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Cable Update (GBPUSD)

  • #396,941
  • Sep 7, 2014 1:22am Sep 7, 2014 1:22am
the white fibs are simple measuring extensions from a weekly swing point
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  • #396,942
  • Sep 7, 2014 1:25am Sep 7, 2014 1:25am
Quoting Davit
{quote} Hi I just can't figure out your fib placement.It looks to me placed on price which PA already moved on...following 100% line left Swing High to Low regards {image}
I'm not sure what you are trying to show with that picture.
What is the point of measuring or plotting extensions from this particular weekly close? What is special about this weekly close that it should be presumed a 100% level and extensions measured from here?
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  • #396,943
  • Sep 7, 2014 1:27am Sep 7, 2014 1:27am
Quoting Davit
{quote} Hi I just can't figure out your fib placement.It looks to me placed on price which PA already moved on...following 100% line left on your chart Present Swing High to Low has very different projections regards {image}
Extensions are measured from weekly swing points (in my case 100% retrace was achieved at 1.6465 swing low point from the 7190 top), now I am simply showing extensions down). This is logical no?
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  • #396,944
  • Sep 7, 2014 1:32am Sep 7, 2014 1:32am
Quoting Davit
{quote} Hi I just can't figure out your fib placement.It looks to me placed on price which PA already moved on...following 100% line left on your chart Present Swing High to Low has very different projections.Notice Weekly 200MA..right on 1.27fib at physiological point 1.60 regards {image}
maybe different broker feeds, but my chart clearly showed the 200sma falling smack on the major 50fib retrace and the plotted 161.8 extension (AND THE PSYCH NUMBER 1.6 WHICH I ALREADY MENTIONED IN MY POST)

With regards the highlighted text above, you mentioned price has already moved on past the 100% line.
Well, that's exactly what fib extensions show, how much (in fib terms), price has EXTended beyond the 100% retrace line.
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  • #396,945
  • Sep 7, 2014 1:35am Sep 7, 2014 1:35am
For example, these are logical extension sequences occurring in chart patterns from weekly/monthly swing points
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly.png Size: 29 KB
Click to Enlarge Name: GBPUSDWeekly2.png Size: 30 KB
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  • #396,946
  • Sep 7, 2014 1:36am Sep 7, 2014 1:36am
Quoting Ill-b-back
{quote} Extensions are measured from weekly swing points (in my case 100% retrace was achieved at 1.6465 swing low point from the 7190 top), now I am simply showing extensions down). This is logical no?
Its fine....I guess I just think differently.To me your measured swing at 6465 is no more important then one preceded before at 1.67
PA already violated both..
REgards
In trading, you have to be defensive and aggressive at the same time
  • #396,947
  • Sep 7, 2014 1:38am Sep 7, 2014 1:38am
Quoting Davit
{quote} Hi SRT Putting up live explorer is psychological pressure.I mean you are pressured to perform and that alone is not conducive to healthy trading. Trader should be relaxed and focused without added drama or need to prove anyone anything specially on public forum. Only person you need to prove is you.You can't lie to yourself. Regards
Ghost Rider - WWTBMD?
  • #396,948
  • Sep 7, 2014 1:41am Sep 7, 2014 1:41am
Quoting Ill-b-back
For example, these are logical extension sequences occurring in chart patterns from weekly/monthly swing points {image} {image}
Nice fibbing brother.
Ghost Rider - WWTBMD?
  • #396,949
  • Sep 7, 2014 1:53am Sep 7, 2014 1:53am
Quoting Davit
{quote} Its fine....I guess I just think differently.To me your measured swing at 6465 is no more important then one preceded before at 1.67 PA already violated both.. REgards
Precisely, price has violated/or gone past both levels, now I am simply showing extensions beyond these points this is what extensions (by there very name and nature) measure.

If I'm not mistaken, this is how you used to use fib extensions when you used to plot chart patterns (from swing low to violation of previous peak then measuring extensions beyond)?

You are right, the 6465 swing low is theoretically no more important that the 1.67 one, except my 6465 shows strong confluences.
Also note the daily 200sma at the 1.67 level got slaughtered and the 6465 confluences bring the weekly 200sma into view.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDDaily.png Size: 32 KB
Click to Enlarge Name: GBPUSDWeekly.png Size: 36 KB
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  • #396,950
  • Sep 7, 2014 1:55am Sep 7, 2014 1:55am
Quoting Ill-b-back
{quote} Precisely, price has violated/or gone past both levels, now I am simply showing extensions beyond these points this is what extensions (by there very name and nature) measure. If I'm not mistaken, this is how you used to use fib extensions when you used to plot chart patterns (from swing low to violation of previous peak then measuring extensions beyond)? You are right, the 6465 swing low is theoretically no more important that the 1.67 one, except my 6465 shows strong confluences. Also note the daily 200sma at the 1.67 level got slaughtered...
Its fine where you are coming from and I know what extension means and understand your reasoning.Perhaps my chart will clarify my perspective.
Since we are drawing weekly patterns to me once PA moves from previous swing that swing seizes to be relevant in context of correction in larger TF
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD.Weekly.png Size: 49 KB
In trading, you have to be defensive and aggressive at the same time
  • #396,951
  • Sep 7, 2014 1:56am Sep 7, 2014 1:56am
Jump or Dive?

If I opt for dive my R:R is not good. But if I go for Jump, the R:R is great. any thoughts?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd_0709.jpg Size: 113 KB
Weigh well output the loss and gain And proper action ascertain
  • #396,952
  • Sep 7, 2014 2:11am Sep 7, 2014 2:11am
Quoting Davit
{quote} Its fine where you are coming from and I know what extension means and understand your reasoning.Perhaps my chart will clarify my perspective. Since we are drawing weekly patterns to me once PA moves from previous swing that swing seizes to be relevant in context of correction in larger TF {image}
Davit, in my earlier posts, I clearly pointed out I was showing confluences of the extensions down with the higher TF fib retraces which you have on your chart, along with 200sma.
ie, the 123.6 fib bear extension same as 38.2 fib retrace, 161.8 bear extension is very close to the 50 fib retrace/1.6 psych number/weekly 200sma. I explained it in both text and image. Here it is again in black and white fibs. 123.6 ext same as 38.2 retrace (current weekly low). 161.8 ext same as 50 fib retrace/1.6psych round number and weekly 200sma (possible future target).
I hope this clarifies things
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly3.png Size: 39 KB
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  • #396,953
  • Sep 7, 2014 2:18am Sep 7, 2014 2:18am
Quoting Ill-b-back
Shoot I don't USUALLY work with fib extensions, but I DO like the 161.8 confluence here with the previously mentioned target below at that 50 fib retrace/nice round number. EDIT: Oh, and the 123.6 ext confluence with the 38.2 retrace (current position). This game on the GU pair is just one big mathematical forex minefield {image}
Here, posted 1hr 20mins ago
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  • #396,954
  • Sep 7, 2014 2:18am Sep 7, 2014 2:18am
Quoting Ill-b-back
{quote} Davit, in my earlier posts, I clearly pointed out I was showing confluences of the extensions down with the higher TF fib retraces which you have on your chart, along with 200sma. ie, the 123.6 fib bear extension same as 38.2 fib retrace, 161.8 bear extension is very close to the 50 fib retrace/1.6 psych number/weekly 200sma. I explained it in both text and image. Here it is again in black and white fibs. 123.6 ext same as 38.2 retrace (current weekly low). 161.8 ext same as 50 fib retrace/1.6psych round number and weekly 200sma (possible...
In trading, you have to be defensive and aggressive at the same time
  • #396,955
  • Sep 7, 2014 2:28am Sep 7, 2014 2:28am
[quote=albchr;7721778]{quote} Nice fibbing brother. [/quote
Just as well, as I'm a terrible LIAR
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  • #396,956
  • Edited 3:16am Sep 7, 2014 2:36am | Edited 3:16am
Quoting Davit
{quote} Its fine where you are coming from and I know what extension means and understand your reasoning.Perhaps my chart will clarify my perspective. Since we are drawing weekly patterns to me once PA moves from previous swing that swing seizes to be relevant in context of correction in larger TF {image}
I have to disagree on that one Davit. If we do indeed get a bounce/correction at or near the current level, both of your not important swing levels become very relevant as potential pullback targets for either CT trades, reload entries or both. If I had time to day trade now as I normally do, both those levels would be where I'd watch PA for reaction. If we add Ratios to the mix on the weekly or higher, the highest level you have there would be the likely "second" target after reaction at the lower.

Sorry no charts folks. My station is dismantled ATM due to things here at home. Should hopefully be back up and running by Tuesday or so.

EDIT: Posted that "potential" here if/when we reach 6250 area. http://www.forexfactory.com/showthre...97#post7719697

Mr. Scott sees similar potential. http://www.forexfactory.com/showthre...14#post7717314
Ghost Rider - WWTBMD?
  • #396,957
  • Sep 7, 2014 2:40am Sep 7, 2014 2:40am
Quoting Ill-b-back
Just as well, as I'm a terrible LIAR
I thought you'd grab that one and run with it. Me too brother and it's probably definitely cost me much in this life. What's a guy to do?
Ghost Rider - WWTBMD?
  • #396,958
  • Sep 7, 2014 2:51am Sep 7, 2014 2:51am
Before yours said 63880 is a good point for start new fall. Following that logic and seeing possible H1 triple top, yours see with high possiblities retest low ( length of triple top target ) then go to 63880. Or this open market we will open with up gap?
Try don't lose pants never...
  • #396,959
  • Sep 7, 2014 3:52am Sep 7, 2014 3:52am
Quoting Rocky1
{quote} True Elbert ..... u try to c what u wish to see .... But here I am talking about UK fundamentals ......there are three reasons Why GU dropped so much : 1. Early wrong hopes created by BOE to hike the rate though I am still firm believer that UK will b the first one who will hike the rate 2. EU fell off badly and some sanctions bcz of Ukraine issue 3. and Now GU is correcting mainly bcz of scotland issue.... However I have this firm believe that UK has the most strongest Fundamentals among all large economies and it will very soon start find...
Morning guys ,,Rock i see i am in ill b,,quote post,,can you expanded on the thinking ,,regards E,,
  • #396,960
  • Sep 7, 2014 3:52am Sep 7, 2014 3:52am
Quoting albchr
{quote} I thought you'd grab that one and run with it. Me too brother and it's probably definitely cost me much in this life. What's a guy to do?
Morning Chris,,happy sunday,,
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