Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

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#267,841
Jan 2, 2011 5:07pm Jan 2, 2011 5:07pm

kaspopsicle
| Membership Revoked | Joined Mar 2010 | 3,853 Posts

Quoting KinsaleForex

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Sorry for the delayed reply, was finishing up at work.

Unfortunately I only chart 1hr Cable on P&F not the 4hr so i don't have a chart to post. This aside P&F doesn't really run on time frames per se. I got this target from a very quick calculation on the 4hr chart, with P&F you don't need a full chart to obtain a target.

Again, from the low of 1.5360 (the 5am to 9am bar 29th Dec) the next retracement is 16 boxes (or 160 pips). Working out a target on Point and Figure consists of multiplying the retracement (16 boxes) by the box size (10) by the...

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Thank you for this explanation. i find live reasoning saves hours of studying on simulation sites. Thanks.

All systems of divination, like music itself,work through patterns.

#267,842
Jan 2, 2011 5:18pm Jan 2, 2011 5:18pm

TauTrader
Joined Jan 2009 | Status: Per Aspera Ad Astra | 6,262 Posts

Quoting kaspopsicle

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Thank you for making a silk purse out of the sows ear of my comment.You are absolutely correct in your thoughts .Thanks . Going for a little short somewhere here. Engulfing candles on M5. cheers Mr. T.

Ignored

All the best!

I have closed all shorts for now - as I have mixed charts. Opened a little long position on UJ for some pips. GU still shows me short opportunity on the 1hr, but Daily chart is still long bais for me. So will stay on the side for now and look at other pairs.

Good luck

#267,843
Jan 2, 2011 5:34pm Jan 2, 2011 5:34pm

Ineedpips9
| Joined Mar 2010 | Status: Trader | 414 Posts

Quoting Ineedpips9

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would be interesting if the pa moves down to yesterday's high, which would also be about where the 200MA will be on the 5M tf. Hope the pic shows up.I've been having problems with trying to post them so I apologize if it goes wrong.

Ignored

Done and done.

catcha later before I hit the hay.

#267,844
Jan 2, 2011 5:48pm Jan 2, 2011 5:48pm

andelumut
| Joined Dec 2010 | Status: Trader | 390 Posts

Quoting TauTrader

Disliked

All the best!

I have closed all shorts for now - as I have mixed charts. Opened a little long position on UJ for some pips. GU still shows me short opportunity on the 1hr, but Daily chart is still long bais for me. So will stay on the side for now and look at other pairs.

Good luck

Ignored

good,,

patience will give maximum results,,

only an analysis, and I'm always wrong, don't follow me,

#267,845
Edited 6:52pm Jan 2, 2011 6:20pm | Edited 6:52pm

kaspopsicle
| Membership Revoked | Joined Mar 2010 | 3,853 Posts

G'Day.
This is what i see : end of year hi @15671 hit hi of potential supply zone...Sbr from 1 aug to18 aug.. Confluence exists with descending 200ema. Demand zone @ 15470 down to 15357, through436,425,385,370.... 200 ema crossed 20 on daily 23 dec. Although this prolly sounds like a load of old bull.. my bias is bearish.My position is flat looking for break below 200ema on M5.Will be trying a short short on close below 15538..hi of 30 dec.Meanwhile scalping longup to the 200 and 567 on M5

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All systems of divination, like music itself,work through patterns.

#267,846
Jan 2, 2011 6:51pm Jan 2, 2011 6:51pm

whatfx
| Joined Jun 2010 | Status: The Villain | 2,565 Posts

Quoting TauTrader

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http://cdn.forexfactory.com/images/icons/pound.gif GU-
Good day to you,

a new year upon us. Took my losses on EU ( Stopped out). Idea was good - but in too early. ANYWAY...

The 30 min chart spells out 1 single direction only - down. Look for a good entry south. Period.

No need for Fib's. No need for SR levels. Ride it down for 100 green ones.

I know I will...http://cdn.forexfactory.com/images/s...lling_eyes.gif

I want to take this opportunity to wish you all an exciting 2011.

All the best!

Regards
Attached...

Ignored

hi

well iam already short on both EU and cable since friday. presently in profit on both. as i had predicted both markets fell.

iam curious to know tautrader how you can tell from a 30m chart the market will fall ?? what do you look for ?

regards

#267,847
Jan 2, 2011 7:23pm Jan 2, 2011 7:23pm

TheDivine
Joined Sep 2010 | Status: Trader | 90 Posts

What do you think about this I'm short on GBP/USD, We had Friday rejection on 61,8 fibo retrace, also rejection on MA. I'm seeing that this was correction and is continuing down to complete AB=CD pattern we see that both extension FE 100 are in confluence, so that is the area where I'm placing my TP.

Also If we look on weekly chart we can see that there is forming of wedge, and on Monthly we have symmetrical triangle.

Regards

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#267,848
Jan 2, 2011 7:47pm Jan 2, 2011 7:47pm

kaspopsicle
| Membership Revoked | Joined Mar 2010 | 3,853 Posts

Quoting TheWinkler

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Hi Kaspopsicle - I'm a newbie on the site but have a reasonable amount of experience with P&F charting. Point and Figure can be used for judging the size of a move, it gives buy and sell signals, support and resistance lines can be drawn in and traded as you would normal trade a bullish or bearish channel so to describe it as simple S/R trading or even the rather more disparaging noughts and crosses is rather disingenuous. From my point of view P&F is the difference that makes the difference to my trading but perhaps it's simplicity scares people....

Ignored

Hello,
Sorry, should have said simplistic..i like simplistic . Thank you for further pointing out the benefits of P and F trading.I actually love the simplicity of supply and demand/ support and resistence. ...and yes i am rather dis. of stuff i dont understand untill i do. However, i always make an effort to understand. Thank you for your help.

All systems of divination, like music itself,work through patterns.

#267,849
Jan 2, 2011 8:37pm Jan 2, 2011 8:37pm

freqzz
| Joined Oct 2010 | Status: Trader | 130 Posts

Im seeing some resistant (1hr) on that double green line.

If it breaks the second line, the it may looks fine to short.
However with all this bank holiday, the movement can be as slow as a snail. or some big spike (volatile).

Sorry, just sharing.

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#267,850
Jan 2, 2011 9:17pm Jan 2, 2011 9:17pm

gsantri
| Joined Jun 2010 | Status: Trader | 1,429 Posts

Good Morning,
Long scalp entered @ 1.5535 SL 1.5520 TP1 daily pivot @5560, TP2 monthly PV @5616. Let's see. G/L.

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#267,851
Jan 2, 2011 10:26pm Jan 2, 2011 10:26pm

TauTrader
Joined Jan 2009 | Status: Per Aspera Ad Astra | 6,262 Posts

Quoting whatfx

Disliked

hi

well iam already short on both EU and cable since friday. presently in profit on both. as i had predicted both markets fell.

iam curious to know tautrader how you can tell from a 30m chart the market will fall ?? what do you look for ?

regards

Ignored

Good day to you,

Strictly speaking, I take my trades off the 30 min chart, but use 4hr information coupled with 30 min information to decide direction. This allows me to find high probability entries. My entries are indicator based.

Regards

#267,852
Jan 2, 2011 11:26pm Jan 2, 2011 11:26pm

redsword11
Joined Nov 2008 | Status: living deliberately | 11,122 Posts

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#267,853
Jan 2, 2011 11:31pm Jan 2, 2011 11:31pm

fendi
| Joined Mar 2008 | Status: Trader | 658 Posts

I remain bearish on both pairs for the week.... British austerity measures, troubles in the government and in the central bank and a slower global economy point to a weaker pound...

Looking down, 1.5480 is now the first support line. It was the top border of the range that cable traded in in the last week. Below, 1.5350 provided to be a very strong support line. A break under this line means trouble for the pound.

E/U

Looking down below 1.3334, the 1.3267 line provides support on the way down. 1.3180 is already stronger support, after working as the resistance line of a lower range.

G/L

#267,854
Jan 3, 2011 12:18am Jan 3, 2011 12:18am

bob_nofats
| Joined Nov 2010 | Status: Trader | 36 Posts

agree with that!! but for now i rather go for scalping!! at this moment the cable is going to 5570 after that going back to 54level due to austerity measures of cable!!!

#267,855
Jan 3, 2011 12:20am Jan 3, 2011 12:20am

bob_nofats
| Joined Nov 2010 | Status: Trader | 36 Posts

Quoting bob_nofats

Disliked

agree with that!! but for now i rather go for scalping!! at this moment the cable is going to 5570 after that going back to 54level due to austerity measures of cable!!!

Ignored

my 1st resistance for now is 5570 and if breaks going to 5600 but 5600 will be strong for now!!