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Cable Update (GBPUSD)

  • #408,581
  • Feb 14, 2015 10:10am Feb 14, 2015 10:10am
Quoting Bones
I do really like this chart ,but on price action I'm struggling , {quote}
hi bones if you look again and put sr lines in skys chart one could see that 3295 ish area is a constant trading below 5300 it could short but any rebounds from that area would make it strong support would you not think,,regards Billy
  • #408,582
  • Feb 14, 2015 11:15am Feb 14, 2015 11:15am
https://charts.mql5.com/7/11/gbpusd-...estments-3.png

Until wednesday's Bank Rate Votes
  • #408,583
  • Feb 14, 2015 11:53am Feb 14, 2015 11:53am
Quoting Ill-b-back
{quote} I'm not a trained economist so I could be wrong here, but if a country is experiencing low inflation, I would have thought increasing interest rates would be the last thing they should do since higher interest rates only reduces consumer spending and inflation further. After all, increasing interest rates is a policy tool used during periods of economic growth or booms to control or reduce inflation isn't it?
Hi, in general what you are saying is right.
thank you for correcting me.
My post was misleading, sorry about that, I should have elaborated more as to per GBP case.
Recent low CPI/ inflation contributed partly by falling energy prices.
This condition is expected to increase UK real income growth, which may result in increased UK domestic demand, and therefore increase inflation (target 2 percent within 2 years).
Because of this expected increasing inflation, interest rate is expected to increase during the period.
  • #408,584
  • Feb 14, 2015 12:10pm Feb 14, 2015 12:10pm
Quoting kanchmadush
{quote} bt on my view....Fed has many possibility for rate hike rather than BOE...
I think in order to measure the probability or possibility, we should really compare economy data of UK and US, which I have not done.
For me, I do not want to try to predict anything, because that is too difficult for me.
I would prefer trade / take position after the news is released.
So far there is no real rate hike taken by the fed, but the news has been lingering for a while, whereas GBP news was just freshly released.
Depend on trading strategy, I would prefer to trade by taking consideration of market perception (instead of fundamental only).
As Keynes said: Markets can remain irrational a lot longer than you and I can remain solvent.

my 2 cents only.
  • #408,585
  • Feb 14, 2015 12:13pm Feb 14, 2015 12:13pm
Quoting GrowthHack
{image} Until wednesday's Bank Rate Votes
let see if we get it right,,gl
  • #408,586
  • Feb 14, 2015 12:15pm Feb 14, 2015 12:15pm
heres why I don't think its highly unlikely to see 500 pips south reading the monthly now ,and even down there long wicked inverted hammer off major support zone tells us theres a problem for down for a couple months min ,
very best scenario at this point is we close as is or better,
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USD (DFB).png Size: 27 KB
Click to Enlarge Name: gbp USD monthly (DFB).png Size: 22 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #408,587
  • Feb 14, 2015 12:24pm Feb 14, 2015 12:24pm
Quoting edyraper
{quote} actually I have had sell limits till 1.55 when it was down about 1.49 , I did cancel my sell limits , and moved sell limits lower , now I need your help what do you think for long term positions .
Hello edyraper,

Sorry about not getting back to you on Friday. Once I was done with my trade I had a number of chores that I needed to get done plus get some sleep.

I'm not a long timeframe trader, so please take what I'm about to say with a grain of salt. I'm usually looking for smaller timeframe swings and usually have between 1-3 trades per day.

More questions for you sir. You are currently in long since 1.49 ( good pips sir!!!), so ask yourself, "What was the catalyst or the conditions that triggered your entry?" (You don't need to mention it to me) You obviously understood Price Action and Trend Identification in order to go long at a good point in time and stay in the trade up till now. With that being said, the next question you need to ask yourself is, "Has anything you've seen in Price Action or Trend Identification changed since you entered your trade?" If it has changed, it may be time to re-evaluate your trade. If it hasn't changed, and you haven't reached your sell limit, there is no reason to exit your trade early. Just use the tools, ideas, knowledge that you applied to your earlier entry at 1.49 to enter the trade and apply them in the reverse manner to see if your trend is changing.

I noticed that elbert(Billy), Bones, and a few other traders were able to give you a longer timeframe outlook with charts. These traders are extremely sharp and do great technical analysis on the charts they submit for the benefit of everyone in the cable thread. Here's hoping you have the information to make great trading decisions.. (Again, good pips sir.)

B.
  • #408,588
  • Feb 14, 2015 12:33pm Feb 14, 2015 12:33pm
I have used this stragey ,in as much that during the month even early on you can assume unlikely events within that month at times ,or other tfs
I've seen a professional candle guy do this with amazing calls

Quoting Bones
therefore if your looking 1.6 or major reversal , the odds are severely against you ,the odds of hammer this month are very low even with this level of support we are at {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #408,589
  • Feb 14, 2015 12:40pm Feb 14, 2015 12:40pm
edyraper,

One other thing I should mention is the down move on the daily and weekly chart has been one long move without a significant retracement. ( A significant retracement for me is anywhere from 30 - 60 percent of the original move.) If a significant retracement is occurring on this move (Both the daily and 4 hour charts are in an uptrend), then this up move would seem to have some legs before it starts to run out of steam.

B.
  • #408,590
  • Feb 14, 2015 12:40pm Feb 14, 2015 12:40pm
rebounds that area would be so cool

Quoting elbert3
{quote} hi bones if you look again and put sr lines in skys chart one could see that 3295 ish area is a constant trading below 5300 it could short but any rebounds from that area would make it strong support would you not think,,regards Billy
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #408,591
  • Feb 14, 2015 10:13pm Feb 14, 2015 10:13pm
any chart guys
  • #408,592
  • Feb 14, 2015 11:08pm Feb 14, 2015 11:08pm
Whatever it is, there's a gap that needs to be closed.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1 15Feb15.png Size: 44 KB
Elliott Wave for optimum entry, exit and risk management of trades
  • #408,593
  • Feb 14, 2015 11:25pm Feb 14, 2015 11:25pm
Quoting skyhok
Whatever it is, there's a gap that needs to be closed. {image}
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4 15Feb15 b.png Size: 44 KB
Elliott Wave for optimum entry, exit and risk management of trades
  • #408,594
  • Feb 14, 2015 11:27pm Feb 14, 2015 11:27pm
Quoting ibram.forex
any chart guys
Can I ask why you keep saying this? there are plenty of charts posted in here.
What exactly are you looking for?
Come with me if you want to live....
  • #408,595
  • Feb 15, 2015 1:23am Feb 15, 2015 1:23am
Quoting skyhok
{quote} {image}
Great
  • #408,596
  • Feb 15, 2015 1:27am Feb 15, 2015 1:27am
Quoting Ill-b-back
{quote} Can I ask why you keep saying this? there are plenty of charts posted in here. What exactly are you looking for?
I was about asking the same question
  • #408,597
  • Feb 15, 2015 2:04am Feb 15, 2015 2:04am
i Learn from you guys
  • #408,598
  • Feb 15, 2015 2:47am Feb 15, 2015 2:47am
Quoting skyhok
{quote} {image}
good try to see market . there were no successful corrections in this leg down 1.7190, only extension of legs & even not finished yet , recently a good try to end this leg or correction started . 5540 will be one signal initial for further up towards 5585 , 5619,5784, 5824 as confirm signal next leg up & by that time it may go enough to end & take next decision .
Failure 5540 breaks price may fall towards 4812 or so , before restart again ( correction) . anyway next week we may see some decision . Thanks , Take care .
fontu
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly.png Size: 49 KB
Click to Enlarge Name: GBPUSDWeekly1.png Size: 47 KB
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #408,599
  • Feb 15, 2015 3:09am Feb 15, 2015 3:09am
Quoting fontu
{quote} good try to see market . there were no successful corrections in this leg down 1.7190, only extension of legs & even not finished yet , recently a good try to end this leg or correction started . 5540 will be one signal initial for further up towards 5585 , 5619,5784, 5824 as confirm signal next leg up & by that time it may go enough to end & take next decision . Failure 5540 breaks price may fall towards 4812 or so , before restart again ( correction) . anyway next week we may see some decision . Thanks , Take care . fontu {image} {image}...
ok
Elliott Wave for optimum entry, exit and risk management of trades
  • #408,600
  • Feb 15, 2015 4:34am Feb 15, 2015 4:34am
Quoting fontu
{quote} good try to see market . there were no successful corrections in this leg down 1.7190, only extension of legs & even not finished yet , recently a good try to end this leg or correction started . 5540 will be one signal initial for further up towards 5585 , 5619,5784, 5824 as confirm signal next leg up & by that time it may go enough to end & take next decision . Failure 5540 breaks price may fall towards 4812 or so , before restart again ( correction) . anyway next week we may see some decision . Thanks , Take care . fontu {image} {image}...
Hi Fontu.. corresponding weekly chart possible high and low points
Attached Image (click to enlarge)
Click to Enlarge Name: wf.png Size: 63 KB
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