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Cable Update (GBPUSD)

  • #241,281
  • Jul 27, 2010 11:43am Jul 27, 2010 11:43am
or reverses depending on your tf of reference
supported by some higher tf, the trend remains.

Dr. D.
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  • #241,282
  • Jul 27, 2010 11:51am Jul 27, 2010 11:51am
Quoting fourxtrader
or reverses depending on your tf of reference
supported by some higher tf, the trend remains.

Dr. D.


Sorry i m new to this trading, this chart looks very confusing. i didnt get anything out of it.....
  • #241,283
  • Jul 27, 2010 11:53am Jul 27, 2010 11:53am
drakes there were a few reasons to be watching for a bounce there . It was last weeks high somewhat of a support area now since we were above it , This weeks open area which is also a support area till it gets taken out if and when it does . Beyond channels and trendlines there were other reasons too , seems like a lot of stuff to keep track of but they will fall into place
  • #241,284
  • Jul 27, 2010 11:56am Jul 27, 2010 11:56am
Quoting digger1
drakes there were a few reasons to be watching for a bounce there . It was last weeks high somewhat of a support area now since we were above it , This weeks open area which is also a support area till it gets taken out if and when it does . Beyond channels and trendlines there were other reasons too , seems like a lot of stuff to keep track of but they will fall into place
This weeks open of 5410?
Don't be emo... don't be emo....
  • #241,285
  • Jul 27, 2010 11:58am Jul 27, 2010 11:58am
Quoting cloggie
So right now the play is test 5567, back to test the 5544, hold as support, test 5567.

Here you go drakes, 70 pips worth of trades that took about 40 minutes or so to play out. All within a pip. Like taking candy from a baby. Off to find the next bit of play. The PA around 5567 will show us the way.
  • #241,286
  • Jul 27, 2010 12:02pm Jul 27, 2010 12:02pm
Quoting drakes
This weeks open of 5410?
last weeks high was the one I was watching , my data has a weekly close of 1.5426 , which was a few pips lower , sorry about that . I always get a different price usually for a close and open because the broker my data comes from closes an hour earier than most on Fridays
  • #241,287
  • Jul 27, 2010 12:02pm Jul 27, 2010 12:02pm
dam it why not enjoy the ride we do have a range and the b;;;;;;;;;;;h stuck until cloggie let her go a break above the high we are in still with tight stop in case

egkid how are u bro hope u are doing well


digg all cans are in hope the tire are in too

cloggie dam it i dont trust the b;;;;;h hit and run


best of luck to all green week enjoy
  • #241,288
  • Jul 27, 2010 12:06pm Jul 27, 2010 12:06pm
Quoting kill56
dam it why not enjoy the ride we do have a range and the b;;;;;;;;;;;h stuck until cloggie let her go a break above the high we are in still with tight stop in case

egkid how are u bro hope u are doing well


digg all cans are in hope the tire are in too

cloggie dam it i dont trust the b;;;;;h hit and run


best of luck to all green week enjoy
ha ha lots of greenie for you I hope , I took a few from the lows again just to see if we can get the pop this time lol, eur/gbp dropping , dollar steady this my be the time if not oh well gave it a shot
  • #241,289
  • Jul 27, 2010 12:08pm Jul 27, 2010 12:08pm
Quoting cloggie
Here you go drakes, 70 pips worth of trades that took about 40 minutes or so to play out. All within a pip. Like taking candy from a baby. Off to find the next bit of play. The PA around 5567 will show us the way.
Can I put it this way also? As you said about the 50% fibo, after 5567, retrace to 50% fibo, did not break 50% fibo, so bounce up to 5544 and hold as support (what time frame do you use to check if it holds as a support) and finally to retest 5567.

If the price retrace broke through the 50% fibo and holds up as a resistance, would you consider that as a reverse trend already?
Don't be emo... don't be emo....
  • #241,290
  • Jul 27, 2010 12:11pm Jul 27, 2010 12:11pm
Quoting drakes
Can I put it this way also? As you said about the 50% fibo, after 5567, retrace to 50% fibo, did not break 50% fibo, so bounce up to 5544 and hold as support (what time frame do you use to check if it holds as a support) and finally to retest 5567.

If the price retrace broke through the 50% fibo and holds up as a resistance, would you consider that as a reverse trend already?

They are all seperate plays, the 50 fib retrace was because of the daily high,the 5544 was a resistance on the 15/30, the range was formed by the rejection of the 50 fib and 5567 was yesterday's extension once the range failed, preceded by the PA around the R1. So don't see the plays as one, they are seperate moves. So far using basic PA, a few fibs and TL's would have netted you around 300 pips today.

We are in a 2 month bull move, so a simple failure of a 50 on a retrace is not a sign of a trend reversal. We had a guy in here yesterday that got all bend out of shape because we ignored his call for a retrace based on a single resistance on a daily, it takes quite a bit more and he could not understand it either so he stomped off.
  • #241,291
  • Jul 27, 2010 12:13pm Jul 27, 2010 12:13pm
Did London just close (15 min ago) or did it close 1 hr 15 min ago?
******************* I'd rather make money than be right.
  • #241,292
  • Jul 27, 2010 12:14pm Jul 27, 2010 12:14pm
Quoting 4xStar
Did London just close (15 min ago) or did it close 1 hr 15 min ago?

Blimey, you borrowing Kill's watch, it closed 1 hr 45 ago.
  • #241,293
  • Jul 27, 2010 12:14pm Jul 27, 2010 12:14pm
Quoting 4xStar
Did London just close (15 min ago) or did it close 1 hr 15 min ago?
hour and 15 ago I believe
  • #241,294
  • Jul 27, 2010 12:14pm Jul 27, 2010 12:14pm
Good rang bound action, will take another short if it hits 1.55700
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  • #241,295
  • Jul 27, 2010 12:16pm Jul 27, 2010 12:16pm
Quoting cloggie
They are all seperate plays, the 50 fib retrace was because of the daily high,the 5544 was a resistance on the 15/30, the range was formed by the rejection of the 50 fib and 5567 was yesterday's extension once the range failed, preceded by the PA around the R1. So don't see the plays as one, they are seperate moves. So far using basic PA, a few fibs and TL's would have netted you around 300 pips today.

We are in a 2 month bull move, so a simple failure of a 50 on a retrace is not a sign of a trend reversal. We had a guy in here yesterday that...
I see, ok thanks for the explanation, makes sense on why my trades have not been very successful and now i know why, a lot to digest and to cross check back on today's trade, but very much appreciate it.
Don't be emo... don't be emo....
  • #241,296
  • Jul 27, 2010 12:19pm Jul 27, 2010 12:19pm
Quoting cloggie
Blimey, you borrowing Kill's watch, it closed 1 hr 45 ago.
so it closes on the half hour? 16:30 local time?
******************* I'd rather make money than be right.
  • #241,297
  • Jul 27, 2010 12:21pm Jul 27, 2010 12:21pm
Quoting 4xStar
so it closes on the half hour? 16:30 local time?
Think it was an hour 20 mins ago...
Don't be emo... don't be emo....
  • #241,298
  • Jul 27, 2010 12:24pm Jul 27, 2010 12:24pm
Quoting 4xStar
so it closes on the half hour? 16:30 local time?

Blimey, it is 1823 here now, so it closed 1 hour and 53 minutes ago at 1630 local, what you been smoking?
  • #241,299
  • Jul 27, 2010 12:25pm Jul 27, 2010 12:25pm
Quoting 4xStar
Did London just close (15 min ago) or did it close 1 hr 15 min ago?
hi Star .london closes at 5.00.pm gmt = 5 hours ahead of est
All systems of divination, like music itself,work through patterns.
  • #241,300
  • Jul 27, 2010 12:25pm Jul 27, 2010 12:25pm
Quoting gta5555
Sorry i m new to this trading, this chart looks very confusing. i didnt get anything out of it.....



Dr. D.
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