Comments on: Jude’s Daily Signal 06 August 07 - GBPUSD http://nobsforex.net/2007/08/06/judes-daily-signal-06-august-07-gbpusd/ A part of the nobs network Thu, 20 Nov 2008 11:18:59 +0000 http://wordpress.org/?v=2.2.2 By: Mutual Funds and Market Research http://nobsforex.net/2007/08/06/judes-daily-signal-06-august-07-gbpusd/#comment-1310 Mutual Funds and Market Research Thu, 01 Nov 2007 20:19:39 +0000 http://nobsforex.net/2007/08/06/judes-daily-signal-06-august-07-gbpusd/#comment-1310 <strong>Mutual Funds and Market Research...</strong> I couldn't understand some parts of this article, but it sounds interesting... Mutual Funds and Market Research…

I couldn’t understand some parts of this article, but it sounds interesting…

]]> By: Jude http://nobsforex.net/2007/08/06/judes-daily-signal-06-august-07-gbpusd/#comment-413 Jude Mon, 06 Aug 2007 14:38:25 +0000 http://nobsforex.net/2007/08/06/judes-daily-signal-06-august-07-gbpusd/#comment-413 Thank you Dan. I'll etch them in. Now, when are you providing signals? Thank you Dan. I’ll etch them in. Now, when are you providing signals?

]]> By: Dan http://nobsforex.net/2007/08/06/judes-daily-signal-06-august-07-gbpusd/#comment-412 Dan Mon, 06 Aug 2007 14:31:05 +0000 http://nobsforex.net/2007/08/06/judes-daily-signal-06-august-07-gbpusd/#comment-412 Hey Jude, Don't mind if I drop in here to say a couple of words. First things first: MACD crossing the waterline upwards, price above 200 EMA/SMA so the first thing you looked for was a breakout to upper side. That's a good technical analysis, but still insufficient to get you a winning trade. What do I mean? #1: Both 31st June and 2nd August highs are around 2.0379. Two identical Daily highs make up a nice resistance, and if you're looking to go long, 2.0385 is the best price to get in. #2: Fibonacci retracements: taking 24th June as the Low and 30th June as the high (yes, I'm looking at upside-down retracements here), 61.80% retracement level is at 2.0471. From the previous resistance at 2.0379 to 61.80% (high reversal or retracement probability around this Fibonacci number) at 2.0471 there are only 92 pips safe pips to target in your trade, more like 50 pips if you want to make it really safe. Your entry was at 2.0448 and that was too late. Next time pay more attention to resistance and support levels, they help a lot. Regards, Dan Hey Jude,

Don’t mind if I drop in here to say a couple of words.

First things first: MACD crossing the waterline upwards, price above 200 EMA/SMA so the first thing you looked for was a breakout to upper side. That’s a good technical analysis, but still insufficient to get you a winning trade. What do I mean?

#1: Both 31st June and 2nd August highs are around 2.0379. Two identical Daily highs make up a nice resistance, and if you’re looking to go long, 2.0385 is the best price to get in.

#2: Fibonacci retracements: taking 24th June as the Low and 30th June as the high (yes, I’m looking at upside-down retracements here), 61.80% retracement level is at 2.0471.

From the previous resistance at 2.0379 to 61.80% (high reversal or retracement probability around this Fibonacci number) at 2.0471 there are only 92 pips safe pips to target in your trade, more like 50 pips if you want to make it really safe. Your entry was at 2.0448 and that was too late. Next time pay more attention to resistance and support levels, they help a lot.

Regards,
Dan

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