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Cable Update (GBPUSD)

  • #64,781
  • May 8, 2008 8:15am May 8, 2008 8:15am
Quoting Runway Trade
I agree 4H still trending up. Down movement was just part of the fundies (noise) last nights reasons for 1.98xx still in place we will see top of 4H channel, looks like tomorrow. Just went long again on breaking of daily pivot
I might do the same.. kinda waiting for another little pullback to 5730's. not sure if it will.. having trouble buying here though atm.. waiting. totally nutty price action going on.
USD Est Non Mortuus
  • #64,782
  • May 8, 2008 8:27am May 8, 2008 8:27am
After a completely messy few hours caused by news here & there, it looks as if Cable 'could be' back on track.

At US news, USD was strong (6.3 on the scale shown below), but has since dropped to 3.1 (lower than what's shown below), whereas Cable has maintained strength. Both of these strengths are 'across the board of all majors shown' not just in 1 pair.

I had a confident looking Long trigger at 7am London time this morning (1.9529) and after being hindered by news, I am still seeing signs pointing north and will hang on in there, although it's getting a bit late in the London session now.

I would like to see price break the following areas of resistance in this order:

  1. last month's low
  2. 60ema on the 1hr chart
  3. last week's low

But what I want and get might be very different

Rob

Attached Image
  • #64,783
  • May 8, 2008 8:30am May 8, 2008 8:30am
Quoting tomaz55
bought more at 9545, tp 9700 hard stop 9515
Nice trade.. took balls. looks like it will pay.
USD Est Non Mortuus
  • #64,784
  • May 8, 2008 8:43am May 8, 2008 8:43am
it could be some kind of triple top:
Attached Image (click to enlarge)
Click to Enlarge Name: triple top.GIF Size: 19 KB
  • #64,785
  • May 8, 2008 8:59am May 8, 2008 8:59am
priceaction can you tell me what indicator is that scale strenght and where can i get it from
thank you
  • #64,786
  • May 8, 2008 9:01am May 8, 2008 9:01am
Got out +20. On daily pivot again might long again or short if it breaks the pivot properly. No, I am confused stay out!!!!!
  • #64,787
  • May 8, 2008 9:02am May 8, 2008 9:02am
Quoting magictrader
it could be some kind of triple top:
What is it triple top then down or triple top the up??
  • #64,788
  • May 8, 2008 9:06am May 8, 2008 9:06am
Quoting picky2004
priceaction can you tell me what indicator is that scale strenght and where can i get it from
thank you
I've just sent you a PM as I don't want to be seen to be promoting commercial products here.

Rob
  • #64,789
  • May 8, 2008 9:12am May 8, 2008 9:12am
Quoting Runway Trade
What is it triple top then down or triple top the up??
Triple top is one of the trend reversal formations.

We've got short up trend so it indicates that the price could go down.
And it goes almost 40 pips.
  • #64,790
  • May 8, 2008 9:16am May 8, 2008 9:16am
Hey guys and gals, I am seeing a possible reversal here, so be carefull.
  • #64,791
  • May 8, 2008 9:22am May 8, 2008 9:22am
Got a pair of Huge tweezers forming on the 4 Hr on IBFX. I am not seeing this formation on FXDD, however, There is a perfect 2/3 of a 4 Hr Evening Star on FXDD. Depending on the last candle. I go out on a limb and say we are going down. And I think we break out of that channel to the down side. We are testing the daily Pivot from underneath now, if it holds, I am selling.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 40 KB
  • #64,792
  • May 8, 2008 9:27am May 8, 2008 9:27am
Quoting hard1head1
Hey guys and gals, I am seeing a possible reversal here, so be carefull.
Reversal up or down? Very confusing now for me.
  • #64,793
  • May 8, 2008 9:30am May 8, 2008 9:30am
Turned on the 5M 89ema
Attached Image (click to enlarge)
Click to Enlarge Name: gbp1.gif Size: 14 KB
  • #64,794
  • May 8, 2008 9:31am May 8, 2008 9:31am
In other words, I expect the daily UTL to be taken completely out, and daily trend turned down.

Quoting Runway Trade
Reversal up or down? Very confusing now for me.
  • #64,795
  • May 8, 2008 9:32am May 8, 2008 9:32am
As I am looking at it, the daily T/F is up, or was.


Quoting hard1head1
In other words, I expect the daily UTL to be taken completely out, and daily trend turned down.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 47 KB
  • #64,796
  • May 8, 2008 9:33am May 8, 2008 9:33am
Quoting hard1head1
In other words, I expect the daily UTL to be taken completely out, and daily trend turned down.
mmmmm



I honestly cannot give an opinion, I see things pointing up and others pointing down
The quality of your life is brought about by the quality of your thinking.
  • #64,797
  • May 8, 2008 9:35am May 8, 2008 9:35am
market been like whores draws today!!
Trading is 80% Emotional, 20% Technical
  • #64,798
  • May 8, 2008 9:36am May 8, 2008 9:36am
If I am wrong please dont be afraid to criticise, we all got to learn.

Quoting hornet
mmmmm



I honestly cannot give an opinion, I see things pointing up and others pointing down
  • #64,799
  • May 8, 2008 9:37am May 8, 2008 9:37am
Quoting fx local
market been like whores draws today!!
AKA LuckyLurker!
USD Est Non Mortuus
  • #64,800
  • May 8, 2008 9:39am May 8, 2008 9:39am
Quoting hard1head1
If I am wrong please dont be afraid to criticise, we all got to learn.
no no Jim,

i wasn't implying that you are wrong. I was just saying that I haven't got a clue !

I saw a good entry at 4.35 with exit at 09.30 but couldn't be bothered to take it. Now I wouldn't do anything. Time of day is becoming a factor and I would let this day sort itself out looking for clearer opportunities tomorrow.

That is what I will do.
The quality of your life is brought about by the quality of your thinking.
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