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Cable Update (GBPUSD)

  • #133,761
  • May 21, 2009 1:25pm May 21, 2009 1:25pm
I think banks are adding new long positions in anticipation of the medium term trend
  • #133,762
  • May 21, 2009 1:40pm May 21, 2009 1:40pm
pre-market data look very week for tomorow meaning as i supose we will see a buck return very soon.but we have to wait and see 4h chart to convince us.

Quoting Ipips
Amen to that. My sentiments exactly!

Having said that, I find it psychologically extremely difficult to go long the cable or the stock market after both have had such an impressive rally. Maybe I shall short them later in the year..
  • #133,763
  • May 21, 2009 1:58pm May 21, 2009 1:58pm
Hello everybody.
Let me share my ideas, hopelly it will be usefull for some of traders
this trend was started in the end of January. Start drawing trend channel from there if you will check on your charts you will see that on March it started his first accelaration, on May second. and in last 4 days it shooted about -770 pips. It may still go up but soon we go to the end which will start with flats and we need to check for the divergences
look for 30 min div, then start 30 min, and 1hr. this will be the confirmation of the trend change.
Note: this info is much for long term traders.
ps. if you have long better to make particular close. dont short before get confirmation on your charts. don't gamble =)
  • #133,764
  • May 21, 2009 2:09pm May 21, 2009 2:09pm
Quoting kuzey
ps. if you have long better to make particular close. dont short before get confirmation on your charts. don't gamble =)
What's the cool of this game, if not shorting a top?
"Everybody needs money. That's why they call it money" - Danny De Vito
  • #133,765
  • May 21, 2009 2:13pm May 21, 2009 2:13pm
Quoting slide
What's the cool of this game, if not shorting a top?
most of the trades are lost when you are looking for the ideal place entrance.
why not just to stay with the trend? much safer.

ps. the cool is when you make much money and you income is stable ))
  • #133,766
  • May 21, 2009 2:16pm May 21, 2009 2:16pm
Hourly View.
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Hear the music before the song is over ...
  • #133,767
  • May 21, 2009 2:22pm May 21, 2009 2:22pm
Hourly view 2.
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  • #133,768
  • May 21, 2009 2:25pm May 21, 2009 2:25pm
Hey..

I wrote about this gap yesterday between 5719 and 5910 (white box) and price is currently within those bounds.

A break out above here will target 6700 and if it carries the current momentum I see it as a possible scenario.

Alternatively, the only indication of a short up here is a bearish 1-hour MACD divergence so maybe a pullback to enter long in anticipation of a break, or this could be a shorterm top for now.

I really do see the DJIA selling off from the 8600 level, just based on its daily chart and volumes (stockcharts.com).

So we'll see. Today's close and weekly close will make the picture a bitg more clear hopefully.
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  • #133,769
  • May 21, 2009 2:31pm May 21, 2009 2:31pm
And Daily.
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  • #133,770
  • May 21, 2009 2:31pm May 21, 2009 2:31pm
Quoting kuzey
most of the trades are lost when you are looking for the ideal place entrance.
why not just to stay with the trend? much safer.

ps. the cool is when you make much money and you income is stable ))
That's besides the point. Someone said: investing is boring, I believe it was Buffett.

You have to take a chance though, from time to time, to test your sharpness. Risk is good, if it's under control. Know what you can lose.

On topic: GU struggling at .5880 was most fun to watch
"Everybody needs money. That's why they call it money" - Danny De Vito
  • #133,771
  • May 21, 2009 2:32pm May 21, 2009 2:32pm
Quoting jack.canadia
Hey..

I wrote about this gap yesterday between 5719 and 5910 (white box) .
Hey Jack,do you think that the market still perceives this area as a valid gap? If so maybe this morning's selloff had something to do with it? IMO generally gap trading is pretty tricky but interesting...do you focus often on this type of strategy...what is your experience in this regard (in terms of reliability?)

GM
Hear the music before the song is over ...
  • #133,772
  • May 21, 2009 2:41pm May 21, 2009 2:41pm
Quoting GlobalMacro
Hey Jack,do you think that the market still perceives this area as a valid gap? If so maybe this morning's selloff had something to do with it? IMO generally gap trading is pretty tricky but interesting...do you focus often on this type of strategy...what is your experience in this regard (in terms of reliability?)

GM
Well any 'old gap' in the market that was subsequently filled (if you look back at this gap, price eventually 'filled it') could possible serve as future support/resistance. This is the only area on the chart where I can see resistance.

The gap I talked about above was brought about by selling after a down move, which then spark a small rally. From that close near 5910, someone sold heavily enough over the weekend to gap pice down about 200 pips. Not to say that same person would be selling again, but nonetheless a gap can serve as an S/R level.

Here are some more examples. Notice how there are reactions to these levels.
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  • #133,773
  • May 21, 2009 2:52pm May 21, 2009 2:52pm
Quoting jack.canadia
Well any 'old gap' in the market that was subsequently filled (if you look back at this gap, price eventually 'filled it') could possible serve as future support/resistance. This is the only area on the chart where I can see resistance.

The gap I talked about above was brought about by selling after a down move, which then spark a small rally. From that close near 5910, someone sold heavily enough over the weekend to gap pice down about 200 pips. Not to say that same person would be selling again, but nonetheless a gap can serve as an S/R...
Thanks Jack. This is very observant and very good analysis.
  • #133,774
  • May 21, 2009 2:52pm May 21, 2009 2:52pm
Quoting jack.canadia
Here are some more examples. Notice how there are reactions to these levels.
Thanks Jack.It seems the market has some long-term memory of these gap fields.The question then becomes if they're reliable enough to develop a strategy around them...

Possible scenarios would be:

1) when the gap is still fresh
2) market reactions on subsequent approaches
3) daily gaps (not relevant in forex)
4) weekly gaps
etc.
Hear the music before the song is over ...
  • #133,775
  • May 21, 2009 2:54pm May 21, 2009 2:54pm
And still she keeps on going
  • #133,776
  • May 21, 2009 3:08pm May 21, 2009 3:08pm
Hi

i am iranian. but i have a friend in us and i want to introduce him to you.

please go to www.askjeffwilde.com.

i trust him please see his levels. that levels is miracle .

i want to thank to DR jeffry wilde .
GOD SENT.
  • #133,777
  • May 21, 2009 3:11pm May 21, 2009 3:11pm
nice bounce off ma 50 5min tf
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  • #133,778
  • May 21, 2009 3:23pm May 21, 2009 3:23pm
Quoting 4xHero
I was checking out the daily on the eurusd, by my system the t/p is 1.4048...i dont trade euro but just wanted to see what was going on.
i was looking through my post, and when i saw that drop yesterday i didnt think this was possible...but since it looks like its headed there i think that cable at 1.60 is where they match up if euro reaches that 1.4048 level.
  • #133,779
  • May 21, 2009 4:15pm May 21, 2009 4:15pm
Quoting GlobalMacro
S&R TRIGGERED!
Quoting GlobalMacro
Long triggered @ 1.5792
Longs Developing beautifully.
SL already RECOVERED 100%
Position in Profit now.
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  • #133,780
  • May 21, 2009 4:35pm May 21, 2009 4:35pm
looks to me like a typical bump and run pattern
see similar chart: http://thepatternsite.com/barrt.html
immediate target is around 5700.
anyone disagree ?

btw, that is great patterns site
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