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Cable Update (GBPUSD)

  • #131,281
  • May 6, 2009 2:50am May 6, 2009 2:50am
Quoting Galatasaray
i am targeting 1.5055..
risky one.
first support is 063
  • #131,282
  • May 6, 2009 2:53am May 6, 2009 2:53am
Quoting errich fx
I think when price reached 1.51 again, price going to break up
Hi. What do you mean by price going to break up? Sorry for my ignorance.
  • #131,283
  • May 6, 2009 2:56am May 6, 2009 2:56am
Quoting errich fx
first support is 063
yes it is...
the next time it hitst 063 and still cant go down i will put my SL to break even.
  • #131,284
  • May 6, 2009 3:02am May 6, 2009 3:02am
Quoting 4cfx
Hi. What do you mean by price going to break up? Sorry for my ignorance.
continuing up trend
  • #131,285
  • May 6, 2009 3:09am May 6, 2009 3:09am
Here is my today's chart I put long position.

GBP trade on strong support, and I Long EUR ( because EUR still move under the GBP base my correlation indicator )

I make 50 pips

Attached Image (click to enlarge)
Click to Enlarge Name: forex.GIF Size: 17 KB


_______________________________________

History Level GBPUSD

.
  • #131,286
  • May 6, 2009 3:16am May 6, 2009 3:16am
I think cable may be at the beginning of a wave c correction of the move up yesterday. It may retrace back to 1.491 before trying for 1.53 again.

However, there are major resistances in between so my interpretation could be totally wrong. We may be in wave 2 of wave b instead.

Help from anyone on this would be most appreciated.
  • #131,287
  • May 6, 2009 3:26am May 6, 2009 3:26am
looks like daily fib. pivot of 5067 holding for the moment, looking to break it before i enter a short, any thoughts?
  • #131,288
  • May 6, 2009 3:26am May 6, 2009 3:26am
here is level support resistance

Attached Image (click to enlarge)
Click to Enlarge Name: forex.GIF Size: 16 KB


_______________________________________


History Level GBPUSD

.
  • #131,289
  • May 6, 2009 3:32am May 6, 2009 3:32am
agreed, good post, thanks, i was working off M5 chart, i am scalping ast the moment, let too many good trades go sour, trying to be a bit more disciplined!!
  • #131,290
  • May 6, 2009 3:51am May 6, 2009 3:51am
it wants to go up but i still sense bearish movement.
lets see.
  • #131,291
  • May 6, 2009 3:54am May 6, 2009 3:54am
about 8th time trying to break 94 upwards in last hour - lets see!!
  • #131,292
  • May 6, 2009 3:55am May 6, 2009 3:55am
The news at 11.00 GMT and 11.30 GMT could be what we need to move things along, one way or another.
  • #131,293
  • May 6, 2009 3:56am May 6, 2009 3:56am
i still have my short order since 1.5073
i will hold on to it until the news releases in 90 minutes.
I don't care if it goes up more than this. I can always hedge.
  • #131,294
  • May 6, 2009 3:57am May 6, 2009 3:57am
I'm with you on this. And the news is only a few minutes away, I think.
  • #131,295
  • May 6, 2009 3:58am May 6, 2009 3:58am
Quoting 4cfx
The news at 11.00 GMT and 11.30 GMT could be what we need to move things along, one way or another.
forgive ignorance , i looked at calendar, cant see anything scheduled for then?!
  • #131,296
  • May 6, 2009 3:59am May 6, 2009 3:59am
Correct GMT times for the news releases are:

12:30

13:15

15:30

  • #131,297
  • May 6, 2009 4:01am May 6, 2009 4:01am
Is the calendar wrong or are you stating the actual time of release in London time? Because we are on GMT +1 at the moment.

OK. Mortgage applications are up but no major impact as yet. Let's see if employment figures will move things, although these are all low impact news.
  • #131,298
  • May 6, 2009 4:04am May 6, 2009 4:04am
Quoting 4cfx
Is the calendar wrong or are you stating the actual time of release in London time? Because we are on GMT +1 at the moment.

Just syncronise FF time to the time on your pc.

We are GMT observing DST (daylight saving time)

Click on ff time to adjust
  • #131,299
  • May 6, 2009 4:10am May 6, 2009 4:10am
and patience is virtue i can care less where it goes now. Off to my PS3 before the USD news release.
  • #131,300
  • May 6, 2009 4:13am May 6, 2009 4:13am
It's certainly going the right way at the moment. Just need to keep it up.
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