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Cable Update (GBPUSD)

  • #334,221
  • Jan 18, 2013 10:02am Jan 18, 2013 10:02am
Took short here 5860. target 5760. stoploss: 5910.
When Scalpers win, I lose and Vice varsa...
  • #334,222
  • Jan 18, 2013 10:14am Jan 18, 2013 10:14am
GBP/USD plane crashed & goes down direct with no stop to 1.42.
  • #334,223
  • Jan 18, 2013 11:03am Jan 18, 2013 11:03am
Quoting mrhb30jr
GBPUSD D1.......
I like the chart . Nice
I trade to live
  • #334,224
  • Jan 18, 2013 11:11am Jan 18, 2013 11:11am
Quoting Faller
Double
Hello there my old buddy...it seems that BS in FF never quit huh?! Lol
I trade to live
  • #334,225
  • Jan 18, 2013 11:34am Jan 18, 2013 11:34am
here it starts to move again....
  • #334,226
  • Jan 18, 2013 12:32pm Jan 18, 2013 12:32pm
Might get a good support on the GBP/USD and a good resistance on the NZD/USD.....went long the GBP/NZD at 1.90005 and 1.89857 - Target open -

http://i.imgur.com/dpyhc.png
  • #334,227
  • Jan 18, 2013 2:07pm Jan 18, 2013 2:07pm
Hi all,

I am expacting some profit taking , so I just went long for 20-30 pips till the market close.

Regards.
  • #334,228
  • Edited 3:44pm Jan 18, 2013 2:53pm | Edited 3:44pm
I would like to bring the following to everybody's attention - especially the recent Bulls.

Take a look at the GBP/USD Weekly chart and note that it has been stuck in a 1000 Pip Range for ALL of 2012. 1.63 - 1.53 (Support / Resistance)

So 1.53 is our obvious weekly Support and 1.63 is our obvious weekly Resistance. Now, take a look at the Daily candle for 12/19, notice that there was clear rejection (big sellers) as price rejected 1.63 and formed a Shooting Star / Doji. This is a bearish signal at a major resistance point which should have told everybody to put in a sell order.

So here we are about one month later and we can now all see that on the 1/16 Daily candle price broke and closed below the ascending TL which had been in effect since 7/12/2012. This was even more confirmation and should have been a definite confirmation for the cautious traders who didn't want to short on 12/19 after Price Action at major Resistance gave a sell signal.

So 1/16 Daily candle broke and confirmed TL so the cautious traders should have put in sell orders on 1/17 @ ROUGHLY 1.603 - 1.595. A day later you would already be up 100 pips. For those who shorted at the Shooting Star / Doji on 12/19 Daily candle would now be up roughly 400 pips on just one trade, this is not taking into consideration the people who scale in to winning positions.

CLEAR Sell signal on 12/19....a month later up 400 pips and almost half way through the 1000 Pip Range.

Ask yourselves, was there any real reason to be bullish in the past month on GBP/USD considering the fact that it has been stuck in a 1000 Pip Range for all of 2012 and was at the top of the range? All of the technical mumbo jumbo did not mean anything. Simple Price Action @ Support / Resistance (PASR) would have told you everything you needed to know about this particular trade.

So now that we are almost half way through the 1000 Pip Range what do you think would be the wise decision? Were you able to make more than 400 pips trading GBP/USD in the past month stress free if you were scalping the ups and downs?

Folks, let's not make trading more complicated then it should be - Price Action Support Resistance (PASR)

Here is my post from 12/21/2012: http://www.forexfactory.com/showthre...81#post6317681
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSD - Weekly (1-18).jpg Size: 95 KB
Click to Enlarge Name: GBPUSD - Daily (1-18).jpg Size: 111 KB
  • #334,229
  • Jan 18, 2013 3:17pm Jan 18, 2013 3:17pm
Right

http://www.forexfactory.com/showthre...70#post6344970




Quoting ZizoFX
Enjoy Sir. No one was here weeks ago but all of a sudden everyone is bringing out bearish signals after the move has happened

Nice trading though.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #334,230
  • Jan 18, 2013 3:21pm Jan 18, 2013 3:21pm
If im honset Im thinking these are not flags or H&S ,your reading consolidation all wrong ,

im happy to learn please show me link to info on hidden head and shoulder


Quoting ZizoFX
Oh yes there is. The best way to trade it is to place a pending SELL order below the neckline. Hope that helps.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #334,231
  • Jan 18, 2013 3:29pm Jan 18, 2013 3:29pm
That is one of the best posts I have ever seen on ForexFactory.

Just wanted to say thank you.



Quoting 100PipsADay
I would like to bring the following to everybody's attention - especially the recent Bulls.

Take a look at the GBP/USD Weekly chart and note that it has been stuck in a 1000 Pip Range for ALL of 2012. 1.63 - 1.53 (Support / Resistance)

So 1.53 is our obvious weekly Support and 1.63 is our obvious weekly Resistance. Now, take a look at the Daily candle for 12/19, notice that there was clear rejection (big sellers) as price rejected 1.63 and formed a Shooting Star / Doji. This is a bearish signal at a major resistance point which should have told everybody to put in a sell order....

CLEAR Sell signal on 12/19....a month later up 400 pips and almost half way through the 1000 Pip Range.

Ask yourselves, was there any real reason to be bullish in the past month on GBP/USD considering the fact that it has been stuck in a 1000 Pip Range for all of 2012 and was at the top of the range? All of the technical mumbo jumbo did not mean anything. Simple Price Action @ Support / Resistance (PASR) would have told you everything you needed to know about this particular trade.

So now that we are almost half way through the 1000 Pip Range what do you think would be the wise decision? Were you able to make more than 400 pips trading GBP/USD in the past month stress free if you were scalping the ups and downs?

Folks, let's not make trading more complicated then it should be - Price Action Support Resistance (PASR)
  • #334,232
  • Jan 18, 2013 3:31pm Jan 18, 2013 3:31pm
gbp lfx is at target level ,im not an expert at all at head and shoulders but I was thinking that is one


Quoting Bones
update
Attached Image (click to enlarge)
Click to Enlarge Name: gbp lfx d1 18-01-13.gif Size: 18 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #334,233
  • Jan 18, 2013 3:34pm Jan 18, 2013 3:34pm
Agree Terry is very good


Quoting MidasFX
That is one of the best posts I have ever seen on ForexFactory.

Just wanted to say thank you.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #334,234
  • Jan 18, 2013 3:42pm Jan 18, 2013 3:42pm
Quoting MidasFX
That is one of the best posts I have ever seen on ForexFactory.

Just wanted to say thank you.
Thanks MidasFx!

Always good to Keep It Simple
  • #334,235
  • Jan 18, 2013 3:43pm Jan 18, 2013 3:43pm
Quoting Bones
Agree Terry is very good
I also would like to say I enjoy your posts and especially your charts. I remember your post early January as it was in confluence with my analysis.
  • #334,236
  • Jan 18, 2013 3:43pm Jan 18, 2013 3:43pm
Quoting Bones
If im honset Im thinking these are not flags or H&S ,your reading consolidation all wrong ,

im happy to learn please show me link to info on hidden head and shoulder
Nav said the same thing. Guess i was wrong then. Sorry if I posted wrong charts. I was only posting my own views. If you say they are not then i probably should study more. That's what i'm here to do.

Thanks Again
Numbers NEVER Lie
  • #334,237
  • Jan 18, 2013 3:46pm Jan 18, 2013 3:46pm
Hey Z im not having a go I already said flags ,H&S is not a strong point at all ,im trying to be helpful

look at the confirmation to the long wick (compared to other candles in area )




Quoting ZizoFX
Nav said the same thing. Guess i was wrong then. Sorry if I posted wrong charts. I was only posting my own views. If you say they are not then i probably should study more. That's what i'm here to do.

Thanks Again
Attached Image (click to enlarge)
Click to Enlarge Name: gbp usd d1 gift.png Size: 29 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #334,238
  • Jan 18, 2013 3:57pm Jan 18, 2013 3:57pm
I understand Sir Bones, I appreciate your help at least you made me see clearer. You know it feels better to trade what one sees so if you don't get it right you can try again Instead of following other traders point of view. We are all here to help each other as the world out there is a crazy place. No jobs, everything is falling apart & FX seems to be a safe haven if one learns what is needed to stay long in the game. I will keep learning & hopefully one day I will get there.

Flags, H&S reversal signals is not strong as it only adds to strengthen our point of view coupled with some other factors like PA, Candlestick formations & lots more. That long wick already told we were going south & all that was needed was patience. I'm not blind to whether Buying or Selling, I had this in my cards too. Enjoyed a couple of shorts too this month & I can't complain honestly. If one can break even with little or no profit then we take the effort put in as an investment for the future.

Knowledge is what I seek. Thanks Mr. Bones

P:S Do you know any RELIABLE materials that teaches patterns. I would like to learn.
Numbers NEVER Lie
  • #334,239
  • Jan 18, 2013 3:59pm Jan 18, 2013 3:59pm
We see break I think ,I see USD at 1.6900


Quoting Bones
usd lfx d1
Attached Image (click to enlarge)
Click to Enlarge Name: usd lfx d1 18-01-13.gif Size: 24 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #334,240
  • Jan 18, 2013 4:06pm Jan 18, 2013 4:06pm
Trading is not easy at all ,I dont think anyone can be right all the time lol



for patterns I think this guy is very good


http://www.forexfactory.com/showthre...07#post6315507


Quoting ZizoFX
I understand Sir Bones, I appreciate your help at least you made me see clearer. You know it feels better to trade what one sees so if you don't get it right you can try again Instead of following other traders point of view. We are all here to help each other as the world out there is a crazy place. No jobs, everything is falling apart & FX seems to be a safe haven if one learns what is needed to stay long in the game. I will keep learning & hopefully one day I will get there.

Flags, H&S reversal signals is not strong as it only adds to strengthen...
On-site guru & also FF member's' psychiatrist, when not drinking tea
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