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Cable Update (GBPUSD)

  • #126,661
  • Mar 16, 2009 10:26am Mar 16, 2009 10:26am
Quoting pipsbull
With all respect, Abuawad, I don't see price to reach those levels at least untill price forms back below 1,4. This recent fall is correction imho.
I also see rise in 5waves in pound. Could be different levels of waves stops. But my final target is firm - 1,6-1,61, to it's 50% fib retr. But that is a long term play. Also, it is important for me that it made higher low on daily and Soros stopped selling, once Gbp went below 1,4)
all above will be confirmed with the break of read TL only!
  • #126,662
  • Mar 16, 2009 10:28am Mar 16, 2009 10:28am
Quoting wormboy
Ah 3500. My favourite question
Bulls just got crushed trying to go long way too early. Here are 2 of my charts. (sofia will remember this one ) Beautiful
If you're short, keep the stops tight (preferably just above the wedge). If you're holding long .... well ... good luck.
I think its a fakey turning point here
Trade less make more!
  • #126,663
  • Mar 16, 2009 10:33am Mar 16, 2009 10:33am
Here comes a leg up preparing another big run back down...smell 1.3500 on the grille...
  • #126,664
  • Mar 16, 2009 10:34am Mar 16, 2009 10:34am
I like going long at 1.4062 with SL at bottom of cloud, based on my 4h chart.
Attached Image (click to enlarge)
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  • #126,665
  • Mar 16, 2009 10:34am Mar 16, 2009 10:34am
I took an educated punt "long" @ 1.4060, TP 1.4150, SL now at BE.

This is supported by continued positivism across both the European & US equity markets, and from a technical perspective a necessary bounce back of the downside of the 4H bull channel that appeared from March 12, a bounce of the 30M 50 EMA, as well as bull cross of the 30M, 15M & 5M SSD from below a 20-level.

So far it's looking promising. 40 pips in the green, with more to follow if it can just clear 1.4100 resistance.
  • #126,666
  • Mar 16, 2009 10:35am Mar 16, 2009 10:35am
Quoting doughnut
I think its a fakey turning point here
Doesn't matter if it's a fakey. I'm covered anyway. And like I said, I don't predict, I just trade off what's shown on my charts. Trying to predict and think where it's going is just going to make trading harder because you can't predict for sure where it's headed, especially at reversal points. I'll go long when the reversal is clearly shown to me. But hey, I don't speak for everyone here. Good luck
Thank You
  • #126,667
  • Mar 16, 2009 10:39am Mar 16, 2009 10:39am
Quoting wormboy
Doesn't matter if it's a fakey. I'm covered anyway. And like I said, I don't predict, I just trade off what's shown on my charts. Trying to predict and think where it's going is just going to make trading harder because you can't predict for sure where it's headed, especially at reversal points. I'll go long when the reversal is clearly shown to me. But hey, I don't speak for everyone here. Good luck
What if this ends up being a false leg up in the equities?
  • #126,668
  • Mar 16, 2009 10:40am Mar 16, 2009 10:40am
Quoting wormboy
Doesn't matter if it's a fakey. I'm covered anyway. And like I said, I don't predict, I just trade off what's shown on my charts. Trying to predict and think where it's going is just going to make trading harder because you can't predict for sure where it's headed, especially at reversal points. I'll go long when the reversal is clearly shown to me. But hey, I don't speak for everyone here. Good luck
The reason i went long is that i use inside bar strategy its pretty accurate however i do get stopped i use 30 min and there is one there
Trade less make more!
  • #126,669
  • Mar 16, 2009 10:42am Mar 16, 2009 10:42am
I think were going to have a modest bull run in the pound, especially in the near term, with the US Equities rallying, and recovering from severely oversold levels. There might be some pound weakness, on say a new bank nationalization, but as long as Equities markets are rallying dollar will weaken.
  • #126,670
  • Mar 16, 2009 10:47am Mar 16, 2009 10:47am
Quoting bradorboy
What if this ends up being a false leg up in the equities?
What if it does? There are so many "what if's" for you to worry about if you really want to worry about it. I've said it many times, I don't really care much about other factors. I'd rather waste my time managing my risk than to think of things that I am not in full control off. My point is, if you're in short or long, just try to keep those gains. Cover your existing position and let the rest go to work. If it decides to turn, so what? You're already covered anyway. You can contemplate on what to do next then.
Anyway, good luck
Thank You
  • #126,671
  • Mar 16, 2009 10:49am Mar 16, 2009 10:49am
Kalparker
I agree but somebody brought out the grill and is cooking up some 1.3500 kabobs and I don't get it...it smells fishy to me... I am following my nose...and of course my daily Fib...
  • #126,672
  • Mar 16, 2009 10:50am Mar 16, 2009 10:50am
Quoting doughnut
The reason i went long is that i use inside bar strategy its pretty accurate however i do get stopped i use 30 min and there is one there
It's okay my friend, you don't owe me an explanation
Just take whatever someone here says with a grain of salt and nothing more. Important for you to know what you're doing, and it does seem that you know what you're doing. I wish you good luck on your trades mate
Thank You
  • #126,673
  • Mar 16, 2009 11:00am Mar 16, 2009 11:00am
it first goes down to 1.4036 then goes up to 1.4162 & finally will fall down to 1.3936 !!!
  • #126,674
  • Mar 16, 2009 11:06am Mar 16, 2009 11:06am
I went short 1.4110. Feel comfortable seeing H4 closed below yellow line. My TP 1.4040 !
Attached Image (click to enlarge)
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I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #126,675
  • Mar 16, 2009 11:09am Mar 16, 2009 11:09am
Hello friends,sorry I didn't post was busy trading Here the way I see it: on a up side first we need to break 1.4261 and then 1.4340 to confirm that we are going up much higher on a down side is 1.3977 and 1.3884 so it a lots of room to trade this flat Cheers
  • #126,676
  • Mar 16, 2009 11:11am Mar 16, 2009 11:11am
Quoting wormboy
What if it does? There are so many "what if's" for you to worry about if you really want to worry about it. I've said it many times, I don't really care much about other factors. I'd rather waste my time managing my risk than to think of things that I am not in full control off. My point is, if you're in short or long, just try to keep those gains. Cover your existing position and let the rest go to work. If it decides to turn, so what? You're already covered anyway. You can contemplate on what to do next then.
Anyway, good luck
Great post
  • #126,677
  • Mar 16, 2009 11:14am Mar 16, 2009 11:14am
Quoting sofia101
Hello friends,sorry I didn't post was busy trading Here the way I see it: on a up side first we need to break 1.4261 and then 1.4340 to confirm that we are going up much higher on a down side is 1.3977 and 1.3884 so it a lots of room to trade this flat Cheers
Damn you maybe right I closed + 25 pips after seeing bullish long wick on M15. Maybe the yellow line above is a strong support !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #126,678
  • Mar 16, 2009 11:17am Mar 16, 2009 11:17am
Quoting manize
Damn you maybe right I closed + 25 pips after seeing bullish long wick on M15. Maybe the yellow line above is a strong support !
I think the price will come down further still, but i sure wouldnt blame you for taking profit after seeing those last 2 15min candles!
  • #126,679
  • Mar 16, 2009 11:19am Mar 16, 2009 11:19am
Don't worry Manize ! U'll get it so soon !!!
Quoting manize
I went short 1.4110. Feel comfortable seeing H4 closed below yellow line. My TP 1.4040 !
  • #126,680
  • Mar 16, 2009 11:19am Mar 16, 2009 11:19am
Quoting manize
Damn you maybe right I closed + 25 pips after seeing bullish long wick on M15. Maybe the yellow line above is a strong support !
Well I was looking on 4H chart and didn't give specific recommendation on lower TF We are really in a flat it just got bigger so we can break ether way.
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