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Cable Update (GBPUSD)

  • #266,161
  • Dec 9, 2010 7:06am Dec 9, 2010 7:06am
Quoting Enous
i'm new posting, but i have been reading your's post for allmost a year. I'm from Chile, south america.

GBP it's going up tomorrow, because the bank of England it's going to for a 200 billion in Asset Purchase Facility. Every time that this ocurrs, the GBP goes up, and the EUR follows it. I hope this pattern happens once again.

I´m long since 5770 in the GBP.

Best regards to all, and good luck.

PD: sorry for my english...
I did get it a little wrong -

A programme of asset purchases financed by the issuance of central bank reserves was initiated on 5 March 2009. The most recent change in the size of that programme was an increase of £25 billion to a total of £200 billion on 5 November 2009.

So QE was actually initiated in March 2009. I suggest you check the following web site for further information with regards to any BoE decisions and announcements. http://www.bankofengland.co.uk/

You can also read the MoM which will be released on the 22nd December and you can download it from -http://www.bankofengland.co.uk/monet...ecisions10.htm

I wish you success with your trading!
  • #266,162
  • Dec 9, 2010 7:07am Dec 9, 2010 7:07am
Third day in a row, where price consolidates during London afternoon session, then moves in evening; be aware of false positives.

Big money playing funny buggers.
Politics is the womb in which war develops.
  • #266,163
  • Dec 9, 2010 7:37am Dec 9, 2010 7:37am
uk news unchanged.. usd unemployment claims better than expected.. pound grows lol
  • #266,164
  • Dec 9, 2010 7:37am Dec 9, 2010 7:37am
Could this be the right shoulder of the classic Head and Shoulders formation? I'll start shorting again at 1.58200 - good resistance levels for the right shoulder.
May the forex be with you |
  • #266,165
  • Dec 9, 2010 7:42am Dec 9, 2010 7:42am
I took profit yay.
  • #266,166
  • Dec 9, 2010 7:47am Dec 9, 2010 7:47am
Quoting kaspopsicle
Sorry for rude interruption from the little bee. It chases me everywhere.Got out of that trade -30 : spinning top on 1 min.
The weekly has gone bullish so will be interesting to see what next week brings.

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You've got to be IN IT to WIN IT!
  • #266,167
  • Dec 9, 2010 7:52am Dec 9, 2010 7:52am
Quoting peter54
I took profit yay.
When and where ? What was your entry and exit? You'll only get taken seriously on this thread if you post your trade at time of entry.Take a lesson from the little bee. It never gets house room because it doesnt 'fess up to the lousy trades it makes. Just a thought
All systems of divination, like music itself,work through patterns.
  • #266,168
  • Dec 9, 2010 8:05am Dec 9, 2010 8:05am
I went long 1PM gmt, sold the position 3pm. I waited for the pullback to the 1.575 level to go long
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  • #266,169
  • Dec 9, 2010 8:05am Dec 9, 2010 8:05am
Quoting Ifty
The weekly has gone bullish so will be interesting to see what next week brings.

Attachment
Alright matey! I hope you are doing well! I don't even look at the weekly candle until it closes and review the week ahead's trading on Sunday evening 3 hours before opening. I do this because the weekly candle formation means nothing until it has actually closed. Anything can happen between now and Friday's market close.
  • #266,170
  • Dec 9, 2010 8:17am Dec 9, 2010 8:17am
Quoting Ifty
The weekly has gone bullish so will be interesting to see what next week brings.

Attachment
Thanks for the grounding Ift.
All systems of divination, like music itself,work through patterns.
  • #266,171
  • Dec 9, 2010 8:26am Dec 9, 2010 8:26am
Quoting kaspopsicle
Thanks for the grounding Ift.
As BB has stated, it has not closed yet so I feel like a plonker . Will take each move as it comes concentrating on the 15 minute personally.
You've got to be IN IT to WIN IT!
  • #266,172
  • Dec 9, 2010 8:46am Dec 9, 2010 8:46am
Quoting Ifty
As BB has stated, it has not closed yet so I feel like a plonker . Will take each move as it comes concentrating on the 15 minute personally.
The 30m Chart seems to be the teller for the week IMO Ifty...
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #266,173
  • Dec 9, 2010 8:49am Dec 9, 2010 8:49am
Quoting peter54
I went long 1PM gmt, sold the position 3pm. I waited for the pullback to the 1.575 level to go long
3pm yesterday, right? Or today? cos it isnt 3pm gmt yet today.Typo perhaps? i do it all the time. lol
All systems of divination, like music itself,work through patterns.
  • #266,174
  • Dec 9, 2010 8:54am Dec 9, 2010 8:54am
price made higher low so should go up.
  • #266,175
  • Dec 9, 2010 9:05am Dec 9, 2010 9:05am
Quoting Magix
The 30m Chart seems to be the teller for the week IMO Ifty...
Dam it, you are right bro. The 15 minute has been letting me down of late but mentally have been sticking to it. Will definately keep an eye on the 30 minute. Thanks .

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You've got to be IN IT to WIN IT!
  • #266,176
  • Dec 9, 2010 9:28am Dec 9, 2010 9:28am
Quoting bonus76
price made higher low so should go up.
Price also made a higher high on h1, but each higher high was getting smaller. Look at both the higher highs and higher lows. Magix beautifully demonstrated the divergence on the MACD which is typical of price exhaustion.

Sure there are always arguments for the bulls and bears and you should not ignore either of the facts that favour either the bulls or bears. A good idea is put create a list split into 2... Bulls and Bears. Then put each argument in the right list to weigh up as to whether it is bullish or bearish. This works well when swing trading of the higher timeframes. Even if you work of the lower timeframes, always keep the bigger picture in mind!

I wish you success with your trading!
  • #266,177
  • Dec 9, 2010 9:30am Dec 9, 2010 9:30am
just back.. timber!!!!!!!

what have i missed, has palin got in the whitehouse or summat and promised a few more wars to steal some more oil reserves?
  • #266,178
  • Dec 9, 2010 9:32am Dec 9, 2010 9:32am
Quoting Ifty
Dam it, you are right bro. The 15 minute has been letting me down of late but mentally have been sticking to it. Will definately keep an eye on the 30 minute. Thanks .

Attachment
I have finally decided on my 3 timeframes for my swing trading of the higher timeframes. Weekly charts for the bigger picture, daily charts for the supply and demand zones, h1 for entry.

For day trading, which has taken a backseat, I use the daily for the big picture, h1 for the supply and demand zones and m5 for entry.

Once you have chosen your timeframes, stick with them! Try not to chop and change, which is easier said than done. 3 timeframes works well for me.
  • #266,179
  • Dec 9, 2010 9:33am Dec 9, 2010 9:33am
Quoting kaspopsicle
3pm yesterday, right? Or today? cos it isnt 3pm gmt yet today.Typo perhaps? i do it all the time. lol
oops I always confuse time zones. no it was today; I sold the position approx. 2 hours ago
  • #266,180
  • Dec 9, 2010 9:35am Dec 9, 2010 9:35am
Sucks i was short on gu at 5805 placed a stop loss at entry and went to bed, Price cam down to 5732 and went back to hit my stop loss and went down again. I manage to catch only 20 pips now compare to 68 possible. Dem
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