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Cable Update (GBPUSD)

  • #335,901
  • Feb 15, 2013 1:12pm Feb 15, 2013 1:12pm
Quoting albchr
My pleasure Terry. I've seen enough in you to know that you can skip much of the begining J16 concepts but the first page there has some great ground rules and links to the real guts of the style. A guy named Josh put a HUGE amount of effort into compiling links to it all. They take a very conservative approach on large TF's better suited to large accounts. But I was able to adapt it to smaller TF's for my humble account...LOL


If you want, check the first page of my thread for some links to the main threads I learned from. http://www.forexfactory.com/showthread.php?t=199688...
Excellent! Thanks again Chris for pointing me in the right direction. One can never stop learning
  • #335,902
  • Feb 15, 2013 1:23pm Feb 15, 2013 1:23pm
Quoting 100PipsADay
Excellent! Thanks again Chris for pointing me in the right direction. One can never stop learning
Ghost Rider - WWTBMD?
  • #335,903
  • Feb 17, 2013 8:12am Feb 17, 2013 8:12am
w/e Review

Price travelled 80% of it's 20 day atr on Friday, 197% of it's 20 week atr last week and so far this month 76% of it's 20 month atr.

The weekly candle closed very bearishly with a downside breech and close of the monthly/weekly ascending trend line - the lower side of the monthly triangle that has been foring for a few years now. This t/f remains in an opa range and is now more bearish than rangy and although no fractal swing created by close of this week's candle it will come at a LL off a HH (unusual) when it does form. Price closed under the 200sma which remains below the 100sma on this t/f and the latter is beginning to point down.

Friday's daily candle closed bullishly the low coming at Friday's Daily S1 this in the bottom half of a previous daily/weekly swinng lo zone...this t/f remains in an opa downtrend and although no fractal swing created by Friday's candle it will be at another LL when it does form. Like the weekly price closed under the 200sma which remains below the 100sma on this t/f and both are pointing down...the 100sma more strongly than the 200 at the moment.

The 4Hr remains in a general opa downtrend, it's 100sma strongly under it's 200sma and both pointing down. Last 4hr candle close was bearish.

The 1Hr is in something of an opa range consolidation off it's Friday/weekly low of 5460 - it's 100sma like the 4hr remains below it's 200sma and both are pointing down.

G/L
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ex member
  • #335,904
  • Feb 17, 2013 10:56am Feb 17, 2013 10:56am
Week 18-22 Feb GBP/USD important levels:

--------------------------------------

1.5808

1.5777

1.5747

1.5716

1.5686

1.5655

1.5625

1.5594

1.5563

1.5533

1.5502

1.5472

1.5441

-----------------------------------------

These levels are important support and resistance levels.

This analysis has been made on hourly charts.

How to use these levels?

Brief instruction:

--------------------------------
1. Open any trading terminal (trading platform, etc.)

2. Mark given levels as horizontal lines.

3. During coming week observe how and which levels will work.

4. Post your observations here, in this thread.
---------------------------------
  • #335,905
  • Feb 17, 2013 2:41pm Feb 17, 2013 2:41pm
GBP-USD

A break of 1.5421 would damage this EW-formation
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  • #335,906
  • Feb 17, 2013 3:54pm Feb 17, 2013 3:54pm
Quoting albchr
I'm sorry for not seeing this until now. I'm up to my ears trying to arrange long term medical care for my Mom. Been up for almost 40 hours now as she had to go to the hospital again last night as well.

I'm not and have not been "bullish" on GU since the top at 6300. Only for bounces (retracements) to look for new short oppertunity. As of now, Yes I still hold to my thinking that a short oppertunity is coming. However I have not been abe to look at the charts since my last post so I don't have an updated "target" for shorts in mind. When...
All the best wishes to you and your mom
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #335,907
  • Edited 5:32pm Feb 17, 2013 3:55pm | Edited 5:32pm
Quoting albchr
Nice! I think you're right Terry and those orders should do well. Keep a wide SL on that Dragon though. If the Queen farts it could swing 250 pips in a heart beat...LOL

On GU, even if it doesn't close below 5500, as long as it stays below 5530 I think we'll drop to test the low on market open, rise to test the 4 year and if it holds, make sure your air tanks are full....LOL
My view on GU remains unchanged. Let's see what the week brings
Ghost Rider - WWTBMD?
  • #335,908
  • Feb 17, 2013 4:05pm Feb 17, 2013 4:05pm
Quoting baherhosni
All the best wishes to you and your mom
Most kind Thank you so much!!
Ghost Rider - WWTBMD?
  • #335,909
  • Feb 17, 2013 4:11pm Feb 17, 2013 4:11pm
Quoting 100PipsADay
Exactly!

I learned most of my PASR trading from Strats FOREX Trading.

Thanks for the link Terry. I've only had time to read the first couple pages (this weekend is packing and getting ready to move Mom Monday), but I really like what I've seen so far. I love Strats mantra and agree with everything I've read thus far.

Sounds like a site that's right up my alley dude.

When the dust settles for me, I intend to study the site completely!
Ghost Rider - WWTBMD?
  • #335,910
  • Feb 17, 2013 4:31pm Feb 17, 2013 4:31pm
Quoting albchr
Thanks for the link Terry. I've only had time to read the first couple pages (this weekend is packing and getting ready to move Mom Monday), but I really like what I've seen so far. I love Strats mantra and agree with everything I've read thus far.

Sounds like a site that's right up my alley dude.

When the dust settles for me, I intend to study the site completely!
Glad you like it! I am not a paid member but am considering joining as they do in depth analysis on multiple currency pairs in their members' forum. I think I've read through the "public site" like 4 times. LOL
  • #335,911
  • Feb 18, 2013 12:38am Feb 18, 2013 12:38am
I hope...
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  • #335,912
  • Feb 18, 2013 1:16am Feb 18, 2013 1:16am
a bit off topic
I am trying to catch retracement
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  • #335,913
  • Feb 18, 2013 3:30am Feb 18, 2013 3:30am
hello gmorning
here's my view about GU

out of thread's topic
EUR USD
AUD USD

good luck byebye
90% of traders use TA, indicators and prediction
  • #335,914
  • Feb 18, 2013 3:32am Feb 18, 2013 3:32am
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?
Good morning folks

Hmmmm...maybe?
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Ghost Rider - WWTBMD?
  • #335,915
  • Feb 18, 2013 3:44am Feb 18, 2013 3:44am
Quoting albchr
So here we are. (10 pips shy of 5450) The dollar virtually the same and the GBP bouncing on support. This could be the retrace to grab more shorts from maybe? Let's wait and see...

Yesterdays chart from above post and todays
Gotta love fibs.... GBP bounce at 2.6185 within 1 pip of that 38.2 (2.6195) lol
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Ghost Rider - WWTBMD?
  • #335,916
  • Feb 18, 2013 4:07am Feb 18, 2013 4:07am
This seems to be one of those situations where it can go either way. Those who are better at reading price action will probably disagree.

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  • #335,917
  • Edited 4:45am Feb 18, 2013 4:30am | Edited 4:45am
Quoting blobsaudio
This seems to be one of those situations where it can go either way. Those who are better at reading price action will probably disagree.

Attachment
Nope, that's actually a good observation in my view. With US banks closed I won't be looking to place any trades on US pairs today. I will however be interseted to see where the daily closes. If it stays (or closes) above 5450ish, I think a test of that 4 year triangle (weekly) might just happen. I'm hoping it does and holds as it would make for a great short oppertunity between 5600/5640ish.

As of now, this is a rather lack luster "bounce" off the 5450 area....
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Ghost Rider - WWTBMD?
  • #335,918
  • Feb 18, 2013 4:32am Feb 18, 2013 4:32am
well my mid term target is 1.53. Cheers.

but in actual fact I'm aiming lower.
  • #335,919
  • Feb 18, 2013 4:39am Feb 18, 2013 4:39am
Still some room before test the limits for up & serious concern 1.5393 & 5268 , so can have some fall by this time & as Monday may not serious movements but some ranging up & down ok . upside 5500, 5542,50 & last 85 breaks to think correction or up , 5572 there the limit one also ,otherwise the fall continue more or less.
fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #335,920
  • Feb 18, 2013 4:45am Feb 18, 2013 4:45am
Quoting albchr
Good morning folks

Hmmmm...maybe?
Good morning Chris!

If we are seeing our retrace then I would expect to see 1.566 again in the near future before resuming it's new down trend.
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