Cable Update (GBPUSD)

Oh, ... think twice, ... its just another day for you and me in paradise ...
:

i couldn't stand the heat.

today is the worst day to trade ever!!

your trend line/ channel drawing is all wrong.

http://www.forexfactory.com/attachme...1&d=1182267000

i mean seriously wrong. please don't tell me this is how you really draw t-lines and/or channels.

you hurt my feelings bravado, c'mon... What? missing emoticons there?

my eddie sl triggered for -300 pipis.

i think i'm feeling a little sick right now. upset stomach and such. i think its something i ate. but please everbody, no need to be worried about me, i'll be ok. just feeling a bit nauseated and dizzy is all. i'll be fine. you all go ahead and trade without me. just go and leave me here. i'll be fine..

I don't see this Bull (long) run stopping until about 9910/9930 area and then
turning for a Bear (short) ride back down for another 100/150 pip sell.

I'm actually ready to buy more once this small retrace ends and starts to head back up.

long from 9719

i closed all my longs.... and I shorted @ 9871... bears welcome

Long 9878

long @ 9880.

God bless the giving souls
Of our nine Carolina brothers.

“Thank you guys for all you did,
And for your souls we pray”

http://i14.tinypic.com/66lnr01.jpg

Been a pretty steady pattern of a mid week high and pivot from there.

GbpUsd weekly range of motion(ROM) The pink line is this years weekly average range (WAR) and the blue line shows the weekly (ROM) for all the weeks this year

GbpUsd (WAR)

GBP/USD Daily Pivots: (S1) 1.9774; (P) 1.9807; (R1) 1.9863;

Cable's rise from 1.9657 extends further to as high as 1.9877 in early US session. At this point, intraday bias remains on the upside as long as 1.9824 minor support holds. Prior break of 1.9792 cluster resistance (50% retracement of 1.9968 to 1.9621 at 1.9795) turned short term outlook neutral and indicates that a stronger rebound could now be seen towards short term falling trend line resistance (now at 1.9921). On the downside, below 1.9824 minor support will turn intraday bias back to the downside. But break of 1.9657 support is needed to signal the completion of corrective rise from 1.9621. Otherwise, another rise could still be seen.

In the bigger picture, cable is now at a juncture. As discussed before, an important medium term top could be in place at 2.0132 already. Firstly, the whole up trend from 1.7047 is not clearly impulsive. The preferred interpretation is that rally from 1.7047 ended with three waves up to 1.9024. Subsequent correction ended at 1.8090. Rally from 1.8090 has already met mentioned target of 100% projection of 1.7047 to 1.9024 from 1.8090 at 2.0067. Secondly, regardless of the larger trend, rise from 1.8090 can be interpreted as being a five wave sequence with first wave ended at 1.9142, second at 1.8517, third at 1.9913 and fourth at 1.9183. The channeling property supports this interpretation too. In such case, the fifth wave rally from 1.9183 has also met target of 61.8% projection of 1.8517 to 1.9913 from 1.9183 at 2.0046 too. With bearish divergence condition remains in weekly MACD and RSI, as well as daily MACD and key 2.0106 resistance (92 high) not decisively taken out, 2.0 132 could be the important medium term top already.

Focus is on the medium term rising channel support. Sustained break of this support will confirm that the whole rally from 1.8090 has completed and add much credence to the case that an important medium term top is already formed. Much deeper decline should then be seen in medium term, towards 1.9183 low first.

However, cable is still being supported by mentioned medium term rising channel support (now at 1.9663). Current strong rebound, if followed by a break of 1.9968 resistance, will indicate that fall from 2.0132 is merely a correction and has completed. That is, retest of 2.0132 high could then be seen before making the medium term top.

mighty quiet in here

anyone going against the trend and shorting at this point?

Well, my ten penneth thinks do nothing until after news. I reckon if we get a 7-2 its a long, anything less and we go short.

still long....

8-1 or 9-0 = bearish and GBP to drift weaker
6-3 or 5-4 = GBP will go up

well some UK stocks open higher , it should be bearish if not > 4 vs 5

lets see