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Cable Update (GBPUSD)

  • #370,621
  • Apr 4, 2014 10:03am Apr 4, 2014 10:03am
Quoting godim
After two minutes the important level is 6575.
In such cases, I say "crossbar". Then there is a break from the support.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 60 KB
"You have to BE before you can DO, and DO before you can HAVE." Zig Ziglar
  • #370,622
  • Apr 4, 2014 10:07am Apr 4, 2014 10:07am
Oh my god... is that a sine wave I see on the daily. A sign the FFT bots have taken over.
  • #370,623
  • Apr 4, 2014 10:08am Apr 4, 2014 10:08am
Quoting godim
{quote} In such cases, I say "crossbar". Then there is a break from the support. {image}
We can accept support. If there is a price below 6574 I would say "loss of support." Goal now is the resistance of 6609. Well this is the analysis.
"You have to BE before you can DO, and DO before you can HAVE." Zig Ziglar
  • #370,624
  • Apr 4, 2014 10:12am Apr 4, 2014 10:12am
Quoting godim
{quote} Will not happen. This would be a strong Advantage. But anything is possible.
yeah, it's not always easy with the market, isn't it? well, a closed below the said price will open huge advantage to the bears..

let's just wait.. at time like this, open a new position can be considered high risk.. anyway, i'm still considering to swing my position through the weekend or not.. thus 4h closed below 6550 give a "comfortable zone" to let them swing
  • #370,625
  • Apr 4, 2014 10:35am Apr 4, 2014 10:35am
Quoting A-speculator
{quote} yeah, it's not always easy with the market, isn't it? well, a closed below the said price will open huge advantage to the bears.. let's just wait.. at time like this, open a new position can be considered high risk.. anyway, i'm still considering to swing my position through the weekend or not.. thus 4h closed below 6550 give a "comfortable zone" to let them swing
Look. To attack down the price must be resisted. Where is the resistance? No one. There is support. Even if the price, lost support, it will have no resistance.
In such cases, the price simply moves along the line. In other words, when closing around 6576. This happens very often.
"You have to BE before you can DO, and DO before you can HAVE." Zig Ziglar
  • #370,626
  • Apr 4, 2014 10:59am Apr 4, 2014 10:59am
Quoting godim
{quote} Look. To attack down the price must be resisted. Where is the resistance? No one. There is support. Even if the price, lost support, it will have no resistance. In such cases, the price simply moves along the line. In other words, when closing around 6576. This happens very often.
what do you mean by to attack down the price must be resisted? must be easier to go down if there are no resistance right?.. like driving down a hill without brakes.. lol.
  • #370,627
  • Apr 4, 2014 11:24am Apr 4, 2014 11:24am
Quoting A-speculator
{quote} what do you mean by to attack down the price must be resisted? must be easier to go down if there are no resistance right?.. like driving down a hill without brakes.. lol.
If the price opens H4 bar above the line - there is support. If the price goes below the line - loss of support.

If the price opens H4 bar below the line - there is resistance. If the price goes above the line - a loss of resistance.

To attack the target price should be resistance from the middle line located.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 59 KB


Now has support - opened 6575. Then the loss of support price dropped to 6574.
"You have to BE before you can DO, and DO before you can HAVE." Zig Ziglar
  • #370,628
  • Edited 12:06pm Apr 4, 2014 11:35am | Edited 12:06pm
I am thinking that cable will bounce up on Monday, but stay within this narrowing daily flag. I am wary of a move up or down out of this flag pattern (either up or down should be significant), but for now, I will likely close my shorts before market close today in the green and place a long with a very tight stop with a tp target around 665. When it eventually breaks out of the flag pattern next week, I will enter in that direction full on. Here is the flag:
Attached Image
  • #370,629
  • Apr 4, 2014 11:38am Apr 4, 2014 11:38am
Quoting godim
{quote} If the price opens H4 bar above the line - there is support. If the price goes below the line - loss of support. If the price opens H4 bar below the line - there is resistance. If the price goes above the line - a loss of resistance. To attack the target price should be resistance from the middle line located. {image} Now has support - opened 6575. Then the loss of support price dropped to 6574.
maybe i'm too old for new theory.. please clarify something, does loss of support & loss of resistance = breakout?
  • #370,630
  • Apr 4, 2014 11:48am Apr 4, 2014 11:48am
Quoting A-speculator
{quote} maybe i'm too old for new theory.. please clarify something, does loss of support & loss of resistance = breakout?
There is another concept - penetration.

Lost Motion: When applied to angles, lost motion occurs when a price penetrates an important support or resistance angle before it regains the angle and resumes the trend. Keeping a record of the average amount of penetration before the regain, helps a trader determine when a trend changes and with his stop placement.

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 60 KB
"You have to BE before you can DO, and DO before you can HAVE." Zig Ziglar
  • #370,631
  • Apr 4, 2014 11:54am Apr 4, 2014 11:54am
Quoting godim
{quote} There is another concept - penetration. Lost Motion: When applied to angles, lost motion occurs when a price penetrates an important support or resistance angle before it regains the angle and resumes the trend. Keeping a record of the average amount of penetration before the regain, helps a trader determine when a trend changes and with his stop placement.
if i understand what you're writing is, what you try to say is actually a trendline, am I right? why the complexity in describing a trendline.

my concept is simpler, i think.. if price closed above/below the trendline, it means breakout. no matter how long the tails is, if the price unable to close above/below, it not considered as a breakout..

another thing is, you have diagonal TL, how about the horizontal TL?
  • #370,632
  • Apr 4, 2014 12:06pm Apr 4, 2014 12:06pm
Quoting A-speculator
{quote} if i understand what you're writing is, what you try to say is actually a trendline, am I right? why the complexity in describing a trendline. my concept is simpler, i think.. if price closed above/below the trendline, it means breakout. no matter how long the tails is, if the price unable to close above/below, it not considered as a breakout.. another thing is, you have diagonal TL, how about the horizontal TL?
These are not trendlines. To build a trend line take at least two points. And those points you define your very subjective. These lines are constructed in only one point. And it is determined by the current PA.
"You have to BE before you can DO, and DO before you can HAVE." Zig Ziglar
  • #370,633
  • Apr 4, 2014 12:10pm Apr 4, 2014 12:10pm
Quoting godim
{quote} These are not trendlines. To build a trend line take at least two points. And those points you define your very subjective. These lines are constructed in only one point. And it is determined by the current PA.
how can lines be constructed by single point?

oh well, nevermind mate, it's already 3 am here, really, really late now..

catch with you later..
  • #370,634
  • Apr 4, 2014 12:10pm Apr 4, 2014 12:10pm
Come to think of it, I might just place a pending long and short on both sides of the flag (two accounts as I am US crap)
  • #370,635
  • Apr 4, 2014 12:13pm Apr 4, 2014 12:13pm
Quoting elbert3
{quote} yes its been a good 30 mins lot a few quid and made a few quid more ,and still chance , but have to pick up wife now so i will have to put tp and sl on the pairs ,gl be about 1 hour,, thats if she does not want to go shopping ,, sound like HDA,, regards and respect HD i know you will be reading this lol
well dell ?? i said not to take notice of the indi i. i was stopped few pips profit ??, thats all trades gone big money on the gold £s on the gbus los 12 pips gbjy gbnz still got pips down might pull before the night look like a lot of work , for low hundreds not even 2 ?? should of stayed just with the gold,,, but she would of wanted a new dress.... thats me gentlemen,,, i have to ask godim, did you make any pips today yours out of us all seems hard work,, respect sir and we will do it all again monday,, if you read gold thread they all seem to work together to gain profit,,, thats what we should be doing,, regards all
  • #370,636
  • Apr 4, 2014 12:15pm Apr 4, 2014 12:15pm
Quoting A-speculator
{quote} how can lines be constructed by single point? oh well, nevermind mate, it's already 3 am here, really, really late now.. catch with you later..
OK. Good night.
"You have to BE before you can DO, and DO before you can HAVE." Zig Ziglar
  • #370,637
  • Apr 4, 2014 1:37pm Apr 4, 2014 1:37pm
I don't see flag

Quoting nonlinear
I am thinking that cable will bounce up on Monday, but stay within this narrowing daily flag. I am wary of a move up or down out of this flag pattern (either up or down should be significant), but for now, I will likely close my shorts before market close today in the green and place a long with a very tight stop with a tp target around 665. When it eventually breaks out of the flag pattern next week, I will enter in that direction full on. Here is the flag: {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #370,638
  • Apr 4, 2014 1:47pm Apr 4, 2014 1:47pm
Why not? Not on the daily? Maybe pennant, triangle, etc is more accurate. I call them all flags, I guess.
  • #370,639
  • Apr 5, 2014 12:27am Apr 5, 2014 12:27am
Quoting godim
{quote} New DownSwing will be shown with a new bearish fan. On Monday. {image}
Image with the new fan.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 52 KB


This enables us to analyze the opening and the first 4 hours. The important level, of course, is 6576.

On opening above the 6576 has support. Possibility of the bulls for protection. Will seek to drive the price above 6619.

On opening below 6576 there is resistance. Possibility for the bears to attack. Will seek to drive the price below 6555. And to reach 6538 target.
"You have to BE before you can DO, and DO before you can HAVE." Zig Ziglar
  • #370,640
  • Apr 5, 2014 12:56am Apr 5, 2014 12:56am
Cable_My five charts’ worth_05.04.14

Hmm, if I look at the daily charts for Cable, FXCMDollar, EU and EG, I’d be inclined to say that Cable has the best chance of bouncing back from Friday’s direction.

However, if I take a look at the monthly on Cable, I’d be inclined to think that with the red MAs attempting to break north of the blue MAs, a little retrace south is in play, and which would be in keeping with that all-too-familiar 1, 2, 3 play. The current stage being number 2 – down to meet the ascending red MAs. There’s also that little matter of an ascending magenta TL, and the 61.8 FE to head for.

I’m still watching that yellow horizontal line – representative of previous highs, and currently acting like a magnet for PA.

I’m of the opinion that PA will head back up to this, as the daily charts for the FXCM Dollar, EU and EG suggest that they will continue in their current directions, and which ‘should’ help Cable in her direction back north.

Cable Monthly
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Cable Daily
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FXCMDollar Daily
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EU Daily
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Click to Enlarge Name: eurusddaily.png Size: 70 KB

EG Daily
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Click to Enlarge Name: eurgbpdaily.png Size: 72 KB
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