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Cable Update (GBPUSD)

  • #133,001
  • May 19, 2009 11:06am May 19, 2009 11:06am
Quoting mloistianto
sorry nedal could i ask what is double top and what is tf?? thanks
Start with babypips.com and learn everything in the school.

Its great for beginers...tells you lots of important stuff and quite easy to understand.
  • #133,002
  • May 19, 2009 11:08am May 19, 2009 11:08am
sorry missed the double top part, but what tf stands for?
  • #133,003
  • May 19, 2009 11:12am May 19, 2009 11:12am
Quoting mloistianto
sorry nedal could i ask what is tf?? thanks

TF: time frame( chart period )...
  • #133,004
  • May 19, 2009 11:20am May 19, 2009 11:20am
Daily R2 is 1.5495, maybe it is support now.
  • #133,005
  • May 19, 2009 11:22am May 19, 2009 11:22am
Hello everyone!
Higher time frame is more important than the lower one.
Attached Image (click to enlarge)
Click to Enlarge Name: GUw1.PNG Size: 22 KB

Watch USD/JPY and GBP/JPY, they will show you direction for the next few days.
Best Regards
  • #133,006
  • May 19, 2009 11:32am May 19, 2009 11:32am
Just some more information...

1.5500 physhological level and prior resistance/support
1.5502 daily R2 pivot
1.5488 weekly R2 pivot
1.5508 monthly R2 pivot
  • #133,007
  • May 19, 2009 11:59am May 19, 2009 11:59am
Quoting jack.canadia
Just some more information...

1.5500 physhological level and prior resistance/support
1.5502 daily R2 pivot
1.5488 weekly R2 pivot
1.5508 monthly R2 pivot
So what's your conclusion? ... Is it better to buy on dips or sell on rallies?
Doh! I didn't mean to do that.
  • #133,008
  • May 19, 2009 12:03pm May 19, 2009 12:03pm
Quoting *Pipster*
So what's your conclusion? ... Is it better to buy on dips or sell on rallies?
yes... that`s the bigger picture... I think we might visit 250 and then back to 500 on the next week...
  • #133,009
  • May 19, 2009 12:16pm May 19, 2009 12:16pm
Quoting zapper
yes... that`s the bigger picture... I think we might visit 250 and then back to 500 on the next week...
Any particular analysis to go with those mentioned target levels?
Thank You
  • #133,010
  • May 19, 2009 12:29pm May 19, 2009 12:29pm
Quoting *Pipster*
So what's your conclusion? ... Is it better to buy on dips or sell on rallies?
That the 1.5500 level is pretty important?

Buy dips and sell rallies is what you should always do.
  • #133,011
  • May 19, 2009 12:54pm May 19, 2009 12:54pm
Quoting wormboy
Any particular analysis to go with those mentioned target levels?
well, 250 seems to be a psychological level... if the trend was upwards, then there could be a bounce at that level...
  • #133,012
  • May 19, 2009 12:58pm May 19, 2009 12:58pm
Quoting zapper
well, 250 seems to be a psychological level... if the trend was upwards, then there could be a bounce at that level...
moreover, 1.5250 was a good resistance as it acted as shoulders. Why could it not serve as a support now?
Attached Image (click to enlarge)
Click to Enlarge Name: GU250.JPG Size: 25 KB
  • #133,013
  • May 19, 2009 1:40pm May 19, 2009 1:40pm
Quoting zapper
moreover, 1.5250 was a good resistance as it acted as shoulders. Why could it not serve as a support now?
Why should it? Between November 08 to January 09, the 5500 levels had been tested 3 times and on all counts were rejected heavily. I don't like to "expect" where the market's headed, it's a waste of time. But if you're expecting cable to bounce from the level you mentioned, then you should also be prepared for a violent rejection based on price history.
Thank you for the reply btw, & good luck with your trade
Thank You
  • #133,014
  • May 19, 2009 1:47pm May 19, 2009 1:47pm
I wrote a looong message here and it got deleted so Ill write a shorter version my thoughts 1)If the bull bank big boys have so much faith in GBP why did they wait until after asian session to make their move taking advantage of low volatility - they could have just dont it easily enough on yesterdays trading session - this is obvious PA manipulation 2) Even if this is recovery - recover is likely to be long and lethargic - reasons in my previous post 3) If the recovery has started then look back at daily charts oct/nov/dec and reverse - recovery should equate cable ranging 1.46-1.57 for atleast 4-12 weeks before it moves higher 4)Recovery takes longer then a drop - its easier to jump down then up so theoretically the ranging should be longer then the move down experienced in that timescale 5)If this continues however then you can be sure Big boys want to find new ways of making money then credit cards and mortgages and this isnt the business for us.
  • #133,015
  • May 19, 2009 1:52pm May 19, 2009 1:52pm
Is this beast to break the the channel?
Attached Image (click to enlarge)
Click to Enlarge Name: GBP.JPG Size: 110 KB
BANDA333
  • #133,016
  • May 19, 2009 2:06pm May 19, 2009 2:06pm
Quoting wormboy
Why should it? Between November 08 to January 09, the 5500 levels had been tested 3 times and on all counts were rejected heavily. I don't like to "expect" where the market's headed, it's a waste of time. But if you're expecting cable to bounce from the level you mentioned, then you should also be prepared for a violent rejection based on price history.
Thank you for the reply btw, & good luck with your trade
Thanks for enlightening me from your viewpoint. However overbought technicals indicate, the market doesn`t reverse, since we fail to account the various factors (Fundamentals, oil, commodities, stocks, Fixes, etc...) which are almost completely against the control of traders (as i see it). It seems like as if the queen has ordered for a quick recovery of the sterling...
  • #133,017
  • May 19, 2009 2:41pm May 19, 2009 2:41pm
Quoting zapper
Thanks for enlightening me from your viewpoint. However overbought technicals indicate, the market doesn`t reverse, since we fail to account the various factors (Fundamentals, oil, commodities, stocks, Fixes, etc...) which are almost completely against the control of traders (as i see it). It seems like as if the queen has ordered for a quick recovery of the sterling...

i dont why so many are surprised...i saw this happening last month ago..was very bullish on the pound...just look at the monthly

also technically in order for a recovery not to be in vain this has to close above 1.54 at least on dailly..and i suppose there is a intervention keeping this up...

today i have been long,short and keep losing but if i stuck to the big picture u can see there is absolutely nothing to support short accept thinking 1.54 level technically should be respected
Attached Image (click to enlarge)
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  • #133,018
  • May 19, 2009 2:47pm May 19, 2009 2:47pm
Quoting EricB
I wrote a looong message here and it got deleted so Ill write a shorter version my thoughts 1)If the bull bank big boys have so much faith in GBP why did they wait until after asian session to make their move taking advantage of low volatility - they could have just dont it easily enough on yesterdays trading session - this is obvious PA manipulation 2) Even if this is recovery - recover is likely to be long and lethargic - reasons in my previous post 3) If the recovery has started then look back at daily charts oct/nov/dec and reverse - recovery...

You Got it Eric.
  • #133,019
  • May 19, 2009 2:50pm May 19, 2009 2:50pm
is there any possiblity that it will be down back??since past days not retracing just going up and up


Ub
  • #133,020
  • May 19, 2009 2:58pm May 19, 2009 2:58pm
Quoting ubaidahsan
is there any possiblity that it will be down back??since past days not retracing just going up and up


Ub
where did u enter and whats the drawdown pip wise?
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