Cable Update (GBPUSD)

something i got of another thread here. when frankfurt opens, the market moves one direction to take out stops one way, then goes the other way when britain opens, then goes in the direction it first started.

tp1 just hit - sl to b/e

lucky for me it did not hit 9486, my stop loss.

Nope. Needs to retrace to the 1.9540-50 level for me to be happy.

I agree, well, not to be happy, but at least to go short.

I'll be selling some overvalued gbp/jpy soon..

So it is still battering around the 1.9500 mark, it will be interesting this morning to see which way in goes, my guess is still for the upside, but I will wait and see.

yeap...thats a roger here too...way to high. Go YEN go!

I can only imagine that the 4:30 news release would be the catalyst to drive the pair up to the forementioned fibo levels. Nevertheless, there should be enough resistance there to hold, and eventually the pair should drop down in anticipation of the US release. Once this happens, we should be back on our way down. As for now, price is stalling on my scalp so I will exit second position for 14 pips and wait for my opportunity to short. My first short will be if price reaches 9540, second and more agressive short will be placed on any reversal up to 9575. Price projections will be determined once price has turned, and stops will be placed around 9615 in case my comp goes nuts again, however, they will be executed manually depending on how price behaves around top of 2nd fibo cluster @ 9584.

if this doesn't teach me patience, nothing will!!!

Hi guys... just woke up.. Where are you guys at? Asia did'n retrace it, now what?...

Tell me about patience...

I used to do this exercise that really got me to value time and how much of it really exists within the modes in which it is measured. Lay down and mark the time. Then count to 3600 one second count. If when you are done, you are off by over 3 minutes, start over. At first, you will find yourself speeding to the hour, but if you force yourself(punish yourself) to continue doing this until you get it right, you will value the rythm of the second and learn how to resist the temptation of speeding to the next second. This exercise in patience has helped me immensely in more things than I can possibly write down, from sex to trading.

We can not dictate to the market. We must be patient and take when it decides to give !!

Morning traders.

It seems that our 'girl' is retesting the yesterday's low. Just retesting, it has not power to go down now. On the 15 min chart has formed a channel making good opportunities for scalpers. I already done 20 pips.

As for the next hours i want to see a retracement to the Central PP which is a 38.2 retracemet from the yesterday's high to the yesterday's low, and an old low ( day before yesterday ). There i will go short, looking for the second leg of this downtrend.

Meantime I will scalp, entering long each time the price will be at 1.9495. If the price will go over 1.9537 i will stay long till the Central PP ( 1.9579 ). And....i am again long.

Good hunting !

update - 2nd fib cluster now at 9556-9571. First fib cluster for my 1st short entry will now be @ 9525.


I will keep updating this page as it changes!

I would assume everyone took the trigger. As patience pays on the entry, so it will on the exit !!

Whats wrong with cable?? start going down??

I didn't take it, still not confident in this move, will see how price closes at 5AM to see if I need to rethink my current view which is that it will retrace soon. Just an opinion

This move currently is still EURGBP driven, but I hope euro and swissy will join in on dollar buying...

Been short since 1.9495 (woke up too late) on double day down logic and early entry into the BEOB break lower.

my bubble indicator looks like its going to burst on the 400 tick chart, can sometimes give hint of large retracement, perhaps 100 pips up to 9550 area.