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Attachments: Cable Update (GBPUSD)
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Cable Update (GBPUSD)

Quoting shadeslay
looks pretty crossed up right now and trapped under the S1 pivot, I do have the 15 min and 30min coming up rather weakly but the 1hr is still bottoming. Also 4hr and daily are still coming down pretty good. Not a trade I would take just yet, but then it's not like I know everything.


lol it's really testing that support line, crawls up then shoots right back.
so u mean to say it can go up now or no or will it go down more
I mean it's likely to stay in a close range, at least until the aud and jpy markets open.

Most times without support from the 15 minute chart, the 5 minute chart will not make big move. So when you get a bunch of time frames going in different directions. The moves tend to be smaller because they work against each other. The higher time frame charts (30min, 1hr etc.) can add some support, but with to many time frames mixed up and support and resistance pivots near it just makes it that much more difficult for it to make a move.
A large view of support and resistance and fib confluence on D1, what do you think??
Attached Image
It is downtrend from my opinion.
A question to the experts:
when do we know that the cable downtrend has started??
Quoting ashlee_17
A question to the experts:
when do we know that the cable downtrend has started??
hasn't started yet.
BAM BAM BOOM! -bravado
anyone opening positions for down trend yet?
Quoting Tatton
anyone opening positions for down trend yet?
I have a small open short position at 1.9780. But i am not sure i will keep it open. many of the experts say that the downtrend has not started yet.
Depends which time frame you are on

Trend is down on 1 or 2 hour chart sinced 18th Apri

Trend is Up on daily or weekly charts
in terms of price level, i dont believe that the funnymental projections give a compelling reason for cable to remain below 1.98 in the next few months. course the market may not agree.
Well the 9750/60 area is being reported as key support, to keep the bulls positive.

9999 May 9 Hi
9993 May 2 Hi
9984 Fib 21032 / 9745 61.8

9973 May 9 Intra Hi

9962 May 10 Hi

9947 May 10 Intra Hi

9939 Fib 21032 / 9745 50.0
9927 SBR Med
9920 May 10 Ret Hi

9910 May 10 Ret Hi

9906 May 10 Ret Hi
9902 Fib 9999 / 9745 61.8

9893 Fib 20132 / 9745 38.2
9873 May 16 Hi
9872 May 15 Hi

9845 SBR Med
9843 May 16 Ret Hi

9828 Fib 9873 / 9756 61.8

9815 Fib 9873 / 9756 50.0

9804 SBR Med
9804 May 16 Ret Hi
9801 Fib 9873 / 9756 38.2

9789 May 16 Ret Hi
9782 Asian Hi
9780/00 Offers MNI








9756 May 16 Lo
9750/60 Bids + Stops Below MNI

9745 May 14 Lo

9724 Apr 12 Lo

9690/10 Bids MNI

9658 Fib 9183 / 20132 50.0

9612 Apr 10 Lo

9591 Apr 9 Lo

9554 Mar 21 Sess Lo

9546 Fib 9183 / 20132 61.8
Quoting ashlee_17
A question to the experts:
when do we know that the cable downtrend has started??
Only fundamentals can broke a trend... and we possibly see another hike on GBP
At the moment price action is confined within the down trend channel (1hr).

Looks like a ranging London session until US news and "calm down" explanation from Greenspan for recent "misinterpreted" comments on the economy. This will be followed later by encouraging words for the economy from Bernanke.

Could see further downward movement later in the day.
Attached Image (click to enlarge)
Click to Enlarge Name: trendchannel.jpg Size: 57 KB
Yep all about the fundies now, it sure looks like it wants too come down, it won't take much of a push at all to come down.
You need to believe your own analysis rather then take others opinion to sell or to buy. Others opinion just to help you, went it necessary.

Quoting ashlee_17
I have a small open short position at 1.9780. But i am not sure i will keep it open. many of the experts say that the downtrend has not started yet.
I concur, listen to yourself and your system first. It's fine to get the overall sentiment of other traders. But you you should take your trades based on what your system tells you.
why can't cable go 2 days in the same direction???

one day down, the other up, then dowm, then up, damn it!
Not true , it does always go to the right
:
Quoting camisa
why can't cable go 2 days in the same direction???

one day down, the other up, then dowm, then up, damn it!
lol who will pay for this up and down then?
Quoting camisa
why can't cable go 2 days in the same direction???

one day down, the other up, then dowm, then up, damn it!
Lol that's what I love about cable it's a swing traders paradise.
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