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Cable Update (GBPUSD)

  • #132,081
  • May 13, 2009 9:06am May 13, 2009 9:06am
how many pips would you guys consider is a good day??
  • #132,082
  • May 13, 2009 9:20am May 13, 2009 9:20am
London Bridge is falling down falling down!
yes its finally falling down!
get all my TP Clear!
- Always pray on your trading - God know the best for everyone
  • #132,083
  • May 13, 2009 9:48am May 13, 2009 9:48am
Quoting kingindian
usually there is big drop after flying high
i remember weeks ago, when it first time reach 5200, then big drop coming (about a day after) bring it down to 149xx....then its up again.

this time a bit too fast to 53...
51 will be ok to drop

just my opinion
10 hour ago.....
- Always pray on your trading - God know the best for everyone
  • #132,084
  • May 13, 2009 10:07am May 13, 2009 10:07am
is cable looking like its bottomed out on the bad news and looking to recover back to the upside approx where we were before the news dip?

anyone else agree?
  • #132,085
  • May 13, 2009 10:22am May 13, 2009 10:22am
in the chart marked A from where GBP started this crazy move..........so expect it to at least test Level 1 ,2 or retrace 50% of appreciation to attract buyers to maintain a sustainable move .........You never know
Attached Image (click to enlarge)
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BANDA333
  • #132,086
  • May 13, 2009 10:26am May 13, 2009 10:26am
Quoting pockets99
is cable looking like its bottomed out on the bad news and looking to recover back to the upside approx where we were before the news dip?

anyone else agree?
I think so too... given that it wasn't rejected by the 38.2% fib from that big drop and is looking to go higher. To me it suggests that the upward momemtum is very much still alive. As well, today's bottom nicely coincides with the bottom of an upward channel so the trend has been respected... I'm looking to buy on dips in harmony with that trend rather than sell on rallies and go against the trend. (Except if another irresistible counter-trend trade set up forms)

Doh! I didn't mean to do that.
  • #132,087
  • May 13, 2009 10:27am May 13, 2009 10:27am
see
Attached Image
  • #132,088
  • May 13, 2009 10:33am May 13, 2009 10:33am
Woww! I missed it! All of it! I hate being asleep during the London session.

Price action is still bullish until there is a lower-low made on the hourly.

Check my chart. I also highlighted three possible areas price may reverse back down if the trend is now going to develop in that direction.
Attached Image (click to enlarge)
Click to Enlarge Name: h1.gif Size: 39 KB
  • #132,089
  • May 13, 2009 10:37am May 13, 2009 10:37am
Fast stoch on H1...

Short at 1.5185

S/L - 1.5200
T/P - 1.5090

  • #132,090
  • May 13, 2009 10:38am May 13, 2009 10:38am
Quoting *Pipster*
I think so too... given that it wasn't rejected by the 38.2% fib from that big drop and is looking to go higher. To me it suggests that the upward momemtum is very much still alive. As well, today's bottom nicely coincides with the bottom of an upward channel so the trend has been respected... I'm looking to buy on dips in harmony with that trend rather than sell on rallies and go against the trend. (Except if another irresistible counter-trend trade set up forms)

Actually it looks like that 38.2% fib is being rejected... but as Jack just said for me PA still looks bullish for now.
Doh! I didn't mean to do that.
  • #132,091
  • May 13, 2009 10:38am May 13, 2009 10:38am
Quoting forex_sake
Fast stoch on H1...

Short at 1.5185

S/L - 1.5200
T/P - 1.5090

The praying smilie tells me you are unsure about your position.
  • #132,092
  • May 13, 2009 10:40am May 13, 2009 10:40am
Quoting *Pipster*
Actually it looks like that 38.2% fib is being rejected... but as Jack just said for me PA still looks bullish for now.
Ya. I have always been a fan of 50%/61.8% retracements for moves that size. In this case the 50% is 30 pips away from the 31.8 and 61.8% is 60 pips away (apporiximately). Too big of a stop for my liking lol
  • #132,093
  • May 13, 2009 10:50am May 13, 2009 10:50am
Quoting jack.canadia
The praying smilie tells me you are unsure about your position.
I'd love to meet the sure thing who can honestly say that they are always 101% about any position they take?
(ie. absolutely no chance of things going against you?)

I'm 90% sure (hence stop loss)...always pray for the other 10%
  • #132,094
  • May 13, 2009 10:59am May 13, 2009 10:59am
Ok, just for fun, have talked enough of that 1.5344 point... my point is done now, 250 pips later!

Wish you all luck!

---------------

Thise pics been posted 2 weeks ago....
Attached Image (click to enlarge)
Click to Enlarge Name: GU 07-05-09 -Daily rpojection 05-05-09.jpg Size: 139 KB
  • #132,095
  • May 13, 2009 11:02am May 13, 2009 11:02am
Even if it does make a new low to 1,4900.... until the wider channel is broken PA should still be considered bullish IMO.
Attached Image (click to enlarge)
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Doh! I didn't mean to do that.
  • #132,096
  • May 13, 2009 11:16am May 13, 2009 11:16am
Up, UP and away! No, the empire strikes back!.
  • #132,097
  • May 13, 2009 11:19am May 13, 2009 11:19am
If we don't crash next TP is at 1.54/55!
Dow should not crash under 8300.

I got my long.... Hehe!
  • #132,098
  • May 13, 2009 11:21am May 13, 2009 11:21am
i think it will goes up to 5250 or 5275...
just patience.
- Always pray on your trading - God know the best for everyone
  • #132,099
  • May 13, 2009 11:24am May 13, 2009 11:24am
Quoting forex_sake
I'd love to meet the sure thing who can honestly say that they are always 101% about any position they take?
(ie. absolutely no chance of things going against you?)

I'm 90% sure (hence stop loss)...always pray for the other 10%
Humble pie time !!
S/L too tight, got taken out by whip saw.

I still believe it will go down to at least 1.5100 (if not my original price of 1.5090) so willing to put my money where the price is! Short again at 1.5190.
  • #132,100
  • May 13, 2009 11:28am May 13, 2009 11:28am
Quoting forex_sake
Humble pie time !!
S/L too tight, got taken out by whip saw.

I still believe it will go down to at least 1.5100 (if not my original price of 1.5090) so willing to put my money where the price is! Short again at 1.5190.
You forgot to pray this time... Or maybe this time you're 100% sure!

Good luck.
Doh! I didn't mean to do that.
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