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Cable Update (GBPUSD)

  • #335,741
  • Feb 14, 2013 2:15pm Feb 14, 2013 2:15pm
Quoting _BBKing_
ABC

fibo extension actually say something different than buy.
candle stick rules say we are extremely bearish. and to wait this candle to close.
price action rules say to sell as near prev low as possible.
supply and demand rules say we are moving down because of strong supply.
why supply? because market has no good perception about GBP for many IMPORTANT reasons.
nearest PREVIOUS demand area now is about 1.5% lower (150-200pips)

what the reason then to buy, or to look for a long here in the middle of nowhere 200pips...
Well said BBKing!
  • #335,742
  • Feb 14, 2013 2:15pm Feb 14, 2013 2:15pm
Quoting 100PipsADay
Last time you were questioned about your system you had to go to sleep...

Probably just another person who thinks they found the holy grail forex trading system online for $99.

It is wise to listen and take advice from others who are more experienced than you, just a thought. Good luck!

You can lead a horse to water. And then sometimes....you just have to shoot em....
Ghost Rider - WWTBMD?
  • #335,743
  • Feb 14, 2013 2:16pm Feb 14, 2013 2:16pm
Quoting sunilpawar
how much?
I could be wrong, There is room for the market to go 5300 area...but without a decent retracement....all in one go... Market travel from point A to B without refueling...I find it to be odd. Momentum must be strong. The gas will run out sooner or later.
Impossible = 0
  • #335,744
  • Feb 14, 2013 2:17pm Feb 14, 2013 2:17pm
Quoting _BBKing_
ABC

fibo extension actually say something different than buy.
candle stick rules say we are extremely bearish. and to wait this candle to close.
price action rules say to sell as near prev low as possible.
supply and demand rules say we are moving down because of strong supply.
why supply? because market has no good perception about GBP for many IMPORTANT reasons.
nearest PREVIOUS demand area now is about 1.5% lower (150-200pips)

what the reason then to buy, or to look for a long here in the middle of nowhere 200pips higher...
Oh come on now bro...turn that chart upside down again. THEN!!! We'll see that long picture more clearly! :nerd:
Ghost Rider - WWTBMD?
  • #335,745
  • Feb 14, 2013 2:18pm Feb 14, 2013 2:18pm
Quoting albchr
Oh come on now bro...turn that chart upside down again. THEN!!! We'll see that long picture more clearly! :nerd:

Market doesn't drop forever
Even the worst trade can close with profit. Just give it time.
  • #335,746
  • Feb 14, 2013 2:19pm Feb 14, 2013 2:19pm
Quoting bbwoy
I could be wrong, There is room for the market to go 5300 area...but without a decent retracement....all in one go... Market travel from point A to B without refueling...I find it to be odd. Momentum must be strong. The gas will run out sooner or later.
Kind of covered that yesterday at 5400ish. 100pips remembers. It's back there in a post somewhere eh 100?
Ghost Rider - WWTBMD?
  • #335,747
  • Feb 14, 2013 2:21pm Feb 14, 2013 2:21pm
Quoting John Gray
Market doesn't drop forever
And nobody claims it does...
Ghost Rider - WWTBMD?
  • #335,748
  • Feb 14, 2013 2:22pm Feb 14, 2013 2:22pm
Quoting bbwoy
I could be wrong, There is room for the market to go 5300 area...but without a decent retracement....all in one go... Market travel from point A to B without refueling...I find it to be odd. Momentum must be strong. The gas will run out sooner or later.
yes i agree on this! of course...
but actually opening a long is total no-sense. or better.. it is! but then, what the size? 0.00000001 lots with 500pips stop loss? not a good way to make money.
price should reverse from here any time. or not.
so since there is 50% probability, if happens... let it bounce.
at the nearest supply area (5580) there is 60% probability to meet supply.
the higher the price, the higher the probability.
just this!
90% of traders use TA, indicators and prediction
  • #335,749
  • Feb 14, 2013 2:24pm Feb 14, 2013 2:24pm
Quoting bbwoy
I could be wrong, There is room for the market to go 5300 area...but without a decent retracement....all in one go... Market travel from point A to B without refueling...I find it to be odd. Momentum must be strong. The gas will run out sooner or later.
Ah yes..here it is...

Quoting albchr
Actually bro, and I'm working from memory here, I think I have 5450ish as a fairly good support on weekly? So if we continue to drop relatively unobstructed to there, I think we'd get a fair retrace maybe?
Ghost Rider - WWTBMD?
  • #335,750
  • Feb 14, 2013 2:25pm Feb 14, 2013 2:25pm
Quoting John Gray
at 1.53XX!
yes right there!
market will certainly find the way to get as near there as possible to test what there is.
maybe next week (i hope )
90% of traders use TA, indicators and prediction
  • #335,751
  • Feb 14, 2013 2:29pm Feb 14, 2013 2:29pm
Quoting albchr
Oh come on now bro...turn that chart upside down again. THEN!!! We'll see that long picture more clearly! :nerd:
POW!
hey, look.. i did it like a pro! also changed colors!
Attached Image (click to enlarge)
Click to Enlarge Name: Chart_GBP_USD_Weekly_snapshot.jpg Size: 62 KB
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  • #335,752
  • Feb 14, 2013 2:35pm Feb 14, 2013 2:35pm
Quoting _BBKing_
POW!
hey, look.. i did it like a pro! also changed colors!
Now that's what I call a market maker ...
Ghost Rider - WWTBMD?
  • #335,753
  • Feb 14, 2013 2:37pm Feb 14, 2013 2:37pm
Quoting albchr
Now that's what I call a market maker ...
ehy
or they will ban me
90% of traders use TA, indicators and prediction
  • #335,754
  • Feb 14, 2013 2:39pm Feb 14, 2013 2:39pm
Quoting albchr
Now that's what I call a market maker ...
btw... i'm entered short in EJ on a demo @124.24 to target 121.90. lol
let's see if i get some demo money overnight.
90% of traders use TA, indicators and prediction
  • #335,755
  • Feb 14, 2013 2:43pm Feb 14, 2013 2:43pm
Well seriously though, I was thinking GU would be at that 5450 I've mentioned (for a retrace) before the GBP reaches this support at 2.6195. Had the dollar not fallen off a bit today I think it would have been.

So GU "might" not make it all the way to 5450 before a bounce up to grab more shorts. But we'll just have to see. But if this week closes around here, I have little doubt about 5300 and lower very soon.
Attached Image (click to enlarge)
Click to Enlarge Name: USDLFX_GBPLFX_Daily.PNG Size: 68 KB
Ghost Rider - WWTBMD?
  • #335,756
  • Feb 14, 2013 2:49pm Feb 14, 2013 2:49pm
Quoting _BBKing_
btw... i'm entered short in EJ on a demo @124.24 to target 121.90. lol
let's see if i get some demo money overnight.
On demo? Dam! I did it live....

Naaa...just kidding. But no doubt I will soon. I mean come on, this puppy (EJ) is hanging by a thread in my book. I probably should now so I don't miss the start of it when sleeping tonight....
Attached Image (click to enlarge)
Click to Enlarge Name: LFXJPY_GBPLFX_WEEKLY.PNG Size: 68 KB
Ghost Rider - WWTBMD?
  • #335,757
  • Feb 14, 2013 2:54pm Feb 14, 2013 2:54pm
Quoting albchr
Well seriously though, I was thinking GU would be at that 5450 I've mentioned (for a retrace) before the GBP reaches this support at 2.6195. Had the dollar not fallen off a bit today I think it would have been.

So GU "might" not make it all the way to 5450 before a bounce up to grab more shorts. But we'll just have to see. But if this week closes around here, I have little doubt about 5300 and lower very soon.
i have an increasing confidence that USDollar will increase a lot this year.
now seriously, i was just giving an eye at the whole situation around.

in few words, if the USD start rising (actually is at very low rate around 80), and later it will be substained by something fundamental (end of QE?), we can say goodbye to da yuro and forget about 1.30 area for the remaning part of the year
90% of traders use TA, indicators and prediction
  • #335,758
  • Feb 14, 2013 2:59pm Feb 14, 2013 2:59pm
Quoting _BBKing_
i have an increasing confidence that USDollar will increase a lot this year.
now seriously, i was just giving an eye at the whole situation around.

in few words, if the USD start rising (actually is at very low rate around 80), and later it will be substained by something fundamental (end of QE?), we can say goodbye to da yuro and forget about 1.30 area for the remaning part of the year
Agreed bro

And that's not easy for me as I've never put much faith in my own currency the $... ....
Ghost Rider - WWTBMD?
  • #335,759
  • Feb 14, 2013 3:01pm Feb 14, 2013 3:01pm
Quoting albchr
On demo? Dam! I did it live....

Naaa...just kidding. But no doubt I will soon. I mean come on, this puppy (EJ) is hanging by a thread in my book. I probably should now so I don't miss the start of it when sleeping tonight....
uhm 126 and 125 area where far better.
now short there is scary IMO. can jump anytime trailed by UJ... uhm.. not simple level for a real trade!
on the other hand, is much possible an attempt prev low 123.50 before jumping again.

question is: do we have power to print higher than 127 so straight? and do we have power to see a total reversal now till 126 again? dam... it can do both! LOL! that's why i did in demo!
90% of traders use TA, indicators and prediction
  • #335,760
  • Feb 14, 2013 3:02pm Feb 14, 2013 3:02pm
big question:
what da _*ck is holding AUD??!?!?!?
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