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Cable Update (GBPUSD)

  • #116,041
  • Jan 29, 2009 4:25am Jan 29, 2009 4:25am
what level is this trend line?
  • #116,042
  • Jan 29, 2009 4:26am Jan 29, 2009 4:26am
Looks like an aberration to me... be careful if you're long.
  • #116,043
  • Jan 29, 2009 4:30am Jan 29, 2009 4:30am
Quoting Subdude
Looks like an aberration to me... be careful if you're long.
to say that would assume that down is the correct way.

I love trendlines and use them extensively, but they have to get broken at some point in their life.

Longs, for further upside we need EG to break 9180 and EU to hold onto support at 3045
  • #116,044
  • Jan 29, 2009 4:32am Jan 29, 2009 4:32am
Head and shoulders on H1....

A
  • #116,045
  • Jan 29, 2009 4:34am Jan 29, 2009 4:34am
I had my daily target met.....+13 pips (In my Shorts to 1.4107). Entered with my demo ....with -107pips.....never knowing its winter time! That move was sharp! Got the signs from the good birds but could not follow.....still not happy eventhough its my demo.
  • #116,046
  • Jan 29, 2009 4:34am Jan 29, 2009 4:34am
Quoting PipLand
to say that would assume that down is the correct way.

I love trendlines and use them extensively, but they have to get broken at some point in their life.

Longs, for further upside we need EG to break 9180 and EU to hold onto support at 3045
If we add a splash of Dollar weakness to that mix we could some fast movement
  • #116,047
  • Jan 29, 2009 4:36am Jan 29, 2009 4:36am
hm, this was unexpected...
Twitter: @forexpokerpro
  • #116,048
  • Jan 29, 2009 4:36am Jan 29, 2009 4:36am
Quoting AlexFX
Head and shoulders on H1....

A
Yes I have been watching that yesterday and it is very possible all depends if the trendline holds if it does then that will form the top of the right shoulder
  • #116,049
  • Jan 29, 2009 4:37am Jan 29, 2009 4:37am
Quoting behram
what level is this trend line?
currently at about 4325
  • #116,050
  • Jan 29, 2009 4:38am Jan 29, 2009 4:38am
Quoting PipLand
to say that would assume that down is the correct way.

I love trendlines and use them extensively, but they have to get broken at some point in their life.

Longs, for further upside we need EG to break 9180 and EU to hold onto support at 3045
What do you see as the reason for the trendline to be broken right now? No important news released, equity markets are down, dollar is higher against everything but the pound, U.K. economy still sucks. Watch for the plug to be pulled just as quickly as it was put in.

Inexplicable.
  • #116,051
  • Jan 29, 2009 4:39am Jan 29, 2009 4:39am
I had told you this morning the pound would have been up again after a spike down

unfortunately my long order at 1,4043 was 30 pips lower from the session's low, but I am still confident I can build a long around 1,41 during the late US session

Still short EURGBP from 0,9477
almost reached my target at 0,9143
maybe I can close the position tomorrow
  • #116,052
  • Jan 29, 2009 4:42am Jan 29, 2009 4:42am
anyone taking a new short soon ??? its gotta come down and get back in line!
lowest draw down possible please.
  • #116,053
  • Jan 29, 2009 4:44am Jan 29, 2009 4:44am
I am trying one at 1,4243

if it goes up there first
  • #116,054
  • Jan 29, 2009 4:47am Jan 29, 2009 4:47am
What i saw...

For what it's of worth...
The 'Right Shoulder on a 3hr chart was just "touched"
@Around 1.4242 "ish".
We'll see if the pattern is the maker or the trends back up.

-She did smash back down,
'We'll see about all that.
Happy Pipping,

Jeff !
I will work to Objectively Identify my Edges
  • #116,055
  • Jan 29, 2009 4:48am Jan 29, 2009 4:48am
Quoting Subdude
What do you see as the reason for the trendline to be broken right now? No important news released, equity markets are down, dollar is higher against everything but the pound, U.K. economy still sucks. Watch for the plug to be pulled just as quickly as it was put in.

Inexplicable.
Well as I said Earlier we need EG to break 9180 for further upside, and EU to hold support

We have been rallying recently on the back of a perceived improvement in risk appetite and perceived improvement in the UK's fundamental outlook.

the dollar has been canning most other pairs but a lot of them are at support now and I expect them to reverse some of their losses.

If we dont break the trendline I will be back short again
  • #116,056
  • Jan 29, 2009 4:49am Jan 29, 2009 4:49am
My chart's fans seemed to hit recently, so I thought I'd share.

fan (MT4) GBP/USD
lines at .236 .264 .736 .764, each +- 0,1,2; plus, .618
1H scale, press - three times from no-show +
2009 0112 0900 1.5084
2009 0113 0100 1.50156

I call it a deviation fan, based on the Golden Angle (137.5 degrees, 137.5/180) and applied to intersect near its perpendicular a big trend divided in equal measures (four same-length pieces and the like) and aligned with existing turn points in the trend and perhaps around, more often after, the trend. Also, make extra lines I call midlines, when desired: Stretch a trendline between two fan lines and highlight it, then put a line from center thru the little box the highlighted drawn line makes.
Some prefer to put a fan on a fixed 1*1 scale because the lines otherwise jump when you scroll or widen/narrow the chart. I don't, you can mostly avoid doing these two after you finish setting the fan and if you trade a much-different scale (1', for example) on another chart.


Also, daily-scale horizontal lines at the 1.4480, 1.4280, and 1.4038/1.4050 are of some use. These, vaguely put, connect to very old turn points that resemble recent 1H-or-so turn points and their areas. They tend to frame an area with the consolidation and turn points it does touch, rather than give turn points like the fan.


I realize I could've gotten lucky on the recent hits, it's just the aligning with the recent trend and same-distance lines that made sense.
  • #116,057
  • Jan 29, 2009 4:51am Jan 29, 2009 4:51am
Quoting AlexFX
Head and shoulders on H1....

A
x2 !

Quoting ehrek
anyone taking a new short soon ??? its gotta come down and get back in line!
IN
  • #116,058
  • Jan 29, 2009 4:57am Jan 29, 2009 4:57am
Next week, it is forecast that BOE will cut 50 bps interest rate ?
Give me patience
  • #116,059
  • Jan 29, 2009 5:01am Jan 29, 2009 5:01am
Quoting golatigo
If I was a Betting Man - don't say anything

I can't see U S news being good
Unemployment Claims - my guess - worse then expected
D-Goods - no clue
New House Sales - my guess - worse then expected

be careful - no real frank & da queen news to speak of,
so what will move the market will be uncle sam news and i
would not want to have a trade going when that stuff comes out

Just a few crumbs to munch on between now and then

Who leaked the news early? Let me know next time!
  • #116,060
  • Jan 29, 2009 5:01am Jan 29, 2009 5:01am
getting nearer to trendline should be interesting!
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