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Cable Update (GBPUSD)

  • #55,301
  • Feb 21, 2008 4:51pm Feb 21, 2008 4:51pm
Quoting bullrock
Only if I reverse my screen.
Humble Lifetime Member
  • #55,302
  • Feb 21, 2008 4:57pm Feb 21, 2008 4:57pm
Quoting mktjong
BullRock, what makes you think it is continue to trend up? Mind to share? Thanks.
Basically, the PROBABILITY and the statistics says that the reversal days like that, first day is over 200 pips, continues for lasts of about 2-3 days without interruption. Plus the GU broke an imprtant trendline. So there is the trendline trade. Then the GU broke a very imprtant resistance zone as well. It would be very difficult to go back.

Hope this helps
BR
.
  • #55,303
  • Feb 21, 2008 5:00pm Feb 21, 2008 5:00pm
Quoting bullrock
Basically, the PROBABILITY and the statistics says that the reversal days like that, first day is over 200 pips, continues for lasts of about 2-3 days without interruption. Plus the GU broke an imprtant trendline. So there is the trendline trade. Then the GU broke a very imprtant resistance zone as well. It would be very difficult to go back.

Hope this helps
BR
Thanks for the chart! It is all starting to make sense when the pieces fall in place.
Humble Lifetime Member
  • #55,304
  • Feb 21, 2008 5:32pm Feb 21, 2008 5:32pm
Happy trading…
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  • #55,305
  • Feb 21, 2008 6:16pm Feb 21, 2008 6:16pm
Quoting salah k.
i was thinking about it but it seems risky.
all my technicals so far indicate a correction to the 9550 area but cables bullish momentum seems invincible.
This move is a bit weird.

After a strong move like that there is normally a slow retracement in the opposite direction. Price broke the strong downtrend line - just - and has since gone sideways in a 30 pip range.

MACD divergence on H1 and H4 doesn't indicate a retracement.

Certainly seems to be an exceptionally strong move but wouldn't surprise me if it retraced to the upper side of the downtrend line and followed it down before surging up on LO.
Darkness lies one inch ahead..
  • #55,306
  • Feb 21, 2008 6:25pm Feb 21, 2008 6:25pm
Quoting TraderJR
This move is a bit weird.

After a strong move like that there is normally a slow retracement in the opposite direction. Price broke the strong downtrend line - just - and has since gone sideways in a 30 pip range.

MACD divergence on H1 and H4 doesn't indicate a retracement.

Certainly seems to be an exceptionally strong move but wouldn't surprise me if it retraced to the upper side of the downtrend line and followed it down before continuing up on LO.
at this point i am really confused. im just gonna wait it out.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #55,307
  • Feb 21, 2008 6:33pm Feb 21, 2008 6:33pm
My target for C wave swingup is 1.9983 (C=A) next week.
wave A being the earlier previous swingup 1.9335/1.9957
wave B being the last downswing.

But today, cable may retrace wave (1) of C to 1.9545/1.9500

Have a nice day !
  • #55,308
  • Feb 21, 2008 6:52pm Feb 21, 2008 6:52pm
Quoting Carrera
Just my analysis, any comments welcome.

My target zones are about the same as yours

I see 197 as a strong probable reversal level if that does not happen then we are surely going much higher

http://bp1.blogger.com/_soa35Q8-2NA/...48.gublog2.GIF

Just my analysis base on pattern
  • #55,309
  • Feb 21, 2008 7:01pm Feb 21, 2008 7:01pm
Cable's firmness suggests intra-day upmove has
resumed n further gain to 1.9639 is envisaged, how-
ever, o/bot condition shud limit upside to 1.9670/
80 n risk fm there has increased for a much-needed
minor correction later.

Hold long with stop as indicated, break wud pro
long choppy trading n risk weakness to 1.9560/70
  • #55,310
  • Feb 21, 2008 7:28pm Feb 21, 2008 7:28pm
deboooo...
i join you for sure....uhm.. for short @1.9631.
Never Give Up.....
  • #55,311
  • Feb 21, 2008 7:34pm Feb 21, 2008 7:34pm
...this thing will go down tonight,waiting for 9605 to ride it down for another 100pips!
  • #55,312
  • Feb 21, 2008 7:35pm Feb 21, 2008 7:35pm
Quoting salah k.
i was thinking about it but it seems risky.
all my technicals so far indicate a correction to the 9550 area but cables bullish momentum seems invincible.
Don't think it's going up... see trading volume..

A good way to quantify expectations following a breakout is with the volume associated with the price breakout. If prices break through the support/resistance level with a large increase in volume and the traders’ remorse period is on relatively low volume, it implies that the new expectations will rule (a minority of investors are remorseful). Conversely, if the breakout is on moderate volume and the "remorseful" period is on increased volume, it implies that very few investor expectations have changed and a return to the original expectations (i.e., original prices) is warranted.
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Trade the reaction, not the news!
  • #55,313
  • Feb 21, 2008 7:46pm Feb 21, 2008 7:46pm
Cable is so stubborn!!

Darn you!! Are you going to retrace or what???

WTH!!!
  • #55,314
  • Feb 21, 2008 7:56pm Feb 21, 2008 7:56pm
The current candlestick on Cable And GBPJPY is very hard to ignore.
  • #55,315
  • Feb 21, 2008 8:23pm Feb 21, 2008 8:23pm
Quoting Malaysia
Got the CS shadow breaching 50% Retracement 61.8% to come... 100% even better... but not today... need more GREEN news from UK. Remember... for CABLE... average around 100 to 200 pips movement in a day. More than that... RARELY happen.

Quoting Malaysia
I just SHORTED exactly at 61.8% Fibbo.... SCALPING for possible price correction from the surge UP. This kind of trade very RISKY since it's against the momentum.

Safer side... BUY FROM DIP if Cable stays above the Daily Pivot (US Session)... Patience is needed. Might Break the Channel Resistance. If Fail to break it.... I'll be Lucky of Shorting from Top. I'll place a tight SL.


Quoting Malaysia
Placing SL at BE... and TP at a few pips above 38.2% Fibbo retracement (around Pivot Point).

Got to SLEEP now... not enough sleep last night.

Nite nite everyone... See ya la'er alliga'or!!!

As predicted yesterday... CABLE is heading towards 100% Retracement now.... will it break the Ceiling?

I said very Risky to go AGAINST the momentum... I did the opposite thing by SHORTing last night for SCALPING... did get GREEN pips more than 30pips. That was an accurate Entry for SCALPING. However, I was GREEDY. Should have Bank in the profit before I went to bed. I let it float.... and guess what? Hit the SL. Lucky... Lucky... SL at BE... BREAK EVEN. No win Nor Lose

On the DAILY CHART... CABLE already penetrate the CHANNEL RESISTANCE... and a new candle is forming nicely above it. STRONG BULL BIAS.... I am favoring BUY FROM DIP strategy for this pair... meaning just let the retracement down... then BUY when CABLE find the DIP. No more SHORT for CABLE for me... unless it fall back inside the CHANNEL and remains strong Below DAILY PIVOT or there will be NEWS that can cause CABLE to REVERSE down again.

Opsss... it's already FRIDAY. Expecting ROLLER COASTER ride today
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  • #55,316
  • Feb 21, 2008 8:25pm Feb 21, 2008 8:25pm
Quoting lessy
deboooo...
i join you for sure....uhm.. for short @1.9631.
hit my SL @1.9650.....
aaaacchhhhhh.......fake signal.....
Never Give Up.....
  • #55,317
  • Feb 21, 2008 8:33pm Feb 21, 2008 8:33pm
very confusing,nothing works here...i'm thinking about staying out or short at 9605,this is greed bcause i made tons of pips this week but still i want more...this is crazy i think & needs to control myself!
  • #55,318
  • Feb 21, 2008 8:42pm Feb 21, 2008 8:42pm
There isn't any room for the stochs to go up. LOL
  • #55,319
  • Feb 21, 2008 8:48pm Feb 21, 2008 8:48pm
Quoting 30pips
very confusing,nothing works here...i'm thinking about staying out or short at 9605,this is greed bcause i made tons of pips this week but still i want more...this is crazy i think & needs to control myself!
30pips, i know that i'm not as good as you...
but, if you had made tons of pips....
why don't you not take a vacation & have fun for weekend....
at least you could avoid the risk...
greedy is the enemy right?

PS: you don't have to listen to me buddy....
Never Give Up.....
  • #55,320
  • Feb 21, 2008 8:53pm Feb 21, 2008 8:53pm
Quoting mazdaz
There isn't any room for the stochs to go up. LOL
At which time frame you are referring to?

As for me... Risk Management analysis. It's a lot RISKIER to SHORT this pair now rather than to go LONG.

Already breaking CHANNEL on Daily chart. The way I see it... It's a lot safer to be patience... just let for it to retrace... then BUY FROM DIP.

This is my PLAN from my own analysis.

T.A.Y.O.R >>>> Trade at your own risk.
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