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Cable Update (GBPUSD)

  • #278,221
  • May 4, 2011 3:07am May 4, 2011 3:07am
Quoting redbeben
morning guys

the butterfly thing might work if it wouldn't repaint
it's been like that on every bar since yesterday on both H1 and H4 and in between there have been ups and downs of more than 200 pips

I don't think it works this indicator...or at least it does not work for someone that has no idea on how to use it

hello
i thought butterflys were drawn manually
90% of traders use TA, indicators and prediction
  • #278,222
  • May 4, 2011 3:12am May 4, 2011 3:12am
Quoting _BBKing_
epic fail or bears trap?
Depend on the news??
  • #278,223
  • May 4, 2011 3:13am May 4, 2011 3:13am
Wondering if this January support will hold?

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd110504.gif Size: 31 KB
Gone to a better place
  • #278,224
  • May 4, 2011 3:18am May 4, 2011 3:18am
agreed! lets see - 13 minutes left... if good may be joining you!

Quoting smikester
You're right. But I only traded out of the Asia range. Would have worked well on cable but I don't like to go against the daily, and Asia used up a lot of range. To me it's like sticking my finger over a hose pipe. I'm going to get wet! Looks like this area now is powerful support and I might go long after the news...
"Millionaires don't use astrology, billionaires do"
  • #278,225
  • May 4, 2011 3:22am May 4, 2011 3:22am
Quoting smikester
Wondering if this January support will hold?

Attachment


that line is also 38,2% fibo retr on weekly/monthly from highest to lowest
90% of traders use TA, indicators and prediction
  • #278,226
  • May 4, 2011 3:28am May 4, 2011 3:28am
6451 the current daily lo and some demand encountered into the previous 4hr/daily swing Lo zone [extending to 6430] around the fibs; 38.2% 5971-6746 / 50% 6165- same 6746 Hi.

Pullback encountered at a 4 fib cluster [6518-26] of the unbreeched fibs fof the main swing Hi's from and including that 6746 Hi down to current daily Lo...pullback finding some fresh demand at the 50% of the current daily lo - hi 6451-6524

Below current price and deeper in that previuous 4hr/daily swing lo zone mentioned above is the 38.2% of the 5975-6746 move @ 6437.

The near-term current daily chart is below.

Event Risk: Uk data @ 0930am Uk time

G/L
Attached Image
ex member
  • #278,227
  • May 4, 2011 3:39am May 4, 2011 3:39am
hmmm, not much of an effect after the news....... so it will maybe go up a little during the day?

any rumours what the US data will be later today?
  • #278,228
  • May 4, 2011 3:44am May 4, 2011 3:44am
if some one interested on eur jpy...

http://www.forexfactory.com/showpost...postcount=5777
90% of traders use TA, indicators and prediction
  • #278,229
  • May 4, 2011 3:48am May 4, 2011 3:48am
Quoting _BBKing_
hello
i thought butterflys were drawn manually
I wish I was such a good painter )))))))))))))

here it is

how to use it

you put it on the screen and as soon as it appears on the screen (it runs some calculations don't ask me which ones)the rule is that the price should retrace from the tip of the wing(the longer tip not the short one)for at least 50% of the wing;s length
In many cases it retraces to 100% of the length.

As you see on this case it was plotted since yesterday and stayed this way and repainted with each candle.
the longer the time passes the less chances to happen as it will disturb the pattern and soon the butterfly will vanish.

Never had the curiosity to check it properly or to figure it out the numbers and calculations and stuff

I have a rule-as long as my system works why change it

you could try it and implement it in your strategy more as a signal to point out a possible retrace.

you can use it on all TFS
Attached Image (click to enlarge)
Click to Enlarge Name: gartley.JPG Size: 184 KB
Attached File(s)
File Type: mq4 Gartley.mq4   103 KB | 295 downloads
  • #278,230
  • May 4, 2011 3:49am May 4, 2011 3:49am
Quoting _BBKing_
if some one interested on eur jpy...

http://www.forexfactory.com/showpost...postcount=5777
Meanwhile I just trade EURJPY and EURUSD nice move, feel a bit suck for this Cable move at a moment coz I believe 4H still in consolidation Phase until NFP No New High No LOW !!!! hmm and let my Long still running....
  • #278,231
  • May 4, 2011 3:51am May 4, 2011 3:51am
Quoting sphinx8
hmmm, not much of an effect after the news....... so it will maybe go up a little during the day?

any rumours what the US data will be later today?
I managed to get some profit from that news. I choose to sit down until the movement is clear. The current condition is confusing.
  • #278,232
  • May 4, 2011 3:51am May 4, 2011 3:51am
news gbp .....usd strong from gbp...
  • #278,233
  • May 4, 2011 3:52am May 4, 2011 3:52am
Quoting sphinx8
hmmm, not much of an effect after the news....... so it will maybe go up a little during the day?

any rumours what the US data will be later today?
It will do what it will do...trade what you see not what you think or pre-assume is best advice...no one knows what it will do and rumours are just that - rumours - best to see what the reaction to the data is (if any) and make decisions accordingly.

G/L
ex member
  • #278,234
  • May 4, 2011 3:52am May 4, 2011 3:52am
hey bro would it be too bold to say that a butterfly or bat etc would be more effective on an 1hr TF than 15min? I find that I get alot of 15 mins but not many hourly - the 15min one dont always work.. about 50:50 really, I just tend to ignore them unless I find on bigger TF... but not too sure if difference?!

heres another indicator with 54 patterns for those who would like more access... sharings good

Quoting redbeben
I wish I was such a good painter )))))))))))))

here it is

how to use it

you put it on the screen and as soon as it appears on the screen (it runs some calculations don't ask me which ones)the rule is that the price should retrace from the tip of the wing(the longer tip not the short one)for at least 50% of the wing;s length
In many cases it retraces to 100% of the length.

As you see on this case it was plotted since yesterday and stayed this way and repainted with each candle.
the longer the time passes the less chances to happen as it...
Attached File(s)
File Type: mq4 54_Search_patterns.mq4   61 KB | 346 downloads
"Millionaires don't use astrology, billionaires do"
  • #278,235
  • May 4, 2011 3:53am May 4, 2011 3:53am
Quoting bbmac
It will do what it will do...trade what you see not what you think or pre-assume is best advice...no one knows what it will do and rumours are just that - rumours - best to see what the reaction to the data is (if any) and make decisions accordingly.

G/L
totally agree with you!
90% of traders use TA, indicators and prediction
  • #278,236
  • May 4, 2011 3:56am May 4, 2011 3:56am
Quoting redbeben
I wish I was such a good painter )))))))))))))

here it is

how to use it

you put it on the screen ............
tks a lot!
will check it! :nerd:
90% of traders use TA, indicators and prediction
  • #278,237
  • May 4, 2011 3:57am May 4, 2011 3:57am
Quoting forex_growth
hey bro would it be too bold to say that a butterfly or bat etc would be more effective on an 1hr TF than 15min? I find that I get alot of 15 mins but not many hourly - the 15min one dont always work.. about 50:50 really, I just tend to ignore them unless I find on bigger TF... but not too sure if difference?!

heres another indicator with 54 patterns for those who would like more access... sharings good
tks
very interesting :nerd:
90% of traders use TA, indicators and prediction
  • #278,238
  • May 4, 2011 4:00am May 4, 2011 4:00am
In respect of overall price action-peak/valley analysis in determining market conditions - 1hr is mixed right now and this can be said of the intraday picture as a whole on sub 1hr t/f's...4hr has made a L, LH and this morning a potential LL after an uptrend, and on daily price remains above the last HL of the uptrend on that t/f (6430.)

On 1hr 100sma remains above 200sma but price is below both dragging them both to point down, 4hr/daily however sees 100sma remain above it's 200sma with price touching the 100sma on 4hr at today's current low as price remains above those ma's on both the 4hr/daily.

G/L
ex member
  • #278,239
  • May 4, 2011 4:01am May 4, 2011 4:01am
Quoting deryworlds
Meanwhile I just trade EURJPY and EURUSD nice move, feel a bit suck for this Cable move at a moment coz I believe 4H still in consolidation Phase until NFP No New High No LOW !!!! hmm and let my Long still running....
hello
yes this ranging on gbp usd has something worse.
i picked small long again 6490 tgt open SL 6360

will add if lower, maybe 6430 and 6390

(about eur jpy once brake that line will give time to pick position to target 125's . now early to say, but very possible to be trailed up by usd jpy)
90% of traders use TA, indicators and prediction
  • #278,240
  • May 4, 2011 4:03am May 4, 2011 4:03am
Higher time frame, News negative but price not going down.
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