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Cable Update (GBPUSD)

  • #245,341
  • Aug 12, 2010 12:28pm Aug 12, 2010 12:28pm
Quoting trending
You got me confused, isn't descending wedge a bullish pattern? Why are you selling into it? Has it got something to do with the lack of volume this time of the day?

Thanks in advance for the info.

Because while it is still forming I am not going to buy against the daily. But that's me.
  • #245,342
  • Aug 12, 2010 12:30pm Aug 12, 2010 12:30pm
Quoting Makeveli
anyone longin yet ? my fingers r itching.
Put your SL @1.5540 if you are itching or below the ltl @1.5520. Depends how many pips you are prepared to risk. 200ma on h4 is not far off too and Magix would tell me it has a good chance of hitting it.

I'm gonna sit this long out as the R/R is not there for me. Good luck!
  • #245,343
  • Aug 12, 2010 12:35pm Aug 12, 2010 12:35pm
thx for ur input mate. appreciate it, might just do it with a 60 point stop

Quoting bbakker
Put your SL @1.5540 if you are itching or below the ltl @1.5520. Depends how many pips you are prepared to risk. 200ma on h4 is not far off too and Magix would tell me it has a good chance of hitting it.

I'm gonna sit this long out as the R/R is not there for me. Good luck!
  • #245,344
  • Aug 12, 2010 12:35pm Aug 12, 2010 12:35pm
Quoting bbakker
Put your SL @1.5540 if you are itching or below the ltl @1.5520. Depends how many pips you are prepared to risk. 200ma on h4 is not far off too and Magix would tell me it has a good chance of hitting it.

I'm gonna sit this long out as the R/R is not there for me. Good luck!

I couldn't trade that last bounce of the TL, because it never did, bounce that is for the first time in 4 hours. Flat cable now, still got my short fibre.
  • #245,345
  • Aug 12, 2010 12:36pm Aug 12, 2010 12:36pm
please post m5 charts....



with tl




please
Quoting cloggie
Put up a TL on top of your M5, plenty to trade. No need for Indy's, just keep selling the touches.
We cannot direct the winds but we can adjust our sail.
  • #245,346
  • Aug 12, 2010 12:38pm Aug 12, 2010 12:38pm
Cloggie, I see a descending wedge on the M30 too...

DW on M30 is pretty steep (== O/S ???) and bouncing off the lower boundary as we speak...this is probably why she keeps pulling back up...
Attached Image (click to enlarge)
Click to Enlarge Name: M30.gif Size: 10 KB
Hear the music before the song is over ...
  • #245,347
  • Aug 12, 2010 1:25pm Aug 12, 2010 1:25pm
Quoting USD-Bear
Same floor at the other side of the room

Using London's H/L/C from yesterday the calculated DP is 5570, which is were it's been playing for the past few hours.
  • #245,348
  • Aug 12, 2010 1:37pm Aug 12, 2010 1:37pm
Quoting PipGrabber
Using London's H/L/C from yesterday the calculated DP is 5570, which is were it's been playing for the past few hours.
You may want to check your calculations. I use this site that Cloggie mentioned once for pivots set to London time. I show cable well below DP.
http://www.mataf.net/en/tools/03-01-pivot-point
  • #245,349
  • Aug 12, 2010 1:40pm Aug 12, 2010 1:40pm
Quoting PipGrabber
Using London's H/L/C from yesterday the calculated DP is 5570, which is were it's been playing for the past few hours.
I am afraid your calculator is on the blink by a 100 pips or so.
  • #245,350
  • Aug 12, 2010 1:41pm Aug 12, 2010 1:41pm
Quoting bbakker
I am afraid your calculator is on the blink by a 100 pips or so.

Ahh, what's a 100 pips among friends? I got 56997
  • #245,351
  • Aug 12, 2010 1:42pm Aug 12, 2010 1:42pm
Quoting bbakker
I am afraid your calculator is on the blink by a 100 pips or so.
Oops, that was S1.
  • #245,352
  • Aug 12, 2010 1:44pm Aug 12, 2010 1:44pm
Quoting cloggie
Ahh, what's a 100 pips among friends? I got 56997
Only 5 decimals... I have more decimals in my DP than Pi has
  • #245,353
  • Aug 12, 2010 1:45pm Aug 12, 2010 1:45pm
Quoting PipGrabber
Oops, that was S1.

You are getting a bit closer, only out by 30 or so this time. S1 5542
  • #245,354
  • Aug 12, 2010 1:46pm Aug 12, 2010 1:46pm
http://www.bbc.co.uk/news/world-us-canada-10945050

Some boredom relief... Even Aunty Beeb can provide some interesting news.
  • #245,355
  • Aug 12, 2010 1:46pm Aug 12, 2010 1:46pm
Quoting cloggie
You are getting a bit closer, only out by 30 or so this time. S1 5542
  • #245,356
  • Aug 12, 2010 1:50pm Aug 12, 2010 1:50pm
Quoting cloggie
You are getting a bit closer, only out by 30 or so this time. S1 5542

Then I guess I need to verify. Please help.

I have H - 1.58050
L - 1.56269
C - 1.56409

Where'd I go wrong?
  • #245,357
  • Aug 12, 2010 1:53pm Aug 12, 2010 1:53pm
My risk/reward ratio calculation using 3 runners and targets was not easy to calculate, but I got there in the end -

=IF(AJ2=0,"0:0",CONCATENATE(ABS(ROUND(SUM(AJ2/Q2)/S2*3,0)),":1"))

LOL!

Dinner is ready!
  • #245,358
  • Aug 12, 2010 1:53pm Aug 12, 2010 1:53pm
Quoting PipGrabber
Then I guess I need to verify. Please help.

I have H - 1.58050
L - 1.56269
C - 1.56409

Where'd I go wrong?
Operator error, run then through your calculator again they add up right.
  • #245,359
  • Aug 12, 2010 1:57pm Aug 12, 2010 1:57pm
Quoting mdiz2
Operator error, run then through your calculator again they add up right.
Verified on two sites
http://www.earnforex.com/pivot-points-calculator
http://www.mataf.net/en/tools/03-01-pivot-point

and I still don't get Cloggie's S1.
  • #245,360
  • Aug 12, 2010 2:04pm Aug 12, 2010 2:04pm
Quoting GlobalMacro
Cloggie, I see a descending wedge on the M30 too...

DW on M30 is pretty steep (== O/S ???) and bouncing off the lower boundary as we speak...this is probably why she keeps pulling back up...
I ran some more numbers and got more supporting evidence that the last drop below 1.5650 down to 1.5562 may have been a downthrust...

Also look at the chart below to find some confluence support lines from historical price action at the descending wedge we are at right now....

Are we looking at a floor right in the face (a la 1.60 ceiling...)?

...cya later!
Attached Image (click to enlarge)
Click to Enlarge Name: M30.gif Size: 10 KB
Hear the music before the song is over ...
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