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Cable Update (GBPUSD)

  • #342,521
  • Jun 10, 2013 6:40pm Jun 10, 2013 6:40pm
Quoting em01joc
Hey all, Hows it going? Brand new to forexfactory and novice at forex trading. Just recently opened a trade on gbp/usd @ 15541.5 long (near quarter price not spot). My reasoning is pretty basic, looking at the daily chart macd is showing as still currently in an uptrend (realising we are approx at a resistance line from about may timeish, however still taking it as we are in a positive trend). Then looking at the 1hour charts williams % showing as being in oversold territory when i opened my trade. So my thinking behind this is trying to get in...
No one bothers to respond to your solicitation. It seems that everybody is occupied with his/her own worries and hopes right now

If you are really a novice, I don't think this thread is a good place to start. As you has probably already noticed, there are many kind of traders with their very own style here, vary from the timeframe, the tools, or any other aspects, you name it.

But I don't think, that you are really that new. You are talking about MACD, RLW, and chasing 200 pips .. wow .. Many new traders that I know of, don't have the patience even for 30 pips. You trade like a pro, man

If I am allowed to make suggestion, be more precise about your tools. e.g. What is your indi's settings. I use 96 for RLW on m15 and H1, but I don't use it very often. And I abandoned MACD long time ago, so I forget what parameters I was using.

So if you are really a newbie, I think, you'd better hang out with the community of the indicators of your choice. It will give you more insight and enlightment.

Here is a place for hearing what you want to hear, and seeing what you want to see and boasting of your success to some extent
Make it simple, but not simpler - Einstein
  • #342,522
  • Jun 10, 2013 6:44pm Jun 10, 2013 6:44pm
It seems that last week's R3 is quite strong, no H4 Candle managed to close below that level. So I am pretty sure that this pair will see 1.574/6 before pullback to 1.538/42. But the range of today's pivot is quite tight, R3 lies around 1.57, and there are R2 monthly and R1 weekly (fibo pivot) in between (1.564 and 1.566). Cable has to break those levels to reach the target, which is not an easy task to accomplish. Will it happen today? Or should we wait till tomorrow? I hope in the course of the day things will be clearer.
Make it simple, but not simpler - Einstein
  • #342,523
  • Edited 11:41pm Jun 10, 2013 10:50pm | Edited 11:41pm
http://www.forexfactory.com/showthre...81#post6741681

Morning , so it decided crazy continue before good or great crush in time . Applying specially for eu , gu & allied > crazy go to final crush, last leg up for down formula. Gold for one leg up towards 1400 and little plus ok . even ok for moderate up towards 1454/88 to 1554 but not think so , . so 1400 or plus to tank /bear most possible in gold .If so ,all great things can happen to every > that great crush if in any euro zone or elsewhere if ready to burst so soon !!
at least great great
anyway take care .

fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #342,524
  • Jun 11, 2013 12:54am Jun 11, 2013 12:54am
price is stuck on daily 200MA above would shift to uptrend below resume downtrend therefore kind of undecided now.
I am bearish on this pair and love to short with full force.Just biting my time to see if it will pierce this level up or fail.
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In trading, you have to be defensive and aggressive at the same time
  • #342,525
  • Jun 11, 2013 1:28am Jun 11, 2013 1:28am
Quoting Ri Dwe
{quote} Yes, I don't rule out the possibility that this pair will go directly to 1.54. But as long as the weekly pivot (1.547) holds, I think it will go to 1.576 first. It is R1 weekly if you use Floor Pivot or R2 for Fibo Pivot. And in my opinion R3 weekly is something special, a level that won't give up easily. If broken and holds on retest it will continue to subsequent R1 (this week's R1). Another thing to consider is that 1.538 is 50% of 1.50-1.576. It will fit quite nicely as rebound level, as there are previous monthly pivot, previous weekly...
market does not give a shit about R1 R2 R3 and rest of R"S
Its an illusion...Don't get your head stuck on R's
In trading, you have to be defensive and aggressive at the same time
  • #342,526
  • Jun 11, 2013 1:29am Jun 11, 2013 1:29am
looking at the GBP/USD, we can see the corrective pullback to the EMA 20 and the formation of a minor support area. Getting into this trade late after the formation small pinbar off the pullback zone. The SL is placed below the recent high, while the recent high is the initial TP. Lets see how this plays out
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  • #342,527
  • Jun 11, 2013 1:40am Jun 11, 2013 1:40am
Quoting Ri Dwe
{quote} Yes, I don't rule out the possibility that this pair will go directly to 1.54. But as long as the weekly pivot (1.547) holds, I think it will go to 1.576 first. It is R1 weekly if you use Floor Pivot or R2 for Fibo Pivot. And in my opinion R3 weekly is something special, a level that won't give up easily. If broken and holds on retest it will continue to subsequent R1 (this week's R1). Another thing to consider is that 1.538 is 50% of 1.50-1.576. It will fit quite nicely as rebound level, as there are previous monthly pivot, previous weekly...
Yes I see what you mean mate, good points.
I'm staying out unless we get a decent pullback and then resume north.
Otherwise I will wait to short either higher up or until momentum starts to slide from here.
Cheers mate.
Come with me if you want to live....
  • #342,528
  • Jun 11, 2013 1:46am Jun 11, 2013 1:46am
Quoting Ill-b-back
{quote} Yes I see what you mean mate, good points. I'm staying out unless we get a decent pullback and then resume north. Otherwise I will wait to short either higher up or until momentum starts to slide from here. Cheers mate.
I'm day trading now with my EA so just taking pips as they come
Come with me if you want to live....
  • #342,529
  • Jun 11, 2013 3:05am Jun 11, 2013 3:05am
Quoting Ri Dwe
{quote} Yes, I don't rule out the possibility that this pair will go directly to 1.54. But as long as the weekly pivot (1.547) holds, I think it will go to 1.576 first. It is R1 weekly if you use Floor Pivot or R2 for Fibo Pivot. And in my opinion R3 weekly is something special, a level that won't give up easily. If broken and holds on retest it will continue to subsequent R1 (this week's R1). Another thing to consider is that 1.538 is 50% of 1.50-1.576. It will fit quite nicely as rebound level, as there are previous monthly pivot, previous weekly...
If 5470 goes, I'll be looking out for any signs of bullish activity about 100 pips further down
Come with me if you want to live....
  • #342,530
  • Jun 11, 2013 3:33am Jun 11, 2013 3:33am
Quoting Davit
{quote} I am waiting for 5780 area to short with vengeance. Classic Gartley AB=CD While price could nose dive before reaching 61.8fib but nevertheless it already past key threshold of 38.2 at 5420 which means most probable target is 61.8 fib at 5787 zone. Confluence of 200MA supports the shorting there as well (yellow dotted line) {image}
Hi Davit, Yes I remember us talking about, and waiting for this back on April 26.

Quoting Davit
Most logical short spot is on 5787 61.8Fib on weekly chart. Anything less is riskier to me not worth, happens to touch important 200MA floating S/R This is a classic Gartley pattern forming AB=CD {image}
After the weekly rejection of 5600, I got impatient and started building shorts on the run up last week. A touch early I'm afraid but I was thinking another leg down to 5400/5350ish before/if we reach that 5780ish level. As of now, she's caught smack between the Daily 200ema (red) and 200sma (green). Although last week's bull move can't be ignored, I still think a drop is possible so I'm holding for now.
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Ghost Rider - WWTBMD?
  • #342,531
  • Jun 11, 2013 3:33am Jun 11, 2013 3:33am
Hmmmm...
Perhaps a nice technical move on behalf of the fundies
Come with me if you want to live....
  • #342,532
  • Jun 11, 2013 3:36am Jun 11, 2013 3:36am
Quoting albchr
{quote} Hi Davit, Yes I remember us talking about, and waiting for this back on April 26. {quote} After the weekly rejection of 5600, I got impatient and started building shorts on the run up last week. A touch early I'm afraid but I was thinking another leg down to 5400/5350ish before/if we reach that 5780ish level. As of now, she's caught smack between the Daily 200ema (red) and 200sma (green). Although last week's bull move can't be ignored, I still think a drop is possible so I'm holding for now. {image}
Maybe down to daily 55ema around some weekly support at 5360ish 38.2 retrace.
Come with me if you want to live....
  • #342,533
  • Jun 11, 2013 3:43am Jun 11, 2013 3:43am
Quoting Ill-b-back
{quote} Maybe down to daily 55ema around some weekly support at 5360ish 38.2 retrace.
Perhaps bro. From your keyboard to the Forex God eyes....LOL

Unless it's to resume it's overall downtrend and just plummet, I'd be happy with the daily 100ema at 5370/80ish...
Ghost Rider - WWTBMD?
  • #342,534
  • Jun 11, 2013 3:46am Jun 11, 2013 3:46am
Quoting albchr
{quote} Perhaps bro. From your keyboard to the Forex God eyes....LOL Unless it's to resume it's overall downtrend and just plummet, I'd be happy with the daily 100ema at 5370/80ish...
I won't argue over 10-20 pips.

Dinner here, enjoy!
Come with me if you want to live....
  • #342,535
  • Jun 11, 2013 3:49am Jun 11, 2013 3:49am
Quoting Ill-b-back
{quote} I won't argue over 10-20 pips. Dinner here, enjoy!
LOL...yeah, you know me bro, it's all bout "areas" not lines...lol

Gold moving along well still... ... Enjoy your meal bro.
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Ghost Rider - WWTBMD?
  • #342,536
  • Jun 11, 2013 4:46am Jun 11, 2013 4:46am
Quoting Davit
{quote} market does not give a shit about R1 R2 R3 and rest of R"S Its an illusion...Don't get your head stuck on R's
If you don't know how to use it, doesn't necessarily mean it is useless. Many indicators, including your exotic system, are useless for me, maybe because I don't know how to use it, not because that particular indicator is a crap .. We are not the market, so we'd better speak for ourselves, not in the name of the market

For me trading the market is like martial art. For every condition there are special techniques and weaponeries necessary. Even for the same indicator we nees some adjustment (in parameter) to meet certain condition.

But anyway thanks for your suggestion.
Make it simple, but not simpler - Einstein
  • #342,537
  • Jun 11, 2013 4:50am Jun 11, 2013 4:50am
Quoting Ill-b-back
{quote} Yes I see what you mean mate, good points. I'm staying out unless we get a decent pullback and then resume north. Otherwise I will wait to short either higher up or until momentum starts to slide from here. Cheers mate.

Both ways I'll be happy. I have long (avg 1.513) and short (avg 1.552) to unload. Don't feel the pressure right now .. and consider to load more shorts if it goes to 1.574



Quoting Ill-b-back
{quote} If 5470 goes, I'll be looking out for any signs of bullish activity about 100 pips further down
1.542-1.538 will do for me, with 1.594-1.602 as target. But 1.574/6 first. I see it coming .. or it may be just an illusion
Make it simple, but not simpler - Einstein
  • #342,538
  • Jun 11, 2013 4:58am Jun 11, 2013 4:58am
Good developments so far , gold getting crush at an early only 1389 ! to follow strong bear at least now towards 1358 to have any chance , last of the last yet before continue 1337 & breaks towards 1300 hit & kill .

No knew any killing news euro side yet or not though .

Anyway crazies other pairs , eu, gu & allied should have the same fate now or soon . chances revive still in hand to play .
fontu
Attached Image (click to enlarge)
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #342,539
  • Jun 11, 2013 5:11am Jun 11, 2013 5:11am
Quoting Ri Dwe
{quote} If you don't know how to use it, doesn't necessarily mean it is useless. Many indicators, including your exotic system, are useless for me, maybe because I don't know how to use it, not because that particular indicator is a crap .. We are not the market, so we'd better speak for ourselves, not in the name of the market For me trading the market is like martial art. For every condition there are special techniques and weaponeries necessary. Even for the same indicator we nees some adjustment (in parameter) to meet certain condition. But...
My thoughts exactly, well said.
We certainly don't need anybody else in here telling us very matter of factly was does and doesn't work in a dynamic market.

Afterall, it wasn't that long ago patterns and TL's were also "apparently" a figment of a traders imagination.
Come with me if you want to live....
  • #342,540
  • Jun 11, 2013 12:37pm Jun 11, 2013 12:37pm
Good day,

Just popping in to see how you are all doing? Still some familiar faces.

We are approaching a turning point to the downside, in my opinion. A top - so to speak.

I've placed my short @ 1.5603 with follow ups if need be.

Will speak soon.

Regards
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