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Cable Update (GBPUSD)

  • #132,261
  • May 14, 2009 9:02am May 14, 2009 9:02am
hmmm.......

the lady takes it from all directions.
Attached Image
bull in a china shop
  • #132,262
  • May 14, 2009 9:03am May 14, 2009 9:03am
If it hits 5240, i think that is a good area to short from. It would make the second shoulder...what u guys think.
  • #132,263
  • May 14, 2009 9:05am May 14, 2009 9:05am
I think were finally about to return to to up trend from before big Merv messed with things yesterday.

(slightly) Better than expected US data (jobless up is no real surprise as its a dragging indication) means risk appetite is coming back & USDindex is back to the downside so down pressure is off the cable so....up we go...

I think. anyone agree?
  • #132,264
  • May 14, 2009 9:06am May 14, 2009 9:06am
Quoting Bull_Bear
Psyc level..... for a pause.... if that breaks targeting 1.4700.... Original strong ressistence in the uptrend from last week, now strong support if price does make it back there which also happens to be the 38.2%. This play can be many sessions away, if it does unfold.
well 1.50 is indeed a good psych level. Thats for sure. Just between 2 and 1
good luck.
i am still holding my shorts though the new hourly bar is rising.
  • #132,265
  • May 14, 2009 9:11am May 14, 2009 9:11am
Quoting pockets99
I think were finally about to return to to up trend from before big Merv messed with things yesterday.

(slightly) Better than expected US data (jobless up is no real surprise as its a dragging indication) means risk appetite is coming back & USDindex is back to the downside so down pressure is off the cable so....up we go...

I think. anyone agree?
He did not say anything that is not factual. We are nowhere close to any recoveries.....only slowing down of the contraction. Signs of greenshoots could be shortlived as all they need is a frost. Unemployment will continue to rise for another year, government spending is out of control, taxes are to rise for sure.

None of this points to sound economic fundamentals.
  • #132,266
  • Edited 9:11am May 14, 2009 9:11am | Edited 9:11am
shorts from 1.516.. let there be lightt..
  • #132,267
  • May 14, 2009 9:18am May 14, 2009 9:18am
Quoting plasmapants
hmmm.......

the lady takes it from all directions.

With the weekly and daily mixed that is what you get...
  • #132,268
  • May 14, 2009 9:26am May 14, 2009 9:26am
Quoting 4cfx
He did not say anything that is not factual. We are nowhere close to any recoveries.....only slowing down of the contraction. Signs of greenshoots could be shortlived as all they need is a frost. Unemployment will continue to rise for another year, government spending is out of control, taxes are to rise for sure.

None of this points to sound economic fundamentals.

I'm not saying what he said wasn't the truth, just that it had a major affect on the general up trend we have been seeing in the daily & 4hr.

I'm hoping the economic news from US today is helping lift the pair (a return to how things were before his news release) as I'm long at the moment.
  • #132,269
  • May 14, 2009 9:44am May 14, 2009 9:44am
Quoting Bull_Bear
Thats the idea as the retrace is on the cards......
Nice entry.

I see not much happened over night. Thats good! Leaves me some pips to look for today.
  • #132,270
  • May 14, 2009 9:49am May 14, 2009 9:49am
Quoting jack.canadia
Nice entry.

I see not much happened over night. Thats good! Leaves me some pips to look for today.
jack what do you say it could go down till 4900?you can see since past 2 weeks market closing on up side so do you think it will retrace back till 4900 level or further?i am waiting to go short ....sofar signals is for short but i will enter with tight stop what do u advice about it?

Ub
  • #132,271
  • May 14, 2009 9:56am May 14, 2009 9:56am
Hi there, here's an alternative to my earlier count. Looking for a good short at 1.52.

Feel free to comment.

Attached Image (click to enlarge)
Click to Enlarge Name: Cable Hourly 14052009 Alt.jpg Size: 212 KB
  • #132,272
  • May 14, 2009 9:57am May 14, 2009 9:57am
Hey whats happened to Abuwad? He used to do good analysis.
  • #132,273
  • May 14, 2009 10:07am May 14, 2009 10:07am
Quoting EricB
Hey whats happened to Abuwad? He used to do good analysis.
I am going to assume he trusted his analysis a bit too much and got burned. It worked well when the market was trending but in the transition between trend he got burned from what I remember.
  • #132,274
  • May 14, 2009 10:10am May 14, 2009 10:10am
Quoting ubaidahsan
jack what do you say it could go down till 4900?you can see since past 2 weeks market closing on up side so do you think it will retrace back till 4900 level or further?i am waiting to go short ....sofar signals is for short but i will enter with tight stop what do u advice about it?

Ub
Well, we finally have a lower low in the higher timeframes. So we could see a rise up before any selling takes place. That's if she wants to head south now.
  • #132,275
  • May 14, 2009 10:12am May 14, 2009 10:12am
take a flight to the north...!
then to the south...
- Always pray on your trading - God know the best for everyone
  • #132,276
  • May 14, 2009 10:14am May 14, 2009 10:14am
Hello Jack
hiyaz ya mate ?

GBP/USD (Intraday Forecast)
Potential Strategy
Sell if prices rally to 1.5145 risking 1.5178 targeting 1.5010, 1.4619.

Reason for Strategy
Well, the bearish 8hr butterfly completion technically still stands so exits on the short side remain at 1.5178 (stop-loss), 1.5010 (T1) and 1.4619 (T2). The 5min shows a developing bearish gartley pattern projected to complete near 1.5150 giving us an ideal point to re-enter this short (for the 3rd time), and also serves a great example of how patterns can "fit" together across multiple time frames.
Attached Images
  • #132,277
  • May 14, 2009 10:17am May 14, 2009 10:17am
anyone do long? whats your tp?
  • #132,278
  • May 14, 2009 10:19am May 14, 2009 10:19am
Quoting mloistianto
anyone do long? whats your tp?
Dont go long.
  • #132,279
  • May 14, 2009 10:20am May 14, 2009 10:20am
Quoting Faryad
Hello Jack
hiyaz ya mate ?

GBP/USD (Intraday Forecast)
Potential Strategy
Sell if prices rally to 1.5145 risking 1.5178 targeting 1.5010, 1.4619.

Reason for Strategy
Well, the bearish 8hr butterfly completion technically still stands so exits on the short side remain at 1.5178 (stop-loss), 1.5010 (T1) and 1.4619 (T2). The 5min shows a developing bearish gartley pattern projected to complete near 1.5150 giving us an ideal point to re-enter this short (for the 3rd time), and also serves a great example of how patterns can "fit" together across...
You mean short now if price goes back to 5145?
  • #132,280
  • May 14, 2009 10:21am May 14, 2009 10:21am
Quoting mloistianto
anyone do long? whats your tp?
long since 1.5090 if cable broke 1.5237 i'm looking to see yesterday high 1.5351
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