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Cable Update (GBPUSD)

  • #66,181
  • May 15, 2008 4:08am May 15, 2008 4:08am
check out cable monthly chart, is there an strong top formation in place?

4 high wave candles, current candle closing lower could well be very bearish for cable preferably below 19330 support area

test of 1.880 -90 area seems likely over few months/weeks? or will the tide turn?
Attached Image (click to enlarge)
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Trading is 80% Emotional, 20% Technical
  • #66,182
  • May 15, 2008 4:08am May 15, 2008 4:08am
Quoting nAVIN2007
long term but if ABCD pattern is true and it breaks this bottom..kiss the top goodbye....i dunno how far it will since but u wont hold a long without blowing 2 accounts

1.8 ..made the figure up to be honest but it might feel like 1.8
Well, if Nav is thinking short I might as well look at buying. I learned to trust you as my reverse indicator....!!!




Only joking
The quality of your life is brought about by the quality of your thinking.
  • #66,183
  • May 15, 2008 4:11am May 15, 2008 4:11am
Quoting hornet
Well, if Nav is thinking short I might as well look at buying. I learned to trust you as my reverse indicator....!!!




Only joking
i want for for this service
  • #66,184
  • May 15, 2008 4:13am May 15, 2008 4:13am
Quoting fx local
check out cable monthly chart, is there an strong top formation in place?

4 high wave candles, current candle closing lower could well be very bearish for cable preferably below 19330 support area

test of 1.880 -90 area seems likely over few months/weeks? or will the tide turn?
On the 30M i've got a crossover of the 11 and 21 EMA's which is indicating a change in the trend.
"The trend is your friend, until the end."
  • #66,185
  • May 15, 2008 4:20am May 15, 2008 4:20am
I wouldn't touch this pair with a barge pole until the barrage of todays USD news comes out. There's wicks all over the place on the 30min and hourly! Looks like traders undecided on direction and are looking for clues in the form of fundementals
  • #66,186
  • May 15, 2008 4:21am May 15, 2008 4:21am
That intraday top occured at what appeared to be a decent ' Resistance cluster ' decsribed below:

Potential Res zone 9490-05 = Offers 9490-9505 (Mni,) Prev 1hr Swing Hi/Lo, Daily 5ma, Dly R1 pivot, Wkly M2 minor pivot, 123.6% ext of Weds range, 23.6% 9897-9362, 50% 9633-9362, 61.8% 9590-9362, FRZ1
ex member
  • #66,187
  • May 15, 2008 4:24am May 15, 2008 4:24am
well actually i dunno about the 61.8% retracement ..as i havent done this analysis, based on the 4 hr chart

the high and low we traced to charactistic 50% level evidence to say downtrend is still effect...why im longs have gone

needs confirmations and this is my confirmation for a short instead of holding a losing long..
  • #66,188
  • May 15, 2008 4:25am May 15, 2008 4:25am
IF, the news comes better or as ordered we could go up. How far and how long, thats anyones guess.

Quoting TradeToFly
I wouldn't touch this pair with a barge pole until the barrage of todays USD news comes out. There's wicks all over the place on the 30min and hourly! Looks like traders undecided on direction and are looking for clues in the form of fundementals
  • #66,189
  • May 15, 2008 4:26am May 15, 2008 4:26am
Quoting TradeToFly
I wouldn't touch this pair with a barge pole until the barrage of todays USD news comes out. There's wicks all over the place on the 30min and hourly! Looks like traders undecided on direction and are looking for clues in the form of fundementals
ur definitely right bro

im even thinking of closing half of my sells be4 news
because it might break either way
its just waiting for an excuse
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #66,190
  • May 15, 2008 4:27am May 15, 2008 4:27am
We actually have an open below the DPP. Will it hold up?

Jim
  • #66,191
  • May 15, 2008 4:30am May 15, 2008 4:30am
Quoting hard1head1
IF, the news comes better or as ordered we could go up. How far and how long, thats anyones guess.
y would we go up if US news came in better than expected???????????
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #66,192
  • May 15, 2008 4:30am May 15, 2008 4:30am
Sometimes we get pre-release movement in the direction of the release, could this be one of those days.
  • #66,193
  • May 15, 2008 4:32am May 15, 2008 4:32am
I am riding it down, moving stop all the time
  • #66,194
  • May 15, 2008 4:32am May 15, 2008 4:32am
Having said that I suspect the pair has a tendency to go down and any negative USD news may result in a kneejerk reaction to the topside but will probably be shortlived.
I may set up a grid of sells every 10pips or so all the way up to the 1.96 area and let the news do its thing!
  • #66,195
  • May 15, 2008 4:35am May 15, 2008 4:35am
Yep, and we are coming to M2 midpivot now 9411

Quoting TradeToFly
Having said that I suspect the pair has a tendency to go down and any negative USD news may result in a kneejerk reaction to the topside but will probably be shortlived.
I may set up a grid of sells every 10pips or so all the way up to the 1.96 area and let the news do its thing!
  • #66,196
  • May 15, 2008 4:39am May 15, 2008 4:39am
Quoting hard1head1
Yep, and we are coming to M2 midpivot now 9411
I behaved like a tosser, set my mind on it breaking up above 1.9500 and didn't look at charts properly.

Beginners mistake
The quality of your life is brought about by the quality of your thinking.
  • #66,197
  • May 15, 2008 4:40am May 15, 2008 4:40am
This is a rough test of the daily pivot point
  • #66,198
  • May 15, 2008 4:41am May 15, 2008 4:41am
That tells me the push down is strong.
  • #66,199
  • May 15, 2008 4:43am May 15, 2008 4:43am
Pips are piling up for me, this is a dream come true so far. I will be able to bank a sh-t load before the release. The lower she goes the better my position.
  • #66,200
  • May 15, 2008 5:06am May 15, 2008 5:06am
Meanwhile she blows by Midpivot M2, I Definately now believe we are moving in the direction of the news. Could be wrong, nothing is set in stone here, but I have seen this type of move before as I am sure you all have.
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