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Cable Update (GBPUSD)

  • #137,861
  • Jun 17, 2009 12:12pm Jun 17, 2009 12:12pm
I don't trust it either. I might wait till Australia signs on and let them run with it.
  • #137,862
  • Jun 17, 2009 12:34pm Jun 17, 2009 12:34pm
heres the view from a 4-hour .. bias here is mixed .. bullish above the TL ... bearish below support.
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  • #137,863
  • Jun 17, 2009 12:38pm Jun 17, 2009 12:38pm
Thanks Jack.

There was also some tarp news that came out. Seems like some major banks can buy there stock back from the gov.

Maybe that had something to do with it.
  • #137,864
  • Jun 17, 2009 1:40pm Jun 17, 2009 1:40pm
Quoting calderone
Thanks Jack.

There was also some tarp news that came out. Seems like some major banks can buy there stock back from the gov.

Maybe that had something to do with it.
Yeah that but there was an S&P downgrade for some banks as well.

On the topic of stocks, it seems the S&P 500 is the one to look at. Interesting doji close as it retestes its 200 SMA. higher volume than previous days as well to form the doji.

Stocks could go either direction for the rest of the week.
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  • #137,865
  • Jun 17, 2009 1:53pm Jun 17, 2009 1:53pm
possible trade plans for longs and shorts
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  • #137,866
  • Jun 17, 2009 1:55pm Jun 17, 2009 1:55pm
Quoting jack.canadia
possible trade plans for longs and shorts
hey jack
h&s is pretty much at the end of the trend imo but i do agree on the confluence of s&r there for an eventual buy
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #137,867
  • Jun 17, 2009 1:57pm Jun 17, 2009 1:57pm
support don't hold, so if you can buy at daily 1st support, you will win, i went long at yesterdau 1st at 1.6245 and im still holding, will close at E.O.D. will be looking to jump back in at today daily 1st support if we every get there again. you can play the short, but this swing been long all week
  • #137,868
  • Jun 17, 2009 1:58pm Jun 17, 2009 1:58pm
Jack do you think this is a mini downward continuation pattern from 1.00pm with price consolidating before leg 2?
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  • #137,869
  • Jun 17, 2009 2:00pm Jun 17, 2009 2:00pm
Quoting djambazov84
hey jack
h&s is pretty much at the end of the trend imo but i do agree on the confluence of s&r there for an eventual buy
this would be an inverse head and shoulders at the top of a bull move .. indicating potential to travel higher .. just a thought ... that place is a good buy imo .. maybe as low as 6330
  • #137,870
  • Jun 17, 2009 2:02pm Jun 17, 2009 2:02pm
Quoting alex1976
Jack do you think this is a mini downward continuation pattern from 1.00pm with price consolidating before leg 2?
Could be .. going to be slow going now .. until the asian session
  • #137,871
  • Jun 17, 2009 2:14pm Jun 17, 2009 2:14pm
Short/Long?
  • #137,872
  • Jun 17, 2009 2:15pm Jun 17, 2009 2:15pm
Quoting MoeFx
support don't hold, so if you can buy at daily 1st support, you will win, i went long at yesterdau 1st at 1.6245 and im still holding, will close at E.O.D. will be looking to jump back in at today daily 1st support if we every get there again. you can play the short, but this swing been long all week
long is the trend, just close at 1.6399, looking to go long again at daily 1st support at 1.6252, s/l 1.6106, t/p 1.6380. that if we go any lower, look for long to play out.
  • #137,873
  • Jun 17, 2009 2:16pm Jun 17, 2009 2:16pm
I favor 6330 for a long under the assumption the pound is to go up ...

hourly chart and 15 minute chart showing this level gets respected
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  • #137,874
  • Jun 17, 2009 2:19pm Jun 17, 2009 2:19pm
Quoting jack.canadia
Could be .. going to be slow going now .. until the asian session
Hi Jack, sorry I've been out all afternoon.

It looks like we are in a triangle correction at the moment. The bigger picture for me is still south after the triangle. I'll post a chart tomorrow. A bit too tired now and need to sleep.

Of course, I could be wrong

PS: Range looks like 6215 - 6480. Breaking either of these will take us up or down. You probably know that anyway.
  • #137,875
  • Jun 17, 2009 2:24pm Jun 17, 2009 2:24pm
,
  • #137,876
  • Jun 17, 2009 2:30pm Jun 17, 2009 2:30pm
Quoting MoeFx
,
whats so funny moe?
  • #137,877
  • Jun 17, 2009 2:32pm Jun 17, 2009 2:32pm
Quoting 4cfx
Hi Jack, sorry I've been out all afternoon.

It looks like we are in a triangle correction at the moment. The bigger picture for me is still south after the triangle. I'll post a chart tomorrow. A bit too tired now and need to sleep.

Of course, I could be wrong

PS: Range looks like 6215 - 6480. Breaking either of these will take us up or down. You probably know that anyway.
Yeah i agree with you man. Is this the triangle?

http://www.forexfactory.com/showpost...stcount=137873
  • #137,878
  • Jun 17, 2009 2:39pm Jun 17, 2009 2:39pm
Quoting jack.canadia
Hey odeam the safest place to go long is betwee 6330 and 6350

jack is that the 38.2 and 50?
  • #137,879
  • Jun 17, 2009 2:41pm Jun 17, 2009 2:41pm
Quoting jack.canadia
Yeah i agree with you man. Is this the triangle?

http://www.forexfactory.com/showpost...stcount=137873
My triangle starts from the second peak, being the second wave up. The first peak you have is the first wave down.

Once the triangle in second wave is completed (subdivided into 5 waves and we are in wave 3 up), then we will see the third wave down.

The key thing here, I think, is whether the lower trendline will be broken. And for the time being, breaking the 21 DMA will be a good breach. So I think we are most definitely singing from the same hymn sheet.

Good night my friend.
  • #137,880
  • Jun 17, 2009 2:46pm Jun 17, 2009 2:46pm
Quoting alex1976
jack is that the 38.2 and 50?
give or take .. i prefer just looking at what price leve was support/resistance previously since that is more important than a fib
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