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Cable Update (GBPUSD)

  • #83,321
  • Aug 20, 2008 8:49pm Aug 20, 2008 8:49pm
am short @ 1.8640.

discuss!
  • #83,322
  • Aug 20, 2008 8:51pm Aug 20, 2008 8:51pm
We will see strong move going down today.
  • #83,323
  • Aug 20, 2008 8:52pm Aug 20, 2008 8:52pm
Quoting Ya-Razzaq
We will see strong move going down today.
why?
  • #83,324
  • Aug 20, 2008 8:53pm Aug 20, 2008 8:53pm
Quoting Ya-Razzaq
Short GBP/USD
I've seen many of you shorting GBP tonight, just curious to why? Anyone can put some insightful comments to why many of you see a short of GBP? I've shorted the GBP because I saw that it was trying to break the channel and didn't make a clean break, heading south to get more energy before another push.

Please comment thanks.
  • #83,325
  • Aug 20, 2008 9:24pm Aug 20, 2008 9:24pm
Why i short because the price still within the channel lines. I see that price hit the resistance twice. From my knowledge, when the price hit the resistance line twice, price will go to the support.

Herewith i attached my chart analysis. Do not follow me. I might be wrong. and i'm wrong most of the time
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.jpg Size: 55 KB
  • #83,326
  • Aug 20, 2008 9:26pm Aug 20, 2008 9:26pm
The chart above is daily chart analysis.

Hopefully we will see 200 pips move down today.
  • #83,327
  • Aug 20, 2008 9:31pm Aug 20, 2008 9:31pm
Quoting Ya-Razzaq
The chart above is daily chart analysis.

Hopefully we will see 200 pips move down today.
I watch the 5 min and 15 mins chart, trying to catch 20-40 pips. You seem to have more guts to wait for the 200 pip drop. We will see what happens tonight. Good luck to us both.

Thanks for the comment
  • #83,328
  • Aug 20, 2008 11:01pm Aug 20, 2008 11:01pm
http://forexfactory.com/showpost.php...26&postcount=6
  • #83,329
  • Aug 20, 2008 11:21pm Aug 20, 2008 11:21pm
Quoting Agent-Pipen
I watch the 5 min and 15 mins chart, trying to catch 20-40 pips. You seem to have more guts to wait for the 200 pip drop. We will see what happens tonight. Good luck to us both.

Thanks for the comment
You might have luck on the short time frame charts to target 8-10 pips instead of 20-40. Look at the higher time frame charts. I like to 4 hour chart myself for entry points. Good luck!
Just digging in the trenches like everyone else!
  • #83,330
  • Aug 20, 2008 11:22pm Aug 20, 2008 11:22pm
We have had expansion and now I wonder if we might be in for some consolidation. We have hit the lower channel and the median line. Is that enough for now?
Attached Image
  • #83,331
  • Aug 20, 2008 11:23pm Aug 20, 2008 11:23pm
I see we have a lot of shorts on tonight. I'm holding two, one at 1.8660 and another at 1.8625. I've went short from the 1.866x area for the last two nights with good success. Time to try it again!
Just digging in the trenches like everyone else!
  • #83,332
  • Aug 20, 2008 11:28pm Aug 20, 2008 11:28pm
Quoting eohater
You might have luck on the short time frame charts to target 8-10 pips instead of 20-40. Look at the higher time frame charts. I like to 4 hour chart myself for entry points. Good luck!
8-10 pips are pretty common on the smaller time frame I agree. I've noticed in Euro that's mostly the case. For GBP the swing can be a little wider, I'll stretch it out to 10-15 pips. Thanks for the comment.
  • #83,333
  • Aug 20, 2008 11:33pm Aug 20, 2008 11:33pm
Quoting Trade888
We have had expansion and now I wonder if we might be in for some consolidation. We have hit the lower channel and the median line. Is that enough for now?
What timeframe is your chart?
  • #83,334
  • Aug 20, 2008 11:41pm Aug 20, 2008 11:41pm
Quoting Agent-Pipen
8-10 pips are pretty common on the smaller time frame I agree. I've noticed in Euro that's mostly the case. For GBP the swing can be a little wider, I'll stretch it out to 10-15 pips. Thanks for the comment.
Just digging in the trenches like everyone else!
  • #83,335
  • Aug 20, 2008 11:42pm Aug 20, 2008 11:42pm
What's the support for tonight? It's moving very very slowly.
  • #83,336
  • Aug 20, 2008 11:43pm Aug 20, 2008 11:43pm
Quoting Agent-Pipen
What's the support for tonight? It's moving very very slowly.
what do you see?
Attached Image (click to enlarge)
Click to Enlarge Name: chart.JPG Size: 73 KB
Just digging in the trenches like everyone else!
  • #83,337
  • Aug 20, 2008 11:50pm Aug 20, 2008 11:50pm
From your 240 mins chart it looks like the support is all the way on the bottom, 1.8554. As per my first reasoning for shorting my position is because it has not broken the upper channel. I guess at this stage it's in equal distance between resistance and support.

Thanks for the chart, making it clear of what's happening currently.

I'm still holding short. From my view it looks like it'll touch 1.86175 area before testing to break the channel again.

Any comments?
  • #83,338
  • Aug 20, 2008 11:58pm Aug 20, 2008 11:58pm
Quoting AmeriTrini
http://forexfactory.com/showpost.php...26&postcount=6
Have you seen this?
Just digging in the trenches like everyone else!
  • #83,339
  • Aug 21, 2008 12:06am Aug 21, 2008 12:06am
Quoting eohater
Have you seen this?
Yes I have, he doesn't seem like a good trader to follow advice on. He's recent trades weren't that successful.
  • #83,340
  • Aug 21, 2008 12:07am Aug 21, 2008 12:07am
good morning eohater.
how things going?
Keep It Simple Stupid
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