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Cable Update (GBPUSD)

  • #274,781
  • Mar 25, 2011 4:49pm Mar 25, 2011 4:49pm
Quoting _BBKing_
hello all
hope this was a good week 4you all

i see price has not crossed yet red trendline in h1
as said today once or the other will cros above! the matter is WHEN?!
also on m5 trend is anyway down

i have a question: can we be talking about a big double bottom?
or shuld it go 5977 to let us call it a "double bottom" ?
coz 30 pips (6004-5977) sounds not really so much

(i dont now if charts will appear in the same order i upload them )
I can only suggest thay you stick to "the governing dynamics of supply and demand."...Sam Seiden.
All systems of divination, like music itself,work through patterns.
  • #274,782
  • Mar 25, 2011 5:53pm Mar 25, 2011 5:53pm
Quoting kaspopsicle
I can only suggest thay you stick to "the governing dynamics of supply and demand."...Sam Seiden.

yes sure
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  • #274,783
  • Mar 25, 2011 7:45pm Mar 25, 2011 7:45pm
Quoting chazzle
Thanks for pointing out the Inv. correlation here with USDCHF - here's what I see in terms of trend and S/R on H4 , price is still in it's downtrend since beginning of the year and will run into PA/TL resistance in the area marked - would take quite a lot to push through - wether we can survive the 16000 break on cable before this happens - I don't know (haven't studied the inverse correlation much - but will look into it now ) and yes Redbeben , this is what I was talking about ...
here's an update of the USDCHF chart - just into resistance on this channel top as cable came within a few pips of 16000 ...
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  • #274,784
  • Edited 6:25am Mar 26, 2011 5:08am | Edited 6:25am
Quoting _BBKing_
sincerely sometimes i feel the same! still unable to find a reason of that
happened today twice on e.usd n also on g.usd
was so obviuos a short that i was waitin a reverse n closed too early positions

is it because i am looking at things in too hard way n dont see the easyest ones?
its difficult to say all i know is picking a direction isnt hard, what is if anything is sticking to plan..its funny how when we place a trade u can have a stop loss in place and fall into profit, then see price retrace and we feel like we losig pips

like the same trade becomes different..i will be looking for cable to try and break 1.60 heres hoping
  • #274,785
  • Mar 26, 2011 7:37am Mar 26, 2011 7:37am
Quoting cloggie
There are plenty of days that euro and swissy have zero correlation to cable and taking trades on this correlation only over a longer time period will not be a very profitable strategy.

If you want to correlate the cable to anything you need to look at the dollar half of the pair and therefore keeping any eye on equities, uCAD and yields is alot better form of correlation to trade cable of. Cable is an opportunity pair and is very risk driven, that is what catches most "newer" traders out as the direction is not always easily explained unless...
Talking correlation cable and usdchf reminded me of this post.
Thought i'd dig it out and post as it stands as a milestone in my journey.
Theres more if you're interested.!
All systems of divination, like music itself,work through patterns.
  • #274,786
  • Mar 26, 2011 8:08am Mar 26, 2011 8:08am
Quoting cloggie
Just look at a monthly on swissy and a monthly on cable, half the time they are correlated, half the time they are inversely correlated, how can you trade that if you don't know what phase of correlation we are in, so in effect you are right 6 months of the year and wrong 6 months of the year, I just hope for your bankbalance that the first 6 months you are wrong and the second 6 you are right or else your DD will be greater once the balance increases and the correlation reverses.

Trading purely on correlation to swissy and euro is not a profitable...
Second post on correlation......
All systems of divination, like music itself,work through patterns.
  • #274,787
  • Mar 26, 2011 8:26am Mar 26, 2011 8:26am
if any is confused why we fell it very easy to see via the chart..

if u got it wrong u over looked this diverencehttp://www.forexfactory.com/%5BIMG%5....gif%5B/IMG%5D
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  • #274,788
  • Mar 26, 2011 8:30am Mar 26, 2011 8:30am
How do i post a link /post from another thread? I'm bored...i cant acces my charts.
All systems of divination, like music itself,work through patterns.
  • #274,789
  • Mar 26, 2011 8:42am Mar 26, 2011 8:42am
Quoting kaspopsicle
How do i post a link /post from another thread? I'm bored...i cant acces my charts.
hi Pam..what i do is post all my chart on

http://i648.photobucket.com/albums/u...vin2009_album/

u should do the same..actually every1 should so u have every chart in one place

i urge u to do this..

http://photobucket.com/
  • #274,790
  • Mar 26, 2011 10:07am Mar 26, 2011 10:07am
Quoting nAVIN2007
hi Pam..what i do is post all my chart on

http://i648.photobucket.com/albums/u...vin2009_album/

u should do the same..actually every1 should so u have every chart in one place

i urge u to do this..

http://photobucket.com/
Thanks, Nav...going there now.
Been stuck in the archives past couple of hours.!
All systems of divination, like music itself,work through patterns.
  • #274,791
  • Mar 26, 2011 12:57pm Mar 26, 2011 12:57pm
hello all

i spend my weekends to work on new house during day, and updating charts on the night.

i put it on demand n supply areas (at least where i suppose they are )
then drawing daily channel, i notice friday's candle goes touchin exactly on it @6003 bid

this is very interesting coz if price closes below to go in 5980, could be fukked on the upway coz will find the channel as resistance.

talkin about upway there is that red line comes from "ages" ago, which has been already broken but hourly can do a good work.

can some one help me if something missing or wrong?
tks
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  • #274,792
  • Mar 26, 2011 1:12pm Mar 26, 2011 1:12pm


ok it's true, never try to predict market.
im only tryin understand what could happen.
this is same chart then previous post, saw in h4 little zoom out.

if price won't crash daily channel i see a possible hourly channel upway.
it did same thing coming from 5860 area till 6400.

im not dreaming
im only searching if there are good ideas

shuld be very interesting to know something about Elliot Wave, perhaps can be an answer there
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  • #274,793
  • Mar 26, 2011 1:32pm Mar 26, 2011 1:32pm
Quoting _BBKing_
hello all

i spend my weekends to work on new house during day, and updating charts on the night.

i put it on demand n supply areas (at least where i suppose they are )
then drawing daily channel, i notice friday's candle goes touchin exactly on it @6003 bid

this is very interesting coz if price closes below to go in 5980, could be fukked on the upway coz will find the channel as resistance.

talkin about upway there is that red line comes from "ages" ago, which has been already broken but hourly can do a good work.

can some one help...
I could work off of your chart. ...the only advice i could give you is the same i'd give myself. ...
Watch the PA
All systems of divination, like music itself,work through patterns.
  • #274,794
  • Mar 26, 2011 2:20pm Mar 26, 2011 2:20pm
Quoting kaspopsicle
I could work off of your chart. ...the only advice i could give you is the same i'd give myself. ...
Watch the PA
hello
yes PA + sup/res + trend + patterns, are first things i take care every day!
most of times i prefer study daily n h4 charts, to find out main levels where price can find demand n supply.
then daily i work on that chart in h1, with m5-m15 on left side to see close @PA

tks for the advice
is very important to remember every day what we should pay more attention
90% of traders use TA, indicators and prediction
  • #274,795
  • Mar 26, 2011 2:25pm Mar 26, 2011 2:25pm
Going through my emails from Fri a.m. ...came across this..
" Sterling bears recommencing thoughts about parity with Eur."...they are talking the single currencies as opposed to the pairings. Reasoning seems to be that many buyers decided to jump in on the FTSE last Thurs.Clients had been looking for a lower price before buying but got in earlier .
So...money out of currency into commodity. Have we seen the start or bottom of this sell off?
Cable at 16042
Gbp/Eur at11386.
Doesnt make much difference to me as i trade what i see off the technicals showing on my charts ..... nonetheless i thought that it was worthy of note and makes me more watchful for volatility....aways more fun than going sideways.
All systems of divination, like music itself,work through patterns.
  • #274,796
  • Mar 26, 2011 2:40pm Mar 26, 2011 2:40pm
Quoting _BBKing_
hello
yes PA + sup/res + trend + patterns, are first things i take care every day!
most of times i prefer study daily n h4 charts, to find out main levels where price can find demand n supply.
then daily i work on that chart in h1, with m5-m15 on left side to see close @PA

tks for the advice
is very important to remember every day what we should pay more attention
Sounds like a good plan.
Take note what Navin2007 was saying earlier.

Me ....I realise its neccesary to allow price room to breath but,increasingly these days, when the price pulls back i get out at break even. I'd rather loose time than potentially loose money,but we all play it different.
All systems of divination, like music itself,work through patterns.
  • #274,797
  • Mar 26, 2011 3:17pm Mar 26, 2011 3:17pm
Quoting kaspopsicle
Going through my emails from Fri a.m. ...came across this..
" Sterling bears recommencing thoughts about parity with Eur."...they are talking the single currencies as opposed to the pairings. Reasoning seems to be that many buyers decided to jump in on the FTSE last Thurs.Clients had been looking for a lower price before buying but got in earlier .
So...money out of currency into commodity. Have we seen the start or bottom of this sell off?
Cable at 16042
Gbp/Eur at11386.
Doesnt make much difference to me as i trade what i see off the technicals...

i noticed an interesting thing
both euro usd n gbp usd are near a strong weekly trendline
euro usd is a bit lower while gbp (stronger than euro) is very near.

yesterday night with a friend we were looking at both charts and we said "looks like gbp is waitin for euro to go near same resistance trendline then both brake up!"

well... we'll see soon!
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  • #274,798
  • Mar 26, 2011 3:22pm Mar 26, 2011 3:22pm
Quoting nAVIN2007
its difficult to say all i know is picking a direction isnt hard, what is if anything is sticking to plan..its funny how when we place a trade u can have a stop loss in place and fall into profit, then see price retrace and we feel like we losig pips

like the same trade becomes different..i will be looking for cable to try and break 1.60 heres hoping
break of 1.60 i would really like coz would tell a lot of things on next moves

while these days im working hard to find out which is the main reason why i go in total pain when i see price going back n totaly forgettin my plan!
its not so easy to find out that reason... but hey... when i want something i want it all! so i will find out n win
90% of traders use TA, indicators and prediction
  • #274,799
  • Mar 26, 2011 3:28pm Mar 26, 2011 3:28pm
Quoting kaspopsicle
Sounds like a good plan.
Take note what Navin2007 was saying earlier.

Me ....I realise its neccesary to allow price room to breath but,increasingly these days, when the price pulls back i get out at break even. I'd rather loose time than potentially loose money,but we all play it different.

i missed what navin said..
which post you refer please?

now i leave will come back later n check
bybye all
90% of traders use TA, indicators and prediction
  • #274,800
  • Mar 26, 2011 3:33pm Mar 26, 2011 3:33pm
Quoting nAVIN2007
its difficult to say all i know is picking a direction isnt hard, what is if anything is sticking to plan..its funny how when we place a trade u can have a stop loss in place and fall into profit, then see price retrace and we feel like we losig pips

like the same trade becomes different..i will be looking for cable to try and break 1.60 heres hoping
This one ...in response to you....now i see you found it.
All systems of divination, like music itself,work through patterns.
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