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Cable Update (GBPUSD)

  • #136,401
  • Jun 9, 2009 7:03pm Jun 9, 2009 7:03pm
if it breaks 6292 are we south or just looking for another long?
  • #136,402
  • Jun 9, 2009 7:05pm Jun 9, 2009 7:05pm
Quoting alex1976
does anyone see a potential 123 top on 4hour?
of course .. now if the 61.8% retrace here holds, scale down to a smaller TF to look for a better entry.

at this point in time the trend is still upthough from 3500 so more upside is still possible.
  • #136,403
  • Jun 9, 2009 7:08pm Jun 9, 2009 7:08pm
Quoting alex1976
if it breaks 6292 are we south or just looking for another long?
Maybe short term down? Or it may bounce lower and travel higher.
  • #136,404
  • Jun 9, 2009 7:10pm Jun 9, 2009 7:10pm
Quoting jack.canadia
of course .. now if the 61.8% retrace here holds, scale down to a smaller TF to look for a better entry.

at this point in time the trend is still upthough from 3500 so more upside is still possible.

Jack, I agree there's a bias towards the upside, so if this 123 is confirmed with a break of the 2 point then how far would you expect it to go, if its just retacing to go long?
  • #136,405
  • Jun 9, 2009 7:12pm Jun 9, 2009 7:12pm
possible hammer on 15 min
  • #136,406
  • Jun 9, 2009 7:18pm Jun 9, 2009 7:18pm
Good Morning Guys...
Never Stop Learning...
  • #136,407
  • Jun 9, 2009 7:23pm Jun 9, 2009 7:23pm
Quoting alex1976
Jack, I agree there's a bias towards the upside, so if this 123 is confirmed with a break of the 2 point then how far would you expect it to go, if its just retacing to go long?
Well if the 4-h chart turns in that pattern, then down to 5300 but i wont want to wait untill 5800 to short.

You can find this pattern everywhere, but it's most meaningful at resistance or support (larger ones of course).

Looking at the 4-hr, it reraced 61.8% and appears to be at a former support level. I am looking to short and long also and I'll take whatever comes first.

Consider this ...

... dotted lines represent possibilities for price. If a small 1-2-3 plays out, it confirms on a break below 2 .. then we wait for something similar on the hourly to confirm and hold the short

****6240/50 not 4240/50 at bottom of pic lol
Attached Image (click to enlarge)
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  • #136,408
  • Jun 9, 2009 7:26pm Jun 9, 2009 7:26pm
Quoting jack.canadia
Well if the 4-h chart turns in that pattern, then down to 5300 but i wont want to wait untill 5800 to short.

You can find this pattern everywhere, but it's most meaningful at resistance or support (larger ones of course).

Looking at the 4-hr, it reraced 61.8% and appears to be at a former support level. I am looking to short and long also and I'll take whatever comes first.

Consider this ...

... dotted lines represent possibilities for price. If a small 1-2-3 plays out, it confirms on a break below 2 .. then we wait for something similar...
The only short I would take would be a break and re-test near 6300, at which point you short the re-test (at the # 3 point).
  • #136,409
  • Jun 9, 2009 7:27pm Jun 9, 2009 7:27pm
Quoting Ferick
Scratched the short, will enter long if 163 holds again.

Pulled the trigger at 163.05. Looks it wants to go up. Tight stop at 162.69. Stock markets are on fire in Asia. Everything is point up at this point. Only way it will go down is by an unanticipated news event.
  • #136,410
  • Jun 9, 2009 7:35pm Jun 9, 2009 7:35pm
Quoting jack.canadia
The only short I would take would be a break and re-test near 6300, at which point you short the re-test (at the # 3 point).
I agree with that. I been observing PA around 163 and it's not looking good for a short. Everything is pointing North right now. If any of you have a strong bearish bias I would recommend you stay flat and short it about 150pips higher around 164.50-165. Shallow pullback is another signal to go long. Just my tow cents.
  • #136,411
  • Jun 9, 2009 7:38pm Jun 9, 2009 7:38pm
Quoting jack.canadia
The only short I would take would be a break and re-test near 6300, at which point you short the re-test (at the # 3 point).

Jack that sounds about right!

Just out of curiosity how many monitors do you trade with?
  • #136,412
  • Jun 9, 2009 7:41pm Jun 9, 2009 7:41pm
Quoting alex1976
Jack that sounds about right!

Just out of curiosity how many monitors do you trade with?
only one.
  • #136,413
  • Jun 9, 2009 7:46pm Jun 9, 2009 7:46pm
Quoting jack.canadia
only one.
and i only focus on G/U .. and sometimes eur/usd .. but with both i can get confused lol

I dont see a need for more than one monitor .. unless you day trade multiple markets
  • #136,414
  • Edited 9:12pm Jun 9, 2009 8:31pm | Edited 9:12pm
all the JPY's shot up-- GU should follow (Meaning they are moving in sync)

RSX trend broke on UJ--now waiting for price to catch up...

How high???
Who knows-- I'm just a dumpster chicken looking for a few crumbs...

RSX on 4hr and Daily shows more up momentum (4HR getting close...)

Nice divergence on the higher TF's forming too... (eventually to play out)

Note on UJ - When the blue trend line was drawn on the RSX - RSX was completely below it(3 hrs ago)-- I only mention the JPY's because since NFP they have been in three different directions-- makes you wonder where the wizard is taking us...
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gu daily .gif Size: 29 KB
  • #136,415
  • Jun 9, 2009 9:23pm Jun 9, 2009 9:23pm
People Please open your eyes. How can the majority still preaching short short short!!. The trend has been up for a while now and still going up. The last fall was just a retracement to buy on the dips. Please OPEN YOUR EYES AND DO NOT SHORT.
  • #136,416
  • Jun 9, 2009 9:48pm Jun 9, 2009 9:48pm
Quoting dami32
People Please open your eyes. How can the majority still preaching short short short!!. The trend has been up for a while now and still going up. The last fall was just a retracement to buy on the dips. Please OPEN YOUR EYES AND DO NOT SHORT.
So this is your 1st post, interesting... =)
  • #136,417
  • Jun 9, 2009 9:51pm Jun 9, 2009 9:51pm
Hello to everyone...

Was a very disappointing night yesterday... I missed a very good Short position...
I should have shorted at 1.6180 (resistance level) for 20-40pips...

So today my Resistance levels are 1.6430 and 1.6495. From either point i will go Short +/- 5pips and i expect take profit 20-40pips

And my Support levels... 1.6200 (+/- 5pips) from there I will go long also for 20-40pip take profit

Any other trades during this time i will post...

Currently im in a trade..

Entry: 1.6311 at 21:11
Going Long GBP/USD

I'm expecting about 10-20pips: I will exit when I have confirmation
On 1min chart it gave a low RSI signature, and gave over 61.8% big picture.

-Rudy
  • #136,418
  • Jun 9, 2009 9:55pm Jun 9, 2009 9:55pm
Oh lol G/U, E/U has done absolutly nothing over the night! hah..
  • #136,419
  • Jun 9, 2009 10:00pm Jun 9, 2009 10:00pm
Quoting HotPips
So this is your 1st post, interesting... =)
so whats wrong about that

so this ur 37 post



i dont know whether i believe continuation to 261% H4 fibs or retrace as a 38% daily fibs.
clear breaks 1.6250 or 1.6360 will reveal where the correct direction is
Verily, in every difficulties there is relief
  • #136,420
  • Jun 9, 2009 10:07pm Jun 9, 2009 10:07pm
Quoting primzvicious
so whats wrong about that

so this ur 37 post



i dont know whether i believe continuation to 261% H4 fibs or retrace as a 38% daily fibs.
clear breaks 1.6250 or 1.6360 will reveal where the correct direction is
Well, my 1st post was not to warn everyone from going short or long... I just found it interesting for a 1st post, that's it...
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