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Cable Update (GBPUSD)

  • #63,221
  • Apr 29, 2008 6:26am Apr 29, 2008 6:26am
god damn it it must find that sell button

ok im looking at my weekly plan right now and thinking I might burn it (joke) No this is area and price I have thought about.(1.9733)
If price dose in fact carry on im selling.
Were in an old consolidation zone.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,222
  • Apr 29, 2008 6:33am Apr 29, 2008 6:33am
i actually stopped half of my sell im thinking it might correct a bit maybe to 9800 area

probably then i will enter again if news for US is confirmed to strengthen dollar.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #63,223
  • Apr 29, 2008 6:41am Apr 29, 2008 6:41am
Well im not exactly expecting a bounce after that and am surprised we did not hit 9700 yet. (daiy S2 and where that support TL is.
We may stay in consolidation till news?
Certainly looks ready to go lower.

Quoting salah k.
i actually stopped half of my sell im thinking it might correct a bit maybe to 9800 area

probably then i will enter again if news for US is confirmed to strengthen dollar.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,224
  • Apr 29, 2008 6:58am Apr 29, 2008 6:58am
Hey guys,

I am long..... and on the wrong side of it as well.... Holding three positions 1.9886, 1.9809 and 1.9745...... hmmm and still US news to get through
  • #63,225
  • Apr 29, 2008 6:59am Apr 29, 2008 6:59am
We are set with lower highs for the time being ......
Break of 1.9600 will clarify the trend.
Critical 2/3 days coming up.
  • #63,226
  • Apr 29, 2008 7:13am Apr 29, 2008 7:13am
GUYS, 9730 level is the key, no doubt about it. The faster we get below this and tart using it as resistance, the better. And I done mean 10 or 15 pips below either, Im talking 50. This Daily Support area has been used as support and res. several yimes in the past.
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  • #63,227
  • Apr 29, 2008 7:16am Apr 29, 2008 7:16am
I have a feeling, (if past history at this level can be used) there is going to be a little retracement on hitting 9700. I have a couple limit orders waiting for it...going to try and squeeze 30 pips out of it
  • #63,228
  • Apr 29, 2008 7:17am Apr 29, 2008 7:17am
Its intresting Rob that whole shooting star formation is not as bearish on my 4 hour I mean on yours the highest candle is a rather nice bearish pin and you have a Doji prior to that.
My highest candle I saw as bearish but it had a larger body.





Quoting priceaction
Humpty Dumpty sat on the wall ...ready to fall.
Just like cable since yesterday morning.

Short at 1.9887 riding a nice yellow wave (or the yellow brick road) - some analysis shown below.

Rob
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,229
  • Apr 29, 2008 7:20am Apr 29, 2008 7:20am
Lowest uk mortgage approvals on record/Boe king's dovish stance/CBI worst than expected Apr report added up to a bearish intraday sell £ market -vs= $ today so far.

9700-9680 looks a potential support area, Mni taliking about bids there with stops below. Area houses Daly S2 969809704, Friday's lows at 9676 area, the already breeched fib 23.6% 0831-9337, andf of course that 1hr descending potential support t/line (as yet untested.)

Price is 191 Hi-Lo today so far, y/day 184. Other range averages below.

Any close below 9831 resulst in a Bearish engulfing (of body) Dly candle.
Attached Image
ex member
  • #63,230
  • Apr 29, 2008 7:20am Apr 29, 2008 7:20am
Quoting Bones
Well im not exactly expecting a bounce after that and am surprised we did not hit 9700 yet. (daiy S2 and where that support TL is.
We may stay in consolidation till news?
Certainly looks ready to go lower.
i dont know bro i mean US consumer confidence might come a little weaker than expected.

so that might trigger a retracement maybe till 9780 but for sure dollar will come back stronger wednesday.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #63,231
  • Edited 8:08am Apr 29, 2008 7:42am | Edited 8:08am
Note the shooting star on the monthly.
Correction thanks to Hard1Head1: this is not a shooting star. But the picture that I see from the formation remains bearish.

 We've already seen the April candle creep half way up the wick of the March candle and now make its way back down.
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  • #63,232
  • Apr 29, 2008 7:48am Apr 29, 2008 7:48am
We are now going to test this level.....Will it hold????
  • #63,233
  • Apr 29, 2008 7:49am Apr 29, 2008 7:49am
Quoting Bones
Its intresting Rob that whole shooting star formation is not as bearish on my 4 hour I mean on yours the highest candle is a rather nice bearish pin and you have a Doji prior to that.
My highest candle I saw as bearish but it had a larger body.
Tone, it could be due to differing candle times and the price action which goes into the making of each candle.

I'm on Central European Time and my 4 hr candles start at 8am, 12pm, 4pm, etc that's CET, which is one hour ahead of UK time.

Rob
  • #63,234
  • Apr 29, 2008 7:57am Apr 29, 2008 7:57am
Hey Guys, A shooting star has to come at the end of an uptrend. When I took my candle stick classes this is what I was taught. It must look like the picture below.

Quoting priceaction
Note the shooting star on the monthly.
We've already seen the April candle creep half way up the wick of the March candle and now make its way back down.
Attached Image
  • #63,235
  • Apr 29, 2008 8:02am Apr 29, 2008 8:02am
Comments appreciated. Does anyone confirm?
  • #63,236
  • Apr 29, 2008 8:03am Apr 29, 2008 8:03am
Yea the time difference is probley the reason ,im GMT




Quoting priceaction
Tone, it could be due to differing candle times and the price action which goes into the making of each candle.

I'm on Central European Time and my 4 hr candles start at 8am, 12pm, 4pm, etc that's CET, which is one hour ahead of UK time.

Rob
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,237
  • Apr 29, 2008 8:06am Apr 29, 2008 8:06am
Quoting hard1head1
Hey Guys, A shooting star has to come at the end of an uptrend. When I took my candle stick classes this is what I was taught. It must look like the picture below.
Yes, I think you're right Jim. Well spotted.
Probably the wrong name for the formation.

I still tend to get a bearish sentiment from what's on the chart. What do you think?

Rob
  • #63,238
  • Apr 29, 2008 8:14am Apr 29, 2008 8:14am
Well I imagen the reason the lower line has not been tested is cause traders are waiting for the news and as you point out 9730 odd is strong.

I would have liked to see some nice PA off that 9700 area.



Quoting hard1head1
We are now going to test this level.....Will it hold????
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #63,239
  • Apr 29, 2008 8:14am Apr 29, 2008 8:14am
200pips down Hi-Lo now intraday, above average 5,10 and 20 daily ranges.

Chart shows the fibs of the move so far from Monday's high at 9964/65 area (could get overtaken by events on any further leg down) blue/aqua = intraday move down from asian highs.
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ex member
  • #63,240
  • Apr 29, 2008 8:21am Apr 29, 2008 8:21am
Price seems to be finding support ahead of that potential 9700-9680 zone referred too earlier, and at the 138.2% extension of yesterdays upmove (9710) 9688 would be 150% and 9666 161.8%, etc...
ex member
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