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Cable Update (GBPUSD)

  • #262,121
  • Oct 28, 2010 2:40am Oct 28, 2010 2:40am
gold n aud........
  • #262,122
  • Oct 28, 2010 2:46am Oct 28, 2010 2:46am
Re post # 262127 a couple of posts back re weekly chart-although last week's candle was indeed bearish the overall price action on this t/f is bullish see-ing from and including the 4229 Lo a LL, H (above last LH,) HL, and HH print @ 6107....it is misleading to say this t/f is bearish.

--------------------------------

Intraday and London open reverses the asian rally overnight from yesterday's 5729 lo, an intraday hi so far of 5828.

The current 1hr screenshot shows the potential supp/res factors on that t/f. 1hr is in a downtrend with a LH, 2 x = LH's and now this 5828 possibly shaping up to be a fractal swing LH...

G/L
http://www.easy-upload.net/fichiers/z.2010102894612.gif
ex member
  • #262,123
  • Oct 28, 2010 3:07am Oct 28, 2010 3:07am
Playing off these levels at the moment
Attached Image (click to enlarge)
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  • #262,124
  • Oct 28, 2010 3:07am Oct 28, 2010 3:07am
Quoting grashid
hello everybody ......

http://www.youtube.com/watch?v=I-W5ND6wj_A

Excellent
  • #262,125
  • Oct 28, 2010 3:13am Oct 28, 2010 3:13am
rofl... pulled back above the DO last minute of the hour. WPP same spot. 30M 1440 held the bottom.

crazy market...


Quoting Fudomyo
If for some odd reason we close back above DO, will reverse position and target 1584, 15900 topside, ...doubtful but whipsaw market anything possible.

lol... kung fu ping pong, book early, book green.
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  • #262,126
  • Oct 28, 2010 3:16am Oct 28, 2010 3:16am
Quoting grashid
hello everybody ......

http://www.youtube.com/watch?v=I-W5ND6wj_A

Verily, in every difficulties there is relief
  • #262,127
  • Oct 28, 2010 3:33am Oct 28, 2010 3:33am
one last chart. looks like we're going to slog it out over the WPP a bit longer. no positions atm, just scalping PA until we clear DPP or WPP in either direction.

gl w/ your trades
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  • #262,128
  • Oct 28, 2010 3:41am Oct 28, 2010 3:41am
Quoting chazzle
yeah used to happen a lot to me on their old iphone platform....not as good as Iweb though I bought and sold some FTSE ETF in one day and made a 10,000% percent return 9K to 900k,alas they wouldn't let me keep it...
please explain to me as i dont understand. are you saying that if i trade 100k usd account and make 10,000 dollars on a trade that fxpro or alpari or whatever broker i use will not credit my account with it? i need to understand please
  • #262,129
  • Oct 28, 2010 3:45am Oct 28, 2010 3:45am
Quoting Fudomyo
rofl... pulled back above the DO last minute of the hour. WPP same spot. 30M 1440 held the bottom.

crazy market...

Which MA is this on the higher t/f?
  • #262,130
  • Oct 28, 2010 3:46am Oct 28, 2010 3:46am
Quoting Fudomyo
one last chart. looks like we're going to slog it out over the WPP a bit longer. no positions atm, just scalping PA until we clear DPP or WPP in either direction.

gl w/ your trades

Yeh price action very slow so far this london morning following sell off from 5828, currently price in and about the DPP and WPP as you say...Uk data later but not known to a huge market mover historically. I've only seen 1 x trading opp in my session so far and it wasn't the highest probability set-up I have ever seen..

G/L
ex member
  • #262,131
  • Oct 28, 2010 3:47am Oct 28, 2010 3:47am
Quoting lechidi
please explain to me as i dont understand. are you saying that if i trade 100k usd account and make 10,000 dollars on a trade that fxpro or alpari or whatever broker i use will not credit my account with it? i need to understand please
I think he was referring to an incident when the broker had made an error as to how much he had made and the mistake was heavily in his favour. Not surprisingly the broker didn't pay out!
  • #262,132
  • Oct 28, 2010 3:51am Oct 28, 2010 3:51am
Morning guys

Not sure who is around but wanted to throw a question out for all of you experienced hands.

Moving averages - some say they work as a fluid form of S&R whilst others argue that the concept is nonsense and that price is reacting to a more static S&R level, which just happens to coincide with the MA.

Being one of those really irritating people who have to understand why and how a thing works before being able to put faith in it, could anyone who uses MA's try to explain their thinking on this.

Thanks in advance
  • #262,133
  • Oct 28, 2010 4:01am Oct 28, 2010 4:01am
Thank you for giving me something else to think about , cable in a 23pip range for 1.5hrs + now and only at 40% of it's 20 day average pip range.

I have 100sma and 200sma plotted on 1hr + only. I tend to use them as confluence only, ie a furyher tech confluence of other potential supp/res factors. For trend I use overall price action (opa)- peak/trough analysis (ie HH, HL's etc...) but when 100 below 200 I adjudge the sentiment to be generally bearish if opa trend isn't at that particular time on the t/f (s) of interest. Many see the 200 ma as the 'fair value.'

The pullback of a shorter ma to a longer ma in a trend is used by many as a way of buying/selling the pullbacks in a trend but for me I prefer sbr/rbs and hidden divergence.

The only potential supp/res factor actually showing where there was an obvious previous near-term imbalance of supply/demand or demand/supply are the fractal swing hi/lo's created by price action, all others, fibs, trend lines and indeed ma's are where price can find support or resistance and have historically been proven to do so, but these can be subjective.

My general thinking always, is that confluence is king.

G/L
ex member
  • #262,134
  • Oct 28, 2010 4:03am Oct 28, 2010 4:03am
Quoting lechidi
please explain to me as i dont understand. are you saying that if i trade 100k usd account and make 10,000 dollars on a trade that fxpro or alpari or whatever broker i use will not credit my account with it? i need to understand please
No,I'm not saying that at all-just talking about when brokers screw up!
  • #262,135
  • Oct 28, 2010 4:25am Oct 28, 2010 4:25am
Recovery off 61.8% area y/day lo - today's current hi 5729-5828, following the early london sell-off from 5828 sees price make a new daily Hi. Nice 1min and 5min thrust candle b/o's of thge recent minor 1/5min congestion in the move up. Now challenging the 1hr/4hr descending trend line area.

current 1hr screenshot in respect of potential supp/res factors on that t/f is below.


G/L

http://www.easy-upload.net/fichiers/...1028112513.gif
ex member
  • #262,136
  • Oct 28, 2010 4:33am Oct 28, 2010 4:33am
About the author:I'm just visiting the planet. I took a wrong turn in outer space and ended up here. As soon as I put things back in order I'm outta here. Meanwhile, trading forex gives me something to do. I get to practice remaining calm in happiness and distress, loss and gain, victory and defeat. Country United States I'm just visiting the planet. I took a wrong turn in outer space and ended up here. As soon as I put things back in order I'm outta here. Meanwhile, trading forex gives me something to do. I get to practice remaining calm in happiness and distress, loss and gain, victory and defeat. Country United States I'm just visiting the planet. I took a wrong turn in outer space and ended up here. As soon as I put things back in order I'm outta here. Meanwhile, trading forex gives me something to do. I get to practice remaining calm in happiness and distress, loss and gain, victory and defeat.
Dragon:http://www.forexfactory.com/showthre...=217245&page=7
Dragon2:http://www.forexfactory.com/showthread.php?p=3504438

Intresting psychology of trade
  • #262,137
  • Oct 28, 2010 4:36am Oct 28, 2010 4:36am
Looks like the bulls are in contral intraday at the moment having reversed the early 5828-5761 sell-off. A close today above yesterday's open creates a daily bullish engulfing candle...such probably alters the outlook back to bullish ?

How strong are the bulls?

Gonna see if there is any buy the pullback opportunity and then call it a day.

1hr screenshot is updated below.

G/L
http://www.easy-upload.net/fichiers/...1028113620.gif
ex member
  • #262,138
  • Oct 28, 2010 4:40am Oct 28, 2010 4:40am
Quoting bbmac
Thank you for giving me something else to think about
Ah, sorry about that!

Thanks for sharing your thinking. Whilst realising that the 200 was important, I didn't realise that it represented fair value.

Yes, confluence is best simply because so much of this is so subjective. You primarily work off the M1 charts for entry and exit don't you?
  • #262,139
  • Oct 28, 2010 4:45am Oct 28, 2010 4:45am
I think, its a good time to go short.
  • #262,140
  • Oct 28, 2010 4:48am Oct 28, 2010 4:48am
Quoting Erinieks
I think, its a good time to go short.
Because..?
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