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Cable Update (GBPUSD)

  • #237,321
  • Jul 12, 2010 2:00pm Jul 12, 2010 2:00pm
Quoting Magix
Look again.

Remember way a long time ago, I think it might have been last night, I had suggested that London always fills the chart? Do you see where we have gotten to?

Now, London sold off before making this retrace, meaning there is now an area of play that NY has not seen....

Where is a trend defined as long when there is a lower high and a lower low?

1st chart posted last night...
2nd chart current....

+87 closed long on 2 trades this morning,
+64 closed on 2 shorts, currently holding 2 shorts from 1.5074.
Yeah.. I forgot about that 80 level.... that's why everyone was holding to that level. Looks like your chart might play out perfectly!
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,322
  • Jul 12, 2010 2:02pm Jul 12, 2010 2:02pm
Quoting nAVIN2007
http://www.forexfactory.com/[IMG...m/chart1-2.gif
So my question is why are all your lines on top of the up moves giving resistence, but the most recent line you have drawn as support?
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,323
  • Jul 12, 2010 2:09pm Jul 12, 2010 2:09pm
Quoting damonl
Yeah.. I forgot about that 80 level.... that's why everyone was holding to that level. Looks like your chart might play out perfectly!
Now...if you wanna believe that it was a "Knee-Jerk" reaction to the news....

wink, wink, nudge, nudge....

Be my guest....

I think the chart I posted tells a little better story then the "Knee -Jerk"....and well, makes a lot more sense. The fact that we rose to resistance and dropped like a stone....Hrmmm...

I used to pay mind to the fundamentals when I played the stock markets...They too were all lies, but always had a reaction on the charts. In forex, the press may cause small swings in motion, but the true trend always stays intact. Finding what and where that trend is, and of course dependent on the time frame that you play is the trick.

The chart always fills...keep that in mind and you will have a hard time going wrong.

Now...before you get confused....

Wash the IDEA of 1.6 out of your mind...total bullshit call at this point.

We could see an amalgamated EUR/GBP before seeing that number. A target like that is completely irrelevant and pointless.

IF you have no concept of a short term chart, you have no idea where a long term trend will go either.

Keep watching the smaller time frames and how they work with your specific favs on the indies thang. When you master the smalls, the bigs will come. Taking small bites of an apple still keeps the doctor away.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #237,324
  • Jul 12, 2010 2:10pm Jul 12, 2010 2:10pm
Quoting Magix
Look again.

Remember way a long time ago, I think it might have been last night, I had suggested that London always fills the chart? Do you see where we have gotten to?

Now, London sold off before making this retrace, meaning there is now an area of play that NY has not seen....

Where is a trend defined as long when there is a lower high and a lower low?

1st chart posted last night...
2nd chart current....

+87 closed long on 2 trades this morning,
+64 closed on 2 shorts, currently holding 2 shorts from 1.5074.
So is this a pretty common event.... Asian moves and pulls back, London tests it because it wants it's turn and then maybe even US wants it's turn....?
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,325
  • Jul 12, 2010 2:13pm Jul 12, 2010 2:13pm
Quoting Magix
Now...if you wanna believe that it was a "Knee-Jerk" reaction to the news....

wink, wink, nudge, nudge....

Be my guest....

I think the chart I posted tells a little better story then the "Knee -Jerk"....and well, makes a lot more sense. The fact that we rose to resistance and dropped like a stone....Hrmmm...

I used to pay mind to the fundamentals when I played the stock markets...They too were all lies, but always had a reaction on the charts. In forex, the press may cause small swings in motion, but the true trend always stays intact....

Yeah.. I really didn't pay any mind to 1.6000, but I did try to see what they saw, but that was impossible... lol

As for news, I still feel that for the most part, news has to feel important, so if the dow drops 500 points, they will broadcast some event that makes them look important and that they know what is going on when really they don't know Jack.. lol!
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,326
  • Jul 12, 2010 2:24pm Jul 12, 2010 2:24pm
Quoting damonl
So is this a pretty common event.... Asian moves and pulls back, London tests it because it wants it's turn and then maybe even US wants it's turn....?
Try not to get lost in who is doing what, but more in who has done what....

Imagine somebody says that they will pay you 10k to drive their car down the highway, but you still have your car that you need to move at the same time. What do you do?

You move their car a little ahead, walk back, move your car to match or a little more ahead, walk back to the other.

When we see moves and retraces, try and figure out, who has done what, and has everybody seen the commons on the chart, or is everybodies cars parked in a line on the road.

From there, it's finding the direction.

NY and London found a common drop until London Closed on Friday. NY decided that it was going to sell off more, after all, there were no more buyers at the top of the chart...so dropped some more. Asian session, well...it is again, if they move, more area of chart to have to fill...London will typically look for a support or resistance range and turn to come back for NY session to continue their journeys together.

Today, London posted bottom. Bought back up to Fridays low, and now that they closed the books, dropped their longs....NY has an area to fill at bottom, and as a guess, because the daily support was never gained, we test the H4 200EMA as the Hitman been talking about.

Now, it is summer, we are rangey...we have not played through a proper trigger on trend for the M30 or the hourly, so, this week will most likely look a lot like last, consolidating in the current 200-300 pip area.

The first attempt to break through the H4 support will most likely be rejected, as there was a new high created. Soooooooooo....watch for drops and ride the tide...when you see the area of the H4 200EMA, start watching for buyers and ride the tide...

IF no new high is created, or if the daily resistance holds, Navhin will be holding out for his 1.6 until this time next year.

It is the summer expect a lot of range until we see back to a regular fall trade session. A lot of great ups and downs if you can play them. This truly is the time to get to know the 5, 15 m charts, they will be your cash machine when the rest of volume and volatility come back to play.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #237,327
  • Jul 12, 2010 2:29pm Jul 12, 2010 2:29pm
http://www.forexfactory.com/showpost...ostcount=68445

Please see attached post for my long entry. I see a bullish setup in a strong uptrend. Lets see how it develops.


cheers

fxp
  • #237,328
  • Jul 12, 2010 2:33pm Jul 12, 2010 2:33pm
Quoting Magix
Try not to get lost in who is doing what, but more in who has done what....

Imagine somebody says that they will pay you 10k to drive their car down the highway, but you still have your car that you need to move at the same time. What do you do?

You move their car a little ahead, walk back, move your car to match or a little more ahead, walk back to the other.

When we see moves and retraces, try and figure out, who has done what, and has everybody seen the commons on the chart, or is everybodies cars parked in a line on the road.

From there,...
Yep.. sounds just like how I played last week. My only mistake today was not waiting to get closer to London open before making trades, otherwise I think my entries are very good, and would take them again. Still I need work on identifying realistic targets for the day, but I use what seems to work for me and worked well today, as I ended with a nice profit.
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,329
  • Jul 12, 2010 2:35pm Jul 12, 2010 2:35pm
Quoting fxprocessor
http://www.forexfactory.com/showpost...ostcount=68445

Please see attached post for my long entry. I see a bullish setup in a strong uptrend. Lets see how it develops.


cheers

fxp
Interesting.. your 4H bars look nothing like mine.... must be using different open times.....

Attached Image (click to enlarge)
Click to Enlarge Name: h4.gif Size: 37 KB
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,330
  • Jul 12, 2010 2:42pm Jul 12, 2010 2:42pm
Quoting Magix
Try not to get lost in who is doing what, but more in who has done what....

Imagine somebody says that they will pay you 10k to drive their car down the highway, but you still have your car that you need to move at the same time. What do you do?

You move their car a little ahead, walk back, move your car to match or a little more ahead, walk back to the other.

When we see moves and retraces, try and figure out, who has done what, and has everybody seen the commons on the chart, or is everybodies cars parked in a line on the road.

From there,...
may help show a little of wht you saying magix , 1st chart green candles are london session trading with a box around it , 2nd chart purple candles are londons price action , cheers
Attached Image (click to enlarge)
Click to Enlarge Name: lon session chart 1.jpg Size: 134 KB


Attached Image (click to enlarge)
Click to Enlarge Name: london session 2.jpg Size: 181 KB
  • #237,331
  • Jul 12, 2010 2:45pm Jul 12, 2010 2:45pm
Quote
Wash the IDEA of 1.6 out of your mind...total bullshit call at this point.
2-3 months max
might be sooner than that..chart says to me..very likely..more likely than going to 1.40
  • #237,332
  • Jul 12, 2010 2:46pm Jul 12, 2010 2:46pm
This is really important information IMO ... and I really want to understand it. I am posting 5 miin chart from last Friday. Brown vertical lines are start and end of London session, dark blue verticals are start & end of NY.

Could you illustrate what you are saying using this (or similar) chart that is naked except for open & close markers?




Quoting Magix
Try not to get lost in who is doing what, but more in who has done what....

Imagine somebody says that they will pay you 10k to drive their car down the highway, but you still have your car that you need to move at the same time. What do you do?

You move their car a little ahead, walk back, move your car to match or a little more ahead, walk back to the other.

When we see moves and retraces, try and figure out, who has done what, and has everybody seen the commons on the chart, or is everybodies cars parked in a line on the road.

From there,...
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 29 KB
******************* I'd rather make money than be right.
  • #237,333
  • Jul 12, 2010 2:50pm Jul 12, 2010 2:50pm
Quoting damonl
So my question is why are all your lines on top of the up moves giving resistence, but the most recent line you have drawn as support?
with experience u learn when i line has been touched 3 times it confirmed, 4th or more is regarded kiss of death, if the lines u have are correct generally, (line breaks)..this is shaping up perfectly..to any1 who has been trading a while, this moves are very high probability , nothing so far has been out of the ordinary and pretty basic stuff

Quoting fxprocessor
http://www.forexfactory.com/showpost...ostcount=68445

Please see attached post for my long entry. I see a bullish setup in a strong uptrend. Lets see how it develops.


cheers

fxp
100% agree
  • #237,334
  • Jul 12, 2010 2:52pm Jul 12, 2010 2:52pm
market is solidifying S/T bullish base into NY close as anticipated earlier....after an exacerbated bounce off 1.5075 previously broken support following sudden S&P's UK downgrade warning....
this should help inflate prices up thru today's high and in case of a 1.5110 break even further up to near 1.5200 during the next 24 hours barring any more surprise bulletins...
Attached Image (click to enlarge)
Click to Enlarge Name: M30.gif Size: 9 KB
Hear the music before the song is over ...
  • #237,335
  • Jul 12, 2010 2:54pm Jul 12, 2010 2:54pm
Quoting damonl
Interesting.. your 4H bars look nothing like mine.... must be using different open times.....

Attachment

It's fxpro metatrader.
  • #237,336
  • Jul 12, 2010 2:59pm Jul 12, 2010 2:59pm
Quoting nAVIN2007
with experience u learn when i line has been touched 3 times it confirmed, 4th is regarded kiss of death, if the lines u have are correct generally, (line breaks)..this is shaping up perfectly..to any1 who has been trading a while, this moves are very high probability wise, nothing so far has been out of the ordinary



100% agree
Lets see how the week pans out mate. Could be a good one. If not we live to fight another day
  • #237,337
  • Jul 12, 2010 3:02pm Jul 12, 2010 3:02pm
Quoting fxprocessor
Lets see how the week pans out mate. Could be a good one. If not we live to fight another day
  • #237,338
  • Jul 12, 2010 3:10pm Jul 12, 2010 3:10pm
Quoting digger1
may help show a little of wht you saying magix , 1st chart green candles are london session trading with a box around it , 2nd chart purple candles are londons price action , cheersAttachment

Attachment
Thanks...
"Keep your eyes on the helpers" - Mr. Rogers
  • #237,339
  • Jul 12, 2010 3:11pm Jul 12, 2010 3:11pm
back

nav what u need bro
  • #237,340
  • Jul 12, 2010 3:12pm Jul 12, 2010 3:12pm
Quoting kill56
back

nav what u need bro
Just need a price indicator..something that can tell me the price clearly..

thanks brother!!
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