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Cable Update (GBPUSD)

  • #108,721
  • Dec 29, 2008 10:17am Dec 29, 2008 10:17am
Quoting ForexRookie
Righty ho...back to Forex....

We have just bounced off support in the area of 1.4560 area on the 1 hour chart. I think there should be people going long from this zone.
im seeing that area too, but still waiting the confirmation in next 2 hours
  • #108,722
  • Dec 29, 2008 10:32am Dec 29, 2008 10:32am
Quoting mcfbcmnfsz1
im seeing that area too, but still waiting the confirmation in next 2 hours
I agree, i think it would be too dangerous to jump in long at this stage; especially as the trend is still down.
"The trend is your friend, until the end."
  • #108,723
  • Dec 29, 2008 12:07pm Dec 29, 2008 12:07pm
I guess she gonna break 1.4500 soon
  • #108,724
  • Dec 29, 2008 12:11pm Dec 29, 2008 12:11pm
Quoting gagakrimba
I guess she gonna break 1.4500 soon
Yeah, free fallin'.
Note the EUR/GBP and also the GBP/AUD.
Tomorrow there will be more bad news for the British pound...
  • #108,725
  • Dec 29, 2008 12:57pm Dec 29, 2008 12:57pm
its is forming two tops in daily chart....is it going up after that???any body answer??
what you get in the wind goes through the storms
  • #108,726
  • Dec 29, 2008 1:01pm Dec 29, 2008 1:01pm
Quoting i.shawish
its is forming two tops in daily chart....is it going up after that???any body answer??
Nahhh...she is on a free fall to bottomless pit
  • #108,727
  • Dec 29, 2008 1:30pm Dec 29, 2008 1:30pm
Quoting gagakrimba
Nahhh...she is on a free fall to bottomless pit

That's where they put George Michael

These things rarely go in a straight line so I am getting in and out of the market
  • #108,728
  • Edited 1:40pm Dec 29, 2008 1:35pm | Edited 1:40pm
Quoting allserene
That's where they put George Michael

These things rarely go in a straight line so I am getting in and out of the market
Am long @ 1.4480 with s/l just below May 2002 low of 1.4460 (trailing stop to b/e +10pips once/if I get 100 green pips), with t/p to be determined from candle formations on 15m and 60m.

Alternatively, I will go short on a break of 1.4460 and ride her down. Think the risk/reward on both outcomes is favourably weighted.
  • #108,729
  • Dec 29, 2008 1:37pm Dec 29, 2008 1:37pm
Quoting gagakrimba
Nahhh...she is on a free fall to bottomless pit
My longs say otherwise at this point. I'm stacked and green!
Just digging in the trenches like everyone else!
  • #108,730
  • Dec 29, 2008 1:39pm Dec 29, 2008 1:39pm
Quoting eohater
My longs say otherwise at this point. I'm stacked and green!
nice to be in the same boat as your good self. ho ho ho!
  • #108,731
  • Dec 29, 2008 1:45pm Dec 29, 2008 1:45pm
Quoting gammase1
nice to be in the same boat as your good self. ho ho ho!
You have a nice entry! I wouldn't be surprised to see it run back down and test near the bottom before running up higher. Of course, price action will lead the way.
Just digging in the trenches like everyone else!
  • #108,732
  • Edited 2:00pm Dec 29, 2008 1:53pm | Edited 2:00pm
Quoting eohater
You have a nice entry! I wouldn't be surprised to see it run back down and test near the bottom before running up higher. Of course, price action will lead the way.
Felt a bit nervous placing longs at that level, after price dropped immediately after execution, but 1.4460 should provide an obvious area where stops should be clustered. A re-test of 1.4460 area seems plausible before a bigger move up. Have taken profit on one long at 1.4540 and will watch price action carefully for rest of session.

However, I think EURGBP is one of the key drivers of cable in next couple of days, particularly if we get a clean break of 0.98 at the same time when cable is close to 1.4460. Then it could get very nasty for sterling, given that GBPJPY has also today broken a key level of 132.00.
  • #108,733
  • Dec 29, 2008 1:59pm Dec 29, 2008 1:59pm
Quoting gammase1
Felt a bit nervous placing longs at that level, after price dropped immediately after execution, but 1.4460 should provide an obvious area where stops should be clustered. A re-test of 1.4460 area seems plausible before a bigger move up. Have taken profit on one long at 1.4540 and will watch price action carefully for rest of session.

However, I think EURGBP is one of the key drivers of cable in next couple of days, particularly if we get a clean break of 0.98 at the same time when cable is close to 1.4460. Then it could get very nasty for sterling,...
Good job on taking profit and nice analysis on the current situation. I've taken some of my profit off the table as well.
Just digging in the trenches like everyone else!
  • #108,734
  • Dec 29, 2008 2:00pm Dec 29, 2008 2:00pm
Nice 4hr pinbar to ponder over...
  • #108,735
  • Dec 29, 2008 2:34pm Dec 29, 2008 2:34pm
Quoting eohater
Good job on taking profit and nice analysis on the current situation. I've taken some of my profit off the table as well.
Great job bro!!! I got a quick scalp in today as well... I wasn't looking for a trade today but I had an order at 1.4470 with tp 1.4570 closed out nice and green... I am on the sides again....

I trust you are having an enjoyable time this holiday season...
Patience + Discipline - Greed = Success
  • #108,736
  • Dec 29, 2008 2:41pm Dec 29, 2008 2:41pm
I tried a short on the bounce off the bottom side of the 15ema on 15m about 40 mins ago.

Locked in some profit and expect it to make a lower low.
  • #108,737
  • Dec 29, 2008 3:01pm Dec 29, 2008 3:01pm
12/19
Quoting cisco
I'm short from 1.5161 which is the 38.2% retracement of yesterday's PA. If it turns out to be the c-d leg of an ab=cd pattern, then the projected TP is around 1.4450.
We're finally going to get there.
Hi, my name is Barry and you can keep your doctor...
  • #108,738
  • Dec 29, 2008 3:36pm Dec 29, 2008 3:36pm
Quoting Shilva
I tried a short on the bounce off the bottom side of the 15ema on 15m about 40 mins ago.

Locked in some profit and expect it to make a lower low.
closed this trade with +98 when it stalled the 2nd time at the previous low.

not bad for a late day trade!
  • #108,739
  • Dec 29, 2008 3:36pm Dec 29, 2008 3:36pm
Anyone taking a long from this position?
  • #108,740
  • Dec 29, 2008 3:48pm Dec 29, 2008 3:48pm
Think i will wait and see which way asia trades it later.
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