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Cable Update (GBPUSD)

  • #251,581
  • Sep 8, 2010 8:34am Sep 8, 2010 8:34am
Quoting danielabas
thx for your input cloggie, appreciate that.

I didn't want you to pick the top when the top hasn't formed yet. Most of us agree here that we are going to top out somewhere around here, just a matter of identifying correctly where, and your chart wasn't it.

There have been plenty of top pickers out here today that got stopped.
  • #251,582
  • Sep 8, 2010 8:34am Sep 8, 2010 8:34am
According to the news: 1) vodaphone disposed of something for 6.6billion so that could have caused the spike 2) and the house price increase of 0.2%

but that happened today, nothing on the chart yday signalled long to me
  • #251,583
  • Sep 8, 2010 8:35am Sep 8, 2010 8:35am
Quoting priceaction
Thanks BB - simple is best.
All we need to be aware of to make money is price action and previous supply & demand zones.
Mate if that supply zone break, time put your reverse sensors on.
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #251,584
  • Sep 8, 2010 8:37am Sep 8, 2010 8:37am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
nope. but I google'd it and this comes...


http://www.brocompany.com/brokerage-.../broco-trader/


Quoting GlobalMacro
hey AMS...you got their url..?
  • #251,585
  • Sep 8, 2010 8:40am Sep 8, 2010 8:40am
Quoting monkey@forex
According to the news: 1) vodaphone disposed of something for 6.6billion so that could have caused the spike 2) and the house price increase of 0.2%

but that happened today, nothing on the chart yday signalled long to me

There were regular immediate and regular sequential patterns of bullish divergence to the 4hr chart with hidden divergence on the daily at yesterday's low which were at the bottom of a previous 4hr swing hi zone (= previous resistance=potential rbs) 4hr is shown below:

G/L

http://www.easy-upload.net/fichiers/z.201098153842.gif

http://www.easy-upload.net/fichiers/z1.201098153944.gif
ex member
  • #251,586
  • Sep 8, 2010 8:46am Sep 8, 2010 8:46am
Short 1.5472 TP 1.5300 SL 1.5512
Attached Image (click to enlarge)
Click to Enlarge Name: 9-8-10.jpg Size: 60 KB
It's amazing how lucky you are when you make good decisions.
  • #251,587
  • Sep 8, 2010 8:46am Sep 8, 2010 8:46am
Quoting Bull_Bear
Mate if that supply zone break, time put your reverse sensors on.
Agreed.

Attached Image (click to enlarge)
Click to Enlarge Name: breakpoint.jpg Size: 86 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #251,588
  • Sep 8, 2010 8:55am Sep 8, 2010 8:55am
Plenty of potential resistance factors above current intraday Hi... Near-term....5526/27 is the 38.2% 5907-5296 with (not shown) 76.4% 5597- same 5296 low, and ahead of this @ 5509 the 76.4% of shorter 5575-said 5296 low.

4hr screenshot below:

G/L

http://www.easy-upload.net/fichiers/z.201098155510.gif
ex member
  • #251,589
  • Sep 8, 2010 8:56am Sep 8, 2010 8:56am
Quoting cloggie
I didn't want you to pick the top when the top hasn't formed yet. Most of us agree here that we are going to top out somewhere around here, just a matter of identifying correctly where, and your chart wasn't it.

There have been plenty of top pickers out here today that got stopped.
okay cloggie...
yesterday was good, today is the best, tomorrow is amazing.....
  • #251,590
  • Sep 8, 2010 9:00am Sep 8, 2010 9:00am
Major Res is 55774-90... so if you went short 5480 be warned (see pic)
Attached Image (click to enlarge)
Click to Enlarge Name: Picture 86.jpg Size: 130 KB
  • #251,591
  • Sep 8, 2010 9:00am Sep 8, 2010 9:00am
Quoting danielabas
okay cloggie...

Today has been a good correlation and money flow trade, we have slightly weaker dollar due to a rally in the equities, but the real driver is heavy buying in Yen crosses on rumours of intervention that is dragging the rest with it, couple that with a bit of minor good news from the UK today and you can clearly see where the dollar weakness, yen, chf and gbp strength is coming from.

Selecting possible tops would need confirmation from the crosses before I would short anything in the foreseeable future (intraday) here.

You can put any MA, TL or Fib on your charts to your hearts content, but until the general market direction changes as shown by the crosses, nothing technical is going to stop this rally.
  • #251,592
  • Sep 8, 2010 9:03am Sep 8, 2010 9:03am
Quoting monkey@forex
I really don't get how yday some of us were seeing 1.5260 & 1.5115 as targets to today targets being 1.55-1.56, what has suddenly changed in the uk that we are so optimistic? After yday break of range I genuinely thought we'd be heading lower and with today's price action iv been caught with my pants down...and looking at ydays chart I cannot see any obvious sign or signal that told mevto go long around 1.53...any enlightenment?
What I do .. and I am still in the process of doing this, not perfected yet, but if my charts did not give a clear reversal signal when price reversed, then it is time to tweak the charts. I have found that one chart or tf does not necessarily work well on all pairs. For GU I use different charts than for GY or EJ.
You need to experiment with ma's & whatever your favorite indys are to see how you can change them so they will show this change from bearish to bullish around 5300. Mine did show that this time. I keep my charts very simple & watch timeframes from 4hr to 5 min. If an indy, like macd for example, did not show the change, best to discard it rather than leaving it to clutter the chart if it is not telling you what you need to know.

Another thing: under the attachments for this thread (paper clip at upper right) find the .doc one called "conversations with Cloggie" and read the explanation of what I call the 'river boxes' which are simply areas of consolidation. Before LO on the 5 min there were 2 clear 'river box' consolidation areas, which each broke to upside .. one around 5270-80 and the second 5280-99 ... when that second one broke to upside, it was pretty clear that shorts should be closed. On 15 min it looked more like one long consolidation, then a break north and the long candle at 06:45 GMT signalled the new direction.
And yes you can read news, follow what else is going on in financial world, but I don't do that .. too complicated for me.
Your charts will tell the tale once you figure out how to find the indys that work for you.
Hope that helps. GL.
******************* I'd rather make money than be right.
  • #251,593
  • Sep 8, 2010 9:06am Sep 8, 2010 9:06am
I posted some charts earlier which indicated that the cable is trading within 170 pips box. As far as my chart is concerned, it is still trading within that range until the daily candle closed below or above the box.

The daily provides information on the range, H4 provides the current trend, while M15 is there for actual actual entry. H4 is the best guide for any day trader.

Happy trading!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: aaaa--gbpusd d1 flag.gif Size: 16 KB
Click to Enlarge Name: aaaa--gbpusd h4 flag.gif Size: 20 KB
Click to Enlarge Name: aaaa--gbpusd m15 flag.gif Size: 24 KB
  • #251,594
  • Sep 8, 2010 9:07am Sep 8, 2010 9:07am
Quoting bbmac
There were regular immediate and regular sequential patterns of bullish divergence to the 4hr chart with hidden divergence on the daily at yesterday's low which were at the bottom of a previous 4hr swing hi zone (= previous resistance=potential rbs) 4hr is shown below:

G/L

This is a good example of what I meant in previous post ... for bbmac, this sort of divergence gives him a good signal as to what price is likely to do. This wouldn't work for me .. I use something different. Some count waves, some use correlation, some r/s lines or pivots ... or combos of any of those & more. Everyone is different .. it takes awhile to find YOUR chart, but keep tweaking .. it is worth it.
******************* I'd rather make money than be right.
  • #251,595
  • Sep 8, 2010 9:08am Sep 8, 2010 9:08am
Quoting redsword11
Attachment



might just be a scalp to nearest resistance - will see if we get strong momentum north


Red

Attached Image (click to enlarge)
Click to Enlarge Name: cable.jpg Size: 111 KB





got stopped out yesterday by a few points before the run north, now prices approaching a supply zone - looking for short


Red
  • #251,596
  • Sep 8, 2010 9:12am Sep 8, 2010 9:12am
Quoting 4xStar
This is a good example of what I meant in previous post ... for bbmac, this sort of divergence gives him a good signal as to what price is likely to do. This wouldn't work for me .. I use something different. Some count waves, some use correlation, some r/s lines or pivots ... or combos of any of those & more. Everyone is different .. it takes awhile to find YOUR chart, but keep tweaking .. it is worth it.

You can't go far wrong with basic chart and candle patterns, they have been in use for donkey's years and all the big boys still use them very effectively. It is one of those things that get passed down the line on most floors, one of those self fullfilling strategies.

Any trader here should at least know the most common bearish/bullish reversal and continuation patterns by heart.
  • #251,597
  • Sep 8, 2010 9:14am Sep 8, 2010 9:14am
Quoting Articulate
I posted some charts earlier which indicated that the cable is trading within 170 pips box. As far as my chart is concerned, it is still trading within that range until the daily candle closed below or above the box.

The daily provides information on the range, H4 provides the current trend, while M15 is there for actual actual entry. H4 is the best guide for any day trader.

Happy trading!
You mentioned this yesterday .. shading in the range on daily then switching to 4 hr tf .. and it is really useful! Thanks for that tip.
******************* I'd rather make money than be right.
  • #251,598
  • Sep 8, 2010 9:19am Sep 8, 2010 9:19am
Quoting AdrianHNV
Cloggie.

I respect the fact that you have been here on the forum a longer time than I have and that you are more versed in the various different methods and ways in which people can trade. But please do not continue this ranting of yours towards those who either do not wish too or maybe even want to trade your way. Suggesting that the way in which I trade will leave me without a pot too piss in, is too say the least non professional especially as you don't actually know the methods or the circumstances in which I find the criteria too place my...
Hey Adrian

Shame about your keyboard and that sticky 'o'. I reckon if you keep away from infinitives you'll be able to manage with it okay.

Steve
The dream will never die
  • #251,599
  • Sep 8, 2010 9:19am Sep 8, 2010 9:19am
Quoting ams
nope. but I google'd it and this comes...
I read somewhere on FF that they got shut down...any other suggestions?
Hear the music before the song is over ...
  • #251,600
  • Sep 8, 2010 9:24am Sep 8, 2010 9:24am
Quoting GlobalMacro
I read somewhere on FF that they got shut down...any other suggestions?

Send Malc a PM, he trades them.
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