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Cable Update (GBPUSD)

  • #126,601
  • Mar 16, 2009 3:19am Mar 16, 2009 3:19am
Morning guys, equities retreating, oil diving, and dollar selling off!

Strange morning. Another correlation out the window then? or will traders realise soon and start buying it back?
  • #126,602
  • Mar 16, 2009 3:19am Mar 16, 2009 3:19am
All down hill from here boys...1.3500 coming today...
  • #126,603
  • Mar 16, 2009 3:24am Mar 16, 2009 3:24am
Quoting belief
ops sorry i meant to say 1.4120 (+spread ofcause) which is very near now. Like to keep it tight for 0.5% account risk.
Looks like you just got stopped out. Sorry about that. Watch what happens around the 4150 levels as I mentioned earlier. A breach above this level than bias will favour long.
Thank You
  • #126,604
  • Mar 16, 2009 3:29am Mar 16, 2009 3:29am
Quoting PipLand
Morning guys, equities retreating, oil diving, and dollar selling off!

Strange morning. Another correlation out the window then? or will traders realise soon and start buying it back?
Hey pip
All right mate? Any calls yet? Or are we sitting it out?
Thank You
  • #126,605
  • Mar 16, 2009 3:33am Mar 16, 2009 3:33am
Quoting wormboy
Hey pip
All right mate? Any calls yet? Or are we sitting it out?
Hey Wormboy hows it going?

Nah no calls yet, normally i would look to be playing a short from here but the broad dollar sell off has me concerned, the direction of equities also has me confused at the moment, how bout you?
  • #126,606
  • Mar 16, 2009 3:38am Mar 16, 2009 3:38am
Quoting PipLand
Hey Wormboy hows it going?

Nah no calls yet, normally i would look to be playing a short from here but the broad dollar sell off has me concerned, the direction of equities also has me confused at the moment, how bout you?
I'm good my friend. Closed all my shorts last week and left a small position on the table for this week. Had it taken out from the last spike, no harm done tho. All +ve
I'm gonna wait & see how 4150 levels hold out. Not planning on going long from this far up tho. I'll stick to the plan of going long when that neckline is taken out on the daily tho.
Thank You
  • #126,607
  • Mar 16, 2009 3:39am Mar 16, 2009 3:39am
Quoting bradorboy
I believe it will climb up to 1.4160ish tonight then fall HARD back down to 1.3500, from there time to go long...but I am learning...Look at daily chart, it is ready to fall back to 1.3500 as it hits its near term resistance levels.
My prediction looks good right now...let's see...
  • #126,608
  • Mar 16, 2009 3:56am Mar 16, 2009 3:56am
Quoting wormboy
I'm good my friend. Closed all my shorts last week and left a small position on the table for this week. Had it taken out from the last spike, no harm done tho. All +ve
I'm gonna wait & see how 4150 levels hold out. Not planning on going long from this far up tho. I'll stick to the plan of going long when that neckline is taken out on the daily tho.
Good stuff! nah im not considering going long just yet either i think the equity rallies could turn around soon and head lower
  • #126,609
  • Edited 4:08am Mar 16, 2009 3:56am | Edited 4:08am
Quoting wormboy
I'm good my friend. Closed all my shorts last week and left a small position on the table for this week. Had it taken out from the last spike, no harm done tho. All +ve
I'm gonna wait & see how 4150 levels hold out. Not planning on going long from this far up tho. I'll stick to the plan of going long when that neckline is taken out on the daily tho.
Agree, basic trade is no go long at the top, more better waiting for the PA on next H1/H4 for the possibility short, I mean waiting for any trigger maybe evening star, engulfing etc !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #126,610
  • Mar 16, 2009 4:16am Mar 16, 2009 4:16am
Has anyone else noticed that 1.4160 is 50% fibo and 61% fibo on houly and above time frames? If this is the case then it's down from here.
  • #126,611
  • Mar 16, 2009 4:17am Mar 16, 2009 4:17am
Quoting manize
Agree, basic trade is no go long at the top, more better waiting for the PA on next H1/H4 for the possibility short, I mean waiting for any trigger maybe evening star, engulfing etc !
nice one my friend. Possible top as you said, 500 points run up from 36xx level & facing a stern test @4150 level. We might get it wrong because this can still go all the way up, but unnecessary risk going long atm if you ask me.

anyway. took a small short @4138. Will post up a chart later once I get home.
Good luck
Thank You
  • #126,612
  • Mar 16, 2009 4:20am Mar 16, 2009 4:20am
Yes, it is a good level, but depending how it is drawn, those fibs could extend to 14180 and tie in with the decending trend line. I am waiting to see if we get a surge higher but I will be looking to short on the next test higher.

Quoting PLooB
Has anyone else noticed that 1.4160 is 50% fibo and 61% fibo on houly and above time frames? If this is the case then it's down from here.
Ride the Bulls bearback!
  • #126,613
  • Mar 16, 2009 4:25am Mar 16, 2009 4:25am
Quoting PLooB
Has anyone else noticed that 1.4160 is 50% fibo and 61% fibo on houly and above time frames? If this is the case then it's down from here.
Well spotted. I was also watching these levels. Other things that happened there was the 38.2 from the Feb high and fairly close to the upper rising channel line. It is the third rise to thiis channel line and I have noticed that often the last hit of 3 doesn't quite reach it. Certainly worth a scalp although for that you should already be in. If not then lets see how big a reversal it is.
  • #126,614
  • Mar 16, 2009 4:30am Mar 16, 2009 4:30am
Quoting alcando
Yes, it is a good level, but depending how it is drawn, those fibs could extend to 14180 and tie in with the decending trend line. I am waiting to see if we get a surge higher but I will be looking to short on the next test higher.
Good morning Alca That 14180 is also a recent 1.618 extension and resistance from the March 9th high and would be closer to the top channel line. Out of interest what would convince you that a test higher is NOT going to happen??
  • #126,615
  • Mar 16, 2009 4:31am Mar 16, 2009 4:31am
I'm looking for 1.43ish today - top TL of the wedge, possibly as far up as the daily 50/62EMA. Took a long last night at 1.3900 when price firmly bounced off the neckline of the H4 inverted H+S.
  • #126,616
  • Mar 16, 2009 4:35am Mar 16, 2009 4:35am
Good day mates.

my idea will be to go short around 1.4228 area

missed the long in the morning. hanging at the bus stop for now

just my idea
  • #126,617
  • Mar 16, 2009 4:38am Mar 16, 2009 4:38am
Quoting linleysound
I'm looking for 1.43ish today - top TL of the wedge, possibly as far up as the daily 50/62EMA. Took a long last night at 1.3900 when price firmly bounced off the neckline of the H4 inverted H+S.
that's a great way to start the week, nice going. I can't go long at these levels, so right now I favour a sell and then perhaps catch a long ride later in the day. Just hanging about for now.
  • #126,618
  • Mar 16, 2009 4:43am Mar 16, 2009 4:43am
Quoting ezodisy
that's a great way to start the week, nice going. I can't go long at these levels, so right now I favour a sell and then perhaps catch a long ride later in the day. Just hanging about for now.
Morning Tony. Sounds like a good plan, let's see what happens.
  • #126,619
  • Mar 16, 2009 5:38am Mar 16, 2009 5:38am
Quoting alfamichi
Good day mates.

my idea will be to go short around 1.4228 area

missed the long in the morning. hanging at the bus stop for now

just my idea
There is not much adverse news from here on.... so I think it will be bullish for some time... i just went long at 1.4173 and added at 1.4218...

Fly baby fly !!!
  • #126,620
  • Mar 16, 2009 5:42am Mar 16, 2009 5:42am
time is coming too to big short this thing from level 1.43!
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