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Cable Update (GBPUSD)

  • #271,401
  • Feb 9, 2011 4:19am Feb 9, 2011 4:19am
DS1 sits pretty much on the 50 FE. If the WP goes (1.6065 on my broker), may head for it prior to tomorrow. Also watching the 1.5957 area as support for any drop.

Still chop for me, and so not in anything.
Attached Image (click to enlarge)
Click to Enlarge Name: gu1.gif Size: 33 KB
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #271,402
  • Feb 9, 2011 4:54am Feb 9, 2011 4:54am
http://www.forexfactory.com/news.php?do=news&id=280190

So let's push price down for discount in anticipation of hike...

Taken a small short from the DP

Drop on EU probably helping, too.
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  • #271,403
  • Feb 9, 2011 5:13am Feb 9, 2011 5:13am
recent low shows the 85.4 fib of the daily range getting involved

Attached Image
  • #271,404
  • Feb 9, 2011 5:21am Feb 9, 2011 5:21am
Being a fellow aficionado of Fibonacci studies, I would be interested to learn if you look at anything other than smaller TFs?

Excuse me if you have posted previously upon higher TFs.

I find your style very similar to Bbmac's - which is not without its merits, I might add.
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  • #271,405
  • Feb 9, 2011 5:29am Feb 9, 2011 5:29am
Quoting fourxtrader
Remember, in trading, there are no 'wrong' MAs, only 'wrong' TFs in a given chart set-up.

It all depends on what you are looking for. You might check out Magix's, Eohater's or Turveyd's
threads. They view MAs in a totally different perspective than I. They use and target MAs as
respected levels of support and [i][color=blue]resistance...
again thanks, i read thru some of ur posts and will check this GMMA, Daryl Guppy u mentioned. sounds interesting
  • #271,406
  • Feb 9, 2011 5:34am Feb 9, 2011 5:34am
Classic Guppy profile in the chart on my previous post.

As fourxtrader states, there is certainly no right or wrong MA collection, and different perspectives require different strategies.

Quoting gh0stjpy
again thanks, i read thru some of ur posts and will check this GMMA, Daryl Guppy u mentioned. sounds interesting
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  • #271,407
  • Feb 9, 2011 5:41am Feb 9, 2011 5:41am
14.6 Fib offering support on the H1 range

Attached Image
  • #271,408
  • Feb 9, 2011 5:43am Feb 9, 2011 5:43am
Quoting Cobby
14.6 Fib offering support on the H1 range

Attachment
I suggest waiting for 1.6031 (horizontal support) and then 1.6000 (channel extreme) before thinking of going long today.
Happy trading!
  • #271,409
  • Feb 9, 2011 6:04am Feb 9, 2011 6:04am
Quoting 45Condor
Being a fellow aficionado of Fibonacci studies, I would be interested to learn if you look at anything other than smaller TFs?

Excuse me if you have posted previously upon higher TFs.

I find your style very similar to Bbmac's - which is not without its merits, I might add.

BBMac = Legend in my opinion... I have spent many hours pouring over his work...he hasn't posted here for a while and I miss his analysis...I soak up anything he posts...his daily updates are brilliant...... I tip my hat to the great bbmac...

I do take the higher timeframes into account when price suggests that
one of these larger timeframes may be acting as a target for the longer term moves and suggesting that it may be the seat or trigger point for a change in momentum...but then refocus to the lower time frames for an entry...

My preference is not to have positions open overnight...or at news...
I like to sleep at night...
  • #271,410
  • Feb 9, 2011 6:10am Feb 9, 2011 6:10am
hello guys
what do you thinlk about this attachment picture ?
i think the upside cycle is not finshed yet i m wate for 5as 5 is complet i m wating for strong trigger
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd d.gif Size: 75 KB
Click to Enlarge Name: gbpusd h4.gif Size: 65 KB
show me the money
  • #271,411
  • Feb 9, 2011 6:10am Feb 9, 2011 6:10am
Yes, he does have a knack for seeing divergence and fib targets on the intraday scale.

Quoting Cobby
BBMac = Legend in my opinion... I have spent many hours pouring over his work...he hasn't posted here for a while and I miss his analysis...I soak up anything he posts...his daily updates are brilliant...... I tip my hat to the great bbmac...

I do take the higher timeframes into account when price suggests that
one of these larger timeframes may be acting as a target for the longer term moves and suggesting that it may be the seat or trigger point for a change in momentum...but then refocus to the lower time frames for an entry......
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #271,412
  • Feb 9, 2011 6:14am Feb 9, 2011 6:14am
...waves are not my thing. I tried to get involved with Elliott study, but it is too subjective for me. That is not to say that any other method of trading is not subjective.

Quoting majid.hesari
hello guys
what do you thinlk about this attachment picture ?
i think the upside cycle is not finshed yet i m wate for 5as 5 is complet i m wating for strong trigger
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #271,413
  • Feb 9, 2011 6:18am Feb 9, 2011 6:18am
I think it will go 500p up, because this figure.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 27 KB
  • #271,414
  • Feb 9, 2011 6:20am Feb 9, 2011 6:20am
not sure you see the H4 as being higher timeframe but
earlier today the current days high came out of the 50 fib zone
I didn't notice it at the time...

I tend to take a top down approach...drilling down the timeframes
to find an entry

Attached Image
  • #271,415
  • Feb 9, 2011 6:34am Feb 9, 2011 6:34am
Quoting 45Condor
...waves are not my thing. I tried to get involved with Elliott study, but it is too subjective for me. That is not to say that any other method of trading is not subjective.
We have more argument around Elliot Waves than there were leading to the World Wars. I think Waves is badly subjective. For any system of analysis to work 60%, it has to have at least 70% non-subjective elements. Elliot Waves fails in this measure.

Peace
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #271,416
  • Feb 9, 2011 6:46am Feb 9, 2011 6:46am
I tend to follow a 4hr that is heading in the direction of the daily and up, if possible, but do the same as you, and drill down for entries. Favourite is 1hr entry on a nice 4hr trend.

As I said earlier today, my 4hr Guppy profile is compacted, and so until I see a break, it is scalping for me on lower TFs, with charts showing higher TF fib studies as potential targets, but not convincingly so until I see a break.

Speaking of breaks, it is now lunch, and I have little to show for a morning in front of the screens, so may call it a day. I tend to give back any small profits taken in the London session - assuming I am scalping for the day - or, if I don't trade the US session, I see nice movements that I miss. Can't win, really...

Quoting Cobby
not sure you see the H4 as being higher timeframe but
earlier today the current days high came out of the 50 fib zone
I didn't notice it at the time...

I tend to take a top down approach...drilling down the timeframes
to find an entry

Attachment
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #271,417
  • Feb 9, 2011 6:53am Feb 9, 2011 6:53am
Quoting Schoey
I have a real big bias on short and think it could happen soon I think the Dow is in line for a big correction and could drop very soon which in turn will make GBP?USD drop a large amount before eventually continuing with the trend.
What does anyone else think I have attached the volatility charts at which the dow is at a yearly low
Just thought i'd re-submit this as it got lost 3 pages away!
  • #271,418
  • Feb 9, 2011 7:16am Feb 9, 2011 7:16am
Hi guys
Do you think that GU can break this H4 trend?
I am seeing a good moving average cross over.
Attached Image (click to enlarge)
Click to Enlarge Name: gu_h4.gif Size: 27 KB
  • #271,419
  • Feb 9, 2011 7:16am Feb 9, 2011 7:16am
Quoting 45Condor
I tend to follow a 4hr that is heading in the direction of the daily and up, if possible, but do the same as you, and drill down for entries. Favourite is 1hr entry on a nice 4hr trend.

As I said earlier today, my 4hr Guppy profile is compacted, and so until I see a break, it is scalping for me on lower TFs, with charts showing higher TF fib studies as potential targets, but not convincingly so until I see a break.

Speaking of breaks, it is now lunch, and I have little to show for a morning in front of the screens, so may call it a day. I tend...
Not too different to my approach, whereas i follow the 8H MA trend, and use 2H for verification plus 1H for entry points, as i work i don;t have time to check hourly basis on a regular basis, so i've set a timetable and if the MA's show a CLEAR trend then i enter a trade at these times, then check every or so to adjust SL (rem not how much u make how much u can lose). so typically i will do 2-3 trades over a day (2hrs), always closing one trade no matter loss or gain.

Works for me but i only use on EU not GU, GU is too choppy and has wild swings and takes out SL regular imo. 500+ pips last month and for no real effort really, jsut follow the trend!

Tried scalping but again due to work and simply sitting at a screen non-stop to gain 10-20pips at a time not my thing, it's too nerve racking and could give u a heat-attack lol

Will look at this GUPPY thing see what it can offer, as always looking to learn and expand knowledge
  • #271,420
  • Feb 9, 2011 7:22am Feb 9, 2011 7:22am
Quoting Schoey
Just thought i'd re-submit this as it got lost 3 pages away!
thanks Schoey,
could you explore a little on your expected Dow-drop?
Don't be a hero. Don't have an ego. Always question yourself
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