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Cable Update (GBPUSD)

  • #64,421
  • May 7, 2008 2:45am May 7, 2008 2:45am
Big cable new coming out soon:

8:30am GBPhttp://www.forexfactory.com/images/m...mpact_high.gifIndustrial Production m/m
http://www.forexfactory.com/images/m...etail_star.gif

8:30am GBPhttp://www.forexfactory.com/images/m...act_medium.gifManufacturing Production m/m
http://www.forexfactory.com/images/m...dar_detail.gif

It might move cable in a big way.
Expected the unexpected
  • #64,422
  • May 7, 2008 2:45am May 7, 2008 2:45am
Quoting nAVIN2007
im not in the trade ...had death in family today (relative) ...on topic anyway diverence on 4 hr is fairly strong might see 1.94 today maybe ..
I'm sorry for your lost, I would like to send my deepest condolecent.. wish the best for you nAVIN2007..
  • #64,423
  • May 7, 2008 2:59am May 7, 2008 2:59am
Quoting plumiash
I'm sorry for your lost, I would like to send my deepest condolecent.. wish the best for you nAVIN2007..
thank u my friend ...

could we have bounced...i have a channel on 30 minute...15 minute chart has a bullish engulfing formation ..maybe a bounce ? ..any comments.
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  • #64,424
  • Edited 3:10am May 7, 2008 3:00am | Edited 3:10am
Nav sorry for your loss man.

If I have it right price moves in the divergance direction, in this case up. Nice pin bar forming on the 1H as well which also means change of direction and cable hit the bottom of the 4H channel!
I am long at 1.9624 tp where I chicken out again
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  • #64,425
  • May 7, 2008 3:02am May 7, 2008 3:02am
Quoting Runway Trade
Nav sorry for your loss amn.

If I have it right price moves in the divergance direction, in this case up. Nice pin bar forming on the 1H as well which also means change of direction and cable hit the bottom of the 4H channel!
I am long at 1.9624 tp where I chicken out again
if 1 hour closes as a hammer then theres a confluence, 15 minute has bullish engulfing pattern, 1h hammer and a trendline bounce...only problem is i hate counter trend attacks ...

and news in 30 minutes bro ..should be good thou i think just be carefull with the news
  • #64,426
  • May 7, 2008 3:06am May 7, 2008 3:06am
Quoting nAVIN2007
if 1 hour closes as a hammer then theres a confluence, 15 minute has bullish engulfing pattern, 1h hammer and a trendline bounce...only problem is i hate counter trend attacks ...
me too...thats why i always look second confirmative candle addition to hammer..i'd rather being on the right way..
and considering the news just coming up i prefer to stay out until 30 mins after the news released..
  • #64,427
  • May 7, 2008 3:11am May 7, 2008 3:11am
Quoting nomask
me too...thats why i always look second confirmative candle addition to hammer..i'd rather being on the right way..

great idea...what also i find very usefull is to spot the major trendlines ..and u can tell which these are from the retest...if it tests and bounce its another confirmation..just must be carefull cause of the news..can reverse the balance..at least for a while

looking at 1M chart.....lol
we seem to have tested s1 level and bounced...and gravestone doji on 15 minute through the s1 level ..looks like down still maybe
  • #64,428
  • May 7, 2008 3:13am May 7, 2008 3:13am
My 2cents,

I don't think we have reversed. More retracing really. In wait for the news, I am looking for short entry triggers to appear.
The quality of your life is brought about by the quality of your thinking.
  • #64,429
  • May 7, 2008 3:14am May 7, 2008 3:14am
nAVIN2007,

condolences for your loss
The quality of your life is brought about by the quality of your thinking.
  • #64,430
  • May 7, 2008 3:20am May 7, 2008 3:20am
Got out +1, too scared with news comming up. Still think we will see 1.9735 later. If cable breaks the down channel we will see 1.9400
  • #64,431
  • May 7, 2008 3:24am May 7, 2008 3:24am
Quoting Runway Trade
Got out +1, too scared with news comming up. Still think we will see 1.9735 later. If cable breaks the down channel we will see 1.9400
good stuff...momentum is down ...i think its best to find the bottom of this wave b4 trying to go up..
  • #64,432
  • May 7, 2008 3:28am May 7, 2008 3:28am
Quoting nAVIN2007
great idea...what also i find very usefull is to spot the major trendlines ..and u can tell which these are from the retest...if it tests and bounce its another confirmation..just must be carefull cause of the news..can reverse the balance..at least for a while

looking at 1M chart.....lol
we seem to have tested s1 level and bounced...and gravestone doji on 15 minute through the s1 level ..looks like down still maybe
absolutely...
a bit of what i'd look for on reversals...
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  • #64,433
  • May 7, 2008 3:29am May 7, 2008 3:29am
Quoting hornet
My 2cents,

I don't think we have reversed. More retracing really. In wait for the news, I am looking for short entry triggers to appear.
shame I didn't find a good entry point !!!
The quality of your life is brought about by the quality of your thinking.
  • #64,434
  • May 7, 2008 3:29am May 7, 2008 3:29am
Quoting hornet
nAVIN2007,

condolences for your loss
thank u ..

the hammer on 1 hr chart thou ..had high volume 950 and this move down backed with volume of 399

are volume indicator useless on forex?
  • #64,435
  • May 7, 2008 3:34am May 7, 2008 3:34am
seems like some bank or fund had that figure prior to its release - not uncommon, now prob covering their shorts! Nav sorry to hear about your loss
Trading is 80% Emotional, 20% Technical
  • #64,436
  • May 7, 2008 3:34am May 7, 2008 3:34am
Quoting nAVIN2007
are volume indicator useless on forex?
i don't even know what volumes are on an average day, I don't think they matter for what I look for. The 1hr hammer was interesting yes, I use 30m though. Also I would like to see a blue hammer at the bottom of a move like that. And the strength of the move down made me look for sells on retracements.
The quality of your life is brought about by the quality of your thinking.
  • #64,437
  • May 7, 2008 3:35am May 7, 2008 3:35am
Quoting nAVIN2007
thank u ..

the hammer on 1 hr chart thou ..had high volume 950 and this move down backed with volume of 399

are volume indicator useless on forex?
no doubt...they don work on forex..
  • #64,438
  • May 7, 2008 3:37am May 7, 2008 3:37am
rejected @ 1.9548..

still unsure where is the bottom..
  • #64,439
  • May 7, 2008 3:41am May 7, 2008 3:41am
Quoting Malaysia
I am with the BEAR today.

Cable Target 161.8% Fibbo EXTENSION reached!!! Took out all my floating profit on CABLE and FIBER. Alhamdulillah

Banked In more than USD7000.00 What kind of job that pays that much for half a day working.

I'm done for today. Cheeriooo

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  • #64,440
  • May 7, 2008 3:43am May 7, 2008 3:43am
Quoting Malaysia
Cable Target 161.8% Fibbo EXTENSION reached!!! Took out all my floating profit on CABLE and FIBER. Alhamdulillah

Banked In more than USD7000.00 What kind of job that pays that much for half a day working.

I'm done for today. Cheeriooo
Good for you, Malaysia! How much do you put in in orddr to get USD7000!! You are a big gambler. Anyway, I am afraid that cable will come back up in a few minutes. It seems like it always does that. When the bad news from the UK is first release, cable plummets. Then it climbs steadily, only to decline much later, 8-12 hours later. I am not sure why.
Expected the unexpected
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