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Why is GBPUSD called cable? 76 replies

GBPUSD today 10 replies

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GBPUSD

  • #281
  • Quote
  • Edited 3:46pm Feb 2, 2006 3:13pm | Edited 3:46pm
Whoa...my first chart image, it worked! I should retire now while I'm ahead

Ok, I've been looking at this as a potential retracement trade. This chart shows the weekly GBP Pin, on a 4 hour chart.

I've drawn trend lines from the top of the weekly pin, and the bottom of the weekly pin. They seem to be making a triangle/pennant, that seems to be converging on the 50% retracement.

If it would have reached the 62% retracement today (orange dotted line,) I would have went short on that. Thinking that if it breaks the 62% now, it may be as James said, a false Pin.

I have a couple of extra green dotted lines in the chart, within the triangle. They are alarms. The top one letting me know if it's getting close to the 62% retracement where I'm thinking of entering short. The bottom green dotted line in the triange is just letting me know GBP is moving.

The bottom red line, would be the Pin Break.

Again, this is based on last weeks Pin. So, I have been thinking, it would take this whole week, to make this weeks bar a retracement, if that's what it was gonna do. Which was my reasoning thinking it would be a volatile week for GBP. That would prolly mean, starting next week would be the big moves...if everything works according to my master plan

So far, so good.

This is my first chart...I'll learn how to write on the charts themselves later. Right now, I'm just excited I could get this far.

Any comments would be appreciated.
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  • #282
  • Quote
  • Edited 3:17pm Feb 3, 2006 9:15am | Edited 3:17pm
Well...they tried to hide their big move on a news item again. This time I was waiting for them...got in short at 1.749. Hope my neighbors were home this time...."Gotcha you bastards!"

lol

And, on edit. There was absolutely NO reason for GBP to go down on the news. It was bad US news, if it was gonna respond to the news, it would have went up. The powers that be decided they'd make their move during the news event...even tho the move had nothing to do with it, except timing.

And I had no idea what the results of the news was, I was looking at the trade, and after the initial spike up, waited to make sure it was going down before I entered.

This seems a good case of the importance of technicals over fundamentals.

And also how tricky the game is played.
  • #283
  • Quote
  • Feb 4, 2006 10:10pm Feb 4, 2006 10:10pm
I think that you will find that these people are using the longer time frames so as to get the general direction of the market and that they are not trading intraday.....

To use a shorter time frame would distort what they are attempting to accomplish

just my opinion
  • #284
  • Quote
  • Edited 12:56pm Feb 5, 2006 10:43am | Edited 12:56pm
Quoting Blaiserboy
I think that you will find that these people are using the longer time frames so as to get the general direction of the market and that they are not trading intraday.....

To use a shorter time frame would distort what they are attempting to accomplish

just my opinion
Remember, I was not using this as an intraday trade. I was just trying to find an entry point on the Pin retracement from last week, and I was using the 4 hour charts to try and fine tune that. While I was fumbling around, I had noticed that there were big moves during the news, messing with me trying to find an entry point.

I definetly need to work on my entry's on retracements. And looking at my charts in hindsight, I see there were 3 tops at 7812 (on 4 hour.) If I were paying attention better, that probably would have been the ideal entry point (again, in hindsight.) James had mentioned looking for Double tops, but I still totally missed 'em.

So it ended up being that I simply was not going to allow a big news move to take me out of this retracement strategy. So, that move decided my entry for me. Not the best way to find an entry, for sure...but, I'm still trying to learn this stuff

This was in no way an "attempt to try and distort what they're trying to accomplish." On the contrary, I was trying to utilize things I've learned here.

Unless these threads aren't about actually making trades, just general discussions on long term directional moves. Then I apologize.
  • #285
  • Quote
  • Feb 6, 2006 1:09am Feb 6, 2006 1:09am
SouthernFried

I think I did a lousy job of wording my post.......

I owe you an apology.......

sorry.....

dave
  • #286
  • Quote
  • Feb 6, 2006 7:02am Feb 6, 2006 7:02am
None needed Blaiserboy. In fact, you got me thinking. It probaby wasn't necessary to post a blow-by-blow account of me fumbling around with a particular trade. A more general analysis of direction and chart patterns is probably what these threads are best designed for. I think I got a little carried away with being able to finally post charts.

Which is what I'm blaming my inability to "see" what the charts actually said on

SF
  • #287
  • Quote
  • Feb 7, 2006 1:18am Feb 7, 2006 1:18am
I trade intraday........ I haven't said much about it in here.... I am going to attempt to post the chart I use.... you may find it of some help.....

The size will be small due to space restrictions, if you want further I will email it to you
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  • #288
  • Quote
  • Feb 7, 2006 1:20am Feb 7, 2006 1:20am
and here is a 15 minute of the same
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  • #289
  • Quote
  • Mar 30, 2006 10:11am Mar 30, 2006 10:11am
anyone looked at cable on a very long term chart? open up a monthly chart, zoom out and draw an upward sloping trendline from the june 2001 low and a downward one strating from the december 2004 high. zoom back in to the present and price has basically been ping ponging off these lines.

add to this a fibo retrace and e have price retracing to the 38.2 mark.
not sure what kind of chart pattern - pennant or flag this is, but price is coiling up very very very tightly now as the trendlines converge. the last 3 weekly bars have been inside bars. which way will this baby break? any guesses? are we about to witness the start of a major uptrend or major downtrend?

Dan
  • #290
  • Quote
  • Mar 30, 2006 11:41am Mar 30, 2006 11:41am
Quoting Trumpcard
anyone looked at cable on a very long term chart? open up a monthly chart, zoom out and draw an upward sloping trendline from the june 2001 low and a downward one strating from the december 2004 high. zoom back in to the present and price has basically been ping ponging off these lines.

add to this a fibo retrace and e have price retracing to the 38.2 mark.
not sure what kind of chart pattern - pennant or flag this is, but price is coiling up very very very tightly now as the trendlines converge. the last 3 weekly bars have been inside bars. which way will this baby break? any guesses? are we about to witness the start of a major uptrend or major downtrend?

Dan
The Chart
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  • #291
  • Quote
  • Mar 30, 2006 2:42pm Mar 30, 2006 2:42pm
Quoting Trumpcard
anyone looked at cable on a very long term chart? open up a monthly chart, zoom out and draw an upward sloping trendline from the june 2001 low and a downward one strating from the december 2004 high. zoom back in to the present and price has basically been ping ponging off these lines.

add to this a fibo retrace and e have price retracing to the 38.2 mark.
not sure what kind of chart pattern - pennant or flag this is, but price is coiling up very very very tightly now as the trendlines converge. the last 3 weekly bars have been inside bars. which way will this baby break? any guesses? are we about to witness the start of a major uptrend or major downtrend?

Dan
The Weekly and daily are also...
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  • #292
  • Quote
  • Mar 30, 2006 2:43pm Mar 30, 2006 2:43pm
And the Weekly...
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  • #293
  • Quote
  • Mar 30, 2006 3:37pm Mar 30, 2006 3:37pm
The way I see cable's long term outlook is as follows:
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  • #294
  • Quote
  • Mar 31, 2006 1:59am Mar 31, 2006 1:59am
One more long-term outlook. Elliott Waves
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File Type: pdf asf4sfv3.pdf   28 KB | 612 downloads
  • #295
  • Quote
  • Apr 2, 2006 2:56pm Apr 2, 2006 2:56pm
This pinch is all over......something is about to happen!
I think the euro is the key.
Nice chart WTB
GOD IS NOT SHORT OF CASH
  • #296
  • Quote
  • Apr 6, 2006 7:39am Apr 6, 2006 7:39am
I was getting ready for my trading day and noticed the GBPUSD is breaking out of it's triangle range bound formation.

CHeck this out... It looks like a daily trend is finally starting...

SMJ
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  • #297
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  • Apr 6, 2006 10:30am Apr 6, 2006 10:30am
Quoting smjones
I was getting ready for my trading day and noticed the GBPUSD is breaking out of it's triangle range bound formation.

CHeck this out... It looks like a daily trend is finally starting...

SMJ

Oh how the Cable taunts me... HaHa... SMJ
  • #298
  • Quote
  • Apr 6, 2006 6:20pm Apr 6, 2006 6:20pm
hello traders,
i think now gbp/usd goes to sell side. i already attach chart of gbp/usd please check and tell me.

happy trading,
k.n.v.santosh
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  • #299
  • Quote
  • Apr 6, 2006 6:24pm Apr 6, 2006 6:24pm
I think I will wait until it breaks convincingly out of this channel. I say this as I "wipe the egg off my face".

HaHa SMJ

Quoting knvsantosh
hello traders,
i think now gbp/usd goes to sell side. i already attach chart of gbp/usd please check and tell me.

happy trading,
k.n.v.santosh
  • #300
  • Quote
  • Apr 12, 2006 3:00am Apr 12, 2006 3:00am
Quoting smjones
I was getting ready for my trading day and noticed the GBPUSD is breaking out of it's triangle range bound formation.

CHeck this out... It looks like a daily trend is finally starting...

SMJ
funny how its been following the top line of the triangle down to 1.7500 to this moment...
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