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Cable Update (GBPUSD)

  • #138,061
  • Jun 18, 2009 6:32am Jun 18, 2009 6:32am
Or are you waiting for the USD news to determine market direction?

I'm a newb trader and trying to figure out what the heck is going on....
  • #138,062
  • Jun 18, 2009 6:37am Jun 18, 2009 6:37am
Time to tighten up the stops, put her on autopilot, and get to bed. I'll be dreaming of .6150!

Gnight all.
Avoiding poverty, one pip at a time.
  • #138,063
  • Jun 18, 2009 6:38am Jun 18, 2009 6:38am
1.6175 is the area for long anyone ?
  • #138,064
  • Jun 18, 2009 6:44am Jun 18, 2009 6:44am
I am looking at the underlying trend line of the Cable, combined with the strong resistance, gives the potential of an ascending triangle play. Just keep an eye on the trend lines.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp usd2.jpg Size: 74 KB
Probability Professor
  • #138,065
  • Jun 18, 2009 6:49am Jun 18, 2009 6:49am
Quoting Faryad
1.6175 is the area for long anyone ?
Yes i`d go long from there too right now, but i somehow doubt it will get that low ... if you are not in just wait and see.... compare what we say with what your system says... and trade.

I think the us news will either make it go up or sink it and make new lows... i`m on the long side tho, i think it`s more probabile for today.

EDIT: Also be very carefull on the news.... cabble had a bad habit lately of going up(spike) making people buy it, then taking a big dive down.... if you get profit on the news, maybe it`s better to put sl @ be...

Good luck!
  • #138,066
  • Jun 18, 2009 6:55am Jun 18, 2009 6:55am
Quoting Bull_Bear
Nothing is full prove in this FX environment my friend.
respected sir

with respect to the label in this chart
http://www.forexfactory.com/showpost...stcount=138007

your statement is too ................ [ joking again ]

by the way this is where the Tiiiiiiiimmmmmbbeerrrrrrrrrrrrrrr !!!! fell
  • #138,067
  • Jun 18, 2009 7:21am Jun 18, 2009 7:21am
Quoting forexlion
respected sir

with respect to the label in this chart
http://www.forexfactory.com/showpost...stcount=138007

your statement is too ................ [ joking again ]

by the way this is where the Tiiiiiiiimmmmmbbeerrrrrrrrrrrrrrr !!!! fell
You've lost me mate....
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #138,068
  • Jun 18, 2009 7:26am Jun 18, 2009 7:26am
I think the us news will either make it go up or sink it and make new lows... i`m on the long side tho, i think it`s more probabile for today. I'm bias to long GU..the negative UK news is already accounted for in the fall..analysis maybe bias to sell.. I think the US news will determine it. I guess.but in forex anything can happen.
  • #138,069
  • Jun 18, 2009 7:26am Jun 18, 2009 7:26am
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 14 KB


this is all i can see for now.im gonna ride this thing down till imho
  • #138,070
  • Jun 18, 2009 7:29am Jun 18, 2009 7:29am
No long for me. i will continue adding short to every touch on the upper TL till we atleast reac 1.38xx or the completion of thedouble top on the daily
  • #138,071
  • Jun 18, 2009 7:39am Jun 18, 2009 7:39am
Quoting beejay
No long for me. i will continue adding short to every touch on the upper TL till we atleast reac 1.38xx or the completion of thedouble top on the daily
Do you have any info we don`t?

UK was way better than people thought... so what`s happening now is people realizing UK is not that bad as they originally thought, that and investor apetite for risk(now that there are signs the recession has bottomed and trust that the worse is over)

Good us news means recession there is ending, people are moving away from the dollar and buying cabble waiting for it to(slowly) climb to the levels it had before the recession started.

I honestly think we won`t get that low unless we get massive failure in the banking sector to scare people again, otherwise we will have drops... but the overall trend is up...

My opinion anyway.

Green pips!

EDIT: Look how much dow/s&p fell.... cabble refused to make new lows... doesn`t that thell you this currency is strong ? At least for now?(I`m not doing long term trader, my "long term" trades last 8-10 hours tops, so i might change my view from bullish to bearish tomorrow, but today i`m bullish)
  • #138,072
  • Jun 18, 2009 7:44am Jun 18, 2009 7:44am
Cable made a kind of double top formation at 1.66 levels and receded close to 300 pips on Friday. It has maintained its falling spree with the spot at 1.6250. The confirmation of the double top pattern would happen with the break of 1.6100 levels on a closing basis. Strategy remains to short at swings for target 1.6150. Breaking of 1.61 would be very bearish for the pair. (Gbp/Usd: 1.6250). Short term Bearish..let's see how the news changes john's few towards this..HOLLA
CAPTAIN Sycho..
Imanuel Parsifal
  • #138,073
  • Jun 18, 2009 7:45am Jun 18, 2009 7:45am
The unemployment claim is as forcasted. Meaning rebound?
Great Bodies are Engineered not Born
  • #138,074
  • Jun 18, 2009 7:47am Jun 18, 2009 7:47am
Quoting RichLadyFX
The unemployment claim is as forcasted. Meaning rebound?
I'm expecting it to go back up towards 6420 to complete wave e of the triangle. Then off we nosedive again and this time, breaking the triangle lower tl.
  • #138,075
  • Jun 18, 2009 7:50am Jun 18, 2009 7:50am
Quoting RichLadyFX
The unemployment claim is as forcasted. Meaning rebound?
nope,more like bull's trap..i would stay clear until we get to level's like..1.6471 proven area of supply..and look for selling opportunities on smaller tf's.HOLLA
CAPTAIN Sycho..
Imanuel Parsifal
  • #138,076
  • Jun 18, 2009 7:54am Jun 18, 2009 7:54am
Quoting 4cfx
I'm expecting it to go back up towards 6420 to complete wave e of the triangle. Then off we nosedive again and this time, breaking the triangle lower tl.
Are you long now? Mine long @1.6254
Great Bodies are Engineered not Born
  • #138,077
  • Jun 18, 2009 7:55am Jun 18, 2009 7:55am
Quoting alexandru987
Do you have any info we don`t?

UK was way better than people thought... so what`s happening now is people realizing UK is not that bad as they originally thought, that and investor apetite for risk(now that there are signs the recession has bottomed and trust that the worse is over)

Good us news means recession there is ending, people are moving away from the dollar and buying cabble waiting for it to(slowly) climb to the levels it had before the recession started.

I honestly think we won`t get that low unless we get massive failure in the...

yes you are right. we expect gbp to start picking for long time overall, but while there is still some level of uncertainty in the market, that alone is enough to complete the formation from the techincal aspect.all this are fundamental. looking at my chart, i see strong double top on the daily, also there is a wide double top on the 4hrs and also head and shoulder formed already. these are two strong technical reversal. short term i remain bearish, middle term also bearish for now, unless i see a sustained break of the daily high(double top).this break will change my view back to neutral. my opinion we have a midterm top at 1.66xx
  • #138,078
  • Jun 18, 2009 7:56am Jun 18, 2009 7:56am
Quoting sycho
Cable made a kind of double top formation at 1.66 levels and receded close to 300 pips on Friday. It has maintained its falling spree with the spot at 1.6250. The confirmation of the double top pattern would happen with the break of 1.6100 levels on a closing basis. Strategy remains to short at swings for target 1.6150. Breaking of 1.61 would be very bearish for the pair. (Gbp/Usd: 1.6250). Short term Bearish..let's see how the news changes john's few towards this..HOLLA
CAPTAIN Sycho..
on the same board
  • #138,079
  • Jun 18, 2009 7:56am Jun 18, 2009 7:56am
Quoting 4cfx
I'm expecting it to go back up towards 6420 to complete wave e of the triangle. Then off we nosedive again and this time, breaking the triangle lower tl.
From 6420 today - (EUR and GBP should rise) tomorrow could be a tanker correct?
  • #138,080
  • Jun 18, 2009 7:57am Jun 18, 2009 7:57am
I'm expecting a proper test of the lows before around 1.6150 before heading up. From the candles all the momentum seems to be to the downside, we will have to wait and see tho
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