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Cable Update (GBPUSD)

  • #260,141
  • Oct 12, 2010 10:40pm Oct 12, 2010 10:40pm
Quoting Allseeingeye
I am more optimistic more like 1.61 by the end of the week
Was wondering if right about now would be a decent entry position to go long. I've been trading mainly Gold and Eur. What's your opinion on this? Thanks in advance.
  • #260,142
  • Oct 12, 2010 10:42pm Oct 12, 2010 10:42pm
Quoting jacob_ice
Was wondering if right about now would be a decent entry position to go long. I've been trading mainly Gold and Eur. What's your opinion on this? Thanks in advance.
no i would wait till we get wave 2 down & then go long, right know you can get burned.
  • #260,143
  • Oct 12, 2010 10:42pm Oct 12, 2010 10:42pm
Quoting Allseeingeye
Great I am not here to compete with egos someone asked me why I said Buy Dips & I explained, also look inside each wave & you can clearly see 3 smaller waves, so we completed the retracement, you can also see what you want! its great, I took it down 180 pips so now I got in at 15775 & sitting pretty adding on dips. I dont scalp!

Plus I dont know what Mango is but its not me!
Now, wait a second...

When did I start comparing egos...

I posted a chart, based on a chart previously posted.
I posted what I was looking for based on what I seen.

I commented on what you wrote and quoted the areas I said I would be watching like a hawk...

Ego?

I just seeing the same thing I see everyday, and playing the same plays that I play everyday...

Congrats on the holds, hope they work out for ya.

Mango, just a term I use instead of brother...only way yer not a mango, is if yer a gal, and if that's the case, sorry sister!

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #260,144
  • Oct 12, 2010 10:46pm Oct 12, 2010 10:46pm
Quoting Allseeingeye
no i would wait till we get wave 2 down & then go long, right know you can get burned.
I would wait 4 GB unempl. claims ...
  • #260,145
  • Oct 12, 2010 10:46pm Oct 12, 2010 10:46pm
Quoting Allseeingeye
no i would wait till we get wave 2 down & then go long, right know you can get burned.
Thanks for honest input. Then wait I shall until the opportunity is precise. Ive been noticing not too many movements with this pair. On the contrary EURUSD depicts some significant bulls. It'd be nice if USD could stay crumbled so other currencies might rise freely.
  • #260,146
  • Oct 12, 2010 10:49pm Oct 12, 2010 10:49pm
Quoting jacob_ice
Thanks for honest input. Then wait I shall until the opportunity is precise. Ive been noticing not too many movements with this pair. On the contrary EURUSD depicts some significant bulls. It'd be nice if USD could stay crumbled so other currencies might rise freely.
$ should stay crumbled because fed wants inflation
  • #260,147
  • Oct 12, 2010 10:52pm Oct 12, 2010 10:52pm
my chart never lies
Attached Image (click to enlarge)
Click to Enlarge Name: gu daily.jpg Size: 106 KB

see you at the end this month
good luck
still newbie
BMW 7 series
  • #260,148
  • Oct 12, 2010 10:53pm Oct 12, 2010 10:53pm
Quoting dfptommyj
$ should stay crumbled because fed wants inflation
Can you elaborate on this?
  • #260,149
  • Oct 12, 2010 10:54pm Oct 12, 2010 10:54pm
I think Im gonna double down on my earlier short.
  • #260,150
  • Oct 12, 2010 10:57pm Oct 12, 2010 10:57pm
Quoting jacob_ice
Can you elaborate on this?
quantitative easing - boosting economy by printing money
  • #260,151
  • Oct 12, 2010 11:00pm Oct 12, 2010 11:00pm
Quoting alex1976
I think Im gonna double down on my earlier short.
See the value of the 200 on 5 and the daily pivots alex?

Couple usefull tools.

I would wait until we close below daily roll before I am looking at anything, if we hold above, we could just keep going back up.

I am still bear minded but hate to take chances.

Daily roll, 1.5809...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #260,152
  • Oct 12, 2010 11:02pm Oct 12, 2010 11:02pm
Quoting Magix
See the value of the 200 on 5 and the daily pivots alex?

Couple usefull tools.

I would wait until we close below daily roll before I am looking at anything, if we hold above, we could just keep going back up.

I am still bear minded but hate to take chances.

Daily roll, 1.5809...

what is the daily roll?

I understand its 1.5809, but what is it?
  • #260,153
  • Oct 12, 2010 11:04pm Oct 12, 2010 11:04pm
Quoting alex1976
what is the daily roll?

I understand its 1.5809, but what is it?
The price when market rolls over, or the same time of day when your broker hooks you for roll over fees.

5PM EST. True daily open happens when all the market clocks reset, not when your broker decides to open.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #260,154
  • Oct 12, 2010 11:07pm Oct 12, 2010 11:07pm
Quoting Allseeingeye
The whole move down was made in 3 wave formations so that means they were retracement waves.
http://cdn.forexfactory.com/attachme...0&d=1286939392

just a comparison here is my H4 wave look like...

good luck
Attached Image (click to enlarge)
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Verily, in every difficulties there is relief
  • #260,155
  • Oct 12, 2010 11:09pm Oct 12, 2010 11:09pm
One of the reasons I still keep the dolly charts on backup...

I like the use of this tool, daily pivot for accuracy and daily open.

Look at the 4 charts, see which ones have grown the most since daily roll...

Now, see if you could without looking, tell:

EUR/GBP <-Bear or bull
USD/JPY <-Bear or bull

Watching the overall market, even only playing a single pair can be quite a useful indicator in itself.
Attached Image (click to enlarge)
Click to Enlarge Name: dailyrol.jpg Size: 139 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #260,156
  • Oct 12, 2010 11:10pm Oct 12, 2010 11:10pm
Does prices have to close below 200 ema on the 5 min?
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  • #260,157
  • Oct 12, 2010 11:23pm Oct 12, 2010 11:23pm
Quoting alex1976
Does prices have to close below 200 ema on the 5 min?
Thats where I use a 24sma or a 20 EMA.

IF the 20 is above 200 and price closes above, we go back long chart.
IF 20 is below and we close below the 20, we go back short chart.

The lines can criss cross to make you crazy and keep you guessing, but hey, that's price action for ya....

Currently the 5m indicates long chart, if we close above, I would start to worry about them shorts you got.

Without using all the fancy hulls and change color moving averages, the base of how I play is how I learned a long time ago. 2 lines. 24SMA, 200EMA, and trade off the time frame that is the most current...which is right now...the 5m....

Red=20EMA, Yellow=200...

Yeah, I seriously watch waaaaaaaaaaaaaaay to many charts...again, trading can be simple, but I like to be safe too...
Attached Image (click to enlarge)
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #260,158
  • Oct 12, 2010 11:33pm Oct 12, 2010 11:33pm
Quoting Magix
Thats where I use a 24sma or a 20 EMA.

IF the 20 is above 200 and price closes above, we go back long chart.
IF 20 is below and we close below the 20, we go back short chart.

The lines can criss cross to make you crazy and keep you guessing, but hey, that's price action for ya....

Currently the 5m indicates long chart, if we close above, I would start to worry about them shorts you got.

Without using all the fancy hulls and change color moving averages, the base of how I play is how I learned a long time ago....

Magix, you said when it closes above or below, but what time close are you looking for?
  • #260,159
  • Oct 12, 2010 11:40pm Oct 12, 2010 11:40pm
Hello Dears !
I think it will touch the points of 1.60. Hope SooOOooN
  • #260,160
  • Oct 12, 2010 11:46pm Oct 12, 2010 11:46pm
Quoting alex1976
Magix, you said when it closes above or below, but what time close are you looking for?
Again, all relevant time frames, they all play the same, including the daily, posted below. Compare this to any time frame, you will see the same, Price will always retrace the 200, trigger and move on to next support/resistance level.

Price moves below the 200, retraces back and closes below the 20 keeps going short.

Price moves above the 200, retraces back to 200, closes above 20 and keeps going long.

Price moves below the 200, retraces but never triggers and goes to the opposite....watching the 1m you will see a lot of these...up and down and up and down, thats when you have to appreciate time of day, general trend and direction and are we supported or caught below resistance.

And by close, I mean close candle above or below the trigger line...IF price on the relevant time frame closes with trigger, continuation of trend...if not, see if 200 holds as s/r.
Attached Image (click to enlarge)
Click to Enlarge Name: trigger.jpg Size: 244 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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