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Cable Update (GBPUSD)

  • #266,901
  • Dec 17, 2010 1:14pm Dec 17, 2010 1:14pm
Quoting balajis
Nice bounce from weekly lower channel TL. If it has held then channel top is 166+ or somewhere in median of the channel.

Lets see if it plays out.

Balaji
Good day to you,

Forgive me - but just a constructive observation...

I will buy your lower TL - but the top of your channel, in my opinion, is weak. Trendlines should ideally be generated from fractal highs/lows. I have a guideline that matches your lower line, but I have a wedge formation on top, rather than a channel.

You have however taken your decision from the lower line - and that is a good trendline - so all good.

Please do not take offence - it is just my humble opinion.

All the best to you
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  • #266,902
  • Edited 1:29pm Dec 17, 2010 1:20pm | Edited 1:29pm
http://www.forexfactory.com/showpost...stcount=266907

1/2 of my position closed
38 green pips

regards

the same thinking Tau ... you're last post ... back up my newbie trader logic. That give me confidence.
Thank You!
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... feel better day by day.
  • #266,903
  • Dec 17, 2010 1:27pm Dec 17, 2010 1:27pm
Quoting TauTrader
As a final comment before the week-end:

As mentioned earlier, the November low @ 1.5483 ((1) on chart), may be defended.

A reasonably important zone was broken to the downside ((2) on the chart), which included the Wednesday low @ 1.5529, the S/R level @ 1.5536 and the Wednesday close @ 1.5542. Just above this, the Monthly opening price @ 1.5560.

I do believe there is a chance that we will go back to test this area before/if we continue lower. Logic tell us that stops are probably placed in the 1.5540 - 1.5570 area.

Otherwise, it will be...
Good day,

Clearing for +26 - do not want any open positions over the week-end. Hope to see you around next week.

Rest well

Regards
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  • #266,904
  • Dec 17, 2010 1:31pm Dec 17, 2010 1:31pm
Quoting zoom
http://www.forexfactory.com/showpost...stcount=266907

1/2 of my position closed
38 green pips

regards

the same thinking Tau ... you're last post ... back up my newbie trader logic. That give me confidence.
Thank You!
Good day to you,

Well done on your positive result.

warm regards
  • #266,905
  • Dec 17, 2010 1:41pm Dec 17, 2010 1:41pm
Bro tau

I have just drawn trendlines one is channel one and if you see the other is the wedge type. No one can say what will happen next just an observation or style of trading from trendline with tight sl. Normally GU respects trendline but this is 4th touch on weekly lower TL hence not confident as if it goes down to that lower TL it will break for sure as TL touches are normally 4. Let us see. Thanks for your observation. Healthy constructive observation is always good for everyone's trading

Balaji



Quoting TauTrader
Good day to you,

Forgive me - but just a constructive observation...

I will buy your lower TL - but the top of your channel, in my opinion, is weak. Trendlines should ideally be generated from fractal highs/lows. I have a guideline that matches your lower line, but I have a wedge formation on top, rather than a channel.

You have however taken your decision from the lower line - and that is a good trendline - so all good.

Please do not take offence - it is just my humble opinion.

All the best to you
  • #266,906
  • Dec 17, 2010 1:46pm Dec 17, 2010 1:46pm
Quoting javapips
so heavy read your analysis dude.., i'm poor in math and percent,
i close my trade base on london close and this one..
Yet oh so high in ignorance.

G/L
ex member
  • #266,907
  • Dec 17, 2010 1:54pm Dec 17, 2010 1:54pm
i exit all position..my damn internet provider has disconnected my service for unfair usage policy..i downloaded to much..lol

so i had no choice but to exit..no idea if the move down will be strong..we also in a place where cable can bounce..will try and post chart on sunday assuming virgin media can there fingers out

year end i actually yielded a profit 12.2%
am pleased as its the first year of profit..thanks to every1 who has helped me on the way, which i reckon is every1 in here

(will try post stats when my internet service can handle it..im limited to mobile internet right now)

chart shows why things here can change.. i think

I wish u all a joyfull merry festive holiday..with much love.
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  • #266,908
  • Dec 17, 2010 1:56pm Dec 17, 2010 1:56pm
Quoting 45Condor
Agree, it is fun, and yes, I do like to watch what other traders are observing. With the chaff ostensibly cast aside - those making one line submissions with no real reasoning or charts - a little more wheat can be seen.
LOL..,i bet your life could very hard dude,.. too much consideration too much choices that you think you should choose, thinking which one is better, if this one than bla bla bla, another one bla bla bla..,make some plan, fail one make another one, and so on and so on...
good luck dude,,,.plan your life, as each plan have a target, and each target will just leave disappointment,..west life...
I will be the number one Manager.
  • #266,909
  • Dec 17, 2010 2:04pm Dec 17, 2010 2:04pm
Quoting nAVIN2007
i exit all position..my damn internet provider has disconnected my service for unfair usage policy..i downloaded to much..lol

so i had no choice but to exit..no idea if the move down will be strong..we also in a place where cable can bounce..will try and post chart on sunday assuming virgin media can there fingers out

year end i actually yielded a profit 12.2%
am pleased as its the first year of profit..thanks to every1 who has helped me on the way, which i reckon is every1 in here

(will try post stats when my internet service can...
thanks Nav - well done on 1st yr of profit happy new year ...
  • #266,910
  • Dec 17, 2010 2:12pm Dec 17, 2010 2:12pm
.... closed the rest of position for +41 pips...

have a nice weekend guys, see you at monday at LO.

Good Luck!
... feel better day by day.
  • #266,911
  • Dec 17, 2010 2:23pm Dec 17, 2010 2:23pm
Quoting nAVIN2007
i exit all position..my damn internet provider has disconnected my service for unfair usage policy..i downloaded to much..lol

so i had no choice but to exit..no idea if the move down will be strong..we also in a place where cable can bounce..will try and post chart on sunday assuming virgin media can there fingers out

year end i actually yielded a profit 12.2%
am pleased as its the first year of profit..thanks to every1 who has helped me on the way, which i reckon is every1 in here

(will try post stats when my internet service can handle...

thank you and also all the best for 2011!
maybe a 25% ...?!!!

good luck and happy hollydays for everyne and also for your families!

... feel better day by day.
  • #266,912
  • Dec 17, 2010 4:05pm Dec 17, 2010 4:05pm
Quoting Ctic
You may want to hold off on that north feeling. Although it may very well head north, look at these last three candles on the monthly chart.

1. Monthly chart is overall downtrend

2. Bearish engulfing candle on monthly chart

3. This current candle is still above monthly open, but putting pressure on the support.

As I agree (living in the United States) the dollar is shit and deserves to be worth the same, I can only trade what the charts show me.

This is just a few reasons.. I didn't even get into the fibs and MA, but we will see. Decembers...
Well hope you held off..In addition to the reasons I mentioned above, we had nice flag. Now we have another nice flag developing AND the monthly candle is now red. Next week we should see a bounce up a little to the monthly open and then fall more. Shorts only....
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  • #266,913
  • Edited 5:54pm Dec 17, 2010 5:43pm | Edited 5:54pm
Alrighty kiddies...

So, here's the deal. There is a lot of truth to me thinking that Nene, his attitude, and his ability to forecast sucks and sucks hard, but that is not to say that I am without compassion.

I am posting a chart with instructions, a set of indicators and a template all in hopes of helping out Nene and his troubled situation.

No, this isn't to say how much better I am, nor to hand out charity, but more so to help a fella who has been beaten unmerciful by market this week. Going into Christmas, nobody needs this extra pressure.

So Nene, I know we will never take any long windy walks together...I know ya may not even see this unless somebody else quotes me on it, and if you begin to use it probably won't be sending me a thank you...but on my part of the giving and in the best spirit of FF, Merry Christmas, Please give this at least a watch....(30 min chart minimum)

A part of what nene watches is the Stochs, Macd and a long Moving Average, all a part of the Nene TPL posted. Have a look at the chart and how it works and makes the most amount of sense. Daily open will most likely need to be set according to your own specific broker, set it to what ever time NY closes, and leave the other one blank. From there, watch to make sure all ducks are in a line and take the trades.

There are great examples of how daily open provides a line of support/resistance in the last 2 days.

The MACD goes green, Stochs are pointing up and we are above daily open, when you see the green arrow trigger, buy...keep your ass covered, but as long as we stay above this daily open, you are relatively safe in your trade.

When the MACD goes red, Stochs have crossed down, we are below daily open and the trigger appears, SELL...and watch for daily open to provide resistance.

I am done trading for the year, but will be in and out and watching the charts.

Merry Christmas all, and All the best into the close of 2010!

Magix
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File Type: zip nene.zip   90 KB | 467 downloads
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #266,914
  • Dec 17, 2010 7:28pm Dec 17, 2010 7:28pm
Quoting sonofsin5
quadruple witching.


dont know what you mean ?

What caused the gu to fall drastically today ?
  • #266,915
  • Dec 17, 2010 8:30pm Dec 17, 2010 8:30pm
Quoting whatfx
dont know what you mean ?

What caused the gu to fall drastically today ?
There are many reasons why it fell.

1. Cable until we get the higher high... we are in a long term downtrend

2. The Dollar index hit a support and gained strength relative to the Pound

3. Ireland's bonds were downgraded today.

4. People are concerned about the overall debt situation in Europe.

5. GB consumer confidence way under expected... shows recession.

6. Look at the technicals on the charts.
a. Bearish engulfing monthly candle
b. Flag pattern on hourly chart
c. crossed below monthly and quarterly open prices
d. bounced off the 34 moving avg on monthly chart for down side.


Pick one reason, pick all reasons.. There are many more too I haven't covered here. Bottom line... follow the charts and price action. If you think this is down.... just wait.... we should get lower.

C.
  • #266,916
  • Dec 17, 2010 8:37pm Dec 17, 2010 8:37pm
Quoting Ctic
There are many reasons why it fell.

1. Cable until we get the higher high... we are in a long term downtrend

2. The Dollar index hit a support and gained strength relative to the Pound

3. Ireland's bonds were downgraded today.

4. People are concerned about the overall debt situation in Europe.

5. GB consumer confidence way under expected... shows recession.

6. Look at the technicals on the charts....
7. More sellers than buyers.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #266,917
  • Dec 17, 2010 8:41pm Dec 17, 2010 8:41pm
Quoting Magix
7. More sellers than buyers.
Well....Basically....In it's simplest terms......yes.
  • #266,918
  • Dec 17, 2010 8:43pm Dec 17, 2010 8:43pm
The maket should test 1.5..... Lets see
Bismillah
  • #266,919
  • Dec 17, 2010 8:48pm Dec 17, 2010 8:48pm
Quoting krunfx
The maket should test 1.5..... Lets see
Watch for support zone in green on the chart and bounce back to the 200EMA daily.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #266,920
  • Dec 17, 2010 8:51pm Dec 17, 2010 8:51pm
Yes....shhould retrace for short term...then should test 1.5....
Bismillah
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