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Cable Update (GBPUSD)

  • #279,181
  • May 15, 2011 7:12am May 15, 2011 7:12am
Watch This - at least this video will give you an idea for the direction of EURO for the longer term


http://www.youtube.com/watch?v=2Q1R35WXZLc


enjoy the video
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  • #279,182
  • Edited 10:09am May 15, 2011 9:52am | Edited 10:09am
Thanks - MrleeForex really very interesting.

Funny, I was going to point out that in my view the Euro is still going down to around 13900 and then I read Sive Morton signal just now:
There is a bearish context. Probably market will reach 1.3950 area before any pullback could start. Anyway, we need some turning in intraday momentum, prior to even think about long positions.

So with the poor economic news weighing cable down as well as the fact that no sign of interest rate rise, I can't see any reason to buy GBP also at the moment!

Still I may be wrong and Monday might see retracement. Usually though after a big move the market is very choppy so I doubt if I'll be trading tomorrow until we see which way the wind is going to blow!
  • #279,183
  • May 15, 2011 2:00pm May 15, 2011 2:00pm
Quoting Phil Warran
on 2nd look, once we reach the daily 200ema, the 1hour 200ema will probably be sitting around the latest point of what is now resistance at 6245 which is exactly the 68.2 retrace on the daily and is clearly respected as such on the 1 hourly timeframe.
Man, 61.8 retrace, I need more sleep
  • #279,184
  • May 15, 2011 3:02pm May 15, 2011 3:02pm
hello all
hope is/was a good weekend
i had good rest and relax time
i hope this will be a better than previous for me
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  • #279,185
  • May 15, 2011 3:18pm May 15, 2011 3:18pm
Idea for next few days on 1 hour chart. Crude i know but I don't know about drawing tools available to me. Lower red line is daily 200ema at 1.6 whole number and highs of August last year. back up to current 61.8 retrace, resistance zone and base of head and shoulders pattern and where 1 hour 200ema should be by then. After this, it could head furthe up to the 4 hour 200ema or back down, not sure. Any thoughts?
  • #279,186
  • May 15, 2011 3:22pm May 15, 2011 3:22pm
i think possible 2 ways : up or down. lolz
i drawn those levels in m15.
any further suggestion, please?ù

tks
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  • #279,187
  • May 15, 2011 3:22pm May 15, 2011 3:22pm
Quoting Phil Warran
Idea for next few days on 1 hour chart. Crude i know but I don't know about drawing tools available to me. Lower red line is daily 200ema at 1.6 whole number and highs of August last year. back up to current 61.8 retrace, resistance zone and base of head and shoulders pattern and where 1 hour 200ema should be by then. After this, it could head furthe up to the 4 hour 200ema or back down, not sure. Any thoughts?
Whoops, Attachment
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  • #279,188
  • May 15, 2011 3:28pm May 15, 2011 3:28pm
switching in m30 same chart looks like possible more up from here
anyway i wait for breake up or down
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  • #279,189
  • May 15, 2011 3:34pm May 15, 2011 3:34pm
Quoting Phil Warran
Whoops, Attachment
hello,
sorry for my question i could be wrong, just need to share it.
isn't it neckline in 6162 (near) line?
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  • #279,190
  • May 15, 2011 3:49pm May 15, 2011 3:49pm
Quoting Phil Warran
Idea for next few days on 1 hour chart. Crude i know but I don't know about drawing tools available to me. Lower red line is daily 200ema at 1.6 whole number and highs of August last year. back up to current 61.8 retrace, resistance zone and base of head and shoulders pattern and where 1 hour 200ema should be by then. After this, it could head furthe up to the 4 hour 200ema or back down, not sure. Any thoughts?
i agree on daily 61% fibo and daily ema 200 are 2 good levels to think on a up/down into this area.
i drawn and wrote it big on my chart, near those levels price can give good pullbacks
6060 is also 85,4% same retrace.
i think will be both tested next days
90% of traders use TA, indicators and prediction
  • #279,191
  • May 15, 2011 3:52pm May 15, 2011 3:52pm
Quoting _BBKing_
hello,
sorry for my question i could be wrong, just need to share it.
isn't it neckline in 6162 (near) line?
I see what you are saying. If you take the extremes of price movement then yes. I tend to focus on multiple reasons for a decision and look at where the mass of whipsaw action takes place. I see 6245 as the base since this is the area of what was the most recent area of support (to the left of the body) that has now become resistance and whipsaw activity, it is also the 61.8 retrace on the daily which price closed below on Friday. I feel this could be be a sub important zone for the day / swing trader for the next few days or more.
  • #279,192
  • May 15, 2011 4:01pm May 15, 2011 4:01pm
Quoting Phil Warran
I see what you are saying. If you take the extremes of price movement then yes. I tend to focus on multiple reasons for a decision and look at where the mass of whipsaw action takes place. I see 6245 as the base since this is the area of what was the most recent area of support (to the left of the body) that has now become resistance and whipsaw activity, it is also the 61.8 retrace on the daily which price closed below on Friday. I feel this could be be a sub important zone for the day / swing trader for the next few days or more.
yes true!
thanks.
imo 6226-6230 maybe 6250 shuld come as test
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  • #279,193
  • May 15, 2011 4:02pm May 15, 2011 4:02pm
Quoting _BBKing_
i agree on daily 61% fibo and daily ema 200 are 2 good levels to think on a up/down into this area.
i drawn and wrote it big on my chart, near those levels price can give good pullbacks
6060 is also 85,4% same retrace.
i think will be both tested next days
You must type faster than me Mr King,
  • #279,194
  • May 15, 2011 4:10pm May 15, 2011 4:10pm
Quoting _BBKing_
yes true!
thanks.
imo 6226-6230 maybe 6250 shuld come as test
Yes, I am jumping in early this morning (Australian time) at 6220 as this gives me around a 10/1 risk reward down to 1.6 with 1 or 2 closed hour bars above 6245 as my stop and I hate missing retracement entries by a pip or 2 for a 200+ pip move.
  • #279,195
  • May 15, 2011 4:13pm May 15, 2011 4:13pm
Quoting Phil Warran
You must type faster than me Mr King,
uhm
i think is due to fxfactory reloads
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  • #279,196
  • May 15, 2011 4:17pm May 15, 2011 4:17pm
It was quite a firm break below the 61.8 retrace so I would not bother with any pending orders above 6225, as I don't think it will come all the way up and retest the true support zone at 6245.
  • #279,197
  • May 15, 2011 4:36pm May 15, 2011 4:36pm
Quoting redbeben
I have to calculate it

I think I posted a really long term calculation some months ago but I am to lazy to look for it now
I will re=do it as soon as possible
I can't wait to see your latest calculation since the recent ones were so accurate and since I need some hope for 1.65x levels soon
  • #279,198
  • May 15, 2011 4:38pm May 15, 2011 4:38pm
6044-6750 has a huge potential for massive pips as an oscillator in the mid term
  • #279,199
  • May 15, 2011 4:39pm May 15, 2011 4:39pm
Quoting Wulfgar
6044-6750 has a huge potential for massive pips as an oscillator in the mid term
what is considered as mid term in forex?

6months? or 3 months?
  • #279,200
  • May 15, 2011 5:09pm May 15, 2011 5:09pm
Quoting jmtini
Thanks - MrleeForex really very interesting.

Funny, I was going to point out that in my view the Euro is still going down to around 13900 and then I read Sive Morton signal just now:
There is a bearish context. Probably market will reach 1.3950 area before any pullback could start. Anyway, we need some turning in intraday momentum, prior to even think about long positions.

So with the poor economic news weighing cable down as well as the fact that no sign of interest rate rise, I can't see any reason to buy GBP also at the moment!

Still...
You're welcome

As I expected everything goes as I expected it was just a retracement
GU is going to southpole
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