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Cable Update (GBPUSD)

  • #244,341
  • Aug 9, 2010 1:01pm Aug 9, 2010 1:01pm
Quoting cloggie
For those having a subscription to WSJ, there were some interesting editorials over the weekend.
about the tomorrow's meeting?
  • #244,342
  • Aug 9, 2010 1:02pm Aug 9, 2010 1:02pm
Quoting Elite_trader
about the tomorrow's meeting?

About the failure of the recovery and the case for further QE.
  • #244,343
  • Aug 9, 2010 1:04pm Aug 9, 2010 1:04pm
Quoting cloggie
About the failure of the recovery and the case for further QE.
right, I haven't read that but 2 x FED chairmen were having similar views on bloomberg today....
  • #244,344
  • Aug 9, 2010 1:05pm Aug 9, 2010 1:05pm
Quoting joemiami
Thanks for the tip.... my stop still in place
ok you're welcome.
thought you'd want to rethink your stop tho, that w1 pivot is likely to get tested imo. but good luck with your trade
Thank You
  • #244,345
  • Aug 9, 2010 1:08pm Aug 9, 2010 1:08pm
Quoting Elite_trader
you gotta be kidding mal

all the rumors are that will have another round of stimulus to support the deflationary economy, how can they effort to raise rate?!!
got one on the line ... lol

of course I am kidding .

I doubt very much anything will change to be honest. Stimuls may send the stock market into a spin downwards. Another QE package would be the admittance that the last one did not work.
Blogging daily now at www.volume.zone
  • #244,346
  • Aug 9, 2010 1:09pm Aug 9, 2010 1:09pm
Quoting malcolmb14
at least test...
thanks for your comment mal!
forexisbiz
  • #244,347
  • Aug 9, 2010 1:11pm Aug 9, 2010 1:11pm
Looks to be as good of a spot as any for a long.
Seems like we bounced right at the 61.8% retrace for that big move the end of last week
And that 61.8% was right at a nice round number, 1.59

Smaller position and a more loose stop than usual tho
  • #244,348
  • Aug 9, 2010 1:16pm Aug 9, 2010 1:16pm
hello there, can anybody give me a quick guide on trendlines, ie...or any help on identifying support and resistance levels?
  • #244,349
  • Aug 9, 2010 1:21pm Aug 9, 2010 1:21pm
Quoting malcolmb14
got one on the line ... lol

of course I am kidding .

I doubt very much anything will change to be honest. Stimuls may send the stock market into a spin downwards. Another QE package would be the admittance that the last one did not work.
good one Mal, it really cheered me up after a boring day.....

no one expect any surprising decision tomorrow, it's the tone & wording of the statement that is market moving not the release.....

they would probably keep "extended period" ," fragile recovery", blah blah.....

let's see....
  • #244,350
  • Aug 9, 2010 1:25pm Aug 9, 2010 1:25pm
Quoting monkey@forex
hello there, can anybody give me a quick guide on trendlines, ie...or any help on identifying support and resistance levels?
http://babypips.com
  • #244,351
  • Aug 9, 2010 1:26pm Aug 9, 2010 1:26pm
Quoting monkey@forex
hello there, can anybody give me a quick guide on trendlines, ie...or any help on identifying support and resistance levels?
no quick guides. learn to plot them properly or you'll find yourself plotting meaningless trendlines.
You might want to look up tom demark or igor toshchakov & get their books.
igor toshchakov has an active thread here in the factory. Might want to get your basics down first before trying to approach him.
Here is the link to his thread:
1. http://www.forexfactory.com/showthread.php?t=21887

all the best
Thank You
  • #244,352
  • Aug 9, 2010 1:30pm Aug 9, 2010 1:30pm
Quoting monkey@forex
hello there, can anybody give me a quick guide on trendlines, ie...or any help on identifying support and resistance levels?


The Best Trendline Methods Of Alan Andrews
Have a look over the net for the pdf.
"Flip that coin!"
  • #244,353
  • Aug 9, 2010 1:49pm Aug 9, 2010 1:49pm
Quoting monkey@forex
hello there, can anybody give me a quick guide on trendlines, ie...or any help on identifying support and resistance levels?

easy way i do it ( lazy way ) is get a murray math indicator and throw it on the charts

these change every 64 period... but will always reflect the s/r zones

Attached Image (click to enlarge)
Click to Enlarge Name: chart02 au.jpg Size: 183 KB
Blogging daily now at www.volume.zone
  • #244,354
  • Aug 9, 2010 2:13pm Aug 9, 2010 2:13pm
Quoting malcolmb14
easy way i do it ( lazy way ) is get a murray math indicator and throw it on the charts

these change every 64 period... but will always reflect the s/r zones

Attachment
Hey malc , the real lazy way is to use your value area on your fancy poc charts , the gbpusd couldnt even get a poke outside its upper value area and has since made the trip across almost to its lowest value area for the day , euro tried and got rejected now its making its way across, usd chf got in its value area and has made the trip almost to the top of its value area , from what I read on these charts they will make the trip 80% of the time , been watching a few and that has not been that far off
  • #244,355
  • Aug 9, 2010 2:14pm Aug 9, 2010 2:14pm
Quoting digger1
Hey malc , the real lazy way is to use your value area on your fancy poc charts , the gbpusd couldnt even get a poke outside its upper value area and has since made the trip across almost to its lowest value area for the day , euro tried and got rejected now its making its way across, usd chf got in its value area and has made the trip almost to the top of its value area , from what I read on these charts they will make the trip 80% of the time , been watching a few and that has not been that far off
I know .... but did not want to confuse the fellow

gu came right off poc friday with supply hitting the market vsa set up for 70 pip
Blogging daily now at www.volume.zone
  • #244,356
  • Aug 9, 2010 2:16pm Aug 9, 2010 2:16pm
downward momentum drying up, and 200ema holding on 30 min, contemplating adding some longs here(5900)
anyone else see the same?
  • #244,357
  • Aug 9, 2010 2:20pm Aug 9, 2010 2:20pm
bears have exhausted themselves
Attached Image (click to enlarge)
Click to Enlarge Name: 30 min gbpusd trade setup 1.gif Size: 32 KB
  • #244,358
  • Aug 9, 2010 2:22pm Aug 9, 2010 2:22pm
I think it will go down till 1,5885, touches TL and from there it will go up making new highs tomorrow.
  • #244,359
  • Aug 9, 2010 2:35pm Aug 9, 2010 2:35pm
Quoting joemiami
bears have exhausted themselves
I'm probably just bitter, because I was shorting like a madman throughout the entire London session to no avail, well, if you call .015% avail I feel sorry for you, but I digress, bears haven't exhausted anything, they are not even present YET. All I see is profit taking/last one out is a rotten egg going on. The bears are in play once the bounces stop.
  • #244,360
  • Aug 9, 2010 2:37pm Aug 9, 2010 2:37pm
Quoting joemiami
downward momentum drying up, and 200ema holding on 30 min, contemplating adding some longs here(5900)
anyone else see the same?
you might be right for the day as US market is closing in 30min, however, we should see what next Asian session & later London session have in pipeline for us. it wouldn't be wise to go long for no reason..... the pair is due for a major correction that could happen at any point of time..... so "exhaustion" as you said in 5-10min charts doesn't prove anything. please check your daily charts.....
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