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Cable Update (GBPUSD)

  • #247,761
  • Aug 22, 2010 3:46pm Aug 22, 2010 3:46pm
Daily support in this area so I would be careful with shorts, but hey thats just my opinion.
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  • #247,762
  • Aug 22, 2010 3:53pm Aug 22, 2010 3:53pm
Quoting bkg102665
Daily support in this area so I would be careful with shorts, but hey thats just my opinion.
So why not just put a limit order in below support? If it breaks it breaks if it doesn't it doesn't!

I hope it does edge up some like above 1.56 so I can put in a limit order just below that.

Unless you are trading for a few pips up or down on short time frame in which case your on your own.
  • #247,763
  • Aug 22, 2010 3:56pm Aug 22, 2010 3:56pm
Quoting pip_daddy
I guess it depends what time frame you trade in. I'm more interested in what the daily looks like. It has a lot to do with what sort of news comes out this week too so nothing is certain. The charts are telling me that it wants to go down. So unless some major news comes out to the contrary my guess is it will. The only question is when.
This is kind of moving away from the post that I had commented on...

You said that it cut through the H4 200EMA like a hot knife through butter...when in actuality and I guess it depends on when your broker opens and closes for the H4 candles, but we have not really broken support, only tested it.

That is all I was saying.

There is a wedge. Play it how you want, I was just trying to add a little to the discussion.

Be one with the bear, personally, I see a Sherpa H4 buy pattern before I see us heading back to the Daily 200EMA, which in all likelyhood could be the same area of support we are seeing now, just might take a week of sideways action to get back here....

Current pattern favors the bears, but close enough to support that will make me strongly consider the length of position.

I trade all time frames from the Daily down to the 5m...over the summer I have been a lot more relaxed in just taking the session continuations and grabbing the odd counter on a counter......

Best of luck on the week my friend, which ever way we go, there will be plenty of money to be had.

Keep in the green.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #247,764
  • Aug 22, 2010 4:10pm Aug 22, 2010 4:10pm
Quoting Magix
This is kind of moving away from the post that I had commented on...

You said that it cut through the H4 200EMA like a hot knife through butter...when in actuality and I guess it depends on when your broker opens and closes for the H4 candles, but we have not really broken support, only tested it.

That is all I was saying.

There is a wedge. Play it how you want, I was just trying to add a little to the discussion.

Be one with the bear, personally, I see a Sherpa H4 buy pattern before I see us heading back to the Daily 200EMA, which in all...
Hey Magix,

Always good to have your advise on the thread, have alot of respect for you...

Here's my H4 which shows the candle closing below 200 ema and then move back up...
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@pawpaw1000 on Twitter
  • #247,765
  • Aug 22, 2010 4:15pm Aug 22, 2010 4:15pm
Quoting pip_daddy
So why not just put a limit order in below support? If it breaks it breaks if it doesn't it doesn't!

I hope it does edge up some like above 1.56 so I can put in a limit order just below that.

Unless you are trading for a few pips up or down on short time frame in which case your on your own.
You can play it ever what suits your style of trading. I will have a pending long around 1.5485 and if it picks me up great. I will have around a 30-50 pip s/l on it so we will see what happens here.
Please ask questions and share your experiences with us all!
  • #247,766
  • Aug 22, 2010 4:20pm Aug 22, 2010 4:20pm
Quoting bkg102665
You can play it ever what suits your style of trading. I will have a pending long around 1.5485 and if it picks me up great. I will have around a 30-50 pip s/l on it so we will see what happens here.
could I ask you why you would do that? In my view you are just throwing money away...

if we do reach 1.5485 it means we have broken most support and will be headed further down!!!

That would actually be a good place to short, or as soon as we have broken there seeing as it is close to friday low
@pawpaw1000 on Twitter
  • #247,767
  • Aug 22, 2010 4:30pm Aug 22, 2010 4:30pm
Quoting forexlion
kindly find the solution as requested

 

  1. yearly
  2. monthly
  3. weekly

all options are changeable

now i can sleep for the night, friggin gave me a freak to complete the work anyhow

source code included as mq4 file, its all yours

http://img823.imageshack.us/img823/8...555d7b002n.gif

You're the man! You deserve a good night's sleep! Thank you very much for all your efforts today to get this indie done for me.

Muchos respectos!

P.S. Some nice gaps in EURAUD tonight right into supply and AUDUSD right into demand! Must be the elections and possible of a hung parliament! Anyway this is cable not Ozzie.
  • #247,768
  • Aug 22, 2010 4:35pm Aug 22, 2010 4:35pm
Quoting pawpaw1000
Hey Magix,

Always good to have your advise on the thread, have alot of respect for you...

Here's my H4 which shows the candle closing below 200 ema and then move back up...
maybe different setting. last week i had 200 ema about 35 pips higher than others. worked out mine was set to go back 200 bars, not 200 days
  • #247,769
  • Aug 22, 2010 4:45pm Aug 22, 2010 4:45pm
Quoting winsome
maybe different setting. last week i had 200 ema about 35 pips higher than others. worked out mine was set to go back 200 bars, not 200 days
well, anyways... still above it so will have to see...

I am soo bearish on the dollar but this looks like we are going to drop although we did touch the 50% retracement and bounced back up so we could be making new highs...

Funny to see that the pole before this consolodation is almost equal in length to the distance from here to the last swing low on daily... (400pips)

ALMOST TO THE PIP!

anyways, just a lil bit of interesting info

see you all at LO!
@pawpaw1000 on Twitter
  • #247,770
  • Aug 22, 2010 4:47pm Aug 22, 2010 4:47pm
Quoting pawpaw1000
Hey Magix,

Always good to have your advise on the thread, have alot of respect for you...

Here's my H4 which shows the candle closing below 200 ema and then move back up...
And thus my comment on depending on when your broker opens.

I run a few different brokers from that open their clocks and trading at different times, so watching the close of an H4 candle to me...really doesn't mean that much.

Following the trend based on the H4 is still valid enough, always keeping your ass covered on gains.

Best of the week to you as well my friend.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #247,771
  • Aug 22, 2010 4:48pm Aug 22, 2010 4:48pm
Quoting pawpaw1000
could I ask you why you would do that? In my view you are just throwing money away...

if we do reach 1.5485 it means we have broken most support and will be headed further down!!!

That would actually be a good place to short, or as soon as we have broken there seeing as it is close to friday low
We may be using different brokers I do not know but I show daily support around 1.5475/1.5480 area on my charts.
Please ask questions and share your experiences with us all!
  • #247,772
  • Aug 22, 2010 4:56pm Aug 22, 2010 4:56pm
Quoting bkg102665
We may be using different brokers I do not know but I show daily support around 1.5475/1.5480 area on my charts.
Have a look at this H4 chart. I have drawn your entry with a LARGE red line... Now, if you notice there are two yellow lines, that was last weeks range. Also notice the position of my turqoise line which is the 200ema...

Now, lets say you enter at the red line, what is now standing in your way LONG? You have the 200 ema which has FINALLY been broken, you have last weeks support which held the WHOLE week and you also have a broken 50 fib retracement... To add to the misery, you also have a relative down trend before the consolodation which could make this a continuation, IE 400 pips later...

To each his own but wouldn't you consider rather seeing whether we break the low of last week or bounce back up before entering?

I'm just saying this because there are soo many red lights which tell me to not do what you are wanting to. It might work but the odds are against you...
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@pawpaw1000 on Twitter
  • #247,773
  • Edited 5:21pm Aug 22, 2010 5:01pm | Edited 5:21pm
Quoting bkg102665
We may be using different brokers I do not know but I show daily support around 1.5475/1.5480 area on my charts.
Same! Support around 1.5457.
From there I will look at long if 1.54xx hold.
If not 1.5320.

Beware guys, when you convince others on forums it dosen't mean chart is also....
Those argu are sometimes uselss since price don't care about our little rant.


Just wait for price to get there and see.





Quoting pawpaw1000
could I ask you why you would do that? In my view you are just throwing money away...

if we do reach 1.5485 it means we have broken most support and will be headed further down!!!

That would actually be a good place to short, or as soon as we have broken there seeing as it is close to friday low
You would short exaclty into the support..... and 61.8%.... look at the other side of the trade...

In fact, why short after 500 pips down.... think about it!
No pro would do that.

Your call could be good for 50 maby 100 pips, but then it will pop back up for 1000.... until 1.6300 or some.

This is all opinions.

Wish you good trade!
"Flip that coin!"
  • #247,774
  • Aug 22, 2010 5:10pm Aug 22, 2010 5:10pm
add to this the fat that eu did get a little retrace ( wave 2) so did au , usdcad ... but gu got nothing .... that adds to bearish scenario

Quoting pawpaw1000
Have a look at this H4 chart. I have drawn your entry with a LARGE red line... Now, if you notice there are two yellow lines, that was last weeks range. Also notice the position of my turqoise line which is the 200ema...

Now, lets say you enter at the red line, what is now standing in your way LONG? You have the 200 ema which has FINALLY been broken, you have last weeks support which held the WHOLE week and you also have a broken 50 fib retracement... To add to the misery, you also have a relative down trend before the consolodation which could...
Blogging daily now at www.volume.zone
  • #247,775
  • Aug 22, 2010 5:59pm Aug 22, 2010 5:59pm
Quoting Forexfsa
http://www.telegraph.co.uk/finance/e...8trillion.html
I guess that the UK s**t smells after all. Who'd a thunk it.
  • #247,776
  • Aug 22, 2010 6:20pm Aug 22, 2010 6:20pm
Quoting bablo
I guess that the UK s**t smells after all. Who'd a thunk it.
This article is a load of horse manure!

There is a big difference between realised debt and expected debt. The Govt can reduce the expected debt by -

1. Increasing retirement age
2. Reducing public sector pension payouts (No more gold plated pensions)
3. Selling off the Govt stakes in the part nationalised banks
4. Legalising euthanasia for all over 70s

I was joking on the last point, but UK's real debt does not stand at 333% of GDP as stated in the article. If that were the case, I wonder what other countries 'real' debt are, such as Japan with a much worse ageing issue than in this country. In summary: Misleading!
  • #247,777
  • Aug 22, 2010 6:27pm Aug 22, 2010 6:27pm
Quoting pawpaw1000
well, anyways... still above it so will have to see...

I am soo bearish on the dollar but this looks like we are going to drop although we did touch the 50% retracement and bounced back up so we could be making new highs...

Funny to see that the pole before this consolodation is almost equal in length to the distance from here to the last swing low on daily... (400pips)

ALMOST TO THE PIP!

anyways, just a lil bit of interesting info

see you all at LO!
DIX is currently in consolidation between 50 and 200 ma on d1 and is fairly low on the weekly curve, so where do you see the bearish signs on the $?

OK... DIX has hit a supply zone at 83.25, so short-term we might see some dollar weakness.
  • #247,778
  • Aug 22, 2010 6:49pm Aug 22, 2010 6:49pm
Quoting bbakker
This article is a load of horse manure!

There is a big difference between realised debt and expected debt. The Govt can reduce the expected debt by -

1. Increasing retirement age
2. Reducing public sector pension payouts (No more gold plated pensions)
3. Selling off the Govt stakes in the part nationalised banks
4. Legalising euthanasia for all over 70s

I was joking on the last point, but UK's real debt does not stand at 333% of GDP as stated in the article. If that were the case, I wonder what other countries 'real' debt are, such as Japan...
I Don't disagree with you. However, every country is massaging their numbers to reflect their respective desired image.

Understandably countries will not mimic Zimbabwe as an extreme case of economics run amuck. But I’m sure there are plenty of skeletons to go around. Keep in mind the truth is frequently found in the middle of conflicting opinions.

I’ve included another report from 2008. Read with the benefit of hindsight and give me your impressions.

Attached File(s)
File Type: pdf http___www.telegraph.co.uk_finance_comment_ambroseevans_pritcha.pdf   84 KB | 268 downloads
  • #247,779
  • Aug 22, 2010 7:13pm Aug 22, 2010 7:13pm
Quoting pawpaw1000
Have a look at this H4 chart. I have drawn your entry with a LARGE red line... Now, if you notice there are two yellow lines, that was last weeks range. Also notice the position of my turqoise line which is the 200ema...

Now, lets say you enter at the red line, what is now standing in your way LONG? You have the 200 ema which has FINALLY been broken, you have last weeks support which held the WHOLE week and you also have a broken 50 fib retracement... To add to the misery, you also have a relative down trend before the consolodation which could...
I am not here to argue with anyone just wanting to show what I am looking at. My 200sma has not been broken yet and daily support at 1.5475 so we will have to wait and see what happens. Good luck and I will not be married to a long position, if it turns short I will be short.
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  • #247,780
  • Aug 22, 2010 7:25pm Aug 22, 2010 7:25pm
I can't really top Magix or Malcomb's analysis, but I agree with it in kind

I'm short @ 1.5572
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