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Cable Update (GBPUSD)

  • #81,201
  • Aug 9, 2008 12:21pm Aug 9, 2008 12:21pm
Nav, I refuse to believe that its not going up, I just refuse to. Look at the monthly a observe the series of higher lows and higher highs, now for this downtrend to be confirmed, it MUST go back up and form a lower high because the lower low has just formed..........just from a pure technical point of view. So up we must go to form either a higher high or a lower high, but. we must go up!!!

  • #81,202
  • Aug 9, 2008 12:28pm Aug 9, 2008 12:28pm
Quoting AmeriTrini
Nav, I refuse to believe that its not going up, I just refuse to. Look at the monthly a observe the series of higher lows and higher highs, now for this downtrend to be confirmed, it MUST go back up and form a lower high because the lower low has just formed..........just from a pure technical point of view. So up we must go to form either a higher high or a lower high, but. we must go up!!!

i agree...it can also be the base to extend up...the bullish candle that we get this weekly will tell us everything...i totally beleive we have the bottom. confluence at pivot zone and it happens to fall at 50% retrace...inorder to progress up this had to be tested..it definately possible
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  • #81,203
  • Aug 9, 2008 12:52pm Aug 9, 2008 12:52pm
weekly..if it break that suport thou...i think i have to exit this trade
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  • #81,204
  • Aug 9, 2008 2:26pm Aug 9, 2008 2:26pm
Quoting AmeriTrini
Nav, I refuse to believe that its not going up, I just refuse to. Look at the monthly a observe the series of higher lows and higher highs, now for this downtrend to be confirmed, it MUST go back up and form a lower high because the lower low has just formed..........just from a pure technical point of view. So up we must go to form either a higher high or a lower high, but. we must go up!!!

Hey Jamie how u doing my friend, thanks for the insight your right cable has to rise to form lower high in either case, monthly chart does show more clarity on overall picture of dollar weakness,

could well bounce from support, near 50% as Nav points out, was sterling bull myself for so long but gave up faith(got f@cked off at same time as well!) on the idea since it failed to close above 2.00 level and instead broke 19400.

General consenus among main fx analysts here on tv (although taken with pinch of salt) seem to be very sterling bearish, literally all but one i know of is bearish!

Interest rate differential seems to mean nothing these days! All about capital appreciation/depreciation and sterling and UK plc seems to have alot of bad news to price in...

lets see how price reacts 19400 level that will now be resistance now after months of support. if it fails here then hopes of recovery could well diminish, but push above (that will be explosive as fridays trade down) will make things interesting...

happy trading mate

gurps
Trading is 80% Emotional, 20% Technical
  • #81,205
  • Aug 9, 2008 2:28pm Aug 9, 2008 2:28pm
Quoting nAVIN2007
weekly..if it break that suport thou...i think i have to exit this trade
If you are in a long trade, you better exit sooner than later. When the whole world has formed a consensus to sell and is looking for more sell opportunities if it gets even a little higher, why are you hoping for it to go up. Look to sell, not buy.
  • #81,206
  • Aug 9, 2008 2:46pm Aug 9, 2008 2:46pm
price now is 1 GBP = 1.92036
seems we will see a nice uper gap during the weekend
  • #81,207
  • Aug 9, 2008 2:56pm Aug 9, 2008 2:56pm
Quoting warta
price now is 1 GBP = 1.92036
seems we will see a nice uper gap during the weekend
im not married to the trade infact i come to term with exiting at a loss already..but my point is ....we retrace to 50% mark and till that support break going to hill is possible.....if the chart tell me to get the hell out i definately looking to get out....and build account again..

have to remember here in UK things are not that bad....also there are futures to keep oil in check, they will expire soon, oil will then fly up! who the hell knows..
  • #81,208
  • Aug 9, 2008 3:00pm Aug 9, 2008 3:00pm
Quoting nAVIN2007
im not married to the trade infact i come to term with exiting at a loss already..but my point is ....we retrace to 50% mark and till that support break going to hill is possible.....if the chart tell me to get the hell out i definately looking to get out....and build account again..

yep thats what u have to look after bro anyway if u wana follow the price during the weekend this is the website who can give u the instant price

http://www.xe.com/
  • #81,209
  • Aug 9, 2008 3:08pm Aug 9, 2008 3:08pm
Quoting nAVIN2007
im not married to the trade infact i come to term with exiting at a loss already..but my point is ....we retrace to 50% mark and till that support break going to hill is possible.....if the chart tell me to get the hell out i definately looking to get out....and build account again..

have to remember here in UK things are not that bad....also there are future to keep oil in check, they will expire soon, oi will then fly up! who the hell knows..
good 4 u Nav, sticking to your guns, shows u have strong back bone inspite of the adversity.

forgot to mention Oil in prior post, if that bottoms then it help sterling and euro, can only see that moving lower to 105.00 area support if that goes then 93.00 where it would defo form a bottom for sure
Trading is 80% Emotional, 20% Technical
  • #81,210
  • Aug 9, 2008 3:09pm Aug 9, 2008 3:09pm
Quoting fx local
good 4 u Nav, sticking to your guns, shows u have strong back bone inspite of the adversity.
thank u bro ...your a good teacher
  • #81,211
  • Aug 9, 2008 3:09pm Aug 9, 2008 3:09pm
Quoting nAVIN2007
im not married to the trade infact i come to term with exiting at a loss already..but my point is ....we retrace to 50% mark and till that support break going to hill is possible.....if the chart tell me to get the hell out i definately looking to get out....and build account again..

have to remember here in UK things are not that bad....also there are future to keep oil in check, they will expire soon, oi will then fly up! who the hell knows..
You are exactly right, who the hell knows. So lets keep our opinions to a minimum and do what the market tells us.

If you think UK economy is good, well that may have already been priced into the market months ago . Just because some dude woke up one morning and did his analysis to determine that the economy is very good, does not mean he can go ahead and buy the currency the same day. What you came know now, may have already been priced into the market long ago. And by the time you take action, the future decline would have been started to be priced in.
  • #81,212
  • Aug 9, 2008 3:16pm Aug 9, 2008 3:16pm
Quoting good
You are exactly right, who the hell knows. So lets keep our opinions to a minimum and do what the market tells us.

If you think UK economy is good, well that may have already been priced into the market months ago . Just because some dude woke up one morning and did his analysis to determine that the economy is very good, does not mean he can go ahead and buy the currency the same day. What you came know now, may have already been priced into the market long ago. And by the time you take action, the future decline would have been started to be priced in.

if that support breaks im out...if we go to 1.94....going to look for candle formation if it say south.....exit and sell ..very simple going with the market and less thinking about where i think it need to go...

i entered on thursday to retrace even b4 the retrace even happened..this tell me im trading what i think rather than whats happening....this stop yesterday now...im going with the flow....
  • #81,213
  • Aug 9, 2008 3:22pm Aug 9, 2008 3:22pm
Quoting nAVIN2007
thank u bro ...your a good teacher
im still very much a student in the learning curve although progressing trade by trade, taking 1s and 2s and the occasional home run now and then! blown an account of profit in my earlier days but that well behind me now (treat losses as university student fees - price we pay to learn and develop!), minimising the bloodly risk is actually a specific skill one aquires after many trades, takes time to perfect urself in this game, get there in the end-100% in the zone all the time is the ultimate goal...
Trading is 80% Emotional, 20% Technical
  • #81,214
  • Aug 9, 2008 6:43pm Aug 9, 2008 6:43pm
Ive got to say I'm with FX local and Warta on what they say.It is significant that we have broken out of range.
The support at 145 looks good but the resistance at the 400 mark now looks excellent.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #81,215
  • Edited 11:31pm Aug 9, 2008 10:44pm | Edited 11:31pm

I personaly belive that is going to be a retracement up to 1.94 or 1.95 area and then down again.
Also I don't think that Cable is going to 2.00 area for the rest of the year. The economic is in very bad shape.
Last week could be the confimation of a reversal trend and now 1.80 area and maybe lower is the new name of the game.




Now a serie of chart for further analisys with everybody.
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Click to Enlarge Name: GBP-USD History Chart since 1975 to present - Lines (Carrera).png Size: 60 KB
  • #81,216
  • Aug 9, 2008 11:09pm Aug 9, 2008 11:09pm
More charts.

I hope that everybody have a good week.

Fx local, nVING, Bone, Ameri, is good good your analisys. Your technicals analisys are very good.

Nice that you guys post on the weekend!
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: Head and Shoulder Top Complex (Carrera).png Size: 50 KB
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  • #81,217
  • Aug 9, 2008 11:59pm Aug 9, 2008 11:59pm
Quoting Carrera
More charts.

Good post.....

HOLLA
  • #81,218
  • Aug 10, 2008 2:37am Aug 10, 2008 2:37am
Hi,

Just to share something I noticed abt GU...
On the daily chart, we can see clearly that GU has been going down for 6 consecutive days... If you go to your GU daily chart to look, you will notice it is very rare for GU to go down for 6 days in a row... Thus I think there should be some retracement on next trading day...
This is further supported by bullish harami on the 4H chart...

Just a simple analysis... I'm here to learn, pls let me know if i overlook anything... Thanks...
Attached Images
Lost...
  • #81,219
  • Aug 10, 2008 3:23am Aug 10, 2008 3:23am
[quote=Carrera;2156874]More charts.

As always nice analysis buddy
  • #81,220
  • Aug 10, 2008 4:04am Aug 10, 2008 4:04am
Quoting Carrera
More charts.

I hope that everybody have a good week.

Fx local, nVING, Bone, Ameri, is good good your analisys. Your technicals analisys are very good.

Nice that you guys post on the weekend!
fantastic post!! bro ...chart really help me ...good luck for next week
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