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Cable Update (GBPUSD)

  • #235,401
  • Jul 2, 2010 1:32pm Jul 2, 2010 1:32pm
unfortunaly for me am locked up in long trades.so is there any chance of breakn 5230 level upwards pals?
  • #235,402
  • Jul 2, 2010 1:53pm Jul 2, 2010 1:53pm
Quoting genbali
unfortunaly for me am locked up in long trades.so is there any chance of breakn 5230 level upwards pals?
Ah , did you maybe buy on the spike up on the release , always a chance till there isint , may get a pop up near tht area but as each tic goes by even tht is starting to look like a slimmer and slimmer chance , sure the holiday has things skewed a bit but a chart to show some areas we could visit channel has been reliable for a few weeks now , I am sht a few from the spike high , will close most before week-end cheers all
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  • #235,403
  • Jul 2, 2010 2:05pm Jul 2, 2010 2:05pm
Quoting genbali
unfortunaly for me am locked up in long trades.so is there any chance of breakn 5230 level upwards pals?
Don't worry if it closes above 1.5195 then the chance is trend will be up (maybe) on Monday
  • #235,404
  • Jul 2, 2010 3:40pm Jul 2, 2010 3:40pm
for anybody missing the world cup.

http://www.vuvuzela.fm/
  • #235,405
  • Jul 2, 2010 4:52pm Jul 2, 2010 4:52pm
hi i did modify the indi it works now on higher TF's enjoy
Attached Image (click to enlarge)
Click to Enlarge Name: h1 cable.gif Size: 35 KB
Attached File(s)
File Type: mq4 kill TIME II (VBO).mq4   38 KB | 366 downloads
File Type: ex4 kill TIME II (VBO).ex4   33 KB | 310 downloads
  • #235,406
  • Jul 2, 2010 5:48pm Jul 2, 2010 5:48pm
Quoting kill56
hi i did modify the indi it works now on higher TF's enjoy
nice indi....
i will try next monday.....
  • #235,407
  • Jul 2, 2010 6:13pm Jul 2, 2010 6:13pm
Quoting genbali
unfortunaly for me am locked up in long trades.so is there any chance of breakn 5230 level upwards pals?
Lucky for you, we had a higher close. about 25 pips above Thursday's close. I am guessing you are a new trader to buy on spikes at news lol. I used to do the same as a newbie.

Cable is now poised to challenge the top of a downward sloping channel established from Sep-Nov 2009 (now at 1.5280). A break above this boundary exposes major resistance levels at 1.5529 and 1.5797

The top today was 1.5280, monday (holiday) it will be 1.5271, i dont think we will test it and Tuesday it will be 1.5259 which is also our next resistance, and we should test it then. So that should be the top of this up move and then we can all start selling
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  • #235,408
  • Jul 2, 2010 10:23pm Jul 2, 2010 10:23pm
Quoting mygoldenpips
nice on eu..
lock sl on BE +1
TP 100pips...let see how much market give before close..
hit my sl last night...
EU give me +50pips...
Revesal Trader
  • #235,409
  • Jul 2, 2010 10:42pm Jul 2, 2010 10:42pm
Well traders , looks to be a crunch time here , we are at or very near the top of a daily decending channel and at the top of the ascending channel we have been in for four weeks now , does it behave nicely and start dropping to the bottom of the respective channels or does it pop and visit the 200 sma for the 1st time since last Jan . Arguments for shorts , we are at or very near the tops of the channels and until the horse throws you off go with what has been working lol, Reasons for still thinking long, we are above the 200 ema s thru the 12 hour timeframe now with this last rocket shot up coming from that area and the daily 200 being the next one on the list to test. It should be interesting the next few weeks as this gets sorted out . 1st chart is the daily chart , 2nd chart an 8hour chart . trade well and cheers all
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  • #235,410
  • Jul 2, 2010 11:58pm Jul 2, 2010 11:58pm
Quoting digger1
Ah , did you maybe buy on the spike up on the release , always a chance till there isint , may get a pop up near tht area but as each tic goes by even tht is starting to look like a slimmer and slimmer chance , sure the holiday has things skewed a bit but a chart to show some areas we could visit channel has been reliable for a few weeks now , I am sht a few from the spike high , will close most before week-end cheers all Attachment
your template is very interesting/ would you like to give me it/ please+indi

thank you
  • #235,411
  • Jul 3, 2010 1:56am Jul 3, 2010 1:56am
Quoting digger1
Well traders , looks to be a crunch time here , we are at or very near the top of a daily decending channel and at the top of the ascending channel we have been in for four weeks now , does it behave nicely and start dropping to the bottom of the respective channels or does it pop and visit the 200 sma for the 1st time since last Jan . Arguments for shorts , we are at or very near the tops of the channels and until the horse throws you off go with what has been working lol, Reasons for still thinking long, we are above the 200 ema s thru the 12...
great chart analysis
  • #235,412
  • Jul 3, 2010 5:56am Jul 3, 2010 5:56am
Hi,

Your chart and analysis are quite good.

I see that GU has some resistance around 1.5235 - 1.5250 or 1.5278 - 1.5285, based on support and resistance nearby. Also, 1.5300 level is a strong psychology price level to hold the price quite well, I believe.

The NFP news came out not so unexpected, and so, yesterday, GU did not make strong upmove or downmove. Price was in fact discounted in price on last Thursday in advance, I opine.

I prefer to go short at above levels when seeing reversal candlesticks on 4h timeframe and 1h timeframe altogether. Or stay away from it.

I would like to see more trade plans from many of the experts here on GU for next week, especially next Monday and Tuesday.

One of my experience on candlestick patterns is that after 4 continuous upmove on weekly chart, the 5th weekly chart, it will make another higher high, and create a TOP REVERSAL around middle of the 5th week (around Wednesday to Friday, it will reverse). We are now having 4 strong and continuous upmove candles on weekly chart, so, be prepared to go short at strong resistance and make very great number of pips profits.

I have seen this thing happened to spot gold and some other forex pairs many times with very high accuracy (more than 85% accuracy rate).

But Eurusd seems to be easier to trade than GU next week.

Have a nice weekend!
James
  • #235,413
  • Jul 3, 2010 8:44am Jul 3, 2010 8:44am
Hello fellow trader, well i must confess to that i understand and enjoy this message and post you have in here. for long i have been searching for some with ur kind of idea on candle stick pattern. Now that you are here, may be we could share ideas. well if you wont mind, i will like to have your yahoo chat ID or skype if you do have.

Bring it on.






Quoting james_phuc28
Hi,

Your chart and analysis are quite good.

I see that GU has some resistance around 1.5235 - 1.5250 or 1.5278 - 1.5285, based on support and resistance nearby. Also, 1.5300 level is a strong psychology price level to hold the price quite well, I believe.

The NFP news came out not so unexpected, and so, yesterday, GU did not make strong upmove or downmove. Price was in fact discounted in price on last Thursday in advance, I opine.

I prefer to go short at above levels when seeing reversal candlesticks on 4h timeframe and 1h timeframe...
  • #235,414
  • Jul 3, 2010 10:02am Jul 3, 2010 10:02am
Hi all.
I love reading all your posts on here but I don't post much as I'm too new to Forex and still finding my feet.
Looking forward to next week I also see a ton of resistance around 1.5300 on weekly and Daily charts.
However I thought I'd post this chart for a really long term view. A quarterly chart.
The last candle is the new candle just opened this QTR ( July-Sep )
To me it looks bullish, although we are in a symmetrical triangle. RSI also supports a bullish Bias.
Plenty of pips to be made if you get the direction right.
Just thought I'd share and say hello.
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  • #235,415
  • Jul 3, 2010 10:35am Jul 3, 2010 10:35am
Hi McMartins,

Thanks for your interests.

We, as fellow traders, should help each other to trade forex successfully, avoid losses, and win consistently. Especially, newbie traders often lose their accounts very easily and quickly to the market because of their not being able to control their emotions, discipline, etc.
So, they will need some guides on where to trade along with the trend, or even against the trend (counter-trend) with tight stop loss around 30 - 60 pips maximum per trade.

By the way, my yahoo chat ID is: james_phuc28

We should review market at each weekend, and have a plan for the coming week in advance such as: where to sell / buy, which pairs can provide good and clear setups, etc.

For example, for next week, I will focus on trading following pairs:

1. Audusd: Go short around 0.8452 - 0.8480, stop loss 10 pips above last Friday's Daily High (around 0.8515 - 0.8520, depending on your broker's Daily High of last Friday). Profit target : 0.8370 - 0.8315.

2. Usdcad: Go short around 1.0660 - 1.0670, stop loss at 1.0700, take profit around 1.0540 - 1.0560

3. Nzdusd: Go short around 0.6926 - 0.6945, stop loss at 0.6979, take profit around 0.6840 - 0.6860

4. Gbpchf: Go short around 1.6255 - 1.6295, stop loss at 1.6341. For this pair, I will try to sell at 1.6295 - 1.6300 if it can come up here. There are lots of previous support and resistance at this price level on Daily timeframe.

5. Audjpy: Go short around 74.40 - 74.55, stop loss at 75.10, take profit around 72.70 - 73.70. I will aim at 72.70.

6. Eurusd: Go short around 1.2635 - 1.2670, stop loss at 1.2715, take profit around 1.2420 - 1.2470. I will try to aim at selling at 1.2660 - 1.2670 where Double Top will form and also lots of previous supports and resistances here at this price level. There is minor resistance at 1.2635 - 1.2655 though, and if we see reversal candlestick patterns around this level, we can go short with stop loss above 1.2700

7. Gbpusd: Go short around 1.5275 - 1.5295, stop loss at 1.5310, take profit around 1.4970 - 1.5055. Actually, GU is more to the upside. So, I will try to go short from Wednesday onwards. Try to wait for it to make a clear Top before going short patiently.

I think that's quite enough.

Please remember that next Monday may be slow movements because of U.S Holidays. So, better to wait for all big guys to come back from their holidays and sit at their table, and we will be able to see clearer trend.

Please also remember that we should switch to 1h and 4h timeframe and when seeing a clear reversal candlestick around above levels, then, we can enter a trade. Always remember to trail stop loss accordingly, and do not allow a winning trade turns into a loser.

Have a nice weekend!
James
  • #235,416
  • Jul 3, 2010 11:57pm Jul 3, 2010 11:57pm
Check out this article from Reuters:

http://uk.mobile.reuters.com/mobile/...6622JZ20100703

any thoughts?
  • #235,417
  • Jul 4, 2010 12:23am Jul 4, 2010 12:23am
Quoting Bleek
Not wanting to start a fight but that's a generalisation, I'm well over 70% accuracy and yes I'm making very good money hence I hardly post on here but to say I should be working risk free and making billions is somewhat silly.

I've been offered to manage other peoples money but why would I when I can take all the profit for myself and have no stress?

But anyway, 50% accuracy is more than enough to make silly money!
With that attitude I would love to have you manage my meager money. I've honestly thought the same thing whenever anyone that is a money manager/broker/insurance pusher etc. approaches me. Why in the world if they could truly manage and make great profits are they messing or trying to mess with my money.

It simply makes more sense that they manage their own accounts and then relax. Otherwise they are basically saying that they are not much better than average at managing money and have to do it the walmart way by having millions under them and turning very meager profits.

Now I just need my own system to totally pan out so that I can get out of the daily rat race job making money for the man.
  • #235,418
  • Jul 4, 2010 12:54am Jul 4, 2010 12:54am
Quoting james_phuc28
Hi McMartins,

Thanks for your interests.

We, as fellow traders, should help each other to trade forex successfully, avoid losses, and win consistently. Especially, newbie traders often lose their accounts very easily and quickly to the market because of their not being able to control their emotions, discipline, etc.
So, they will need some guides on where to trade along with the trend, or even against the trend (counter-trend) with tight stop loss around 30 - 60 pips maximum per trade.

By the way, my yahoo chat ID is: james_phuc28

We should...
If your going to short GU I suggest you short at the open Sunday & take it to 1.50 area then go long till 1.55
  • #235,419
  • Jul 4, 2010 1:36am Jul 4, 2010 1:36am
Hi Allseeingeyes,

In fact, I also plan to short GU when market opens and if it create a GAP up, I will short right away. If a GAP up, then, it is very good chance to short GU at 1.5235 - 1.5250 or 1.5270 - 1.5295, with stop loss 1.5310 (or 1.5320 to avoid stop hunting by bad brokers).

But I don't think that GU can go down strongly from 1.5195 (closed price of last Friday) down to 1.5000 level, but my target may be around 1.5055 - 1.5110, depending on reversal candles on H1 and H4, and strong bullish candles on M15.

Please share your ideas why you think / believe GU will go down so strongly to 1.5000 level? nearly 200 pips down on Monday when U.S has holidays?
I don't think that Asia and European sessions, traders can make this thing happen. So, your ideas and analysis are highly appreciated if you can explain why.

I will go long if market can go down to 1.4950 - 1.5000 level on next Monday or Tuesday, and my aim for a long trade will be around 1.5450 - 1.5550 (I agree with you at this level), but if something can support it, I will aim at 1.5650 - 1.5700, and can go short around this level, when a clear reversal occurs.

Thanks and regards,
James
  • #235,420
  • Jul 4, 2010 2:17am Jul 4, 2010 2:17am
hey bro,

well thanks for the info i must say.
i will be travelling through out the week
i wont be able to trade. but i will try and follow up the info though.
take care, am off to school now.

i will reach you when am back bro.


Quoting james_phuc28
Hi McMartins,

Thanks for your interests.

We, as fellow traders, should help each other to trade forex successfully, avoid losses, and win consistently. Especially, newbie traders often lose their accounts very easily and quickly to the market because of their not being able to control their emotions, discipline, etc.
So, they will need some guides on where to trade along with the trend, or even against the trend (counter-trend) with tight stop loss around 30 - 60 pips maximum per trade.

By the way, my yahoo chat ID is: james_phuc28

We...
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