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Cable Update (GBPUSD)

  • #449,561
  • Feb 13, 2017 5:22pm Feb 13, 2017 5:22pm
eg month
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #449,562
  • Feb 13, 2017 5:31pm Feb 13, 2017 5:31pm
And on the 1h chart of the EUR/GBP we have a breakout in progress from another head and shoulders formation.

This is an even more powerful event, because now we have a second H&S that confirms the first (not yet completed) H&S on the daily chart (see chart 2 posts above).
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  • #449,563
  • Feb 13, 2017 5:32pm Feb 13, 2017 5:32pm
eg w1
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #449,564
  • Feb 13, 2017 6:00pm Feb 13, 2017 6:00pm
Since GBP/USD and EUR/GBP are inversely correlated (most of the time), that means that if EUR/GBP goes down (see bearish Head and Shoulders above), GBP/USD will go up.

At least in theory, because it will also depend on the strength of the USD.
  • #449,565
  • Feb 13, 2017 6:14pm Feb 13, 2017 6:14pm
eye on tl
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #449,566
  • Feb 13, 2017 7:23pm Feb 13, 2017 7:23pm
Chinese Consumer/Producer Price Index report in less than 7 minutes (8:30 PM EST).

These reports usually have some impact on pairs like GBP/NZD, and GBP/JPY to some extent.

Let's see...
  • #449,567
  • Feb 13, 2017 9:28pm Feb 13, 2017 9:28pm
Using the Fib we can clearly see which lines are being respected and which are not.
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  • #449,568
  • Feb 13, 2017 9:44pm Feb 13, 2017 9:44pm
You can ignore numbers that only pretend to be Fib levels such as the 25% increments.
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  • #449,569
  • Feb 13, 2017 9:51pm Feb 13, 2017 9:51pm
Watch out for that RSI it only tells you where price is going by accident.
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  • #449,570
  • Feb 13, 2017 9:57pm Feb 13, 2017 9:57pm
Triangulation doesn't work.

Support and resistance are just tops and bottoms.
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  • #449,571
  • Feb 13, 2017 10:03pm Feb 13, 2017 10:03pm
Remember at all times that if someone has written a book about it then it must be true. Like the Bible we all believe in, well half of us, maybe not half but some of us, maybe not us but you may.

Forex is powered by aliens who want all your money for toilet paper. They control your thoughts, so if you think something then it is the aliens making you do so.
  • #449,572
  • Feb 13, 2017 10:47pm Feb 13, 2017 10:47pm
I'm glad you got all that off your chest Nala



Come with me if you want to live....
  • #449,573
  • Feb 13, 2017 10:51pm Feb 13, 2017 10:51pm
Quoting Nala66
Using the Fib we can clearly see which lines are being respected and which are not. {image}
that's a mean chart to have a guy look at first thing in the morning...
Look Sharp/Trade Tight
  • #449,574
  • Feb 13, 2017 10:51pm Feb 13, 2017 10:51pm
  •  turnfx
  • | Joined Dec 2014 | Status: Only money management is the key of | 334 Posts
Price reached at yesterday High .. i think almost break the resistance what you do think mates
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  • #449,575
  • Feb 13, 2017 11:00pm Feb 13, 2017 11:00pm
  •  turnfx
  • | Joined Dec 2014 | Status: Only money management is the key of | 334 Posts
Quoting A-speculator
{quote} Wow.. Careful bro..
thx Bro . my SL can be hit but i was lucky
  • #449,576
  • Edited 11:16pm Feb 13, 2017 11:03pm | Edited 11:16pm
Quoting PayTheLimit
{quote} that's a mean chart to have a guy look at first thing in the morning...
Sure PayTheLimit, some traders like to draw/display 3,000 trendlines and support/resistance lines on a chart.

Then they can always come back later and tell us : "See, I told you so!"

One of this oldest tricks in the book, don't fall for that crap.

One other thing: Ask them simple questions like "Where is your entry point and your stop" and you will get almost zero answer, or something like "Oh well, I am waiting for price action..."
  • #449,577
  • Feb 13, 2017 11:03pm Feb 13, 2017 11:03pm
Quoting filostro
long gbp/Usd
now on the resistence
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  • #449,578
  • Feb 13, 2017 11:10pm Feb 13, 2017 11:10pm
Quoting Mr Breakout
{quote} Sure PayTheLimit, some traders like to draw/display 3,000 trendlines and support/resistance lines on a chart. Then they can always come back later and tell us : "See, I told you so!" One of this oldest tricks in the book, don't fall for that crap.
lol...sure...

look I don't know that guy well, so I'll cut him some slack, he seems he has come up with a way to look at things that works for him, and that's great....he did kinda spit some mud in my eye the other day....but I'm a kindler, gentler PTL lately....
Look Sharp/Trade Tight
  • #449,579
  • Feb 13, 2017 11:34pm Feb 13, 2017 11:34pm
My View about GBPUSD
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  • #449,580
  • Feb 14, 2017 12:21am Feb 14, 2017 12:21am
Quoting maqboolahmed
My View about GBPUSD {image}
Hi Ahmed,

So what kind of specific buy/sell order and stop did you put on your FX trading station?
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