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Cable Update (GBPUSD)

  • #71,901
  • Jun 23, 2008 4:53am Jun 23, 2008 4:53am
Quoting maverick
nice analysis.

what chart were you looking at for your support and resistance information?

Thanks for your input.
I only use 1H and 10M charts. 1H to identify S&R. 10M for entry and exit and to confirm whether the 1H lines are accurate or not.

From what I could see now from 1H chart is that an inside bar is forming. And the 10M shows congestion zone. It's behaving like a spring. Getting ready to spring out.

A significant move most likely will develop within the next hour.
  • #71,902
  • Jun 23, 2008 4:56am Jun 23, 2008 4:56am
is there a gap at 1.9755 ? now not the time to catch it ?
Quoting maverick
could go down to 1.9616.
  • #71,903
  • Jun 23, 2008 5:00am Jun 23, 2008 5:00am
Quoting John Lo
is there a gap at 1.9755 ? now not the time to catch it ?
there was a gap (1.9755-1.9749) but it's already filled, and was very small...
Getting it right is NOT as important as not getting it wrong.
  • #71,904
  • Jun 23, 2008 5:12am Jun 23, 2008 5:12am
Quoting Chang
I only use 1H and 10M charts. 1H to identify S&R. 10M for entry and exit and to confirm whether the 1H lines are accurate or not.

From what I could see now from 1H chart is that an inside bar is forming. And the 10M shows congestion zone. It's behaving like a spring. Getting ready to spring out.

A significant move most likely will develop within the next hour.
Would you say down, perhaps? Maybe to 1.9616.
  • #71,905
  • Jun 23, 2008 5:13am Jun 23, 2008 5:13am
Quoting warta
the av. daily range for cable is between 120 to 160 pips
If we take into account the range of the first 2 days of the week (Monday-Tuesday), then the average range since the start of the year is 234 pips.
If, and thats a big IF, 1.9756 is the top of the 2 day range, then cable have potential to go to 1.9522 in the next 36 hours...

Notice how prices bounced from 1.9633, if we have to have a measured move (2 moves of the same size), then this would point to 1.9510.
19756->1.9633 ==> 1.9633->1.9510.

The fib retracement of the current swing hi-lo 1H (1.9791-1.9408) is:

50% ----> 1.9600
61.8% ----> 1.9554

Now I'm not dismissing any possible bull move, but price have a fair probability to visit the 1.9600 - 1.9554 zone, and possibly going as low as 1.9522-1.9510 in the next 36 hours.

If that happens it will be time to re-evaluate, going back above 1.9735 would signal failure of this scenario and range calculations would have to be made from the lowest point reached.

Getting it right is NOT as important as not getting it wrong.
  • #71,906
  • Jun 23, 2008 5:21am Jun 23, 2008 5:21am
I would agree to the 1.9655 level being touched on a possible down move from this point on if it breaks 1.9616 by 10 pips or more.
  • #71,907
  • Jun 23, 2008 5:25am Jun 23, 2008 5:25am
Quoting maverick
Would you say down, perhaps? Maybe to 1.9616.
Provided if the downmove persists, can go to 19623 then 16600 then 19586. Have to reevaluate at each individual level to confirm continuing trend.

One good thing tho is that there's no significant news today. So, market sentiment quite unlikely make 180 degree turn suddenly.

Are you holding any position right now ?
  • #71,908
  • Jun 23, 2008 5:32am Jun 23, 2008 5:32am
Quoting Chang
Provided if the downmove persists, can go to 19623 then 16600 then 19586. Have to reevaluate at each individual level to confirm continuing trend.

One good thing tho is that there's no significant news today. So, market sentiment quite unlikely make 180 degree turn suddenly.

Are you holding any position right now ?

I was short at 1.9653 with the notion that it would drop to the 1.9616 price level or 1.9555 price level. I got out with only +3 pips because I lost patience with the slow movement.
  • #71,909
  • Jun 23, 2008 5:35am Jun 23, 2008 5:35am
im short from 19650

Quoting Chang
Provided if the downmove persists, can go to 19623 then 16600 then 19586. Have to reevaluate at each individual level to confirm continuing trend.

One good thing tho is that there's no significant news today. So, market sentiment quite unlikely make 180 degree turn suddenly.

Are you holding any position right now ?
  • #71,910
  • Jun 23, 2008 5:35am Jun 23, 2008 5:35am
Quoting Chang
Provided if the downmove persists, can go to 19623 then 16600 then 19586. Have to reevaluate at each individual level to confirm continuing trend.

One good thing tho is that there's no significant news today. So, market sentiment quite unlikely make 180 degree turn suddenly.

Are you holding any position right now ?
i went long....on the bullish pin....taking a chance here
i really must learn to just go with the trend instead of guessing turning points
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  • #71,911
  • Jun 23, 2008 5:39am Jun 23, 2008 5:39am
See, now it is moving where I expect it to go. I should have kept the position I had.
  • #71,912
  • Jun 23, 2008 5:42am Jun 23, 2008 5:42am
Quoting nAVIN2007
i went long....on the bullish pin....taking a chance here
i really must learn to just go with the trend instead of guessing turning points
im long 2,...i hope for 1.9666 or 1.9720,...if not then sl will be hit,..come on cable,..dont go just down...
its just money
  • #71,913
  • Jun 23, 2008 5:45am Jun 23, 2008 5:45am
Quoting maverick
See, now it is moving where I expect it to go. I should have kept the position I had.
if u read what i wrote yesterday u will see everything i said is happening, every1 knows whats happening just actually doing it is where the problem lies...

its all speculation with no right or wrong...just follow the market thats it...looks like im gonna learn this the hard way...
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  • #71,914
  • Jun 23, 2008 5:51am Jun 23, 2008 5:51am
hi traders,
anyone see MOE?
Im in short with open position in green
Hope you all doing well.
  • #71,915
  • Jun 23, 2008 5:51am Jun 23, 2008 5:51am
Quoting maverick
I was short at 1.9653 with the notion that it would drop to the 1.9616 price level or 1.9555 price level. I got out with only +3 pips because I lost patience with the slow movement.
Just added another short position at 19637. Let see what happens coz it's getting close to 19623. If it breaks that, will hold till 19600.
  • #71,916
  • Jun 23, 2008 5:52am Jun 23, 2008 5:52am
Quoting nAVIN2007
i went long....on the bullish pin....taking a chance here
i really must learn to just go with the trend instead of guessing turning points
as i said before,
the hardest thing is to guess the turning point.

because it is like a bet.
the chance is 50-50.

the best strategy in GU, Follow that Trend.

i also learned that the Hard way.
  • #71,917
  • Jun 23, 2008 5:54am Jun 23, 2008 5:54am
Quoting Chang
Just added another short position at 19637. Let see what happens coz it's getting close to 19623. If it breaks that, will hold till 19600.
Serious reaction at 19623 just as expected. Keeping fingers crossed.
  • #71,918
  • Jun 23, 2008 5:55am Jun 23, 2008 5:55am
If it breaks 1.9600, then it will probably go to 1.9655. I don't see it bouncing from 1.9600, only 1.9616-9615 area.

Let's see what happens.
  • #71,919
  • Jun 23, 2008 5:55am Jun 23, 2008 5:55am
Quoting de123
im long 2,...i hope for 1.9666 or 1.9720,...if not then sl will be hit,..come on cable,..dont go just down...
this is because of oil ...it looks like oil might cause issues for us ..
  • #71,920
  • Jun 23, 2008 5:57am Jun 23, 2008 5:57am
yeah,...dont listen to them cable...go up from here...
its just money
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