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Cable Update (GBPUSD)

  • #288,901
  • Sep 16, 2011 7:43am Sep 16, 2011 7:43am
Yes, I agree with both Flatfish and Ovaforty. I placed my stop at 1,57150, which seems to me reasonable enough. If taken, so be it. Given these sorroundings could be a turning point, I just want to give it a couple of shots and see what's what...
Visit my Drumming & Percussion Blog - DrumsCult com
  • #288,902
  • Sep 16, 2011 7:46am Sep 16, 2011 7:46am
The charts are telling me that we will see 1.54000 in the future medium term and 1.35000 long term on the gbp/usd.
  • #288,903
  • Sep 16, 2011 7:47am Sep 16, 2011 7:47am
bbakker is a great giver on this thread. Have a good one and a good weekend.
Gone to a better place
  • #288,904
  • Edited 8:04am Sep 16, 2011 7:51am | Edited 8:04am
Quoting eitan1010
monthly seems that its just correction of an uptrend ,weekly seems the same like monthly daily seems like start over for bulls after long correction
down.
As ovaforty stated, the monthly shows we are in a downtrend and this uptrend is a correction of it as failed to create a new higher high ~ 1.7. Therefore this could be a massive bear flag as pointed out by Fudomyo in this post - http://www.forexfactory.com/showthre...92#post4953992

Take good note of the red trendlines in his chart and you will see which trendline price will be attracted to. The weekly chart is showing the classic 3 black crows bearish candlestick formation and we have been on a recent 1000 pip bear run. This range could turn into a bear flag before we move further south and you will have to consider this as a real possibility now. This is what the higher timeframes are showing now because we could not take out 1.7.

Bulls are not out of this yet. We could meet the trendline at ~1.5 and rally from this point to have another go at 1.7.

Right now, the market hasn't decided the direction of this pair on the higher timeframes because we are in a pennant. So I am neutral on the big timeframes but I have to favour shorts... higher up from current price and longs from 1.50-1.53x!
  • #288,905
  • Sep 16, 2011 7:53am Sep 16, 2011 7:53am
Quoting smikester
bbakker is a great giver on this thread. Have a good one and a good weekend.
Cheers matey! Have a good one too!
  • #288,906
  • Sep 16, 2011 7:56am Sep 16, 2011 7:56am
Abolutly smikester just what I look for. You can have a very tight stop and get it set to b/e pretty quickly. Technically it has a very low failure rate. But obviously like any trade of that type you are entering banking on catching a revesal- but after a few years of looking at charts you can recognise the topping price action to that of a breakout.
  • #288,907
  • Sep 16, 2011 8:14am Sep 16, 2011 8:14am
Plus it helps to think like a banker. Asia has been selling this week London buying into the fix and then selling- America has come in moved it up and down- then back to Asia to repeat. Makes me think that London guys have been closing gradually shorts and using the spike up to average positions and hunt stops. Big players take time to change positions.
But don't trust me I think the banksters run the world.
  • #288,908
  • Sep 16, 2011 8:16am Sep 16, 2011 8:16am
Quoting nAVIN2007
Happy Birthday buddy ..enjoy yur day!!
Cheers matey
  • #288,909
  • Sep 16, 2011 8:22am Sep 16, 2011 8:22am
Quoting bbakker
Cheers matey
Happy Birthday Honey
If there was easy money lying around,no one would be forcing it into your
  • #288,910
  • Edited 8:48am Sep 16, 2011 8:35am | Edited 8:48am
Quoting Flatfish
Plus it helps to think like a banker. Asia has been selling this week London buying into the fix and then selling- America has come in moved it up and down- then back to Asia to repeat. Makes me think that London guys have been closing gradually shorts and using the spike up to average positions and hunt stops. Big players take time to change positions.
But don't trust me I think the banksters run the world.


Knowing what each session (Asia, Frankie/London, NY) does is very important because their patterns do repeat and is an excellent analysis tool that will help with one's setups.

Here is an indie for others that can help with this analysis and I have also included a screenshot of how it looks and yes, you can choose your own colours! -

Attached File(s)
File Type: mq4 Auto_Sessions_v_1.7.mq4   8 KB | 321 downloads


Attached Image (click to enlarge)
Click to Enlarge Name: Auto_Sessions_v_1.7.png Size: 109 KB


That's it from me for today folks! Have a good 'un!

P.S. You have to set the times of the sessions based on your MT4 platform which is based on where your broker's MT4 feed server is. My broker is based in the UK. So if your broker is based on NY time (Eastern time), you need to subtract 5 hours, so therefore 8am LO is 3am Eastern time in order to get the right sessions marked on your chart.
  • #288,911
  • Sep 16, 2011 8:38am Sep 16, 2011 8:38am
Cable looking likes it setting itself up for another H+S. I'll be looking for it to breach the high to trip a few stops and retrace. Not keen on trying long so will look for a sell entry.
  • #288,912
  • Sep 16, 2011 8:39am Sep 16, 2011 8:39am
Thanks bbakker. I normally have to remember mentally what they have been doing
  • #288,913
  • Sep 16, 2011 8:41am Sep 16, 2011 8:41am
Quoting FXMindset
Happy Birthday Honey
Thanks !

(Thinking to himself.. there not that many female traders out there )
  • #288,914
  • Sep 16, 2011 8:45am Sep 16, 2011 8:45am
Quoting bbakker
Thanks !

(Thinking to himself.. there not that many female traders out there )
Hihihihihihihi
If there was easy money lying around,no one would be forcing it into your
  • #288,915
  • Sep 16, 2011 8:48am Sep 16, 2011 8:48am
Quoting FXMindset
Hihihihihihihi

are u a she?

and i dont mean shemale
  • #288,916
  • Sep 16, 2011 8:49am Sep 16, 2011 8:49am
Quoting FXMindset
Hihihihihihihi
lol
  • #288,917
  • Sep 16, 2011 8:53am Sep 16, 2011 8:53am
still above 50 fibo.
maybe something happened in 5838-5849 ( say 5850 ...for roughtly ) and happened in news ...


Quoting iqyu5an
i see rejection already ( but maybe too premature to say , sorry ) . once we can get back to 85 fibo line and keep staying above 50 fibo line, we will go to 5838 - 5849

cheers
trend is in our mind
not euphoria follower
  • #288,918
  • Edited 9:18am Sep 16, 2011 9:06am | Edited 9:18am
Locked in profit and take profit.

Attached Image (click to enlarge)
Click to Enlarge Name: 110916_EU_h1_2.png Size: 35 KB


ES (S&P 500) is also looking bullish and I am looking to short in this area! Remember intermarket relationships... another important analysis tool you must add to your toolbox!

Attached Image (click to enlarge)
Click to Enlarge Name: 110916_SP_h4.png Size: 66 KB


Edit: I have redrawn the trendlines and now it looks much better with another trendline confluence!

Watch this number 1247! I first posted about this exactly a month ago!
http://www.forexfactory.com/showthre...21#post4874621

I will check my EU trade before market close. If is too close to my SL, I will just close it rather than keeping it open over the weekend. I just cracked a tinnie and the beer is beginning to flow. Now I am really out of here as the kids will be back soon and we are going to the fair!
  • #288,919
  • Sep 16, 2011 9:18am Sep 16, 2011 9:18am

Quoting iqyu5an
still above 50 fibo.
maybe something happened in 5838-5849 ( say 5850 ...for roughtly ) and happened in news ...
not euphoria follower
  • #288,920
  • Sep 16, 2011 9:57am Sep 16, 2011 9:57am
i will take some profits here.
Attached Image (click to enlarge)
Click to Enlarge Name: cable hourly.gif Size: 31 KB
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