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Cable Update (GBPUSD)

  • #247,921
  • Aug 23, 2010 7:11am Aug 23, 2010 7:11am
Quoting monkey@forex
Does anyone think that cable will drop to test 50% retracements at 1.5120 of the big rally or will it be reassess at the 200day ema?
how did u figure that one out?
  • #247,922
  • Aug 23, 2010 7:16am Aug 23, 2010 7:16am
Quoting witsnpips
hate speeches, nothing makes sense

Oh…It is so easy…. All you have to do is listen carefully and decide what order Hoenig made himself (buy or sell) just before he left for speech.
  • #247,923
  • Aug 23, 2010 7:53am Aug 23, 2010 7:53am
Quoting witsnpips
how did u figure that one out?
Is the pound currently in a new downtrend from 1.6 or is it a correction from 1.6? If it's a correction then the 50% fib from 1.42-1.6 is at 1.5120, if its a new downtrend then it will keep dropping...what I'm asking does anybody think the dollar has enough steam to push cable down to 1.5120 or do u think the dollar is gonna get creamed in the next week or two...
  • #247,924
  • Aug 23, 2010 8:19am Aug 23, 2010 8:19am
Would like to see a break through current lower channel support for continuation of downside. Flat and waiting for now.

No trigger to longs as of yet, hate to assume that NY is going to change the momo on the day.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #247,925
  • Aug 23, 2010 8:20am Aug 23, 2010 8:20am
Quoting monkey@forex
Is the pound currently in a new downtrend from 1.6 or is it a correction from 1.6? If it's a correction then the 50% fib from 1.42-1.6 is at 1.5120, if its a new downtrend then it will keep dropping...what I'm asking does anybody think the dollar has enough steam to push cable down to 1.5120 or do u think the dollar is gonna get creamed in the next week or two...
I think its a fairly futile exercise to attempt to predict where any currency is heading. Who ever can indeed predict where any currency is heading is probably now a multi-billionaire. Just trade what you see not what you predict. What I see on the daily is a range between 55120 and 56460. If if breaks cleanly from the range, then u will have your direction.
  • #247,926
  • Aug 23, 2010 8:25am Aug 23, 2010 8:25am
Quoting monkey@forex
Is the pound currently in a new downtrend from 1.6 or is it a correction from 1.6? If it's a correction then the 50% fib from 1.42-1.6 is at 1.5120, if its a new downtrend then it will keep dropping...what I'm asking does anybody think the dollar has enough steam to push cable down to 1.5120 or do u think the dollar is gonna get creamed in the next week or two...

The dearth of Cable... Ha!!
  • #247,927
  • Aug 23, 2010 8:36am Aug 23, 2010 8:36am
Quoting monkey@forex
Is the pound currently in a new downtrend from 1.6 or is it a correction from 1.6? If it's a correction then the 50% fib from 1.42-1.6 is at 1.5120, if its a new downtrend then it will keep dropping...what I'm asking does anybody think the dollar has enough steam to push cable down to 1.5120 or do u think the dollar is gonna get creamed in the next week or two...
I see that we still have support on the daily, but have hit to the weekly resistance without confirmation and true play through....we rode the momentum to high and now its time to see if daily support will hold.

An inevitable retrace to the daily 200 is what I have on my charts, and from there, will just have to see if it holds. A trigger for longside here could send us back to testing last years highs, failure here could send us back down...as of current, not really seeing strength in any true direction.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #247,928
  • Aug 23, 2010 8:42am Aug 23, 2010 8:42am
Quoting Scipionz
Sure, but honnestly all you need is a chart, a fibs tool, and trendlines....

All the rest is scam... Hehe!


I started making money the day I stopped searching for the magic trick/holy grail... and developped my own vision of it.

Take care!

(ps: take a 1 min chart or 5..., and just take any 61.8% correction, up or down, and aim for 5/10 pips whit 35 pips SL. Just test it! LOL)
Hi, would like to say thanks for this. I think i.m starting to see how fibs (and the fibs tool!) work for the first time. This thread is so good for learning..
All systems of divination, like music itself,work through patterns.
  • #247,929
  • Aug 23, 2010 8:54am Aug 23, 2010 8:54am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Magix,

check 200 day simple moving average on daily and see why cable can't go below it...SMA (simple moving average) has more value then EMA for pro traders.


ta
ams



Quoting Magix
I see that we still have support on the daily, but have hit to the weekly resistance without confirmation and true play through....we rode the momentum to high and now its time to see if daily support will hold.

An inevitable retrace to the daily 200 is what I have on my charts, and from there, will just have to see if it holds. A trigger for longside here could send us back to testing last years highs, failure here could send us back down...as of current, not really seeing strength in any true direction.
  • #247,930
  • Aug 23, 2010 8:56am Aug 23, 2010 8:56am
Quoting ams
Magix,

check 200 day simple moving average on daily and see why cable can't go below it...SMA is more powerful then EMA for pro traders.


ta
ams
S for Simple or Smoothed ?
  • #247,931
  • Aug 23, 2010 8:58am Aug 23, 2010 8:58am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
it's simple moving average mate.

ta
ams


Quoting dswk
S for Simple or Smoothed ?
  • #247,932
  • Aug 23, 2010 9:10am Aug 23, 2010 9:10am
Quoting ams
Magix,

check 200 day simple moving average on daily and see why cable can't go below it...SMA (simple moving average) has more value then EMA for pro traders.


ta
ams
200 SMA
Attached File(s)
File Type: ex4 200SMA.ex4   5 KB | 531 downloads
  • #247,933
  • Aug 23, 2010 9:11am Aug 23, 2010 9:11am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Thanks ForexLion!


ta
ams

Quoting forexlion
200 SMA
  • #247,934
  • Aug 23, 2010 9:24am Aug 23, 2010 9:24am
Anybody trading this range successfully?? I made one trade and lost little bit of money so I stopped... This is a very tight range and hard to trade for me.. I am wondering anybody is playing this range and making money??
  • #247,935
  • Aug 23, 2010 9:40am Aug 23, 2010 9:40am
Quoting LostMyShirt
Anybody trading this range successfully?? I made one trade and lost little bit of money so I stopped... This is a very tight range and hard to trade for me.. I am wondering anybody is playing this range and making money??

We are not as much in a range as in a consolidation area. This level corresponds to the 50 retrace of the years down move if you don't take the news spike of the hung parliament into account, we have played around the 50 retrace all week again, couple that with some other levels here that align with the retrace such as the 200 ema and the DP and you have yourself a setup of how to play the days play, either buy the rejections of the 50 fib or sell the rallys away from them. That 50 fib is not going to go today, it hasn't gone all week last week on larger volumes. Any longer term traded aiming for a continuation below the fib is just gambling if we haven't got a confirmation of it yet. I am just scalping here and there back to the fib line there is nothing worth trading for more then 30-40 pips out there. Just the occasional short of the uTL back down to the fib.

So still the same play as last week, patterns within patterns, pennant on the 30 and hourly, yearly fib retrace and a few TL's, another key for today was the open above the DP (5529 London pivot) confirming the 50 fib as pretty tough support out there.

It really pays of keeping track of the bigger picture and zooming out your charts finding the larger patterns that are still valid.
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  • #247,936
  • Aug 23, 2010 9:44am Aug 23, 2010 9:44am
Quoting ams
it's simple moving average mate.

ta
ams
Thx.
  • #247,937
  • Aug 23, 2010 9:49am Aug 23, 2010 9:49am
Now we finally have some dollar strength coming into the market, UC up EU down, equities selling of, futures down. Trailing a short with a stop above the DP now, let's see if this attempt leads to anything.

Round number and last weeks low next.
  • #247,938
  • Aug 23, 2010 9:49am Aug 23, 2010 9:49am
Broken Bull Flag:

H1:
Attached Image
Don't be a hero. Don't have an ego. Always question yourself
  • #247,939
  • Aug 23, 2010 9:52am Aug 23, 2010 9:52am
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  • #247,940
  • Aug 23, 2010 9:58am Aug 23, 2010 9:58am
Quoting cloggie
Now we finally have some dollar strength coming into the market, UC up EU down, equities selling of, futures down. Trailing a short with a stop above the DP now, let's see if this attempt leads to anything.

Round number and last weeks low next.

Time to take some profits of and letting the rest run. Targets 5495 and 5472.
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