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Cable Update (GBPUSD)

  • #141,801
  • Jul 1, 2009 12:29pm Jul 1, 2009 12:29pm
@ jack : what u means GBP will fly away tommorow ?

sory jack my MSN get problem to sign in..
but i'll add you in my list tommorow..
thanks..
Juz a newbie learn to get rich.
  • #141,802
  • Jul 1, 2009 12:33pm Jul 1, 2009 12:33pm
Hi Wormboy

Could you give me a hand on something, please? A couple of hours ago you said that GU will go up from 6479 to 6540 and you where right - not first time btw. Both of the levels are Murry Maths Line but how did you know that the rally wont stop at 6479...and end up at the 6540? Is it possible to measure?

Thank you,
LT
Quoting wormboy

H1 closed completely engulfing the previous price. We dive.
Have a good one jack.
Discomfort and profit often stand side by side
  • #141,803
  • Jul 1, 2009 12:40pm Jul 1, 2009 12:40pm
Daily.
Attached Image (click to enlarge)
Click to Enlarge Name: daily.gif Size: 15 KB
  • #141,804
  • Jul 1, 2009 1:13pm Jul 1, 2009 1:13pm
i feel like i will sleep over my desk
  • #141,805
  • Jul 1, 2009 1:34pm Jul 1, 2009 1:34pm
Does anybody see the cable going down to the 1.6380 or is it just me ??
I`ve been wrong before,and I may be wrong again.
  • #141,806
  • Jul 1, 2009 1:36pm Jul 1, 2009 1:36pm
Jack, whats your bias for today?
  • #141,807
  • Jul 1, 2009 1:43pm Jul 1, 2009 1:43pm
Quoting cttrader
Does anybody see the cable going down to the 1.6380 or is it just me ??
if it breaks 1.6455 i will sell it and my first target would be the low of the day @ 381 , but still hoping that it goes to 1.6600 or 590 and sell from there better
  • #141,808
  • Jul 1, 2009 1:45pm Jul 1, 2009 1:45pm
Quoting LondonTrader
Hi Wormboy

Could you give me a hand on something, please? A couple of hours ago you said that GU will go up from 6479 to 6540 and you where right - not first time btw. Both of the levels are Murry Maths Line but how did you know that the rally wont stop at 6479...and end up at the 6540? Is it possible to measure?

Thank you,
LT
Hi LT,


Not so sure I said that. The H4 opened above 6470 sandwiched in between the subtl on my charts. The region was very visible. 6540 level is the utl from one of my sublines, while the 6470 is the ltl.
This is the chart posted earlier ( same chart which I've been using for the past few weeks ) :
http://www.forexfactory.com/showpost...&postcount=501

The chart attached below are my working charts and they are a bit more extensive but has the same levels highlighted. ( price open/close are slightly different, but doesn't matter as long as the levels highlighted remains the same )
If you can understand the highlighted you'd see why I am still bearish. 6600 is a long way off if price fail to close above 6540. Just couldn't understand how some people were calling those levels. The H4 also looks to be forming the left shoulder of the H&S formation. Off course, H&S is only to be traded after a neckline break
Price also seem to have return trading in the daily channel btw.
Don't know if the explanation was clear enough, but I hope it helps.

Good luck
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu4b.JPG Size: 95 KB
Click to Enlarge Name: gu4s.JPG Size: 96 KB
Thank You
  • #141,809
  • Jul 1, 2009 1:45pm Jul 1, 2009 1:45pm
Quoting cttrader
Does anybody see the cable going down to the 1.6380 or is it just me ??
me.. does not break 1.6535 means no power to move up more.. plus the main trend is bearish..

This price action may only a correction to move further down...

but we are in the middle of nowhere. according to my fibo level 1.6485 is 50 percent fibo and the candle just like that pass it to upper level.. this reaction may triggered by news for temporary movement along with an oversold status for a bearish... btw i already closed my long at BE+4 when i dont see more steam to move it to the upper level.. plus the reaction from the candle to reject the resistance level.. i will change my view to bearish..
  • #141,810
  • Jul 1, 2009 1:45pm Jul 1, 2009 1:45pm
My current view:

Dollar is weakening. Expecting downside action in the coming days.

Pound hit a brick wall yesterday.

GBPUSD: Viewed separately, I would be more or less negative on the pair itself and both components (GBP, USD and GBPUSD) right now. However, if significant downside action in the dollar takes place, cable will go up. The dollar chart should be the first thing you look at in the morning...

Data "risk" is very much to the upside, right now. I'd bet on a pleasent NFP tomorrow
  • #141,811
  • Jul 1, 2009 1:48pm Jul 1, 2009 1:48pm
Quoting wormboy
Hi LT,


Not so sure I said that. The H4 opened above 6470 sandwiched in between the subtl on my charts. The region was very visible. 6540 level is the utl from one of my sublines, while the 6470 is the ltl.
This is the chart posted earlier ( same chart which I've been using for the past few weeks ) :
http://www.forexfactory.com/showpost...&postcount=501

The chart attached below are my working charts and they are a bit more extensive but has the same levels highlighted. ( price open/close are slightly different, but doesn't...
I agree.. Then i will join your side as a bearish side.. a breakout of 1.6480 will trigger more fall..i am wrong.. this is not the end of bearish.. this is just the beginning..
  • #141,812
  • Jul 1, 2009 1:53pm Jul 1, 2009 1:53pm
Good points, monthly TA.

http://www.mizuho-cb.co.uk/TresInternet/PDF'S/gbpm.pdf
  • #141,813
  • Jul 1, 2009 1:55pm Jul 1, 2009 1:55pm
btw i'm short from 1.6501.. just trying to test this candle.. sl @ BE..
  • #141,814
  • Jul 1, 2009 2:21pm Jul 1, 2009 2:21pm
I think this range may continue throughout the rest of the year!! LOL
  • #141,815
  • Jul 1, 2009 2:27pm Jul 1, 2009 2:27pm
Wow,
The explanation is great - only it is not easy to follow, but I will do the same on my H4 charts and copy your solution... From chart to chart should understand better. You are great man. Thank you very much for your help. Indeed

LT

Quoting wormboy
Hi LT,


Not so sure I said that. The H4 opened above 6470 sandwiched in between the subtl on my charts. The region was very visible. 6540 level is the utl from one of my sublines, while the 6470 is the ltl.
This is the chart posted earlier ( same chart which I've been using for the past few weeks ) :
http://www.forexfactory.com/showpost...&postcount=501

The chart attached below are my working charts and they are a bit more extensive but has the same levels highlighted. ( price open/close are slightly different, but doesn't...
Discomfort and profit often stand side by side
  • #141,816
  • Jul 1, 2009 2:28pm Jul 1, 2009 2:28pm
Quoting alex1976
I think this range may continue throughout the rest of the year!! LOL
Watch your wish could come true..
  • #141,817
  • Jul 1, 2009 2:33pm Jul 1, 2009 2:33pm
Quoting mloistianto
Watch your wish could come true..

Trust me its not my wish!

I'm a trend trader, so this is no picnic for me either!
  • #141,818
  • Jul 1, 2009 2:33pm Jul 1, 2009 2:33pm
Hey guys .. still wanting to sell at 6600.
  • #141,819
  • Jul 1, 2009 2:37pm Jul 1, 2009 2:37pm
Jack, whats going on right now?

There's no clear direction right now!
  • #141,820
  • Jul 1, 2009 2:38pm Jul 1, 2009 2:38pm
Quoting jack.canadia
Hey guys .. still wanting to sell at 6600.
this time we are not on the same side.. LOL.. My view is bearish.. till further notice..
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