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Cable Update (GBPUSD)

  • #125,821
  • Mar 10, 2009 6:47am Mar 10, 2009 6:47am
Quoting liquidmoment
I get that too pipland. My fibo from the 7th march high of 1.4303 and 10th march low of 1.3742 shows me resistance @ 1.3956 on 15 min chart.
Morning, folks
May I ask why are you considering the level of 395-ish? I understand it's fibs 61.8 retracement. But atm it's below 3875 which is 76.4. Isn't it enough?
  • #125,822
  • Mar 10, 2009 6:49am Mar 10, 2009 6:49am
Quoting PipLand
Yeah im thinking now it might not get that far, Godfrey is right we are in a bear flag so we might not see as high as 1.395x but 1.3925 might be a more realistic target. I will watch and wait
Sounds good pip. I have a pending order around that level myself. Nice one mate
Btw godfrey, anyone I ever tell you, that you look like chris tucker?
Thank You
  • #125,823
  • Mar 10, 2009 6:50am Mar 10, 2009 6:50am
Quoting Komissar
Morning, folks
May I ask why are you considering the level of 395-ish? I understand it's fibs 61.8 retracement. But atm it's below 3875 which is 76.4. Isn't it enough?
It's the daily resistance level my friend.
Thank You
  • #125,824
  • Mar 10, 2009 7:00am Mar 10, 2009 7:00am
Good Morning All...http://www.forexfactory.com/images/icons/icon7.gif

Think we'll see that 61.8 (3956) retrace today? I show that on my chart as well (Although just learning to chart here) and was also thinking about a sell around there.
Ghost Rider - WWTBMD?
  • #125,825
  • Mar 10, 2009 7:19am Mar 10, 2009 7:19am
Here's someone with a different perspective to the herd:

http://www.cnbc.com/id/15840232/?vid...6717103&play=1


Interesting....(if you can understand his slightly suspicious German accent...)
  • #125,826
  • Mar 10, 2009 7:28am Mar 10, 2009 7:28am
The retracement seems to be occurring while the US markets are rallying, you think it will change when the market drops like usual.
  • #125,827
  • Mar 10, 2009 7:43am Mar 10, 2009 7:43am
Quoting Ben920FX
I Just opened long, 1st TP is 50 pips SL is 70 pips, let's see if this one will win or lose
1st TP hit for 50 pips, 2nd TP is 100 pips SL now at BE
My edge ===> Patience
  • #125,828
  • Mar 10, 2009 7:51am Mar 10, 2009 7:51am
Sigh.... Was tripped out last night at a take even stop loss..good news, didn't lose any money, bad news, looks like that 3950 will be the next on the attack...

Gone for most of the day...Ugly ass charts all around, play safe!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #125,829
  • Mar 10, 2009 7:53am Mar 10, 2009 7:53am
Quoting wormboy
It's the daily resistance level my friend.
Thanks, buddy. I forgot to look at higher TF.
  • #125,830
  • Mar 10, 2009 7:58am Mar 10, 2009 7:58am
With global stock market all doing a bit better today, we think the risks are biased toward a weaker USD and higher JPY-crosses....Given the extreme moves yesterday in AUD, CAD and NZD, and also GBP, there is significant potential for a sharper rebound in these pairs and a test of the other side of the ranges.

[
  • #125,831
  • Mar 10, 2009 7:58am Mar 10, 2009 7:58am
I hope no one got trapped into a long position as price poked its head above the bear flag on my 1h. Closing price here is all that matters still
  • #125,832
  • Mar 10, 2009 7:59am Mar 10, 2009 7:59am
Quoting linleysound
Here's someone with a different perspective to the herd:

http://www.cnbc.com/id/15840232/?vid...6717103&play=1


Interesting....(if you can understand his slightly suspicious German accent...)
Interesting analysis...

He's actually a very good strategist. I don't view his accent as being an issue.
  • #125,833
  • Mar 10, 2009 8:01am Mar 10, 2009 8:01am
anyone going short or waiting?
  • #125,834
  • Mar 10, 2009 8:02am Mar 10, 2009 8:02am
Nice ranging morning of 50 pips and more!
  • #125,835
  • Mar 10, 2009 8:05am Mar 10, 2009 8:05am
Quoting gammase1
Interesting analysis...

He's actually a very good strategist. I don't view his accent as being an issue.
I agree
  • #125,836
  • Mar 10, 2009 8:26am Mar 10, 2009 8:26am
im still believe gu will reach 1.3702
No Pain No Gain
  • #125,837
  • Mar 10, 2009 8:29am Mar 10, 2009 8:29am
Quoting feenafx
im still believe gu will reach 1.3702
certainly. But not now. a little more upside to come before.
  • #125,838
  • Mar 10, 2009 8:42am Mar 10, 2009 8:42am
Hi people
How are you all? I am long @ 137.90 and 138.10 now going to move 20 points up my stop loss to keep some green pips............In case you guys want to short big time........ I think today will be a long day .............for me shorts at this point asking for trouble .........just my take......
BANDA333
  • #125,839
  • Mar 10, 2009 8:42am Mar 10, 2009 8:42am
waiting for this thing to get a move on...meant to be having a lecture in 20 minutes!
"The trend is your friend, until the end."
  • #125,840
  • Mar 10, 2009 8:58am Mar 10, 2009 8:58am
From the chart I have got, I can see major resistance from the daily pivot at 1.3905 on the 1H, it looks like for the last few hours they have all either opened or closed at 1.3855.

A couple of questions..

from a previous post it looks like this may reach 1.3925 which is above the daily pivot. If it does reach there and breach the daily pivot.. is it another long..

or

The resistance maintains intact at 1.3905 and it is not breached then we see a decline from here onwards.

From what I gather from reading here on ForexFactory and other sites and studying the charts and prices.. is that it may very well reach 1.3925 then get rejected immediately for a drop.

Suggested Trade:
Entry 1.3926
Stop 1.3950
Target 1.3702

+248 pip vs -24pip

Profit to loss ratio: 10.33:1


Feedback on the analysis of the above and what is the more likely scenario out of the two.. or maybe a third I may not be aware of
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