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Cable Update (GBPUSD)

  • #134,301
  • May 27, 2009 2:43am May 27, 2009 2:43am
Quoting sreeprakash
Buying from 1.5982, SL is 40 pips, TP not decided.. Lets see..
In weekly chart I see potential of 1.6800 zone...
wow looking at that weekly chart, it looks like the pound has nothing blocking its way
  • #134,302
  • May 27, 2009 2:44am May 27, 2009 2:44am
Quoting latropsudoxe
i dont know about a bull penant...but my charts are also giving me a bullish bias.

i have a small amount still long from 1.5930, after taking my profits. i have a tight stop and im gunning for ~1.6030. anyone else looking at similar targets? or is everyone looking to short at 1.6000
Sorry haven't read your posts so I don't know what you use. Do you care to share?
  • #134,303
  • May 27, 2009 2:46am May 27, 2009 2:46am
Quoting latropsudoxe
wow looking at that weekly chart, it looks like the pound has nothing blocking its way
Ya, I think so. But after sometime fibo will form there.
Since this is a big down from 2.000 zone from last year, its correcting I think.

Only time can tell...
ABCD..
  • #134,304
  • May 27, 2009 2:47am May 27, 2009 2:47am
Quoting Forexpreneur
Sorry haven't read your posts so I don't know what you use. Do you care to share?
my charts - d, 4h, 1h, 15m
i really focus on my 1h/15m.

supply/demand zones, s/r, emas: 5,13,50,200 , trendlines, rsi.

thats pretty much it..ill use other tools once in a while (e.g. fibs).

^ is that what you meant by share?
  • #134,305
  • May 27, 2009 2:48am May 27, 2009 2:48am
Bullish engulfings are only valid patterns and reliable at the bottom of the chart after a massive selloff.
Hear the music before the song is over ...
  • #134,306
  • May 27, 2009 2:49am May 27, 2009 2:49am
Quoting latropsudoxe
wow looking at that weekly chart, it looks like the pound has nothing blocking its way
I agree. I also noticed that price broke above the 25 EMA on the weekly which is a very good sign.

Although look at the weekly again closely, we are at a very important area and this is indeed a resistence point although it doesn't show it being strong. If it breaks and holds I agree it is on a decent journey up. Stochastics are showing overbought but that doesn't mean much.

I wonder how strong of a psychological point is 1.6000? I would think the 1.5000 mark is much stronger and we broke that.
  • #134,307
  • May 27, 2009 2:51am May 27, 2009 2:51am
See the attached monthly chart, down from 2.1100 zone, now sitting in the middle of 23.6 and 38.2 fibo, stoch point to upwards and on oversold zone, macd also forming a uptrend.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 12 KB
ABCD..
  • #134,308
  • May 27, 2009 2:53am May 27, 2009 2:53am
Quoting GlobalMacro
Bullish engulfings are only valid patterns and reliable at the bottom of the chart after a massive selloff.
I've studied the Nisson stuff quite heavily and I don't recall him every saying it had to be a massive selloff, although I may have to restudy his stuff. I looked and they were all selloffs but I wouldn't consider them massive. There was a tug of war with the 25 EMA on the 15 so there was a little bouncing but once it broke it was tested once which is very typical but it was rejected again and went up to the 1.6000 area.
  • #134,309
  • May 27, 2009 2:53am May 27, 2009 2:53am
Quoting latropsudoxe
wow looking at that weekly chart, it looks like the pound has nothing blocking its way

If you combine this with a look at EURGBP:

If EURGBP breaks the .8650 line then we will really be running
  • #134,310
  • May 27, 2009 2:57am May 27, 2009 2:57am
Quoting ak47dan2004
I feel there is a long coming up.
I love it when things work out. Especially for +200 pips. So what do you guys think is next?
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 29 KB
  • #134,311
  • May 27, 2009 2:58am May 27, 2009 2:58am
Quoting ak47dan2004
I love it when things work out. Especially for +200 pips. So what do you guys think is next?
Awesome stuff man. Good for you.
  • #134,312
  • May 27, 2009 3:09am May 27, 2009 3:09am
my sleeping pattern has been messed up due to other responsibilities...i don't think i can manage to stay awake through this trade. set my three t/p's and all my s/l's...time to get some rest. lets break that 1.6000


gnight all, happy trading.
  • #134,313
  • May 27, 2009 3:13am May 27, 2009 3:13am
Quoting latropsudoxe
my sleeping pattern has been messed up due to other responsibilities...i don't think i can manage to stay awake through this trade. set my three t/p's and all my s/l's...time to get some rest. lets break that 1.6000


gnight all, happy trading.
You too. Get some good rest. I tried trading tired last night and I made some big mistakes. Take care.
  • #134,314
  • May 27, 2009 3:13am May 27, 2009 3:13am
Hey guys I think (hope) we get a down movement to 1.5850ish level so that I can go long again I am showing slightly overbought but only time will tell. Happy trading all
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 30 KB
  • #134,315
  • May 27, 2009 3:21am May 27, 2009 3:21am
Quoting ak47dan2004
Hey guys I think (hope) we get a down movement to 1.5850ish level so that I can go long again I am showing slightly overbought but only time will tell. Happy trading all
I agree for the short term. Price just broke the 25 EMA on the 5 minute and is shooting past the 15 minute although it is a new candle.

At around the 1.5940ish area is the 50 EMA for the half hour and this is a big one. If it truly breaks past that then there is a resistence area that looks decent at 1.5920. Could still break past that but we will see.
  • #134,316
  • May 27, 2009 3:21am May 27, 2009 3:21am
Since last Thursday, 1.5930 provided GOOD resistence but now is providing Support. Would need to break this and also 1.5900 to drop any further and I don't think 1.6000 is finished with yet.

We have BBA Mortgage Approvals in 10 min. Can send it either way.
  • #134,317
  • May 27, 2009 3:24am May 27, 2009 3:24am
Im in LONG for 1st target of 1.6010..
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd m1.gif Size: 15 KB
  • #134,318
  • May 27, 2009 3:28am May 27, 2009 3:28am
Quoting thirtypips
Since last Thursday, 1.5930 provided GOOD resistence but now is providing Support. Would need to break this and also 1.5900 to drop any further and I don't think 1.6000 is finished with yet.

We have BBA Mortgage Approvals in 10 min. Can send it either way.
Very good point. The BBA mortgage can possibly move things. It is graded as a medium report but with the housing mess such a big deal it could act as a high grade report.
  • #134,319
  • May 27, 2009 3:30am May 27, 2009 3:30am
Quoting Blue bottle
Im in LONG for 1st target of 1.6010..

Very interesting. I am very interested in studying Elliot Wave but am fine tuning a couple of other things right now.
  • #134,320
  • May 27, 2009 3:30am May 27, 2009 3:30am
Quoting Forexpreneur
I've studied the Nisson stuff quite heavily and
There're some key points that need to be differentiated in this debate:

- Steve Nison's coverage of Bu.En. is mainly a rough model on daily charts
- Bullish Engulfing is a bottom reversal pattern and not a continuation
pattern
- Thorough historical intraday backtest results indicate a statistical edge
only at the bottom (preferrably w/ a subsequent double bottom setup)
not at the top, in fact such a pattern occuring at the top might signal a
stalling in PA but definitely very hazardous indeed to be taken as a
continuation pattern.

Always enjoy a spirited and intelligent exchange of viewpoints.

GM
Hear the music before the song is over ...
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