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Cable Update (GBPUSD)

  • #36,241
  • Oct 18, 2007 2:05pm Oct 18, 2007 2:05pm
What survey ?
  • #36,242
  • Oct 18, 2007 2:07pm Oct 18, 2007 2:07pm
That trendline already got broken LOL
Trade what you see, not what you think.
  • #36,243
  • Oct 18, 2007 2:15pm Oct 18, 2007 2:15pm
Where?????????

A trendline is broken only when price closes below and then continues.

Dipping your toe in the water is not the same as taking a dive in the pool.

Don't you know that by now.

Besides I guess you didn't read my comments with the chart as to why I draw trendlines the way I do.
  • #36,244
  • Oct 18, 2007 2:19pm Oct 18, 2007 2:19pm
Quoting SunTrader
Where?????????

A trendline is broken only when price closes below and then continues.

Dipping your toe in the water is not the same as taking a dive in the pool.

Don't you know that by now.

Besides I guess you didn't read my comments with the chart as to why I draw trendlines the way I do.
The hourly candle closed 20 mins ago, and I'm not trading based on that trendline. I mentioned earlier that a bearish butterfly pattern was forming, well it's playing out now, let's see how low it goes.
Trade what you see, not what you think.
  • #36,245
  • Oct 18, 2007 2:25pm Oct 18, 2007 2:25pm
Oh Ok, nevermind.

I saw your posts before looking at a live GU chart. I trade many other markets besides GU/EU.

I myself don't see much weakness at the moment, so I would be suprised if there is a big move before London re-opens.
  • #36,246
  • Oct 18, 2007 2:29pm Oct 18, 2007 2:29pm
Also it looks like Dow will be closing positive or not very negative on the day. Even though lately Cable has started to diverge from what the indexes are doing - it does help support GU for the time being.
  • #36,247
  • Oct 18, 2007 2:38pm Oct 18, 2007 2:38pm
I'm with you on that one. About to post in trading room forum, it really does look nice. Good luck.

Quoting karmostaji
The hourly candle closed 20 mins ago, and I'm not trading based on that trendline. I mentioned earlier that a bearish butterfly pattern was forming, well it's playing out now, let's see how low it goes.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #36,248
  • Oct 18, 2007 2:40pm Oct 18, 2007 2:40pm
Good day to all i hope all is well.
If I Go Broke Trying Then I Will die happy.
  • #36,249
  • Oct 18, 2007 2:44pm Oct 18, 2007 2:44pm
Quoting SunTrader
What survey ?

The one I saw on CNN, if that has any credability
Just Trade It
  • #36,250
  • Oct 18, 2007 3:09pm Oct 18, 2007 3:09pm
Quoting Moe
Good day to all i hope all is well.
Not really this shithole currency unable to keep levels once reached. I know karmo was warning about the pattern and I can see it too. It is just plain unbelievable that after crashing that idiot level it cannot keep up... Whatever *^£"^£*&"^£*&"£
.
  • #36,251
  • Oct 18, 2007 3:10pm Oct 18, 2007 3:10pm
Well this is from the Economist. Not exactly one of my favorites either:

"Every recession since 1945, with the exception of the one in 2001, was preceded by a sharp rise in inflation that forced the central bank to raise interest rates".

Although inflation is much higher then the beancounters in DC are telling the masses, it is definitely not sharply rising. Not yet anyway. So they may prime the economic pumps once again keeping recession off further. No two economists can ever agree.
  • #36,252
  • Oct 18, 2007 3:10pm Oct 18, 2007 3:10pm
Quoting Moe
Good day to all i hope all is well.
And I am loaded with a couple of standard lots. So it is better to start to go up.
.
  • #36,253
  • Oct 18, 2007 3:11pm Oct 18, 2007 3:11pm
Break below the trendline continues!!!!
  • #36,254
  • Oct 18, 2007 3:13pm Oct 18, 2007 3:13pm
I think 2.0400 area will hold though.
  • #36,255
  • Oct 18, 2007 3:18pm Oct 18, 2007 3:18pm
Sup Moe
Patience + Humility + Study = Success
  • #36,256
  • Oct 18, 2007 3:34pm Oct 18, 2007 3:34pm
This could very easily be just some profit taking/correction and then start going up again, it would have been very weird if it just kept going up without correcting. It looks pretty normal to me.....unless news on GDP is really bad tomorrow....
"Lunch ? Lunch Is For Wimps !"
  • #36,257
  • Oct 18, 2007 3:49pm Oct 18, 2007 3:49pm
Quoting MrFuture
This could very easily be just some profit taking/correction and then start going up again, it would have been very weird if it just kept going up without correcting. It looks pretty normal to me.....unless news on GDP is really bad tomorrow....
Yeah, well I know this bit too.
.
  • #36,258
  • Oct 18, 2007 4:13pm Oct 18, 2007 4:13pm
or not.
i wanted to show this chart with a possible evolution (i posted something similar some time ago). price is at wave b level, and as you can see, still in the potential reversal zone (which goes from 0.618 to 0.886, sometimes even 0.93). run a fibo to figure out more details... i also see a bearish divergence on RSI (same thing is on CCI and W%R).
these should be enough to consider a short setup. even if price goes higher, let's say 2.0538 area (i would even say until 2.0652 is broken). however, i will not enter new trades at this moment. today i've seen g-u and g-j going in opposite directions and even if i squeezed some profits out of a g-u short, i think it's wise to stay flat.

p.s. if price goes down, it probably won't drop that low. there is another trendline, which combined with a fibo gives 2.0178. i think that's a more suitable target for a bearish move.

Quoting MrFuture
This could very easily be just some profit taking/correction and then start going up again, it would have been very weird if it just kept going up without correcting. It looks pretty normal to me.....unless news on GDP is really bad tomorrow....
Attached Image (click to enlarge)
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Nihil Sine Deo.
  • #36,259
  • Oct 18, 2007 4:24pm Oct 18, 2007 4:24pm
Hows that...???? No flys, no waves, just plain lines????
Attached Image (click to enlarge)
Click to Enlarge Name: gu_trend.PNG Size: 134 KB
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  • #36,260
  • Oct 18, 2007 4:35pm Oct 18, 2007 4:35pm
Quoting bullrock
Hows that...???? No flys, no waves, just plain lines????
No lines, No waves just my custom indicators
Attached Image (click to enlarge)
Click to Enlarge Name: charts.gif Size: 28 KB
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