

First chart, original showing a pierce of trendline, second chart, corrective pattern to show the continued movement....very neat.
Yea i saw that by changing time frames lol
  • #235,233
  • Jul 2, 2010 12:47am Jul 2, 2010 12:47am
Quoting Forextrader4
Yea i saw that by changing time frames lol
Both of the previous posted charts are the 5m...

The first was as the signal was produced...the second to show how the new trend line was helping define the trend.

But yeah, along the same idea on working with the multi time frames, understanding the smaller trends inside of the larger ones...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #235,234
  • Jul 2, 2010 1:00am Jul 2, 2010 1:00am
salam all..
i short gu and eu....
sl both on BE..
still hope it drop before NFP tonight...
Revesal Trader
  • #235,235
  • Jul 2, 2010 1:23am Jul 2, 2010 1:23am
hey guys hope all is well ..im off work for 3 weeks..
lets have some fun ...hehe
Attached Image (click to enlarge)
Click to Enlarge Name: trade.gif Size: 29 KB
  • #235,236
  • Jul 2, 2010 2:07am Jul 2, 2010 2:07am
Quoting Magix
But yeah, along the same idea on working with the multi time frames, understanding the smaller trends inside of the larger ones...
exactly
  • #235,237
  • Jul 2, 2010 2:16am Jul 2, 2010 2:16am
becareful..
I will be the number one Manager.
  • #235,238
  • Jul 2, 2010 2:28am Jul 2, 2010 2:28am
Quoting mygoldenpips
salam all..
i short gu and eu....
sl both on BE..
still hope it drop before NFP tonight...
and both hit my sl..+1...
Revesal Trader
  • #235,239
  • Jul 2, 2010 2:33am Jul 2, 2010 2:33am
HI guys,

To-day is a day for big Boyzs exclusively: NFP to be issued....

Don' t even try to guess anything, it's a news driven day....so whether you have a trading plan for news...or better stay aside, Big Boyzs getting bored waiting for news, will play with your SL with fake breakouts....

EVEN TRADERS NEED TO HAVE FUN LALALA......(famous song)

A few basics to consider with NFP: patience is the key...
1) Watch carefully if there is a correction of previous release
2) wait for current release (should be bad)
3) watch carefully the unemployment rate (could be above the psychological 10% level)
4) Examine if there is conflict between the 2 releases....

Last tip: JPY strengthened hard this week.....
Non licet omnibus adire Corinthum
  • #235,240
  • Jul 2, 2010 2:40am Jul 2, 2010 2:40am
Quoting mygoldenpips
salam all..
i short gu and eu....
sl both on BE..
still hope it drop before NFP tonight...

what u see for today.....
up or down.......
hope it green with u today
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