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Cable Update (GBPUSD)

The chart below shows where I feel the current nearby and important GU levels are.
As you can see, it is not unusual for price to find support or resistance near them.

Good luck next week.
Attached Image (click to enlarge)
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Thanks for all the fish
Quoting bbmac
Another subdued week in terms of pip range with 69% of 20 week atr covererd this week just closed, Friday being the exception with 125% of 20 day atr covered this day.

Weekly
This t/f remains more bullish than bearish in respect of recent overall price action (opa,) with a 2nd fractal HH now but with last week's bearish engulfing candle follows this week's bearish candle follow thru. Overall though and going farther back in time it is stuck in a range 6167-5234 ?

Daily
This t/f sees a Master bearish engulfing thjrust...
great analysis mate..

yeah, it surprised me too when we should have a follow thru with such long bearish candle on 4h.. it should get to 5800 easily but we didn't and we stop at about the previous support and the daily asc TL.. the market doesn't make it that easy nowadays huh..

got myself a small long at 5845, i'm not sure about any tanking as long as the 2 support hold.. we might even get a morning star next week on the weekly but who knows, right?
what concerns me about being bearish is the other pairs which suppose to support the down side movement on cable has turned around.

look at aussie, we have a confirmed breakout retest formation on the about 50% of the breakout candle..

kiwi is about the same view as aussie..

ucad we have a long bearish candle to the downside and a retest of the previous resistance which is about 50% of the move also..

swissy we have consolidation in daily and price failed to breakout the range which we still have exposure to the down side on this pair..

all this related to the strength of the dollar which i think indicate the first indication of dollar weakness.. and i think that is because we don't have a follow thru yesterday although we have quite a momentum on the 4h. we might have the start of a bullish pressure on cable next week, how fast we can see the move? well that's depend on how fast swissy and ucad move to the downside and correlate to each other..

well, that's my take on cable move next week..

have a nice weekend everyone. enjoy every pips we got yesterday..

good luck all!
Attached Images (click to enlarge)
Click to Enlarge Name: aussie.gif Size: 36 KB Click to Enlarge Name: kiwi.gif Size: 36 KB Click to Enlarge Name: swissy.gif Size: 31 KB Click to Enlarge Name: ucad.gif Size: 38 KB
My chart for what it's worth, maybe someone with another interpretation.
Making higher daily highs on the daily following the white 38.2 Fan TL, until the failed retest of the Magenta 61.8 fan producing a lower high and retest of the white 38.2 Fan. Might be heading to retest the 50 Fan.
Who knows
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Quoting nAVIN2007
i didnt want to say this but u are playing with fire and if not carefull u going to lose money..
He he I just remembered this comment regarding my hedging strategy. I got to admit nAV, yeah I'm playin' with fire but SHIT, think about it
Bro, this mighty funny coming from you man
Just having' fun brother, I do find Specs analysis encouraging though.
I agree about the ucad and aussie.

According to Moody's capital market research, the Big 4 banks in Australia and 4 banks (Royal Bank and Toronto Dominion are not included) in Canada, which also supported by good performance of the economies of both countries in 2012, making them as the most comfort safe haven areas for investors.
In fact, many of them are turning from Switzerland because no longer comfortable with the SNB's devaluation policy.


Quoting A-speculator
what concerns me about being bearish is the other pairs which suppose to support the down side movement on cable has turned around.

look at aussie, we have a confirmed breakout retest formation on the about 50% of the breakout candle..

kiwi is about the same view as aussie..

ucad we have a long bearish candle to the downside and a retest of the previous resistance which is about 50% of the move also..

swissy we have consolidation in daily and price failed to breakout the range which we still have exposure to the down side on this pair..

all...
This is the weekly chart I see from Jan2009 till todate, It can retrace to 1.5500 to touch the trendline in few days I guess.

Attached Image (click to enlarge)
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quote=Davit;5571095]Weekly shows uptrend.Look. Daily is down for sure but weekly still uptrend.
I don't see how you proceed to 1.5550 unless willing to wait loooooong time.I hope this was just a nervous retraction.Next week hoping to get back to 5980 level.
and to add I could very well be wrong and pay dearly[/quote]
Quoting Ill-b-back
He he I just remembered this comment regarding my hedging strategy. I got to admit nAV, yeah I'm playin' with fire but SHIT, think about it
Bro, this mighty funny coming from you man
Just having' fun brother, I do find Specs analysis encouraging though.
swine
I finished the week flat as usual. G/L with your long from that 5845...I guess you gotta hope for some more demand at that steepest ascending trend line on Daily/4hr as it is touched again at Friday's close after an initial shallow pullback to 5863 after the 1st touch. My concern would be Friday's Daily candle and the fact that it closed so near to it's low ?

Anyways,

G/L

Quoting A-speculator
great analysis mate..

yeah, it surprised me too when we should have a follow thru with such long bearish candle on 4h.. it should get to 5800 easily but we didn't and we stop at about the previous support and the daily asc TL.. the market doesn't make it that easy nowadays huh..

got myself a small long at 5845, i'm not sure about any tanking as long as the 2 support hold.. we might even get a morning star next week on the weekly but who knows, right?
Trading: The only Certainty is Uncertainty. The only Constant is Change.
The bearish prophesy, its all in the charts

Next week WILL be very interesting regardless of what happens.
Interesting comments about Aust and Canada.
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Quoting Ill-b-back
you are a funny man Specs
Crikey Speculator, I thought you were having some fun with us with an old chart, but I see you are serious, sorry mate, Well done, I like you positive R/R approach Good luck.
Quoting Ill-b-back
Crikey Speculator, I thought you were having some fun with us with an old chart, but I see you are serious, sorry mate, Well done, I like you positive R/R approach Good luck.
go have fun with family
Quoting PoundTrader
go have fun with family
You too mate, I'm away today so a bit bored.
Quoting Davit
.5850 major support level.I am taking long for next week retraction.
I don't see it as dramatic drop below 5800.Might go long on EU as well.I live in US and dollar is not that strong yet.
My chart is simple.I use pivots CCI.
Hay Davit sorry for the late reply..I was waiting for u that night..anyway, talking about PA happened last friday , it did however closed below 5850 which is 5847..wasn't that breaking the support level which indicate another bearish fall?
I see u live in the states but how do u see the dollar's strength?
I'm not good at CCI but I understand your view in next week's move..well might be a retracement next London open?
Quoting A-speculator
what concerns me about being bearish is the other pairs which suppose to support the down side movement on cable has turned around.

look at aussie, we have a confirmed breakout retest formation on the about 50% of the breakout candle..

kiwi is about the same view as aussie..

ucad we have a long bearish candle to the downside and a retest of the previous resistance which is about 50% of the move also..

swissy we have consolidation in daily and price failed to breakout the range which we still have exposure to the down side on this pair.....
Nice analysis, i like how you try to connect the coble with other pairs. i am agree with your opinion, i closed all bear position also when i knew it was hard to break 15840 area, still above key resistance at 15800. I had many position on friday buy USD CHF, sell fibre and cable and all was closed...much more relax now, for many green pips closed positions....
....only my lovely bears on aussie still remain, i will decide to do cut loss or waiting again tomorrow, now it near my bear for green already.

to predict the direction which way cable will go, I prefer to study the historical behaviour, still looking for similiar pattern and i will try to find the technical also fundamental clue.....i know it's still bullish based on higher time frame like what you said, but for daily trader like me..for short term i also see smaller time frame 5m, 15 m, hourly.....

considering the strong resistance area in 15800-15850, may be it will try to retest 15900, learn from my long floated many bear positition last week, i will try to be more patience on cable, to find better entry position or it will another confusing days.... Just like i said, i can be the bear or the bull, .........

Have a nice holiday mate......
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Quoting A-speculator
what concerns me about being bearish is the other pairs which suppose to support the down side movement on cable has turned around.

look at aussie, we have a confirmed breakout retest formation on the about 50% of the breakout candle..

kiwi is about the same view as aussie..

ucad we have a long bearish candle to the downside and a retest of the previous resistance which is about 50% of the move also..

swissy we have consolidation in daily and price failed to breakout the range which we still have exposure to the down side on this pair.....
There is an "OLD SAYING" "Sell in May & go Away"! We are 16 Days away, I am short till 1.56-1.57 then long till 1.62-1.64
Quoting Red Alert
Nice analysis, i like how you try to connect the coble with other pairs. i am agree with your opinion, i closed all bear position also when i knew it was hard to break 15840 area, still above key resistance at 15800. I had many position on friday buy USD CHF, sell fibre and cable and all was closed...much more relax now, for many green pips closed positions....
....only my lovely bears on aussie still remain, i will decide to do cut loss or waiting again tomorrow, now it near my bear for green already.

to predict the direction which way cable...
nice pip to you too bro..

well, what i'm doing is actually a picking bottom which might get my hands dirty.. as you can see my SL is just below the Friday's low about 20 pips or so..

it's not that big position, 1/5 from my position on friday on cable..

furthermore, i don't expect a sudden jump to the upside either.. if that support hold, we might get to see consolidation above the support for sometime, normally we will see consolidation in 4h or reversal candle on 4h before changing direction..
Attached Image (click to enlarge)
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Quoting Allseeingeye
There is an "OLD SAYING" "Sell in May & go Away"! We are 16 Days away, I am short till 1.56-1.57 then long till 1.62-1.64
there is an "OLD SAYING" also "Buy at support & Sell at resistance".. lol.
Quoting Ill-b-back
Crikey Speculator, I thought you were having some fun with us with an old chart, but I see you are serious, sorry mate, Well done, I like you positive R/R approach Good luck.
yeah, thanks mate..

i see your position and wanna ask you about it but afraid of being targeted again.. lol
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