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Cable Update (GBPUSD)

  • #132,441
  • May 15, 2009 3:37am May 15, 2009 3:37am
Quoting 4cfx
Here's what I see. Perhaps I'm wrong.

Attachment
Gotcha.My experience has been that daily candlestick patterns are very unreliable with exception for maybe hammers or pinbars...BTW, the next candle on your chart doesn't seem to confirm the DarkCloudCover (=> <>pattern?)...
Hear the music before the song is over ...
  • #132,442
  • May 15, 2009 3:40am May 15, 2009 3:40am
Quoting Bull_Bear
I'm pretty happy with the way price action is moving after the hangman. I'm expecting a reversal with the top of the left shoulder as resisstence and my stop is just above that. If not, well small risk for a BIG gain.
So true.
  • #132,443
  • May 15, 2009 3:43am May 15, 2009 3:43am
Quoting Bull_Bear
Too right pipman.... hopefully
any specific targets?
1.5137 for me.
  • #132,444
  • May 15, 2009 3:46am May 15, 2009 3:46am
the movement is too calm today...
a big down...? maybe...
- Always pray on your trading - God know the best for everyone
  • #132,445
  • May 15, 2009 3:53am May 15, 2009 3:53am
Quoting Galatasaray
any specific targets?
1.5137 for me.
I see 1.4700 as very strong support and targeting that as 2nd TP, 1st TP cover is the 1.5000.

here's my chart.....
Attached Image (click to enlarge)
Click to Enlarge Name: untitled.JPG Size: 107 KB
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #132,446
  • May 15, 2009 3:59am May 15, 2009 3:59am
Quoting GlobalMacro
Gotcha.My experience has been that daily candlestick patterns are very unreliable with exception for maybe hammers or pinbars...BTW, the next candle on your chart doesn't seem to confirm the DarkCloudCover (=> <>pattern?)...
It was lower low lower high. Plus potential H&S in the making. Plus wave c down in Elliott Wave. Plus MACD divergence. I think the signs are there.
  • #132,447
  • May 15, 2009 4:05am May 15, 2009 4:05am
Quoting juhanimi
I dont know about this Elliot wave counting, but is it wave 3 in daily now, and if it is so, it should be much longer?
IMO, we are still in wave 4 of the larger down wave from September 08. Within this, we are just about to being correction wave c of the recent upmove to 1.5355.
  • #132,448
  • May 15, 2009 4:10am May 15, 2009 4:10am
Quoting 4cfx
It was lower low lower high. Plus potential H&S in the making. Plus wave c down in Elliott Wave. Plus MACD divergence. I think the signs are there.
Maybe then this afternoon CPI or TIC will trigger that (if at all) but definitely not before. Still bullish on this pair for the time being.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.jpg Size: 112 KB
Hear the music before the song is over ...
  • #132,449
  • May 15, 2009 4:18am May 15, 2009 4:18am
Quoting 4cfx
IMO, we are still in wave 4 of the larger down wave from September 08. Within this, we are just about to being correction wave c of the recent upmove to 1.5355.
All right, thanks.
  • #132,450
  • May 15, 2009 4:19am May 15, 2009 4:19am
Quoting GlobalMacro
Maybe then this afternoon CPI or TIC will trigger that (if at all) but definitely not before. Still bullish on this pair for the time being.
Yes I think it will be after US open and the US data could be trigger point.

But hey, bulls could be right. We all base our opinions on our own analysis. Sometimes we are right, other times, we are wrong.
  • #132,451
  • May 15, 2009 4:42am May 15, 2009 4:42am
Quoting 4xHero
Hey mike,
Since jack and others post every day what they are doing...that means they are day traders and not long term. Use a stop loss, fight another day...there will always be trades.
Mate thanks for the advice.
Gone to a better place
  • #132,452
  • May 15, 2009 4:44am May 15, 2009 4:44am
Nice bounce off support.
Attached Image
Hear the music before the song is over ...
  • #132,453
  • May 15, 2009 4:45am May 15, 2009 4:45am
if there is a down i think its only for a short time...D1 still ok for bull..
even its get smaller candle now.
thats just my opinion...
- Always pray on your trading - God know the best for everyone
  • #132,454
  • May 15, 2009 4:48am May 15, 2009 4:48am
I was buying .5148 and now BE.
  • #132,455
  • May 15, 2009 4:54am May 15, 2009 4:54am
Done for today +51!
See you Monday!
  • #132,456
  • May 15, 2009 5:10am May 15, 2009 5:10am
Went long at 5149... lets see what happens.
  • #132,457
  • May 15, 2009 5:25am May 15, 2009 5:25am
Quoting 4xHero
Went long at 5149... lets see what happens.
How come?
  • #132,458
  • May 15, 2009 5:32am May 15, 2009 5:32am
Quoting PipLand
How come?
Hey pip, that neckline is closing in nicely..... just keep lovin' our greens from the top
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #132,459
  • May 15, 2009 5:37am May 15, 2009 5:37am
Quoting jack.canadia
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.
Good analysis..
Hmm.. Would the 5100 is a good support level.. ??
What do u think??
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  • #132,460
  • May 15, 2009 5:38am May 15, 2009 5:38am
Quoting Bull_Bear
Hey pip, that neckline is closing in nicely..... just keep lovin' our greens from the top
Indeed

Im thinking of a target for today and as I think its unlikely we will get a break today (although it is freaky friday so anything can happen)

Im thinking more along the lines of 5030, I think 4xhero was playing a bounce off the 50.0 fib from yesterdays move, we have bounce of the 61.8 fib but I dont think it will bounce far
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