Cable Update (GBPUSD)

Hello everyone! I've been following this thread for about a week now.
I just want to say that I enjoy every minute of it. Keep it up!
As for my first question. I'm currently long on G/U at 1.5600. Does anyone think I should pull out or stay?

Dear Magix,

i found you are trading using MA and many other indicators i just want to know that how MA works with daily chart like in daily chart of GU we can see that SMA 5,10 and 15 crossover and going to upside so what it means that market will retest these levels and will go up until it won't break market will continue to go up please explain it to me because SMA always confuse me and since past 2 years i am trying to understand MA trading but its not working with it still using TL and channels if you explain it to me so it will be helpful

thanks

Ub

Good morning all,

USD-weakness pulling it up a little (1.5664) no genuine GBP-strength yet.
Still looking for higher levels....

One thing I've seen over and over as I've read the forums is ''Trade what you see''. Learn all you can from the good and helpful guys n gals here, and then build your own confidence over time.

Hey UB....

Typically the only thing I am looking for on a crossover is a correction. Most likely one of the most predictable patterns that is notable on any chart, and which ones do I use? My staples have always been the 200 and 24, all time frames. 200EMA support/resistance, if 24SMA is above, long chart, if 24 is below short chart, as price closes in direction, this to me is a trigger on trend, stop loss at close candle below the 200.

An example of this is on the 1m chart, 1st chart posted. Price moves above the 200EMA, I know it will come back down. When it finds support on the 200 and closes above the 24, trigger, long. These areas I have on the chart.

Yellow = 200EMA
Red = 20EMA/24SMA
Green = 1000EMA...<-this I use on a 1m chart as the 5m 200. Helps me separate the time frames.

Market can and will do what it wants. And using the moving averages can certainly be of some assistance...using the 200 and the 1000 with the 24, on this simple chart I have loaded, this could be the only chart you need to trade. Keep with the trends, don't be greedy and when price closes against the immediate trend, 24SMA take exit. This is my scalp chart, but the same rules will apply to the 5, 15, 30, 60, H4, and daily.

Bottom of the chart a separate moving average visual, the number is marked beside them, helps me keep in check. All green, don't short, all red, don't go long, play the trend until it is no longer the trend.

So, lets look at the reason for the sell off Friday.

To me looks a little like this.

As I trade pair relations, you can see the daily charts for GJ, EJ, side by each and the charts for GU, EU, side by each. Friday was the first time that EU challenged it's daily 200, and when did this, went into a sell zone. Now...you would truly be amazed at how well these all will correlate. IF you still only played a single one of these, but continued to watch all 4, you will see how they stop and start, and move as if they were tied together. Can help you keep on the right side of things.

OKAY, lastly, we have an area of the chart that was bought up by Fridays Asian session and then sold off for London. Balance the books...We gotta see London cover its shorts for this area of the chart, when we get there, I am of full expectation that GJ/EJ will continue up to their resistance, again, as they all typically play the same, in doing this, I am expecting Cable to follow...So, Currently and until I see a heavy topside rejection, I am running with the bulls, and will be covering my ass and watching closely as EJ/GJ come to their topside immediate target areas. Again, Yellow Line, second chart.

Hope this gives you something to chew over while watching.

The last, a bunny licking an ice-cream cone...Happy thoughts to start your week.

This month GBP/USD will bearish until 1.4200. Start your engine for Sell

This is the cover range, if you session trade.

Area that NY has neither been able to long or short trade from...and area of the chart that London has only been able to short trade from.

The books always clear, but will do so in their own time.

LoL...

Only a fool would post like this, no chart or reasoning....and even if you had reasoning, we Actually started to fall in August, so you my friend, are already a month late in this forecast. Secondly...we are 19 days into the month...

OK YOUR ON!

Bearhish month , hmmm, okay if you discount the fact of the nice inverted head and shoulder pattern coinciding with the monthly open and the 400 pip move up from the monthly open . Any thing is possible before months end but with what has been printed so far this month err umm , not really bearish yet . A prediction 3/4s of the way thru a month ah I would probably wait till month end then I could be sure and not suffer this kind of abuse

I am pretty sure you are bigger fool than him joker.... carry on with your circus...

I don't think magix is a joker he has contributed a lot in FF

H1

Well your thoughts are different than mine. I have not read his 'contributions' and I dont give a damn about it... but arrogance is next to fool.

If I just joined in I wouldn't be able to tell the difference between you and him.

I understand... but yeah... maybe I am more foolish than you, but he is the biggest fool to say something like that, being humble and respectful is the key to be successful in life.

5 min triangle, break to the downside

Magix wrote many useful and interesting comments. Some of them help me to trade better then I did before. I respect him as a person and as a trader. Show us you contribution to forum and we will be happy to respect you the same way.

No, no it isn't....

And you don't think you are exhibiting arrogance yourself.

Two wrongs don't make a right.