Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

#63,241
Apr 29, 2008 8:31am Apr 29, 2008 8:31am

bbmac
Joined Jul 2007 | Status: Trader | 5,392 Posts

screenshot shows a couple of 15min candles that provided hi-probability entry points to intraday down trend.

NB: 15min is perhaps the most reliable of the intraday time frames that provide reliable price action indicators ...if acting on price action candles alone. Just an opinion.

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ex member

#63,242
Apr 29, 2008 8:32am Apr 29, 2008 8:32am

hard1head1
| Commercial User | Joined Jul 2006 | 2,566 Posts

Thats the UTL I was talking about earlier. where its at now,. Its not very aggressive and I dont expect it to hold unless we get some adverse news here at 10, time will tell. as a matter of fact, I have 2 of them, 1 dashed and the other solid, there because I believe 1 is a news spike and I dont count them when drawing trendlines on the charts.

Jims

Quoting Bones

Disliked

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.

Ignored

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#63,243
Apr 29, 2008 8:36am Apr 29, 2008 8:36am

hard1head1
| Commercial User | Joined Jul 2006 | 2,566 Posts

The price is getting pretty far away from my 89 smoothy and I expect a retrace and test at any time. I would love to see it consolodate below 9730 on its way but I wont get my wish.

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#63,244
Apr 29, 2008 8:41am Apr 29, 2008 8:41am

hard1head1
| Commercial User | Joined Jul 2006 | 2,566 Posts

Yea, ou can learn a lot about a pair by pulling in data and looking from a distance. All the signs of a retrace are beginning to form, I can see the hook forming, we got a higher high and a morning star on the 5.

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#63,245
Apr 29, 2008 8:49am Apr 29, 2008 8:49am

bbmac
Joined Jul 2007 | Status: Trader | 5,392 Posts

Quoting hard1head1

Disliked

Yea, ou can learn a lot about a pair by pulling in data and looking from a distance. All the signs of a retrace are beginning to form, I can see the hook forming, we got a higher high and a morning star on the 5.

Ignored

Certainly had Regular bullish divergence in the 5 and 15min oscillators [5min shown below] and some oversold/extreme readings to the 30min oscillators. Stoscs were in extreme o/s <10 reads to 1hr at that 9710 current intraday lo.

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ex member

#63,246
Apr 29, 2008 8:53am Apr 29, 2008 8:53am

hard1head1
| Commercial User | Joined Jul 2006 | 2,566 Posts

May see 9800 here

Quoting bbmac

Disliked

Certainly had Regular bullish divergence in the 5 and 15min oscillators [5min shown below] and some oversold/extreme readings to the 30min oscillators. Stoscs were in extreme o/s <10 reads to 1hr at that 9710 current intraday lo.

Ignored

#63,247
Apr 29, 2008 8:57am Apr 29, 2008 8:57am

bbmac
Joined Jul 2007 | Status: Trader | 5,392 Posts

yeh, could do, 15min chart shown below

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ex member

#63,248
Apr 29, 2008 9:00am Apr 29, 2008 9:00am

priceaction
| Commercial User | Joined Nov 2007 | 1,079 Posts

Apr Consumer Confidence: 62.3 V 61.0e

#63,249
Apr 29, 2008 9:18am Apr 29, 2008 9:18am

hard1head1
| Commercial User | Joined Jul 2006 | 2,566 Posts

Boy did that ever monkey things up. Now you dont know if retrace will finish or it will continue down from here.

#63,250
Apr 29, 2008 9:26am Apr 29, 2008 9:26am

hard1head1
| Commercial User | Joined Jul 2006 | 2,566 Posts

Hey guys, talk to you all later. Great morning. Got a bunch on the G/U short and another 200 off that great short on EUR/JPY, always a fun pair to trade.

Later

#63,251
Apr 29, 2008 9:30am Apr 29, 2008 9:30am

Bones
Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts

laters jim

On-site guru & also FF member's' psychiatrist, when not drinking tea

#63,252
Apr 29, 2008 9:31am Apr 29, 2008 9:31am

bbmac
Joined Jul 2007 | Status: Trader | 5,392 Posts

cable manged it's head on that 9771 23.6% retrace of the Mon Hi - Today's intraday Lo move 9965-9710. Area also a prev minor swing low on 1hr last week now acting as resistance....but for how long?? Nice 15min hidden/reverse divergence combined with 1/5min overbought at the area.

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ex member

#63,253
Apr 29, 2008 9:32am Apr 29, 2008 9:32am

bbmac
Joined Jul 2007 | Status: Trader | 5,392 Posts

bye, wd on your day

ex member

#63,254
Apr 29, 2008 9:34am Apr 29, 2008 9:34am

bbmac
Joined Jul 2007 | Status: Trader | 5,392 Posts

Quoting bbmac

Disliked

cable manged it's head on that 9771 23.6% retrace of the Mon Hi - Today's intraday Lo move 9965-9710. Area also a prev minor swing low on 1hr last week now acting as resistance....but for how long?? Nice 15min hidden/reverse divergence combined with 1/5min overbought at the area.

Ignored

15min shown below re that hidden/reverse divergence

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ex member

#63,255
Apr 29, 2008 9:49am Apr 29, 2008 9:49am

Carrera
Joined Jun 2007 | Status: Forex is my jungle | 540 Posts

Hello traders,
I hope everyone is making money here. Be carefull with long positions, will be retracement going up, but to me short still heavier. 127% area my TP. My analysis here #63137.

Take care all.

#63,256
Apr 29, 2008 9:58am Apr 29, 2008 9:58am

bbmac
Joined Jul 2007 | Status: Trader | 5,392 Posts

Quoting Carrera

Disliked

Hello traders,
I hope everyone is making money here. Be carefull with long positions, will be retracement going up, but to me short still heavier. 127% area my TP. My analysis here #63137.

Ignored

Certainly enough room insofar as Av wkly and Mthly ranges are concerned, currently 259 and 450pips respectively with 1 more day of April to go.

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ex member

#63,257
Apr 29, 2008 10:59am Apr 29, 2008 10:59am

priceaction
| Commercial User | Joined Nov 2007 | 1,079 Posts

Quoting Carrera

Disliked

Hello traders,
I hope everyone is making money here. Be carefull with long positions, will be retracement going up, but to me short still heavier. 127% area my TP. My analysis here #63137.

Take care all.

Ignored

Carrera,

I tend to agree that there still could be more room left for this short before we catch the next wave back up. Even if the move just continued down tomorrow as it might be quieter now that London has shut up shop for the day. There's a widening channel on the chart and I don't see any sign of things being over sold yet, so perhaps that won't come until Thursday.

Not half as good looking as your charts but the sentiment is the same. Same landscape - different artists - I'm just a sloppy painter.

But whether it goes up or down, I'm comfortable letting my final 1/3 of this trade run its course (with 100 trailing SL but +73 of it locked in) and the other 2/3 banked a few hrs ago. A good trade.

I'm going out so see you tomorrow and safe trading and thanks to everyone who has shared their analysis today.

Rob

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