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Cable Update (GBPUSD)

  • #64,281
  • May 6, 2008 2:51am May 6, 2008 2:51am
Quoting priceaction
I don't have time to post charts as I have other things going on and I'm a bit late posting this anyway. But when price broke below last week's close, I saw that as confirmation of a bear move.

I like ...

  1. The channels drawn by a few of the guys below
  2. 60ema on 1hr and how neatly it has capped price recently
  3. Jim's observation of the Evening Star
  4. Downward trend line drawn between last two 1hr swing highs
  5. Price remaining reassuringly under the 5ma
  6. How price retraced at 78.6 level (plotted using yesterday's high and low) - (It was also around the 38.2 fib from last week's high)
  7. Support signs around 1.9655
  8. Weekly bearish candles
  9. Downward trend lines on 4hr and daily charts

Good bear movement on the Euro this morning as it retaced after hitting 61.8 level.

Rob

We might already have a reversal in the making.
Check out current price action, 15m & 30m candles and stochs/RSI (oversold) and 61.8 fib from yesterday's low to today's high.
  • #64,282
  • May 6, 2008 3:17am May 6, 2008 3:17am
Quoting priceaction
We might already have a reversal in the making.
Check out current price action, 15m & 30m candles and stochs/RSI (oversold) and 61.8 fib from yesterday's low to today's high.
Yes, there's a 123 setting up on the 2hr but I need a bit more confirmations. Not taking trades for now, either direction
The quality of your life is brought about by the quality of your thinking.
  • #64,283
  • May 6, 2008 3:21am May 6, 2008 3:21am
Quoting hornet
Yes, there's a 123 setting up on the 2hr but I need a bit more confirmations. Not taking trades for now, either direction
wise decision i think buddy ..i to am lost right now but it does seems though right now we caught in a congestion area

bias down thou ...really not sure about reversals at all for now ..
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  • #64,284
  • May 6, 2008 3:30am May 6, 2008 3:30am
If I Go Broke Trying Then I Will die happy.
  • #64,285
  • May 6, 2008 3:35am May 6, 2008 3:35am
i offset my loss with a buy at 1.9670, so only lost £30 not £60
  • #64,286
  • May 6, 2008 3:36am May 6, 2008 3:36am
123 on 2hr out of the window with the break of #1
The quality of your life is brought about by the quality of your thinking.
  • #64,287
  • May 6, 2008 3:37am May 6, 2008 3:37am
Quoting tim1234
i offset my loss with a buy at 1.9670, so only lost £30 not £60
If I Go Broke Trying Then I Will die happy.
  • #64,288
  • May 6, 2008 3:42am May 6, 2008 3:42am
hi ricky
If I Go Broke Trying Then I Will die happy.
  • #64,289
  • May 6, 2008 3:42am May 6, 2008 3:42am
Just entered long, very tight SL. 1 pip below recent low
The quality of your life is brought about by the quality of your thinking.
  • #64,290
  • May 6, 2008 3:47am May 6, 2008 3:47am
I shouldn't be trying to pick bottoms !!!
The quality of your life is brought about by the quality of your thinking.
  • #64,291
  • May 6, 2008 3:56am May 6, 2008 3:56am
I just done it again !!!

Long at 1.9640 with SL at 1.9632
The quality of your life is brought about by the quality of your thinking.
  • #64,292
  • May 6, 2008 3:59am May 6, 2008 3:59am
Quoting hornet
I shouldn't be trying to pick bottoms !!!
i always say the same unfortuantely it all i seem to ever do ...i must change this
  • #64,293
  • May 6, 2008 4:03am May 6, 2008 4:03am
Quoting nAVIN2007
i always say the same unfortuantely it all i seem to ever do ...i must change this
I know, it's irresistible !!!

I usually trade with the trend but, occasionally, something pushes me to be reckless....
The quality of your life is brought about by the quality of your thinking.
  • #64,294
  • May 6, 2008 4:13am May 6, 2008 4:13am
Quoting hornet
I know, it's irresistible !!!

I usually trade with the trend but, occasionally, something pushes me to be reckless....

i think u found the bottom..
  • #64,295
  • May 6, 2008 4:14am May 6, 2008 4:14am
Quoting hornet
I just done it again !!!

Long at 1.9640 with SL at 1.9632
If I Go Broke Trying Then I Will die happy.
  • #64,296
  • May 6, 2008 4:15am May 6, 2008 4:15am
Quoting nAVIN2007
i think u found the bottom..
mmmmmmmm, we will see. For now I covered my previous loss and some. now I will see where to exit. this is a downtrend, and this is not a reversal. just a retracement
The quality of your life is brought about by the quality of your thinking.
  • #64,297
  • May 6, 2008 4:16am May 6, 2008 4:16am
Quoting nAVIN2007
i think u found the bottom..
maybe, i went short at 1.9733 t/p at 1.9463 s/l now at break even.
If I Go Broke Trying Then I Will die happy.
  • #64,298
  • May 6, 2008 4:20am May 6, 2008 4:20am
If I Go Broke Trying Then I Will die happy.
  • #64,299
  • May 6, 2008 4:22am May 6, 2008 4:22am
Moe,

you went short at 33 with a SL at breakeven ? was that an addition to a previous short position ?
The quality of your life is brought about by the quality of your thinking.
  • #64,300
  • May 6, 2008 4:25am May 6, 2008 4:25am
Quoting hornet
Moe,

you went short at 33 with a SL at breakeven ? was that an addition to a previous short position ?
no, that was adjust s/l from 1,9783, now at B/E
If I Go Broke Trying Then I Will die happy.
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