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Cable Update (GBPUSD)

  • #117,581
  • Feb 3, 2009 6:56pm Feb 3, 2009 6:56pm
Quoting jack.canadia
15 minute 55-EMA in that area? I see it on mine .. This is another short opportunity on a break of this as well
I agree, but I don't think we'll see much movement in the Asian session.
  • #117,582
  • Feb 3, 2009 6:56pm Feb 3, 2009 6:56pm
Quoting nAVIN2007
1.44 i reckon then up im thinking
The strength is with the bears for the short term now .. And those of us in are getting rewarded ... If you look at the last time this area was tested, price was there only a short period of time and quickly retreated ... Somebody sold, and then everyone else followed .. We just made a new low off the top and are still bearish until the market tells us otherwise
  • #117,583
  • Feb 3, 2009 6:58pm Feb 3, 2009 6:58pm
shorted it last night at 1,4436

I still see a new breakup in the coming session

now I have a close order at 1,4297

I am looking for a point to close my short anyway, not sure if today this pair can get that low but his up and down movement are promising...


any short time s/r?
  • #117,584
  • Feb 3, 2009 6:59pm Feb 3, 2009 6:59pm
Quoting jack.canadia
If you're short, lock in some profits .. I have moved mine right above wave 3 here on my 5-min at the daily M3 pivot .. If wave 3 is taken out then we can expect a range into the London open .. Also, the 5-ema looks as if it may cross below the 8-sma on the hourly, bearish enough in itself...Also, a possible doji on the 4-hr chart and over bought daily stochastics

Good luck

One more note ... wave 2-3 was 50% of wave 1-2, enough for me to short...this was what I was looking for but I went ahead and shorted blindly earlier today ... Usually...
Let me prefess this by saying im not trashing you as an individual or as a trader, but all that stuff you just talked about is garbage flat out garbage that doesnt move the market


there are many problems with those theories

1. 5 minute chart trading in my opinion again repeat just my opinion is insane.

2. wave 2 wave 3 bla bla bla bla. Elliot waves are far to subjective I can get ten different traders that draw ten different patterns Elliot waves to me of any indicator is the most useless.


Price action Price action folks you dont need all this indicator garbage.
  • #117,585
  • Feb 3, 2009 7:01pm Feb 3, 2009 7:01pm
Quoting fammira
shorted it last night at 1,4436

I still see a new breakup in the coming session

now I have a close order at 1,4297

I am looking for a point to close my short anyway, not sure if today this pair can get that low but his up and down movement are promising...


any short time s/r?
No real short term s/r, but I'm following the 60 SMA on the hourly. It gave solid support and resis the past 2 days.
  • #117,586
  • Feb 3, 2009 7:02pm Feb 3, 2009 7:02pm
Support at 1.4370,50,40,30 ... these include EMAs and the daily pivot .. below 1.4330 and we're short for now ..
  • #117,587
  • Feb 3, 2009 7:04pm Feb 3, 2009 7:04pm
I reccommend everyone watch these videos...

Quantifying supply and demand ... http://transcripts.fxstreet.com/2008...what-is-r.html

1-2-3 Pattern ... http://transcripts.fxstreet.com/2008...t-pattern.html
  • #117,588
  • Feb 3, 2009 7:09pm Feb 3, 2009 7:09pm
Quoting primasoldi
No real short term s/r, but I'm following the 60 SMA on the hourly. It gave solid support and resis the past 2 days.
clearly the wide trading range on this pair is 1,40 - 1,45

I have been saying these days that I am bullish and believe it will soon break the resistance

for the short term I see pivot points at:

1,4398
1,43
1,4262
1,4223

according to my present strategy (short yesterday from 1,4436) one of those levels is the place to close my short and reverse to long waiting for the breakout to come
  • #117,589
  • Feb 3, 2009 7:10pm Feb 3, 2009 7:10pm
im all closed out at 4380 we could bounce from here i think
  • #117,590
  • Feb 3, 2009 7:12pm Feb 3, 2009 7:12pm

Short at 1.4444, PT 1.4319 stop 1.4508

say something political...what I would eat if I wasn't going to die.
  • #117,591
  • Feb 3, 2009 7:14pm Feb 3, 2009 7:14pm
GBP Nationwide Consumer Confidence:
actual: 40, forecast: 45, pre: 48http://www.forexfactory.com/images/m...us_revised.gif

Bad news just released, BOE is sure to cut rate, now long or short ?
risky
Give me patience
  • #117,592
  • Feb 3, 2009 7:18pm Feb 3, 2009 7:18pm
Quoting PipLand
im all closed out at 4380 we could bounce from here i think
GU may go to 1.4280 try a little short ?
Give me patience
  • #117,593
  • Feb 3, 2009 7:18pm Feb 3, 2009 7:18pm
Quoting PipLand
im all closed out at 4380 we could bounce from here i think
pips are pips are pips .. nicee .. i'm still in and waiting to see what happens

I wouldnt rule out 1.4320 and 1.4270, 2-50% fibs
  • #117,594
  • Feb 3, 2009 7:20pm Feb 3, 2009 7:20pm
Quoting Bullfx
GU may go to 1.4280
Yeah I dont dissagree im having real trouble picking a side with cable at the moment I took a nice short and weve come up since 4380, when i closed out if I was to place a trade now it would be long targeting 4500. Then after 4500 we could either accelerate upwards or shoot back down
  • #117,595
  • Feb 3, 2009 7:21pm Feb 3, 2009 7:21pm
Quoting Bullfx
GU may go to 1.4280 try a little short
I'll take my chances and go long
  • #117,596
  • Feb 3, 2009 7:21pm Feb 3, 2009 7:21pm
Bounce up to 1.4406/13 area then down again? If not, break above 1.4430 may indicate a range-bound market for now
  • #117,597
  • Feb 3, 2009 7:23pm Feb 3, 2009 7:23pm
Quoting jack.canadia
Bounce up to 1.4406/13 area then down again? If not, break above 1.4430 may indicate a range-bound market for now
yeah could bounce down of the 10 ema which is currently there on my 15min.
Thats what stopped me taking the long and plus were just too far up the top of the range for longs from here for my liking at the moment
  • #117,598
  • Feb 3, 2009 7:23pm Feb 3, 2009 7:23pm
Quoting laromanell
I'll take my chances and go long
why?
  • #117,599
  • Feb 3, 2009 7:26pm Feb 3, 2009 7:26pm
Quoting laromanell
I'll take my chances and go long
My advice would be to not do that ...
  • #117,600
  • Feb 3, 2009 7:32pm Feb 3, 2009 7:32pm
Quoting laromanell
I'll take my chances and go long
What's a possible tp level?
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