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Cable Update (GBPUSD)

  • #335,201
  • Feb 6, 2013 3:36am Feb 6, 2013 3:36am
Quoting CasperTrader
Nice observation. Gives a new perspective.
On second thought, how does a close matter in Forex. It could very well depend on the time zone. Now that we don't have gaps like that in Stocks, I guess if price has visited a point in certain time frame is all that should matter, rather than where it was at a given point in time. My 2 cents.
  • #335,202
  • Feb 6, 2013 3:40am Feb 6, 2013 3:40am
out of topic since i'm out of GU for a while!... actually i'm holding trades in some cross pairs.
if interested here's video about:

EUR AUD
AUD USD
CAD CHF
EUR JPY

90% of traders use TA, indicators and prediction
  • #335,203
  • Feb 6, 2013 3:43am Feb 6, 2013 3:43am
Quoting 100PipsADay
Nice charts! Please keep us posted if / when you decide to short GBP ASSUMING TL is broken and confirmed. Curious to hear your targets for this short trade, I think it will be rather large if it breaks. 4-Year triangle pattern is no joke!
Well I'm hoping for a target of 5530ish (23.6) with this 5800 short I have. Currently +140ish with +106 locked in. But we could very well extend up to 5830/5900ish from here if 5590ish isn't taken out.

This is a daily chart with that weekly lower TL (red arrow) on it. I'm almost expecting a test of that TL before this week is over but only time will tell. But if this week closes below it then it's broken in my book and I will look to see next week test it. If it does and gets rejected I'm shooting for 5300 at least.
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Ghost Rider - WWTBMD?
  • #335,204
  • Feb 6, 2013 3:47am Feb 6, 2013 3:47am
Quoting albchr
Well I'm hoping for a target of 5530ish (23.6) with this 5800 short I have. Currently +140ish with +106 locked in. But we could very well extend up to 5830/5900ish from here if 5590ish isn't taken out.

This is a daily chart with that weekly lower TL (red arrow) on it. I'm almost expecting a test of that TL before this week is over but only time will tell. But if this week closes below it then it's broken in my book and I will look to see next week test it. If it does and gets rejected I'm shooting for 5300 at least.
Ahhh...the almight 1.53! If TL broken and confirmed 1.53 is a guarantee. It has attracted price like a magnet many times in the recent past...
  • #335,205
  • Feb 6, 2013 3:50am Feb 6, 2013 3:50am
Quoting CasperTrader
On second thought, how does a close matter in Forex. It could very well depend on the time zone. Now that we don't have gaps like that in Stocks, I guess if price has visited a point in certain time frame is all that should matter, rather than where it was at a given point in time. My 2 cents.
Very true Casper and the time zone plays a big part in how a chart can be perceived. Also, trends lines are rather subjective as well so it's really up to what an individual trader sees on their charts over time and the patterns they become accustomed to. I'm a much firmer believer in actual price and "horizontal" SR zones. TL's are more like a filter to me but I have found them a valuable aid.

I think in theory at least, the time zone thing is relative because your open may paint a different price, but then so would your close.
Ghost Rider - WWTBMD?
  • #335,206
  • Feb 6, 2013 4:04am Feb 6, 2013 4:04am
Quoting albchr
Very true Casper and the time zone plays a big part in how a chart can be perceived. Also, trends lines are rather subjective as well so it's really up to what an individual trader sees on their charts over time and the patterns they become accustomed to. I'm a much firmer believer in actual price and "horizontal" SR zones. TL's are more like a filter to me but I have found them a valuable aid.

I think in theory at least, the time zone thing is relative because your open may paint a different price, but then so would your close.
I concur! Nothing like SR lines. I also think that trendlines act as a good confluence point alongwith SR especially on longer timeframes.
  • #335,207
  • Feb 6, 2013 4:05am Feb 6, 2013 4:05am
Quoting albchr
Very true Casper and the time zone plays a big part in how a chart can be perceived. Also, trends lines are rather subjective as well so it's really up to what an individual trader sees on their charts over time and the patterns they become accustomed to. I'm a much firmer believer in actual price and "horizontal" SR zones. TL's are more like a filter to me but I have found them a valuable aid.

I think in theory at least, the time zone thing is relative because your open may paint a different price, but then so would your close.
I would be halfly disagree and halfly disagreeing with you in the matter of timezone and charts perceptions...
There is NO DIFFERENCE when it comes to TIME ZONE's effect on charts and traders to play with chart of H1 and Lower....

Time Zone Difference DOES NOT AFFECT M1, M5, M15, M30 and H1... But it does Affect H4, D1, W1 and so on....

not that im completely disagreeing but sometimes some traders here who are day trader who trades using no more than H1 chart would disagree that Timezone would affect them....

The Open and Close of an Hourly candle between a broker of GMT+1 and GMT +2 are the SAME its H4 candles and above which may differ a bit.
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #335,208
  • Feb 6, 2013 4:09am Feb 6, 2013 4:09am
Quoting _BBKing_
out of topic since i'm out of GU for a while!... actually i'm holding trades in some cross pairs.
if interested here's video about:

EUR AUD
AUD USD
CAD CHF
EUR JPY


watch NZDCAD... 0.8150 within a months time.
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #335,209
  • Feb 6, 2013 4:12am Feb 6, 2013 4:12am
Quoting fxtyrant
watch NZDCAD... 0.8150 within a months time.
could be interesting.
actually i never watch this chart before... seems like better wait price to break daily ascending trendline before considering such a short position!
90% of traders use TA, indicators and prediction
  • #335,210
  • Feb 6, 2013 4:12am Feb 6, 2013 4:12am
Quoting 100PipsADay
Ahhh...the almight 1.53! If TL broken and confirmed 1.53 is a guarantee. It has attracted price like a magnet many times in the recent past...
LOL...yeah 5300!! I remember back in 09 when Wormie and I were screaming for it when price was bouncing between here and 6700...LOL

With this being the third touch of that weekly TL, I'm thinking/hoping we're about due to get there again. But being I try to follow price and not predict it, I'm fine if the triangle holds and we head back to 6300ish again. I'm like a hobo. I just love riding trains and don't much care where they're going...
Ghost Rider - WWTBMD?
  • #335,211
  • Feb 6, 2013 4:12am Feb 6, 2013 4:12am
Quoting fontu
Just checking , shorts for all ok for gu, au & even gold & eu perhaps , some reactions at 3523/3484 then 3306 & 3168 for eu & 1641 for gold OK next .
fontu
adding some charts only as it may be seems price may bounce /correct over near limit 5691/3 towards 5754 or previous limit low 5808 again but actually not taking it true , so watching 5691/3 for the next reactions.some buying activity there at daily tf until market prove it wrong, whole day ahead.
fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #335,212
  • Feb 6, 2013 4:17am Feb 6, 2013 4:17am
Quoting fxtyrant
I would be halfly disagree and halfly disagreeing with you in the matter of timezone and charts perceptions...
There is NO DIFFERENCE when it comes to TIME ZONE's effect on charts and traders to play with chart of H1 and Lower....

Time Zone Difference DOES NOT AFFECT M1, M5, M15, M30 and H1... But it does Affect H4, D1, W1 and so on....

not that im completely disagreeing but sometimes some traders here who are day trader who trades using no more than H1 chart would disagree that Timezone would affect them....

The Open and Close of an Hourly...
True, but obviously we've been talking about daily and above here in the scope of a 4 YEAR triangle.

I scalp (if you want to call it that) on a daily basis with 4H and less and yes, in that case time zones have little meaning.

Halfly and halfly?? So you totaly disagree? LOL (just kidding)
Ghost Rider - WWTBMD?
  • #335,213
  • Feb 6, 2013 4:17am Feb 6, 2013 4:17am
Quoting _BBKing_
could be interesting.
actually i never watch this chart before... seems like better wait price to break daily ascending trendline before considering such a short position!
Funny how GBPUSD is finally falling considering i've been bearish since june 2012.... but god damn fed and their Printing delayed the GBP bearishness...
the fact is UK has been keeping the GBP manipulated, and Libor was how they kept GBP over valued....
teh GBP depreciation is way overdue, and i wont be surprised that UK loses their AAA rating soon....

Now my Bearish stance on GBP is in Neutral....
but i am Bearish EURO now.... VERY BEARISH! if EURO starts falling... we can make new low...
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #335,214
  • Feb 6, 2013 4:18am Feb 6, 2013 4:18am
Quoting albchr
True, but obviously we've been talking about daily and above here in the scope of a 4 YEAR triangle.

I sclap (if you want to call it that) on a daily basis with 4H and less and yes, in that case time zones have little meaning.

dont worry buddy, i regard you as a well respected trader with a higher seniority than i do here
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #335,215
  • Feb 6, 2013 4:21am Feb 6, 2013 4:21am
Quoting albchr
LOL...yeah 5300!! I remember back in 09 when Wormie and I were screaming for it when price was bouncing between here and 6700...LOL

With this being the third touch of that weekly TL, I'm thinking/hoping we're about due to get there again. But being I try to follow price and not predict it, I'm fine if the triangle holds and we head back to 6300ish again. I'm like a hobo. I just love riding trains and don't much care where they're going...
Yep! 1.53 - 1.63 for the past two years. Playing the range...

You're right though, there's no need to predict, just watch what price does at certain areas and hop right on the ride! Just like a hobo...

I'm personally not trading GBP/USD at this moment, I think I'll wait until triangle is broken and confirmed (either way up or down) and ride that wave for a few months. I am of the thinking that whatever way it breaks is the new trend for the coming year... Could be wrong but am going to wait it out.
  • #335,216
  • Feb 6, 2013 4:22am Feb 6, 2013 4:22am
Quoting fxtyrant
I would be halfly disagree and halfly disagreeing with you in the matter of timezone and charts perceptions...
There is NO DIFFERENCE when it comes to TIME ZONE's effect on charts and traders to play with chart of H1 and Lower....

Time Zone Difference DOES NOT AFFECT M1, M5, M15, M30 and H1... But it does Affect H4, D1, W1 and so on....

not that im completely disagreeing but sometimes some traders here who are day trader who trades using no more than H1 chart would disagree that Timezone would affect them....

The Open and Close of an...
Very true indeed with 1H and lower!
  • #335,217
  • Feb 6, 2013 4:25am Feb 6, 2013 4:25am
Quoting 100PipsADay
Yep! 1.53 - 1.63 for the past two years. Playing the range...

You're right though, there's no need to predict, just watch what price does at certain areas and hop right on the ride! Just like a hobo...

I'm personally not trading GBP/USD at this moment, I think I'll wait until triangle is broken and confirmed (either way up or down) and ride that wave for a few months. I am of the thinking that whatever way it breaks is the new trend for the coming year... Could be wrong but am going to wait it out.
I agree completely. A break either way will start an exciting new trend to play with. This range is getting so tight it has to bust it's seams eventually me thinks...LOL
Ghost Rider - WWTBMD?
  • #335,218
  • Feb 6, 2013 4:26am Feb 6, 2013 4:26am
now really... forgetting for a while that weekly lower trendline (IMO market don't care about it as long as fundamentals don't allow to buy GBP) if price will not conquer again >1.58 i suspect a move to the lowest bottom near 1.40 with just a bus - stop between 1.50 and 1.53

to see more bullishness to come... would be required at least a weekly close >5750 IMO
90% of traders use TA, indicators and prediction
  • #335,219
  • Feb 6, 2013 4:28am Feb 6, 2013 4:28am
G/M,

Bearish day yesterday but the previous 1hr/minor 4hr swing lo zone at yesterday's 5630 lo has held on multiple lower t/f tests this morning (so far at any rate)...I wonder whether the market is buying off the weekly/monthly ascending trend line/triangle bottom ? On the weekly, and particularly the monthly chart it looks like it got hit but on daily joining the lows it looks slightly lower down 5605-5590 area on today's daily candle

G/L
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ex member
  • #335,220
  • Feb 6, 2013 4:28am Feb 6, 2013 4:28am
Quoting fxtyrant
dont worry buddy, i regard you as a well respected trader with a higher seniority than i do here

I'm not worried bro and....I'm just a babe in the woods when it comes to trading.

See my subtitle? That's true. When you see it read "I've Found My Way", then I'll consider myself a trader.
Ghost Rider - WWTBMD?
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