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Cable Update (GBPUSD)

  • #249,081
  • Aug 26, 2010 7:47pm Aug 26, 2010 7:47pm
Quoting Magix
Price rejected at daily support...200EMA or well, a couple of pips below.

24SMA marks the resistance for the daily, so, fwiw, I am expecting this to be a consolidation area for the next couple days, perhaps into next week.

The current momo does favor the southside now, but until I see a Negative daily cross, I am not sold on much lower lows as of just yet.
Hrmmmm
http://www.forexfactory.com/showpost...stcount=248400
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #249,082
  • Aug 26, 2010 9:18pm Aug 26, 2010 9:18pm
cable daily chart just completed the frog pattern, yesterdays candle closed below april 15 high of 5522, and today's candle also opened below 5522.

will this frog jump into the water and look for its princess at 5380 or hop out of the water ?
  • #249,083
  • Aug 26, 2010 9:41pm Aug 26, 2010 9:41pm
Quoting hindustani
cable daily chart just completed the frog pattern, yesterdays candle closed below april 15 high of 5522, and today's candle also opened below 5522.

will this frog jump into the water and look for its princess at 5380 or hop out of the water ?
Would you mind explaining what a frog pattern is?..
....have an example of it in the chart? please show, im curious to understand what you're talking about. thnx
  • #249,084
  • Aug 26, 2010 9:50pm Aug 26, 2010 9:50pm
Quoting cvarnado
short term up/down?
My advice, if you want to improve your trading, its better to trade your chart, dont PM me or others traders for a way to follow our trade, we didn't give signal, we trade our chart, we give our point of view and we share our knowledge, we learn from each others, then post your charts or give us your view for this pair but don't ask short term, short, long, can i follow your short, what is your TP, and so on.....

By the way thanks WB, Eo, cloggie, malcolmb and others for their input

Good luck to you.
Trade with the momentum
  • #249,085
  • Aug 26, 2010 9:55pm Aug 26, 2010 9:55pm
Quoting joemiami
Would you mind explaining what a frog pattern is?..
....have an example of it in the chart? please show, im curious to understand what you're talking about. thnx
frog pattern is when we have a previous candle close and current candle open below an important resistance level, despite the previous candle making a big wick, this is sign of bearishness, unless the frog jumps out of the water denoted by the resistance level.
  • #249,086
  • Aug 26, 2010 9:59pm Aug 26, 2010 9:59pm
Quoting fourxtrader
Keeping the target open... UP or DOWN

A unique situation is developing with the compression charts:
most all of the tf's are in their compression modes at various
stages as the EMAs draw again together into consolidation
patterns. Of course, the lower tf's form faster and release
their energies to build the higher tf's. The 5m is already again
[i][color=blue][u]in...
in compression patterns your direction is given by smaller ema's turning towards bigger em'a, and also your reversal patterns come that way
  • #249,087
  • Aug 26, 2010 10:04pm Aug 26, 2010 10:04pm
Quoting sailor68
My advice, if you want to improve your trading, its better to trade your chart, dont PM me or others traders for a way to follow our trade, we didn't give signal, we trade our chart, we give our point of view and we share our knowledge, we learn from each others, then post your charts or give us your view for this pair but don't ask short term, short, long, can i follow your short, what is your TP, and so on.....

By the way thanks WB, Eo, cloggie, malcolmb and others for their input

Good luck to you.
My advice...

Don't listen to this guy....

About the only thing he got right was that you should trade off your own charts. From there, he went downhill, and fast.

If anybody posts a position or a trade, you have every right to ask why. Shit, if you wanted to be alone in your trading, why bother going through the sign up and login?

ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ASK ......

Not just the cvar guy...everybody!

Open discussion is the essence of a forum. Learning from the people that will give you an answer, be it right or wrong...finding your place in the wide world of forex...

Your Number 1 responsibility is to you. Make damn sure you take that serious.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #249,088
  • Aug 26, 2010 10:06pm Aug 26, 2010 10:06pm
I think 1.5465 will be the level to watch tonigh.
Dipping under 1,55 is not that bad for bulls.

But under 1,5465, the deal will be seal....

Lets'see...
"Flip that coin!"
  • #249,089
  • Aug 26, 2010 10:07pm Aug 26, 2010 10:07pm
just my imho ....
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not euphoria follower
  • #249,090
  • Aug 26, 2010 10:09pm Aug 26, 2010 10:09pm
Quoting Magix
My advice...

Don't listen to this guy....

About the only thing he got right was that you should trade off your own charts....
thank you.
  • #249,091
  • Aug 26, 2010 10:12pm Aug 26, 2010 10:12pm
Magix, may I ask you what might you be looking for tonight that will tip you off whether to trade short or long? price staying below a certain level or mov avg, etc? Your advice is greatly appreciated as im still strugging with this....and I really want to learn your methodology better. Thnx
  • #249,092
  • Aug 26, 2010 10:21pm Aug 26, 2010 10:21pm
Quoting Magix
My advice...

Don't listen to this guy....

About the only thing he got right was that you should trade off your own charts....
yes for sure essence of this forum is open discussion but when i get PM from him to follow my trade without any comments, i was surprise, some of my friends here same, before he looked at traders for signal (check his profile and thread) i just tell this fact.

when someone asked me about my position, or my point of view, i answered.

and i share what i can share.

No matter green pips to you, for me this subject is close.
Trade with the momentum
  • #249,093
  • Aug 26, 2010 10:23pm Aug 26, 2010 10:23pm
Quoting sailor68
yes for sure essence of this forum is open discussion but when i get PM from him to follow my trade without any comments, i was surprise, some of my friends here same, before he looked at traders for signal (check his profile and thread) i just tell this fact.

when someone asked me about my position, or my point of view, i answered.

and i share what i can share.

No matter green pips to you, for me this subject is close.
I was asking about your trade on fxbook. Nothing was shown and I was curious how accurate you actually were and true.

Sorry.
  • #249,094
  • Edited 10:42pm Aug 26, 2010 10:27pm | Edited 10:42pm
Quoting joemiami
Magix, may I ask you what might you be looking for tonight that will tip you off whether to trade short or long? price staying below a certain level or mov avg, etc? Your advice is greatly appreciated as im still strugging with this....and I really want to learn your methodology better. Thnx
If I can.... Magix will put his word on this afterwhile.

If you go trough forums a little, whit time you wille see that profitable traders, or the ones that are here for a long time, dosen't have much indicators on their chart. This is #1.

Most of the time, the most they will have is the daily SR whit pivot indic, or some murrey math line / or yesterday fibs to creat a map on chart.#2

Then, most of them will plot trendline from 2 last low creating area of pressure or indiscision.
This is showing direction whit the High low. #3

Then, some of them will choose a set of MA or EMA.
The most commun one is 200 EMA. I use 30 EMA/200/600/1440ema.
Some use 24 or 21 instead of my 30 and the 2 other are really optional.#4

What you need to look at then is the level of correction of the last leg.
Most of them are done at 50% and 61.8%.
Under 61.8%, most of the time move is on the way of revesal.

Last point but the most important.
All you need to do is to go in the way of the higher high, or the lover low and enter around 50%/61.8% correction of last move.
And when you see a non directional movement like now, you stay flat.#5

Some will use indicators at end of the chart like macd or stochastic.
But at this point, this is personnal / less universal approch. - optional.

Apply this on all chart and then choose witch one you follow.
Short term trade/scalp - low time frame
Long term trade/swing - 4h/daily/weekly

You can mix also to pin point area on scalp or pin point entry on swing.

Trying to help.
Take care !
"Flip that coin!"
  • #249,095
  • Aug 26, 2010 10:32pm Aug 26, 2010 10:32pm
Quoting joemiami
Magix, may I ask you what might you be looking for tonight that will tip you off whether to trade short or long? price staying below a certain level or mov avg, etc? Your advice is greatly appreciated as im still strugging with this....and I really want to learn your methodology better. Thnx
As much as people say, we are going up...we are actually in a negative slide...why?

Well, watching the PA and the who is doing what can better help you understand.

I have posted a daily chart with support and resistance, seeing that we hit support and bounce up, hit resistance and bounced down, but have we found support? I really don't think so.....but we are getting there....

We took a neg cross on the hourly and triggered below, plus opened up rollover with a negative spin. Daily open is key here. Any trades above and proper closes with trigger will re-engage a long chart, for now, we are short.

Rollover? WTF?? What is that???
Glad you asked. A trick that a grand trader, (Digger), taught me, if we trade below roll over, we are negative, if we trade above, we are positive. Follow the money...really why guess?

When is rollover? Again, another great question. 5PM EST. True daily open.
Watch what happens here at this time and price. See how many times will price will get rejected at this point...You would be pretty amazed at how easy it gets after that.

Now, is this the only key to trading? Pshhhhhhhh, Cripes NO!

You still have to understand where we came from, and where we could be heading.

I will repost the charts I feel relevant, will include one with that trend indicator that I passed along a couple nights ago, and you see if you can see what I see.

Neg on open, support close, Asian session selling and a short area where NY has never had a chance to play. CONSOLIDATION ON THE DAILY....

Meh, close of week, ain't gunna be EZ to be sure...Prolly not going to see a lot until Tuesday, but there will be a range worth trading...Right now, until we see a neg cross on the H4 or a Positive cross on the daily...WE flounder.

Don't catch, don't chase...when you see the movement, make your trade.



Current relevant charts.
First chart, repost...daily support/resistance...
Daily, H4, H1, M15 immediate support.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #249,096
  • Aug 26, 2010 10:44pm Aug 26, 2010 10:44pm
Oh, and a few more I am watching...first one, daily pivot...the rest..well, maybe a little overkill....
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #249,097
  • Aug 26, 2010 10:46pm Aug 26, 2010 10:46pm
Quoting fxoxford
where just have to see where we at by tommorow. good luck
I am also long..I have a piece at 1.5515 and another at 1.5545 and another at 1.5580....Total 4 standard lots.. Thats a lot for my small account.. The only thing keeping me to hold on to this position is all the big buyers around 1.5510-1.5520 area.. If it breaks that 1.5500 level I am out with a huge loss
I liked that move up yesterday US session and thats the reason added more lots... but it retraced all the way back down....Hate this choppy market...
Hopefully it will work today
  • #249,098
  • Aug 26, 2010 10:49pm Aug 26, 2010 10:49pm
Quoting Magix
My advice...

Don't listen to this guy....

About the only thing he got right was that you should trade off your own charts....

"Millionaires don't use astrology, billionaires do"
  • #249,099
  • Aug 26, 2010 10:53pm Aug 26, 2010 10:53pm
Quoting LostMyShirt
I am also long..I have a piece at 1.5515 and another at 1.5545 and another at 1.5580....Total 4 standard lots.. Thats a lot for my small account.. The only thing keeping me to hold on to this position is all the big buyers around 1.5510-1.5520 area.. If it breaks that 1.5500 level I am out with a huge loss
I liked that move up yesterday US session and thats the reason added more lots... but it retraced all the way back down....Hate this choppy market...
Hopefully it will work today
If it break down, just hedge your position and realese it when you think it will realy reverse (around 5300).
This way you'll have a second chance to get the distance back and BE the trade.

Just an idea...
"Flip that coin!"
  • #249,100
  • Aug 26, 2010 11:02pm Aug 26, 2010 11:02pm
To Magix and Scipionz, a BIG THANK YOU!!!
espec you Mag... a true teacher with a heart of gold
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