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Cable Update (GBPUSD)

  • #132,381
  • May 14, 2009 3:52pm May 14, 2009 3:52pm
Quoting EricB
H&S on the hourly TP 1.495??

Anyone else see it?
Yup, defo head and shoulders on H1/H4.
Fast stoch on H4 maxed out and fast on H1 already on its way down.

I've taken a short at 1.5225
I'm going to be a little more conservative and go for 1.5000 as there are a few more immediate support points at that price, M1 pivot line is 1 pip away on my chart and also its a nice round number.

With the daily stoch on its way down I'm sure the price will go below 1.4950 but I reckon there will probably be a small retracement on H1 before that (I could be totally wrong and make only 225 pips instead of 275 pips)
  • #132,382
  • May 14, 2009 4:16pm May 14, 2009 4:16pm
We wont get much from now until about 00:00 GMT. The H/S isnt proven until the neckline is taken out but i bet you alot of traders are taking note and will act sooner rather than later if the pound shows any weakness.
  • #132,383
  • May 14, 2009 4:22pm May 14, 2009 4:22pm
Preparing for a nosedive?
  • #132,384
  • May 14, 2009 5:10pm May 14, 2009 5:10pm
Wait until she's ripe for the picking.....
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Veni, Vidi, Vici (We came, we saw, we conquered)
  • #132,385
  • May 14, 2009 5:19pm May 14, 2009 5:19pm
Funny, even on 1 min chart, scalping... oh well...

See how conlfluence made it! It always does! LOL
Target 618 of last move when that happen...
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  • #132,386
  • May 14, 2009 9:06pm May 14, 2009 9:06pm
To UB, King and the others I said I would post how I like to trade, it seems more difficult to explain than I thought without physically showing you on paper.

That being said. Ask lots of questions if you have any as I go along. Ill try my best to explain stuff as I post it.
  • #132,387
  • May 14, 2009 9:09pm May 14, 2009 9:09pm
Quoting jack.canadia
To UB, King and the others I said I would post how I like to trade, it seems more difficult to explain than I thought without physically showing you on paper.

That being said. Ask lots of questions if you have any as I go along. Ill try my best to explain stuff as I post it.
OK thanks. I'm definitely interested in understanding how you trade. As a newbie I find it very benecial to get a clearer idea of how more experienced traders trade.

Doh! I didn't mean to do that.
  • #132,388
  • May 14, 2009 9:42pm May 14, 2009 9:42pm
This Asian session is like watching paint dry... only slower.
Doh! I didn't mean to do that.
  • #132,389
  • May 14, 2009 10:12pm May 14, 2009 10:12pm
Quoting *Pipster*
This Asian session is like watching paint dry... only slower.
Very slow.

What are you thoughs this evening on GBP/USD?
  • #132,390
  • May 14, 2009 10:13pm May 14, 2009 10:13pm
Paper thin trading... pencil thin candles
  • #132,391
  • May 14, 2009 10:15pm May 14, 2009 10:15pm
Join this chatroom

http://www.fxstreet.com/live/chat/

anyone who is bored .. we can speak live and discuss things
  • #132,392
  • May 14, 2009 10:27pm May 14, 2009 10:27pm
Quoting jack.canadia
Very slow.

What are you thoughs this evening on GBP/USD?
It's really hard to say... On the one hand there is that possible H&S forming which probably will mean that some will be tempted to short and on the other GBPUSD is still very much in the middle of a strong uptrend channel and the rate right now is just going back and forth between the 50% and 61.8% fib of the drop from 1.5337-1.5089...

I think that being so close to the 1.53 area it will probably revisit the recent highs that we have seen. So I'm thinking tomorrow morning it will go up.

Having said that.... I HAVE NO CLUE!
Doh! I didn't mean to do that.
  • #132,393
  • May 14, 2009 10:30pm May 14, 2009 10:30pm
Quoting *Pipster*
It's really hard to say... On the one hand there is that possible H&S forming which probably will mean that some will be tempted to short and on the other GBPUSD is still very much in the middle of a strong uptrend channel and the rate right now is just going back and forth between the 50% and 61.8% fib of the drop from 1.5337-1.5089...

I think that being so close to the 1.53 area it will probably revisit the recent highs that we have seen. So I'm thinking tomorrow morning it will go up.

Having said that.... I HAVE NO CLUE!
hahah! nice.

We are on the same page.
  • #132,394
  • May 14, 2009 10:46pm May 14, 2009 10:46pm
My system has open a long position...
at 1.5229... time : 2009-05-15 06:30 terminal time
I hope this will be closed as profit...
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  • #132,395
  • May 14, 2009 10:47pm May 14, 2009 10:47pm
Here is my level chart,
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History levels GBPUSD

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  • #132,396
  • May 14, 2009 11:08pm May 14, 2009 11:08pm
It closed alredy... -10pips http://l.yimg.com/us.yimg.com/i/mesg/emoticons7/2.gif

Looks like she is going to fall again...
  • #132,397
  • May 14, 2009 11:09pm May 14, 2009 11:09pm
Hey guys, I saw flag pattern, we should wait for breakout ?

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forexinterval

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  • #132,398
  • May 14, 2009 11:18pm May 14, 2009 11:18pm
Quoting errich fx
Hey guys, I saw flag pattern, we should wait for breakout ?

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forexinterval...
Either way is fine. I am short from 5240.
  • #132,399
  • May 14, 2009 11:25pm May 14, 2009 11:25pm
Quoting jack.canadia
Either way is fine. I am short from 5240.
What is ur supportive reason GU will be dropped down..??http://www.forexfactory.com/images/icons/icon6.gif
  • #132,400
  • May 14, 2009 11:26pm May 14, 2009 11:26pm
4-hour chart.

4-waves of bearish divergence on MACD into the 23.6% retracement from 2.11 and a prior top at 5350.

The making of a head and shoulder pattern.

Two 4-hour doji candle patterns.

I am very bearish on this pair.

Markets arents always fair, so my 5240 short is covered breakeven +1 in case some buying takes place. But I dont not see any reasone for price to go back up.
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