Cable Update (GBPUSD) | Page 16628 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD

Similar Threads

Cable Update - Continued 118 replies

Cable Update (GBP/USD) without Idiots 25 replies

cable short for gbpusd? 10 replies

Why is GBPUSD called cable? 76 replies

Cable (GBPUSD) vs Euro (EURUSD) 31 replies

Attachments: Cable Update (GBPUSD)
Exit Attachments

Cable Update (GBPUSD)

  • #332,541
  • Dec 17, 2012 11:31pm Dec 17, 2012 11:31pm
Quoting alex1976
A triple top is possible as is a brekthough. Point is let's wait till weekly closes to try read direction.

As of now though trend is still up, lol
I have limit sell at 63 and if we get weird burst up I may get filled.
Tactic I use when I don't want to stare PC hours and hours.Pick key levels and place your limit orders for example I have 4 UCAD buys at 9835-45 and 1 waiting to get filled at 9830 and one at 98 2lots
I also have limit sell EU at 3230 level AU 56 sell.
Well I don't advise you to do the same but you could use the limit order to your advantage.I use this tactic during news as well.


I also like Andrews pitchfork specially median line.Notice price usually retreats from median line.On GU median line on 4h should hit 6230 level which is a fib level as well so look at 6230 for possible rejection.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 25 KB
In trading, you have to be defensive and aggressive at the same time
  • #332,542
  • Dec 17, 2012 11:39pm Dec 17, 2012 11:39pm
Quoting Davit
In actuality if Price reaches 63 ....then we got a 2 major rejections previously.
2 rejections is strong sell 3 is major strong confluence for shorting.I personally would not hesitate.
Some strong Fib levels to overcome before 63.Mainly 6230 6250 6275-80 area.Anyone of this levels we could see rejection.

Alex thanks for your comment.
Regards
I'm aware of the 1.63 resistance level, I wasn't talking about the resistance, I was talking about the non existing double top (not yet).
The 1.63 level is also where I'd be looking at how price reacts before deciding I'll keep my longs trades open or bank them.

I will not hesitate to sell too, but only with confirmation, not before it. I've attached the previous short setup I took back in September when there was a strong rejection at the 1.63 level (pinbar + 2 bearish days).

Now I could assume that it'll do the same this time, but I won't, because it might just not. I'd rather wait for confirmation.

Anyways, different strokes for different folks. Good luck with your trades
Attached Image(s) (click to enlarge)
Click to Enlarge Name: guday.gif Size: 20 KB
Click to Enlarge Name: guday1.gif Size: 28 KB
Thank You
  • #332,543
  • Dec 18, 2012 2:57am Dec 18, 2012 2:57am
Quoting wormboy
There isn't a double top at 1.63. It hasn't even formed yet, and even when it's formed, it's only valid at the break of the neckline; like the head & shoulder pattern.
Just sayin ....
90% of traders use TA, indicators and prediction
  • #332,544
  • Dec 18, 2012 3:23am Dec 18, 2012 3:23am
And still 59% of FF traders are short - it must retrace at some point for sure but ...........
  • #332,545
  • Dec 18, 2012 3:54am Dec 18, 2012 3:54am
i'm going to chat live about my ideas on
GAP
STOP LOSS
MoneyMAnagement
Moving average

in 10minutes at this link
if you have no trades open just join it's free even no subscription required. pure sharing ideas.
90% of traders use TA, indicators and prediction
  • #332,546
  • Dec 18, 2012 3:56am Dec 18, 2012 3:56am
Only a 58pip range yesterday buit still an upside follow thru on friday's bullish thrust candle that breeched and closed above the descending daily t/line. Yesterday's candle too breeched and closed above the underside of the former ascending trend line on this t/f. So far today an upside follow thu on yesterday's close and price testing area of Daily R1. Above here more previous swing highs on daily/weekly with only 85.4% of 6309-5927 (6226 area) remaining as a fib up to that recent longer term 6309 swing hi. Weekly R1 just above that 6230.

1hr/4hr/daily remain in opa uptrends with 5 x HL's on the daily and 3 x HH's.

Given the 20day atr (64) -unlikely to see that 6300/09 before end of day but anything can happen. Talk of ' strong ' offers at that area.

G/L
Attached Image (click to enlarge)
Click to Enlarge Name: dly.jpg Size: 93 KB
ex member
  • #332,547
  • Dec 18, 2012 4:57am Dec 18, 2012 4:57am
Quoting Davit
Interesting indi
Price is in consolidation and ready to break out either N or S
Real selling supply is at 63 .There is no real obstruction once broken 62 to stop before 63
Chart is from yesterday but still valid.Notice double top on 63? Perfect for heavy shorting.
Well...I think that the price moves like sound waves...thats why i use circles , and the pink circle in the picture is a strong resistence , because it has stopped the price strongly in the past. This is my personal thought but if you want to make strong price predictions you need to think :

[Momentum + Time] as a whole. GBPUSD has sent its time in a wasteful way and doesnt deserve to reach the previous TOP. And the place where we are at the moment is supposed to be the level where the pair has lost its strength to push up. So its a potential reversal level...

But no matter wat happens there is always risk Here is the pic again Check out the green dot , thats why the circular resistence (pink circle) is strong...

http://img849.imageshack.us/img849/4571/gbpusdd.gif

Imagination rules the world ...
Selym Hyll Return This Year: na
  • #332,548
  • Dec 18, 2012 5:09am Dec 18, 2012 5:09am
I sometimes use a very similar approach. Do you "hand draw" the circles and ellipses using the MT4 elipse tool, or do you use something different? The MT4 ellipse tool isn't exactly easy to use.
  • #332,549
  • Dec 18, 2012 5:12am Dec 18, 2012 5:12am
Quoting selym_co
Well...I think that the price moves like sound waves...thats why i use circles , and the pink circle in the picture is a strong resistence , because it has stopped the price strongly in the past. This is my personal thought but if you want to make strong price predictions you need to think :

[Momentum + Time] as a whole. GBPUSD has sent its time in a wasteful way and doesnt deserve to reach the previous TOP. And the place where we are at the moment is supposed to be the level where the pair has lost its strength to push up. So its a potential...
it is the first time for me to see this circle indicator, seems logic and make sense. Do you draw it manually ? it make sense due to the fact that at the moment we are at daily supply zone. But we need also candle reversal pattern, specially in H4 and daily. i still wait for it, untill this pattern appearing, i assume that the trend is still bullish. Previous daily high at 100% fibo from 1.58xx to 1.63xx maybe the next target. Good luck sir if you want to short here....
  • #332,550
  • Dec 18, 2012 5:26am Dec 18, 2012 5:26am
Quoting Red Alert
it is the first time for mee seeing this circle indicator, seems logic and make sense. Do you draw it manually ? it make sense due to the fact that at the moment we are at daily supply zone. But we need also candle reversal pattern, specially in H4 and daily. i still wait for it, untill this pattern appearing, i assume that the trend is still bullish. Previous daily high at 100% fibot from 1.58xx to 1.63xx maybe the next target. Good luck sir if you want to short here....
Well...I have a BUY STOP order right above the circle , I mean forex is not dangerous as long as you have plans about the money menagement. Its just a satisfaction of the ego to predict the reversals

According to wat I have seen on the chrts since the day i started studying forex is the price moves within the limits of geometric harmony. There are many famous traders who used geometry as an indicator ... Gann can be one of the most well known traders who respected geometry in the market analysis. Anyway , I will keep it short , the price really respects some circular supports and resistences. And wat ı observed up to now is price wants to behave in equal time dimensions. For example if the price drops from 10 to 0 in 10 days , the next swing wants to carry the price to 10 in ten days , but here the momentum has a great role. If the price is lazy enough to reach the avarage momentum of the previous swing it can become tired before reaching the previous HIGH. At this point the circles start being involved in the market.

And yes ı draw the circles myself on MT4 . ı use FiboArcs in order to draw them. When u click "properties" for the tool there is a box asking if u want the arcs to appear as circles....then wat u need to do is to adjust the scale which fits the rice...adjusting the best scale is the difficult part and it takes time to understand the mentality....

I am not here to tell lessons to you , please dont misunderstand me , but thats how i look at the charts.

Regards..
Imagination rules the world ...
Selym Hyll Return This Year: na
  • #332,551
  • Dec 18, 2012 5:30am Dec 18, 2012 5:30am
Thanks
  • #332,552
  • Dec 18, 2012 5:49am Dec 18, 2012 5:49am
Quoting selym_co
Well...I have a BUY STOP order right above the circle , I mean forex is not dangerous as long as you have plans about the money menagement. Its just a satisfaction of the ego to predict the reversals

According to wat I have seen on the chrts since the day i started studying forex is the price moves within the limits of geometric harmony. There are many famous traders who used geometry as an indicator ... Gann can be one of the most well known traders who respected geometry in the market analysis. Anyway , I will keep it short , the price really...
very clear explanation, thank you sir......
  • #332,553
  • Dec 18, 2012 6:19am Dec 18, 2012 6:19am
Quoting selym_co
Well...I have a BUY STOP order right above the circle , I mean forex is not dangerous as long as you have plans about the money menagement. Its just a satisfaction of the ego to predict the reversals .
are those circle indicator? if it is, would you share it with us ?
  • #332,554
  • Dec 18, 2012 8:15am Dec 18, 2012 8:15am
Long at 1.6207, price hitting SR levels and pinbar on 10 min to show rejection coming into US session
http://www.sierrachart.com/userimage...5840069644.png

Have Heikin Ashi on bottom half of chart as I like how it smooths out price movements so I see S/R levels more clearly.
  • #332,555
  • Dec 18, 2012 9:23am Dec 18, 2012 9:23am
here we go folks some movement. up with the "trend"
  • #332,556
  • Dec 18, 2012 10:13am Dec 18, 2012 10:13am
The circular resistence is broken , soon my pending BUY STOP will be activated and the next circular resistence will be the next station...

http://img171.imageshack.us/img171/6005/gbpusde.gif


On the other hand I can say that the pink resistence was a strong one which dominated the bulls in the past and changed their direction. So here is the conclusion :

- If the price is strong enough to pass over a strong resistence then it will be tempted by the next circular resistence and the bulls will be eager to reach that resistence. Time will show
Imagination rules the world ...
Selym Hyll Return This Year: na
  • #332,557
  • Dec 18, 2012 10:16am Dec 18, 2012 10:16am
Quoting selym_co
The circular resistence is broken , soon my pending BUY STOP will be activated and the next circular resistence will be the next station...

http://img171.imageshack.us/img171/6005/gbpusde.gif


On the other hand I can say that the pink resistence was a strong one which dominated the bulls in the past and changed their direction. So here is the conclusion :

- If the price is strong enough to pass over a strong resistence then it will be tempted by the next circular...
I have to be honest, I have no idea how you're reading all that but if you're making consistent profits with it then nice one
  • #332,558
  • Dec 18, 2012 10:35am Dec 18, 2012 10:35am
Quoting taomql4
I see the 2 titans are still going at it ..
I'm with the 9 days Gorilla ..

Nice Weekend everyone ..

http://www.youtube.com/watch?v=mLDidwx7Yfs
I'm still with the 9 days Ape !!!
it's at the top now ( Passed 1.62390) with 3 days to go ....
It's now vulnerable to a Bigger/Stronger T-Rex ( Supply) ..
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu9.gif Size: 26 KB
Click to Enlarge Name: gu19.gif Size: 17 KB
Click to Enlarge Name: gu20.gif Size: 15 KB
  • #332,559
  • Dec 18, 2012 10:46am Dec 18, 2012 10:46am
Quoting taomql4
I'm still with the 9 days Ape !!!
it's at the top now ( Passed 1.62390) with 3 days to go ....
It's now vulnerable to a Bigger/Stronger T-Rex ( Supply) ..

good trading
  • #332,560
  • Dec 18, 2012 10:54am Dec 18, 2012 10:54am
Quoting nAVIN2007

good trading
Thanks , NAV - You wanna see my losses ?
226 traders viewing now