Cable Update (GBPUSD)

and here's the h4 with ema 550

Huskyboy,

Im trying to get my head round this aswell.

Are you saying on daily 550ema is res

And on 4hr 550ema is support

I can see that price reacts around 200ema and 24sma

I really want to take a deeper look at this.

I thought that the 600 ema is the way to see where the 200ema is on a 15 min chart.

ie; 200ema and 24sma on 5 min chart, but to have an eye on where support is instead of flicking across to 15min chart we use 600ema on 5 min chart does the same thing?

Thanks to Magix and chazzle for their time on this.

Warren

I think i am going to keep and eye on the 200ema and 24sma for crossing and price movement.

What else do you currently use Magix ?

Just these moving averages on a 5 min chart.

Warren

A few ideas for you to go over during the lull time....HERE.

I use all time frames, and go over a few things as well as have templates and indicators on the first post on my thread.

Great observation here Husky...

Sometimes we get to be the teacher, sometimes we get to be the student.

Working under the best spirit of the Forex Factory and free flow of ideas.

A candle loses nothing if it is used to light another candle.

Thanks Magix,

Have been on your thread before, there are so many indi's and templates it just blows me away.

What indi's do you currently use ?

Warren

The monthly R1 level at 1.5986 was a strong reversal point back in August 2010 sending the pair back down almost 700 pips. Will it prove to be a reversal point again or can the pair break and move higher?

There is some important news events this week for the GBP and more easing is in the cards for them also. For me a close on the 1hr and 4 hr charts above the reisitance at 1.6066 level is needed to expose some more upside.

On the other side a daily close back below 1.5907 - 1.5900 levels opens the way back down to 1.5800 (80.9% fib of last month) and 1.5680 (61.8% fib of last month) - 1.5640 levels (Monthly Pivot).

Well, at least UK´s chancellor is admitting it :
In remarks that may allay market concerns, George Osborne, the chancellor, struck a hawkish tone about the deficit on Sunday, insisting there would be no backtracking on the plan to cut £83bn in public spending and no Plan B.
....

“We have to see this through,” Mr Osborne said. “The course that I set out in the Budget is the one that we have to stick to because people in this country know we were on the brink of bankruptcy.”

Live long and prosper

we're here. big yoorow & cable shorts coming.

Oct 17, today is the day in which the new U.S. 50:1 leverage limit takes affect, correct?

Short at 1.5983

SL 1.6007

TP 1.5917

Goodnight

oct 18th is the date. we there now. allthough i would think it was usa time.

interesting to watch this play out re: our discussions about 24sma 200ema chart is m15

I am still looking at a chart fill here chaz, Asian session to fill back and balance the boox...

Explained a little http://www.forexfactory.com/showpost...stcount=260774

And a look at the M30 200, looks like could be the support line pending 24 stays on top.

Not going to try and guess bottoms or tops, infact...only took 1 trade short EU thus far...lots to do today and still a whole week to make some money.

Rip em an new ass Chaz...

Yo Mag...well I made a slight tear,I'm short from 15981I know you probably posted it like a 100 times already but would you please explain "chart fill",go on just one more time...

Breaking news strong earthquake In China

Dude...all green is good green.

When I was monkeying around with dimes and dollars, I realized how fast they could add up, still showing my kids the ideas behind the accumulation of money. When you get into the standards, you will begin to realize that 15-20 pips is what a lot of people will make in an average day....shit, can you believe that? If you are hammering 50 plus you put yourself into a 10k per month single income household...

Past all that...

Chart fills are much the same as gap fills. Friday close, Sunday gap, gap fills and play continues...really the same deal, which is why watching daily roll is key...are we all buying from the same line and moving up the chart? Are there places that have only been actively traded by a single trade session? IF something gets bought, it will be sold. SAME PRICE. Books always balance. There is no single place on the chart that hasn't been covered by a long and a short, and covered under both London and NY trade sessions. IS price being bought up to London High in Asian and Franky session to let London just continue on from where it left off at close?

For me this all goes back to the days of penny trading stocks. The fast and furious market of 1000% gain days for me are long over but the remnants of the lessons still linger. Cover trades or NAKED SHORT COVERINGS look the same in the world of Forex, only in Forex they cover both ways, longs and shorts...

IF I was to have a theory on this...It would probably look a lot like, Brokers really hold onto your trade without ever entering it into the active market. Knowing that 90% of traders will lose their asses, they will count on this happening, take your money and when you close red, they work the money back to enter in volume so that your trade does actually get recorded, but the losses you incur are specifically owned by only you, and they not only grind you for the spread, but take you for the money too. I mean, really, there are companies that offer 1000:1 Margin...How is this possible?

Anyways, without getting all into TinFoil Hat Mass Conspiracy Theory chatter, just know that all areas of the chart will get covered. Right now, the area I have marked on the chart has significance because of the no shorts in this area for the active traded session.

Maybe I am just effing nuts. Maybe all of this shit is just my madman ramblings. Who knows???

Secret of the market...
When price goes up, buy.
When price goes down, sell.

Take whatever you can, and never fret the losses.

I see the M30 200EMA has stalled the fall for the interm, still a little possible more shake to downside from what I see.

Play cautious Chaz, right now, watch for the 30m to bounce back to the 1m 200.

Well, looks like instead of the 30 being the current blox, we filled all the way back...

Market does what it wants....when it wants....

Heh.

Out at 1.5935 instead of original stated TP
Not the most fun times but made the daily bread
Rather go watch the second half of monday night football
See ya'll a little later tonight
g/l