Bids above 1.52 are well supporting the pound... +150 to 200 pips each day would end the week atleast close to 200 day sma at 1.569
Cable Update (GBPUSD)
- #131,986
- May 12, 2009 1:41pm May 12, 2009 1:41pm
- Joined Dec 2008 | Status: Conservative | 2,112 Posts
- #131,987
- May 12, 2009 1:46pm May 12, 2009 1:46pm
- Joined Dec 2008 | Status: Conservative | 2,112 Posts
- #131,988
- May 12, 2009 1:48pm May 12, 2009 1:48pm
- Joined Dec 2008 | Status: Conservative | 2,112 Posts
Hello Jack
Hello Jack
Try that one
GBP/USD
Sell at 1.5357
Stop at 1.542
Target 1 at 1.5267
Target 2 at 1.5192
Resistance 3 1.5722 Significant High
Resistance 2 1.5372 Significant High
Resistance 1 1.5357 Bearish Butterfly
Current Price 1.5120
Support 1 1.4580 38.2% of AB on the Daily Chart
Support 2 1.4374 50% of AB on the Daily Chart
Support 3 1.4168 61.8% of AB on the Daily Chart
Good call.
Btw, what broker are you with?
I'm with UWC and their prices never got above 1.5350!
I know there are small differences between broker quotes, but a whole 7 PIPS is amazing!!
- #131,990
- May 12, 2009 1:55pm May 12, 2009 1:55pm
- Joined Dec 2008 | Status: Conservative | 2,112 Posts
Good call.
Btw, what broker are you with?
I'm with UWC and their prices never got above 1.5350!
I know there are small differences between broker quotes, but a whole 7 PIPS is amazing!!
- #131,991
- May 12, 2009 2:04pm May 12, 2009 2:04pm
Did not see that big rise coming! Stop out for some profit on a short from last night.
Heres a larger view of things.
Based on the level it met today I am looking to short a retrace back up to 5280/90, or even toward 5350.
Beyond there the next stop is 5660/5700.
I've been paying attention to your wise words and anylisis the past few days... and I have a question:
If you believe that it has the potential to rise to as high as 5660/5700 why are you looking to short on rallies. Wouldn't those trades be "countertrend"... wouldn't it be safer to buy on dips?... or do you usually trade both trends & countertrends?
Doh! I didn't mean to do that.
- #131,992
- May 12, 2009 2:13pm May 12, 2009 2:13pm
- Joined Dec 2008 | Status: Conservative | 2,112 Posts
Hi Jack,
I've been paying attention to your wise words and anylisis the past few days... and I have a question:
If you believe that it has the potential to rise to as high as 5660/5700 why are you looking to short on rallies. Wouldn't those trades be "countertrend"... wouldn't it be safer to buy on dips?... or do you usually trade both trends & countertrends?
The reason I say it could go as high at 5660/5700 is because thats the next high after 5350. Just goes along saying that if price breaks one support/resistance, it will usually travel to the next support./resistance. Had I been up when the rise to 5350 came about, I would have shorted without question.
Countertrend I don't look to take as much out of the market as with-trend trades.
- #131,993
- May 12, 2009 2:17pm May 12, 2009 2:17pm
I like to trade both directions, but countertrend only on a quality setup.
The reason I say it could go as high at 5660/5700 is because thats the next high after 5350. Just goes along saying that if price breaks one support/resistance, it will usually travel to the next support./resistance. Had I been up when the rise to 5350 came about, I would have shorted without question.
Countertrend I don't look to take as much out of the market as with-trend trades.
Doh! I didn't mean to do that.
- #131,996
- May 12, 2009 3:05pm May 12, 2009 3:05pm
- Joined Dec 2008 | Status: Conservative | 2,112 Posts