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Cable Update (GBPUSD)

  • #423,581
  • Feb 8, 2016 3:24am Feb 8, 2016 3:24am
Quoting Ill-b-back
{quote} Hi Meanvel, it's a lot more complicated than that. Which TLs'?, which TF? We need to understand what TFs' is the market cycling in at the moment? Overall GU is in a multi year downtrend, but is currently in a bullish retrace off a significant weekly breakout retest. (Chart I posted yesterday I think or day before). Hence, 1hr and 4hr and even daily TL or patterns may not hold as much significance as they might at other times. Unless a larger view is analysed first, it may all just appear random as TLs' give way to a greater force behind...
having said that, I find the GU pair most useful for this method, it is far more precise than other pairs. Not surprising since the currencies of this pair represent the 2 most "manipulative" and prosecuted finance centres on the planet.
Come with me if you want to live....
  • #423,582
  • Feb 8, 2016 3:40am Feb 8, 2016 3:40am
The ones which the majority of traders are watching are the only ones that matter for this. 5m, 4h, Daily...

Quoting Ill-b-back
{quote} Hi Meanvel, it's a lot more complicated than that. Which TLs'?, which TF?
"Don't fear a bubble until it starts to burst."
  • #423,583
  • Feb 8, 2016 3:42am Feb 8, 2016 3:42am
Hey Elbert just a thought - hope you dont mind, but wondering if perhaps you would be so kind as to hand out this award at the end of the week. there seems to be a clear winner already ..
Yeh i now troll me for it but just couldnt resist it - detention again or is it back to the dug out lol
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  • #423,584
  • Feb 8, 2016 3:49am Feb 8, 2016 3:49am
Hmmm... Was sitting here holding a long from under 1.45, pulling it... Losing patience. GU sitting here gyrating just above 1.45 and not doing much.

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"Don't fear a bubble until it starts to burst."
  • #423,585
  • Feb 8, 2016 3:52am Feb 8, 2016 3:52am
This is my play for the day staying with the Long from Friday. Good luck all.
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  • #423,586
  • Edited 4:34am Feb 8, 2016 3:59am | Edited 4:34am
Quoting Ill-b-back
{quote} Hi Meanvel, it's a lot more complicated than that. Which TLs'?
You all know my opinion is "Don't bother with trendlines!" However, when it comes to trendlines... If your going to draw them, there is only ONE technically valid way to do it. The majority of people around here seem to do it wrong.

Drawing rules...
1. A trendline must be drawn between swing lows or swing highs.
2. A trendline MUST NOT intersect any prices inbetween the drawing points.

Shown in red is a incorrect trendline... Green is the correct trendline. I don't use trendlines, but I still remember how to draw them!
Attached Image


You draw between the swing lows, but you don't draw from the very bottom price bar if it will cause the trendline to intersect any price bars. You must draw from the bar that doesn't cause intersection. Same for channels...

Once a trendline is intersected, it is now invalid... You must now draw a new trendline after the intersection bars close and price moves upward and away. Red = Intersected, invalidated, Green = New trendline. Now everyone here who likes trendlines now knows how to draw them perfectly!

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"Don't fear a bubble until it starts to burst."
  • #423,587
  • Feb 8, 2016 4:44am Feb 8, 2016 4:44am
HMM, seems to be approaching the weekly pivot at around 1.4465, also some previous resistance at daily pivot around 1.4455, small descending 4 hour TL wasn't broken, these two levels could be one to watch in near term.
  • #423,588
  • Feb 8, 2016 4:49am Feb 8, 2016 4:49am
Those who listened to my short call, note the time to back out for retracement should be AT LEAST 1.4430.
  • #423,589
  • Feb 8, 2016 4:50am Feb 8, 2016 4:50am
could be about to break..
  • #423,590
  • Feb 8, 2016 4:58am Feb 8, 2016 4:58am
Quoting ForexAuthor
Those who listened to my short call, note the time to back out for retracement should be AT LEAST 1.4430.
I want 1.4230
  • #423,591
  • Feb 8, 2016 4:59am Feb 8, 2016 4:59am
Quoting meanvel
The ones which the majority of traders are watching are the only ones that matter for this. 5m, 4h, Daily... {quote}
I'm a bit confused, you say the only the TLs' that matter are the ones majority of traders are watching but in previous posts and in the one above, you say don't bother with them, it's not a fractal market. Also, what determines which TL's most important traders are watching? My thoughts and observations are multi timeframe fractal analysis as I outlined above.My opinion of course
Come with me if you want to live....
  • #423,592
  • Feb 8, 2016 5:01am Feb 8, 2016 5:01am
Might see 1.4400 today or maybe 1.4360 ish, That 50.0 fibo at the high of this move showed oversold on most HTFS and small timeframes had operfect candles, shame I was watching smaller timeframes too much at the time :0
  • #423,593
  • Feb 8, 2016 5:04am Feb 8, 2016 5:04am
Yes in the long term, techs show bigger decline, but today im not so sure yet
  • #423,594
  • Feb 8, 2016 5:11am Feb 8, 2016 5:11am
Quoting dean1star
Hey Elbert just a thought - hope you dont mind, but wondering if perhaps you would be so kind as to hand out this award at the end of the week. there seems to be a clear winner already .. Yeh i now troll me for it but just couldnt resist it - detention again or is it back to the dug out lol {image}
lol sorry not much from me this morning , but just looking at tp on gbj and gu, from this mornings post above
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  • #423,595
  • Feb 8, 2016 5:13am Feb 8, 2016 5:13am
My short target has been reached at 1.4430. I'm out for the day. Gl to all.
  • #423,596
  • Feb 8, 2016 5:31am Feb 8, 2016 5:31am
First TP at 1.4399, second TP at 1.43779.

First TP hit @2%, second lot locked in 1% now, let it run to 1.4377 just above a 23.6 fibo retrace level. Done for today, GL everyone else.
  • #423,597
  • Feb 8, 2016 5:34am Feb 8, 2016 5:34am
Quoting meanvel
{quote} LoL, the market surged nearly fifty pips straight vertical to near 1.4550 after your call to short.
Dont laugh at other peoples calls. See who gets the last laugh now.
  • #423,598
  • Feb 8, 2016 5:36am Feb 8, 2016 5:36am
#GBPUSD So far short scalp @ $1.4621 is working out well....... :-)
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"W. D. Gann said that time is the most important factor among all things."
  • #423,599
  • Feb 8, 2016 5:37am Feb 8, 2016 5:37am
strange moving all currenties go down , also dollar
  • #423,600
  • Feb 8, 2016 5:40am Feb 8, 2016 5:40am
Weekly: 2015 low tested, are we going to see a re-test?
H4: near channel bottom and near 100% retracement of previous move, what's next?
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