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Cable Update (GBPUSD)

  • #279,941
  • May 25, 2011 2:46am May 25, 2011 2:46am
euro and gbp only long today (Tp 1.4150 and gbp near 6250)from tomorrow short. and long agian from monday for month beginning trend reversal (euro might reach 139 level and gbp 160 level)
  • #279,942
  • May 25, 2011 2:47am May 25, 2011 2:47am
Quoting Phil Warran
The GU really is as mad as a cut snake.
yes, i take a day off.
i hate this kind of moves.
90% of traders use TA, indicators and prediction
  • #279,943
  • May 25, 2011 3:40am May 25, 2011 3:40am
does the US index affect euro only or does it affect cable as well?
Im asking because DXY chart shows an inverse head and shoulders which if it breaks the neckline would mean euro and cable bearish right? or wrong?
  • #279,944
  • May 25, 2011 3:44am May 25, 2011 3:44am
Quoting monkey@forex
does the US index affect euro only or does it affect cable as well?
Im asking because DXY chart shows an inverse head and shoulders which if it breaks the neckline would mean euro and cable bearish right? or wrong?
well to be honest...if you dont know it...u definielty should go back to the very basics....unless u dont get this, how the heck u wanna understand PA ?

eurusd ....
gbpusd....

the us dollar index itself doesnt affect the euro index at all.
Hero calls followed by margin calls...
  • #279,945
  • May 25, 2011 3:56am May 25, 2011 3:56am
sorry my mistake, what i meant to say is, if the DXY is bullish and breaks past the neckline, then potentially euro and cable would be bearish, however in the past iv been caught out by assuming that euro and cable follow each other in tandem.

I can see on my chart that cable has support around 1.5950, and was thinking of placing a buy order there, however i am reconsidering on the basis that it could break past it and go to 1.57 or lower...

point is im looking for a reversal before a reversal has actually happened, which is stupid, as its bottom picking...
  • #279,946
  • May 25, 2011 4:04am May 25, 2011 4:04am
Quoting monkey@forex
sorry my mistake, what i meant to say is, if the DXY is bullish and breaks past the neckline, then potentially euro and cable would be bearish, however in the past iv been caught out by assuming that euro and cable follow each other in tandem.

I can see on my chart that cable has support around 1.5950, and was thinking of placing a buy order there, however i am reconsidering on the basis that it could break past it and go to 1.57 or lower...

point is im looking for a reversal before a reversal has actually happened, which is stupid, as its bottom...
Many of the traders here have really got balls (mixed with good analysis) and bottom/top pick regularly, so don't feel bad about it. I myself only trade with the trend as I hate draw down and prefer swing trading so I can step away from my screen for extended periods.
  • #279,947
  • May 25, 2011 4:11am May 25, 2011 4:11am
Well,
You do not fuck around with that big H4 Bullish Butterfly, do you?



Seb
Attached Image (click to enlarge)
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  • #279,948
  • May 25, 2011 4:12am May 25, 2011 4:12am
Quoting Phil Warran
Many of the traders here have really got balls (mixed with good analysis) and bottom/top pick regularly, so don't feel bad about it. I myself only trade with the trend as I hate draw down and prefer swing trading so I can step away from my screen for extended periods.
Personally, I would wait for a confirmed close above the 4 hour trendline before going long if you are not sure of your support zone. For me this has about an 80-90% success rate.
  • #279,949
  • May 25, 2011 4:15am May 25, 2011 4:15am
mmm , cable has three closes above the pivot line of day in H1.
I think it's not so strange to take a long position for 50 pips
  • #279,950
  • May 25, 2011 4:24am May 25, 2011 4:24am
Hi, new to FF but only trade cable and use this as place to pick up peoples thoughts and then combine them with my own trading plan.

It looks like today the big dogs are on maneuvers so if you play with them are some big green pips on offer - if you fight them you'll get gobbled up.
  • #279,951
  • Edited 5:05am May 25, 2011 4:48am | Edited 5:05am
G/M

61.8% 6303-6057 and Weekly Pivot are at yesterday's high, the pullback finding supportat the previous 1hr swing hi zone (previous resistance) and the 50% of the said 6057 - 6208 (yesterday's hi) move.

Aboive current prioce unbreeched fibs of the moves down to that 6057 lo (monday and current weekly lo) from 6746,6573,6517 and said 6303. That 4hr descending trend line getting ever closer as it is descending and would come through around 6218-6225 on this current 4hr candle.

Below current price that swing lo now at the previous resistance mentioned above (and 50% fib) etc..

Near-term 1hr current screenshot below.

G/L
Attached Image
ex member
  • #279,952
  • May 25, 2011 4:49am May 25, 2011 4:49am
Quoting mdrive
I think it will be a good trade
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #279,953
  • May 25, 2011 4:56am May 25, 2011 4:56am
if on this current or just on the next 4hr candle, price - if it goes that high would intersect the 4hr descending trend line around the 23.6% fib of the 6746-6057 move.

G/L
ex member
  • #279,954
  • May 25, 2011 5:01am May 25, 2011 5:01am
area of 6340-53 contains Daily R1 , 76.4% 6303-6057 and 38.2% 6573-60957 although not sure how valid that 6573 is as a swing hi on 4hr ? main ones seem to be 6746, 6517 and 6303 ?

G/L
ex member
  • #279,955
  • May 25, 2011 5:02am May 25, 2011 5:02am
Quoting bbmac
if on this current or just on the next 4hr candle, price - if it goes that high would intersect the 4hr descending trend line around the 23.6% fib of the 6746-6057 move.

G/L
getting ready to close my longs since 1.610 levels.........

and going short again around 1.628 - 1.63
  • #279,956
  • May 25, 2011 5:03am May 25, 2011 5:03am
Quoting manize
Went long again at a dip, targeted to 1.6211.

I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #279,957
  • May 25, 2011 5:13am May 25, 2011 5:13am
The doublle test of the then 50% fib of mon lo - yesterday hi with a 1hr bullthrust and then 1hr pinbar candle on the re-test followed by the bullish 1hr thrust and meant everything seemed very bullish ?

Price testing that 23.6% 6746-6057 and 4hr desc trendline now

G/L
Attached Image (click to enlarge)
Click to Enlarge Name: z.jpg Size: 68 KB
ex member
  • #279,958
  • May 25, 2011 5:13am May 25, 2011 5:13am
Quoting eychenz
mmm , cable has three closes above the pivot line of day in H1.
I think it's not so strange to take a long position for 50 pips
I'm out with +55 pips
wish you all luck
  • #279,959
  • May 25, 2011 5:14am May 25, 2011 5:14am
uhhh TP coming soon at 1.6228.... wondering if it will go over R1.... might put trace there
  • #279,960
  • May 25, 2011 5:18am May 25, 2011 5:18am
How many sellers @ this 4hr descending trend line now ? Can the bulls push thru and a decisive break and close above on 4hr ?

updated near-term current 1hr screenshot below

G/L
Attached Image
ex member
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