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Cable Update (GBPUSD)

  • #408,921
  • Feb 17, 2015 11:52am Feb 17, 2015 11:52am
Quoting Idkurv
{quote} Ok, I missed 1.536, but i think 1.536 easy to break
Ok maybe not that easy.
if it fails to break for some time...that would be..hmm..
  • #408,922
  • Feb 17, 2015 11:56am Feb 17, 2015 11:56am
Holding that BUY ..

whatever ..
  • #408,923
  • Feb 17, 2015 11:56am Feb 17, 2015 11:56am
Quoting Idkurv
{quote} Ok maybe not that easy. if it fails to break for some time...that would be..hmm..
Maybe testing EMA 100 on M15 which is around current price? Seeing if it will hold as R?
Not too much volume in this up move though...

ps: I am checking with the SonicR people if my understanding of liquidity is right. Stay tuned
  • #408,924
  • Feb 17, 2015 11:58am Feb 17, 2015 11:58am
I don't know any more than anyone it will be piercing line ,could be inverted hammer ,that could be a rising pattern on D1 ,I mean we are up against a very bearish monthly ,

Quoting MaryAnne
{quote} Sure! Looking forward to it Bones
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #408,925
  • Feb 17, 2015 12:06pm Feb 17, 2015 12:06pm
Quoting danndc
weren't you guys going for the long?
im still holding sell... looking for the big move right where it all begins..
  • #408,926
  • Feb 17, 2015 12:07pm Feb 17, 2015 12:07pm
Quoting Bones
I don't know any more than anyone it will be piercing line ,could be inverted hammer ,that could be a rising pattern on D1 ,I mean we are up against a very bearish monthly , {quote} {image}
Aye yea. That is the real challenge - guessing the pattern forming lol. It could be piercing line, inverted hammer, or maybe even shooting star on the daily or a spinning top. Nothing for certain until candle is closed

ps: Did you know that people on different broker server times, see different H4 and D1 etc candles? I have brokers with different server time and seeing differently on them. Credit to Gator who tipped me on this.
  • #408,927
  • Feb 17, 2015 12:07pm Feb 17, 2015 12:07pm
Attached Image (click to enlarge)
Click to Enlarge Name: 1.png Size: 57 KB
heading to the line or above 40 odd pips up,, now looking tp pp sap
  • #408,928
  • Feb 17, 2015 12:08pm Feb 17, 2015 12:08pm
the location of this now is very different to previous pull backs ,I'm sure you can see

Quoting Bones
I'm just looking at chart ,my opinion it will close bullish of some kind ,your talking about a month that had dark cloud then strong confirm prior off top of current range ,I'm feeling $ is in a bit of trouble generally ,streched {quote} {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #408,929
  • Feb 17, 2015 12:10pm Feb 17, 2015 12:10pm
Quoting elbert3
{image} heading to the line or above 40 odd pips up,, now looking tp pp sap
Attached Image (click to enlarge)
Click to Enlarge Name: 1.png Size: 64 KB
care here ,thats our triangle from before can we get to the top,, nice fib move thou off look at 40 ish possible entry either way
  • #408,930
  • Edited 12:18pm Feb 17, 2015 12:15pm | Edited 12:18pm
This is how H4 looks like on:

1. GMT+0 server time broker H4
http://i.gyazo.com/991cfcb15d04bf9f032f55cde9302dbf.png

One shows bearish engulfing and a potential piercing forming, while other shows shooting star then hammer... D1 candles also look different.
  • #408,931
  • Feb 17, 2015 12:16pm Feb 17, 2015 12:16pm
Hey looks like my 2nd image and post didnt appear...

2. GMT +1 broker H4 chart (the more common one?)

http://i.gyazo.com/20d44edf1acf96ff78447c33ab44491e.png

One shows bearish engulfing and a potential piercing forming, while other shows shooting star then hammer... D1 candles also look different.
  • #408,932
  • Feb 17, 2015 12:28pm Feb 17, 2015 12:28pm
Quoting MaryAnne
{quote} Since it was unable to break .5300 it means high liquidity here and it collected some orders I think and moving up to find the other liquidity zone which will be the stronger offers? Let's see how it goes...
The way I see it, 1.5210 is fully tested/shaken out...the market should not go there.

For past 24 hours we have seen powerful buying spurts that stick (aren't immediately hit back with strong sell orders). We are in an area that was "easy" to go long from, which means there are stops around here. The fact that we see power in this area lets us know there is volume being moved.

Now if you look at 1.5440, you will NOT see any power sells. The volume was low. It is more a case of the market fizzling out than being hit by large sell orders. So just because a market has trouble breaking an area of resistance/support, doesn't mean there is a lot of liquidity there.
  • #408,933
  • Feb 17, 2015 12:29pm Feb 17, 2015 12:29pm
Quoting MaryAnne
Hey looks like my 2nd image and post didnt appear... 2. GMT +1 broker H4 chart (the more common one?) {image} One shows bearish engulfing and a potential piercing forming, while other shows shooting star then hammer... D1 candles also look different.
That's the reason some people doesn't like 4h charts. I don't like. Daily is better, as it's important for me London GMT.
Realize that if you scalp, frames over one hour are not so god, as different people will have different candles, indicators, etc.
  • #408,934
  • Feb 17, 2015 12:32pm Feb 17, 2015 12:32pm
Actually if u did look at smaller TF on 16 Feb when price hit .5440, you would notice there are bigger volume there which resulted in a bear candle down. On other hand, there was decreasing volume back then which led to that number suggesting it would peak.

I am using the SonicR volume indicator btw.

ps: high impact released tomorrow. still checking with folks there and trying to learn more. interesting system.

Quoting Zappa
{quote} The way I see it, 1.5210 is fully tested/shaken out...the market should not go there. For past 24 hours we have seen powerful buying spurts that stick (aren't immediately hit back with strong sell orders). We are in an area that was "easy" to go long from, which means there are stops around here. The fact that we see power in this area lets us know there is volume being moved. Now if you look at 1.5440, you will NOT see any power sells. The volume was low. It is more a case of the market fizzling out than being hit by large sell orders....
  • #408,935
  • Feb 17, 2015 12:37pm Feb 17, 2015 12:37pm
Quoting MaryAnne
Actually if u did look at smaller TF on 16 Feb when price hit .5440, you would notice there are bigger volume there which resulted in a bear candle down. On other hand, there was decreasing volume back then which led to that number suggesting it would peak. I am using the SonicR volume indicator btw. ps: high impact released tomorrow. still checking with folks there and trying to learn more. interesting system. {quote}
Sorry, but that was not large volume by any stretch of the imagination. Just look at the 1-minute chart.
  • #408,936
  • Feb 17, 2015 1:06pm Feb 17, 2015 1:06pm
a close below 5330 would lead to another down move. i see 5150 by the end of this week
  • #408,937
  • Feb 17, 2015 1:33pm Feb 17, 2015 1:33pm
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?
  • #408,938
  • Edited 1:56pm Feb 17, 2015 1:43pm | Edited 1:56pm
Quoting Zappa
{quote} Sorry, but that was not large volume by any stretch of the imagination. Just look at the 1-minute chart.

M1 charts are full of noise. From what I learnt from other better traders than myself in other forums, bigger guys look @ M30 charts usually. M15 is not too far. And you are supposed to look at increment of volume to gauge momentum of the move, not actual volume itself. You can read SonicR thread if you want better explanation of volume and liquidity. They specialise in it.

Tah has detailed writeup there on everything.

EDIT: Of course they look higher TF charts too, but M30 too. Never heard of them looking at M1 or M5 yet.
  • #408,939
  • Feb 17, 2015 1:44pm Feb 17, 2015 1:44pm
Point in fact, it is a trifle maddening ... . Here's the Weekly:

Attached Image (click to enlarge)
Click to Enlarge Name: GU Weekly.jpg Size: 534 KB


Long-term S/R at its current level with the CCI hovering around the "0" line. The bounce off the low appears to be a short squeeze in oversold conditions ... . So I can see why there is a difference of opinion as to direction ... .

It is also possible I got Morgan-Stanley's forecast (issued 2/8) stuck in my head and am therefore stuck on shorting. http://www.efxnews.com/story/27845/u...morgan-stanley Their 1.38 forecast by mid-year was before all this Carney talk ... . My initial reaction was 1.38!!!! Really?! I try not to listen to these hosers, but every so often their stuff creeps into my trading.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #408,940
  • Feb 17, 2015 1:55pm Feb 17, 2015 1:55pm
Quoting Lavanda
{quote} That's the reason some people doesn't like 4h charts. I don't like. Daily is better, as it's important for me London GMT. Realize that if you scalp, frames over one hour are not so god, as different people will have different candles, indicators, etc.
Yea you are right. That's why very confusing at times when comparing charts with friends who have brokers with different server times. Also, did you know some brokers have 6 days week D1 charts? So people on that will also see different D1 candles heh.

Scalping I think is better to use M15/M30 and time precise entry if possible using M5? I find M1 is too much "noise" for me. H1/H4 setups are usually those which take maybe 2-3 days minimum to materialize.

ps: exceeded PM limit for the day. Need to wait 24 hours it says else I would reply!
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