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Cable Update (GBPUSD)

  • #292,201
  • Nov 10, 2011 2:52am Nov 10, 2011 2:52am
2 new things i learnt: (1 not so new: once i was used to completely delete chart setup after each session. that was bit too much)

1. better repaint at least once in week all setups. requires patience i know, but market changes and we are not perfect. not me at least.

2. forget about indicators or let them in other chart. i think this was something very important i was missing in my trading. indicators always confused me in the past when i was a newbie and also now that im still a newbie, but i feel like i did 1st step for a good trading.

below is actual h1 chart + older one.
you clearly see what i mean.
thank you all for the good postings going on last sessions
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu.jpg Size: 120 KB
Click to Enlarge Name: gu2.jpg Size: 139 KB
90% of traders use TA, indicators and prediction
  • #292,202
  • Nov 10, 2011 3:39am Nov 10, 2011 3:39am
gonna scalp a long. 1.597 is first tp. open. 1.590
  • #292,203
  • Nov 10, 2011 4:15am Nov 10, 2011 4:15am
Quoting DubaiFX
going short GBPAUD
i am short but added more now
for 200 pips target 1.5550 target

lets see..
Waoo fast move got 90 PIPS and half is AT BREAK EVEN 1.5780
STILL WAITING FOR MY TARGET 1.5550 ANOTHER 150 PIPS TARGET,
IT MAY TAKE TIME BUT POSITIVE INTEREST WILL ALLOW THS TO DROP SOON,
SECOND THING GBPAUS RAISED FROM 1.50XX LEVEL STRAIGHT TO 1.5800
800 PIPS NO RETRACE..
I SEE DAILY AND 4H MACD IS GOING NEGATIVE
I AM LOOKING FOR 300 PIPS RETRACE WHICH IS ALMOST 50% FIBO LEVEL
..
HAPPY TRADING TO ALL 2 HOURS BOE RATE DECISION
DONT BE SURPRISED IF THEY BURCHASE ABOTHER 50 BILLION,
STATEMENT WILL BE BEARISH TONE.
MY TARGET WILL REMAINS FOR GU IS 1.5820 THEN 1.5660 THEN 1.5420
YESTERDAY GOT GOOD POINTS FROM 1.6100 TO 1.5990 AS MENTIONED IN MY LAST MESSAGES,

OPENED 4 POSITIONS 2 STILL RINNING
LETS SEE WHAT HAPPENS FROM HERE..
LETS SEE IF I WILL GET MY TARGETS GBPUSD AND GBPAUD..

YOUNAS.
Don't compare your Trades with Others
  • #292,204
  • Nov 10, 2011 4:17am Nov 10, 2011 4:17am
prev 1hr sw hi and 61.8% 5967-5889 at top of this 5min range channel.

G/L
Attached Image (click to enlarge)
Click to Enlarge Name: z.jpg Size: 74 KB
ex member
  • #292,205
  • Nov 10, 2011 4:34am Nov 10, 2011 4:34am
Getting too close to the 12pm MPC statement. Big news may push it past the three week support line of 1.5860. Next major support lines are 1.5800 (+/- 20 pips) and then 1.5730 (+/- 10 pips).

I will enter a long of €5 per pip at the 1.5800 mark and a long of €10 per pip at the 1.5730 mark. Would then leave for quite a period, as I believe that cable will go back up towards 1.6740 in the medium-term.
  • #292,206
  • Nov 10, 2011 4:38am Nov 10, 2011 4:38am
Quoting 16Nov16
Getting too close to the 12pm MPC statement. Big news may push it past the three week support line of 1.5860. Next major support lines are 1.5800 (+/- 20 pips) and then 1.5730 (+/- 10 pips).

I will enter a long of €5 per pip at the 1.5800 mark and a long of €10 per pip at the 1.5730 mark. Would then leave for quite a period, as I believe that cable will go back up towards 1.6740 in the medium-term.
Yep. chart is way too messy now. Im out of all positions till something better shows
  • #292,207
  • Nov 10, 2011 4:43am Nov 10, 2011 4:43am
I'm not see-ing a weekly support line coming thru @ 5860...could you post a chart please ? What are the 5800 and 5730 areas you mention ?

The only weekly ascending potential support trend lines I see are plotted from points a - b and b - c on pic below

Thanks

Quoting 16Nov16
Getting too close to the 12pm MPC statement. Big news may push it past the three week support line of 1.5860. Next major support lines are 1.5800 (+/- 20 pips) and then 1.5730 (+/- 10 pips).

I will enter a long of €5 per pip at the 1.5800 mark and a long of €10 per pip at the 1.5730 mark. Would then leave for quite a period, as I believe that cable will go back up towards 1.6740 in the medium-term.
Attached Image (click to enlarge)
Click to Enlarge Name: z.jpg Size: 62 KB
ex member
  • #292,208
  • Nov 10, 2011 4:46am Nov 10, 2011 4:46am
Quoting bbmac
prev 1hr sw hi and 61.8% 5967-5889 at top of this 5min range channel.

G/L
thanks. was just asking what was that line if an old sup/res or something more.
bottom line is daily open price
90% of traders use TA, indicators and prediction
  • #292,209
  • Nov 10, 2011 4:48am Nov 10, 2011 4:48am
Quoting 16Nov16
Getting too close to the 12pm MPC statement. Big news may push it past the three week support line of 1.5860. Next major support lines are 1.5800 (+/- 20 pips) and then 1.5730 (+/- 10 pips).

I will enter a long of €5 per pip at the 1.5800 mark and a long of €10 per pip at the 1.5730 mark. Would then leave for quite a period, as I believe that cable will go back up towards 1.6740 in the medium-term.
good luck!
hope you will be careful with money management and stop loss.
this thing can be going near 55-56 before new power up for that 67.
everything can happen, who knows? maybe will close weekly above 61
90% of traders use TA, indicators and prediction
  • #292,210
  • Nov 10, 2011 4:58am Nov 10, 2011 4:58am
Quoting DubaiFX
I SEE DAILY AND 4H MACD IS GOING NEGATIVE

Do you mind me asking what MACD settings you use Younas? Mine don't seem to be going negative. Thanks
  • #292,211
  • Nov 10, 2011 5:00am Nov 10, 2011 5:00am
amazing isn't it - you ask some one to post a chart showing their otherwise meaninglesss analysis and they feck off - Lol !

G/L
ex member
  • #292,212
  • Nov 10, 2011 5:03am Nov 10, 2011 5:03am
Quoting _BBKing_
good luck!
hope you will be careful with money management and stop loss.
this thing can be going near 55-56 before new power up for that 67.
everything can happen, who knows? maybe will close weekly above 61
sorry i forgot daily chart...
what i mean is better wait before thinking on such large levels!
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 40 KB
90% of traders use TA, indicators and prediction
  • #292,213
  • Nov 10, 2011 5:06am Nov 10, 2011 5:06am
Quoting bbmac
amazing isn't it - you ask some one to post a chart showing their otherwise meaninglesss analysis and they feck off - Lol !

G/L
i have a buy limit in EU @1.0010
lolz
just a scalp!
90% of traders use TA, indicators and prediction
  • #292,214
  • Nov 10, 2011 5:07am Nov 10, 2011 5:07am
can you post a chart ! Lol

Quoting _BBKing_
i have a buy limit in EU @1.0010
lolz
just a scalp!
ex member
  • #292,215
  • Nov 10, 2011 5:08am Nov 10, 2011 5:08am
Quoting bbmac
amazing isn't it - you ask some one to post a chart showing their otherwise meaninglesss analysis and they feck off - Lol !

G/L
Aye, you're right their lad. And if there was a bullshit indicator it would be right off the scale, or should I say bearshit?
Gone to a better place
  • #292,216
  • Nov 10, 2011 5:12am Nov 10, 2011 5:12am
Quoting bbmac
prev 1hr sw hi and 61.8% 5967-5889 at top of this 5min range channel.

G/L
Nice chart. OK! Let's Go.

Buy at 1.5912.

Stop loss - 15 pips.

Josef
  • #292,217
  • Nov 10, 2011 5:21am Nov 10, 2011 5:21am
Quoting josef
Nice chart. OK! Let's Go.

Buy at 1.5912.

Stop loss - 15 pips.

Josef
morning.
personally i think better wait it to breake something on the chart before it breakes my account

better be patient!
90% of traders use TA, indicators and prediction
  • #292,218
  • Nov 10, 2011 5:29am Nov 10, 2011 5:29am
Price still in channel...

low chance of any Boe/Mpc Qe 2 extension past the £75bln last time..data released in 1/2 hr so will see. Forescrunch.com say:

'....Rate decision: Thursday, 12:00. The decision to expand the quantitative easing program in October was somewhat earlier than expected and the size was relatively big: more than Adam Posen voted for during many months. This was the first policy change in a long time and it had a strong impact on the pound. So, Mervyn King and his colleagues are not likely to make additional policy changes at the upcoming meeting, but will probably prefer waiting in order to see the situation in the economy before making new moves. Although it is important to mention that some analysts expect an expansion of the QE program beyond the current scale of 275 billion pounds....'

G/L
Attached Image
ex member
  • #292,219
  • Nov 10, 2011 5:34am Nov 10, 2011 5:34am
A. this means very strong bear.
B. this means very strong bull.

im for option A.
but impossible to predict if they will increase asset purchase or rates or none of them.

if some one knows, please tell!
Attached Image (click to enlarge)
Click to Enlarge Name: gu.jpg Size: 116 KB
90% of traders use TA, indicators and prediction
  • #292,220
  • Nov 10, 2011 5:45am Nov 10, 2011 5:45am
if the greater probability is of no change re 0.5% rate and current £27bln Qe then I guess market will look at accompanying statement if there is one (there isnt always) and see whether dovish or hawkish ?...greater probability is that it will be dovish re the Eu issues in particular and other 'headwinds' as Sir Merv of Swerv likes to call them.

5min channel holds (for now ?)

G/L
ex member
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