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Cable Update (GBPUSD)

  • #265,821
  • Dec 5, 2010 3:40am Dec 5, 2010 3:40am
need to see what follow thru we get.ie where the retrace goes to..and then the turn ??
  • #265,822
  • Dec 5, 2010 4:10am Dec 5, 2010 4:10am
Quoting dentist007
need to see what follow thru we get.ie where the retrace goes to..and then the turn ??
I see that we have different methodology ... but along very similar lines. Price on Eur and Cable look as if they are in a pattern of correlation. Chart up on cable only LOL
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX GBP_USD (03-DEC-10).png Size: 15 KB
All systems of divination, like music itself,work through patterns.
  • #265,823
  • Dec 5, 2010 4:22am Dec 5, 2010 4:22am
The aforementioned correlation that could see a dead cat bounce.
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX EUR_USD (03-DEC-10).png Size: 19 KB
All systems of divination, like music itself,work through patterns.
  • #265,824
  • Dec 5, 2010 9:48am Dec 5, 2010 9:48am
Checking out the hourly on a fibo retrace...a hold or rejection at the 50% could still show for further downside...trend line and fib 50.

The upward movement would show a positive MA cross, to where I would expect at least a retrace to the 200EMA on the Hourly chart. An idea of what we might be seeing in the open of the week.
Attached Image (click to enlarge)
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #265,825
  • Dec 5, 2010 11:23am Dec 5, 2010 11:23am
Quoting Magix
Checking out the hourly on a fibo retrace...a hold or rejection at the 50% could still show for further downside...trend line and fib 50.

The upward movement would show a positive MA cross, to where I would expect at least a retrace to the 200EMA on the Hourly chart. An idea of what we might be seeing in the open of the week.
Copy onto my chart also shows the 50% fib halfway between DR1 and DR2. I have a fascination with halfways.Always hoping that i've got the fibs the right way up.
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX GBP_USD (03-DEC-10).png Size: 22 KB
All systems of divination, like music itself,work through patterns.
  • #265,826
  • Dec 5, 2010 11:41am Dec 5, 2010 11:41am
Quoting kaspopsicle
Copy onto my chart also shows the 50% fib halfway between DR1 and DR2. I have a fascination with halfways.Always hoping that i've got the fibs the right way up.
50% is 50% no matter how you drop the fibs onto the chart kas.

I use my fibs in a bottom-up, top-down fashion. There's prolly a few out there that would disagree with my utilization of the way I drops em down, but the ways I figure it, as long as my charts make sense to me, that's really all that matters.

Like so many of the other indicators, if you use them as absolutes, you can easily have your ass handed to you. If you use them to understand direction and help setting targets for profit and follow the money trend, your chance at success can only improve.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #265,827
  • Dec 5, 2010 11:43am Dec 5, 2010 11:43am
Hi guys ,do you stop trading during Christmas and new year because of extreme fluctuation ?
if u do when are u going to stop trading and until when?


i wish you a day fool of pips
  • #265,828
  • Dec 5, 2010 11:44am Dec 5, 2010 11:44am
Quoting Magix
50% is 50% no matter how you drop the fibs onto the chart kas.

I use my fibs in a bottom-up, top-down fashion....
Another one of your posts filed under sense and sensibility. Thankyou.
All systems of divination, like music itself,work through patterns.
  • #265,829
  • Dec 5, 2010 11:49am Dec 5, 2010 11:49am
Quoting yasi
Hi guys ,do you stop trading during Christmas and new year because of extreme fluctuation ?
if u do when are u going to stop trading and until when?


i wish you a day fool of pips
An excellent question.

There are a few market holidays during the season any ways and the market fluctuations can get kind of gross.

My charts and trading will shut down around the 15th of this month, and won't open until mid January. During the festive season, it is nice to take some personal time with family and not be so focused on a moving line.

Best of the season to all.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #265,830
  • Dec 5, 2010 11:59am Dec 5, 2010 11:59am
Quoting yasi
Hi guys ,do you stop trading during Christmas and new year because of extreme fluctuation ?
if u do when are u going to stop trading and until when?


i wish you a day fool of pips
Depends whats on the telly. Last Christmas was my first trading Christmas so i was looking for a trade with every mouthful of turkey. Didnt see any extreme fluctuations. if you feel happy being glued to the charts go for it. Day fool of pips to you too. G/L
All systems of divination, like music itself,work through patterns.
  • #265,831
  • Dec 5, 2010 12:16pm Dec 5, 2010 12:16pm
Quoting Magix
50% is 50% no matter how you drop the fibs onto the chart kas.

I use my fibs in a bottom-up, top-down fashion. There's prolly a few out there that would disagree with my utilization of the way I drops em down....

Because I'm lazy, I added "negative" levels to the fib indi in MT4 and now it prints levels both directions. I also find it interesting how many times price gets stopped at nega-extensions.

http://i52.tinypic.com/a0cjlv.png
  • #265,832
  • Dec 5, 2010 2:10pm Dec 5, 2010 2:10pm
Quoting yasi
Hi guys ,do you stop trading during Christmas and new year because of extreme fluctuation ?
if u do when are u going to stop trading and until when?


i wish you a day fool of pips
Last year, i had two brokers closed thursday around 15:00 CET. Looks like forex closed before New York session close.
Little luck is forex water. Learn all Trading strategies, then forget them.
  • #265,833
  • Edited 2:17pm Dec 5, 2010 2:15pm | Edited 2:17pm
Quoting AdrianHNV
I was taught from a very young age, respect has to be earned, not dished out in bucket loads........

I respect those who respect others.

Like in REAL LIFE.
I've just dig up this old chesnut... where on earth do you think you're gonna earn respect around here Adrian? Rhetorical question .....does not require answer.
All systems of divination, like music itself,work through patterns.
  • #265,834
  • Dec 5, 2010 3:51pm Dec 5, 2010 3:51pm
in the below chart the area between the DR2 and 38.2 fib and DR3 is what i am watching and depending on where it pops out from i will take the trade in that direction .. and the two targets on top and bottom are in color rectangles ....

It could also pop out to the 50% fib and then fall back ... so will be carefull there ..

I have posted a similar chart for the eu ..

any views , ideas , comments .. please ..
Attached Image (click to enlarge)
Click to Enlarge Name: gu_hrly_fibs_20101205.gif Size: 36 KB
  • #265,835
  • Dec 5, 2010 7:14pm Dec 5, 2010 7:14pm
15650 is now stronger support as it represents 50% retracement from DEC2 low to DEC3 high , EMA20 in the region on H4 with upside resistance 15860 in the form of historical PA , region of EMA200 and UTL ... in theory , resistance should be stronger than support due to this downward channel , however ...

Daily shows price climbing back into this upward channel with further support from the LTL in the region of 15600 , although it's currently being challenged by EMA20
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  • #265,836
  • Dec 5, 2010 7:42pm Dec 5, 2010 7:42pm
Quoting chazzle
15650 is now stronger support as it represents 50% retracement from DEC2 low to DEC3 high , EMA20 in the region on H4 with upside resistance 15860 in the form of historical PA , region of EMA200 and UTL ... in theory , resistance should be stronger than support due to this downward channel , however ...

Daily shows price climbing back into this upward channel with further support from the LTL in the region of 15600 , although it's currently being challenged by EMA20
Nice analysis and charting Chaz.

Very well done sir.



Whether you are right or wrong, as long as you keep adjusting your trades to follow your analysis and the money, you will only get better at the game.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #265,837
  • Dec 5, 2010 8:35pm Dec 5, 2010 8:35pm
Hi ramksanj...

Your chart is way too busy for me...
  • #265,838
  • Dec 5, 2010 9:32pm Dec 5, 2010 9:32pm
i see a clash between the bears on the daily timeframe
and the bulls on hourly timeframe

i have monthly pivot at 1.55784

bulls have the running from the lower H1 time frame
what could trigger the daily bears back into the game?..

could be technically driven or maybe a news event...
or maybe the bulls are here to stay...


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Attached Image
  • #265,839
  • Dec 5, 2010 9:42pm Dec 5, 2010 9:42pm
Quoting Cobby
bulls have the running from the lower H1 time frame
what could trigger the daily bears back into the game?..
To trigger bears back into action....

1 of 2 possibilities.
1. Drop of support on the hourly, support areas marked.
2. A buy back on hourly and rejection to trigger downside.

We see either of the 2 things and the bears are back in the driver seat.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #265,840
  • Dec 5, 2010 10:24pm Dec 5, 2010 10:24pm
Lucky long 200 pips over
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Olu