Cable Update (GBPUSD)

Can Resist Target 1.4320

Bearish Garley on M5... short since 4407.

If it reaches 4400 again, is it worth shorting??

the pic.

fast trading :-)
(already exited of my sell and buy...)

anyone???

im long! TP: 4500

I would wait to reach 1.4470 area,if it can not break that i would take short.My target would be 1.4285 area.

Just wanted to add my 2 cents

4470??

long TP:4500:blush:

why try to fight the trend or trade against the fundamentals of the market, with the push higher by the equities market today why not take it up to the 100SMA 1.4577

this is a report I got from 4xconnection about 815 eastern time today they are company I subscribe to, they make a valid point for the cable pushing higher today while the euro may push down...

FX Focus Shifts to G20 Meeting; Sterling Outperforms
Price action in the majors has been relatively stable overnight with the markets seemingly content on some consolidation ahead of a G20 meeting on Thursday that is generating a lot of attention, in light of the global turmoil and need for a unified solution. Looking ahead, key event risk comes in the form of ISM manufacturing data due at 10:00 EDT. Initially, ADP came out at 8:15 EDT showing more negativity in the labor market down 740,000 this looks to carry over to this Fridays non-farm payroll number showing further attrition in the labor sector, while US pending home sales and construction spending are also due at 10:00 EDT.
Fundamental outlook; Price action in the majors has been relatively stable overnight with the markets seemingly content on some consolidation ahead of this weeks G20 meeting on Thursday that is generating a lot of attention, in light of the global turmoil and need for a unified solution. On the data front, the increase in the UK PMI has pushed the pound sterling higher on the session, while weaker German retail sales were a disappointment to the Euro zone along with the spike in unemployment in the Euro zone has weighed on the Euro during the early parts of the US session. This has been reflected in the Eur/Gbp cross. Elsewhere, Swiss PMI was slightly weaker, while Australian retail sales came in much worse then expected. In New Zealand the Kiwi was weighed down early on following the dovish comments from the Retail Bank of New Zeeland as they show there concern over the increase in long term rates. Equities are point pointing to a lower open. In commodity price action, oil is now well below $50 and down some 2.50% on the day, while gold is 1.00% higher. Looking at today’s numbers out of the US, key event risk comes from today’s ISM (36.0 expected) due at 10:00EDT. Initially, todays release of the ADP report expectation was (-663k) however coming much higher at -742,000, while US pending home sales are still due out at 10:00 (0.0% expected) and construction spending (-1.9% expected) are also due out at 10:00 EDT. On the official circuit, more comments are sure to emerge pre-G20.
We are looking at the recent consolidation in the EUR/USD as we continue to test the 25% Fibonacci retracement level as support after our recent bounce from the 100 day SMA. The cable has a similar look to it at this time showing some relative strength today with the pair breaking back above Tuesday’s high and now looking to test the 14-Day SMA. We are expecting that institutions may look to buy Cable at or near 1.4280. Trader’s may be more cautious on the EUR/USD on expectations that the ECB may lower its main refinancing rate by 50 bps to 1% on Thursday and there deposit rate to 0.25% during Thursday meeting. As recent data suggested downside risk of the nation's economy and inflation rate has undershot the central bank's 2% target level, we expect policymakers will speed up the monetary easing process or even announce some kinds of quantitative easing measures.

I'm a newbie and this is just my take but the Cable still not able to break my 4 areas of resistance on the one hour and with the last 4 hour candle, I'm short 2 standard lots at 4407.

See ya in a couple hours...LOL...wish me luck!

I am looking on weekly chart and see ressistance at 1.4470-85 area and down trend top resistance aproach.If price breaks that,i think we good for long.Until then i am waching charts.Let's see what happens.

Well Buddy,

Somehow i set my tto w/an "Idiotic"
1.4417 TP, instead of 1.4517...!

Oh Well,
Maybe it's best...
This thing is acting like Molasses or KarrO Syrup.
Nobody's surely holding a magnet to the top of
the Screen !

i gotta get to work anyway!
-Pipping while driving, while working...
Ahhh the Life,

Hope it make's it for you all,


Jeff ! P.S. Looks like "they" pulled their magnets out again!

i can see what you are looking at on the weekly however as the cable continues to consolidate on the daily i would look more towards the near term reversal patterns we are seeing setting up with the rounded bottom or start of the cup formation that may be in the process of developing... remember the cup always precedes the handle for the cup and handle, as the cup develops you will see the start of the rounded bottom this is evident on the daily chart as we it pushed down from the 2.0000 handles and we may now start setting up the first higher high on the daily chart if we break the 100 SMA.

My Charts Scream To Sell, Tomorrow's Fundementals And Euro Rate Cut Prevent Me To Go Long. I'll Keep On Short !

Not disagreeing with you but what you see most likely others, I mean institution traders, banks, big boys, would see as well. And most likely they already priced in this fact. Remember the old saying "buy the rumor and sell the fact". If they do cut the rate more than what anticipated then we would see a big drop. Or if they cut less than expected then a rise. But if the cut is exactly as forecast....then we may or may not see a huge drop.

If you don't mind, what 4 areas of resistance are you talking about?
The signal to go long was obvious since yesterday. I wonder how long it's going to take before you get a long signal since its already trading at 44xx atm. 4500 - 4600 is a major resistance level. I hope your system doesnt give you a long signal there.

Hi WB,

Well, I have the Weekly pivot at 4388 which was "just" broken 2 hours ago but last hour closed below it. Right above that I have a SR at 4400, above that the daily pivot at 4409 and then my 55 offset of the 169 EMA. none of these has been broken yet. Still learning candles but the last 4 hour one said reversal to me and I was thinking maybe the 4330 area again.

As I said, I'm new to the game but that just seems like a lot of resistance to get past. As far as a "system"...LOL...I'm new to the game. Still trying to learn enough to have a "system"...LOL

But I do keep and eye on your calls.

But if you don't mind, how can a 100 pip area (4500 - 4600) be "A" level of resistance? And, what was the "obvious" signal yesterday? Sorry, just trying to learn here.

yes i shorted at 1.4400 with SL at 1.4435