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Cable Update (GBPUSD)

  • #142,721
  • Jul 5, 2009 7:50pm Jul 5, 2009 7:50pm
Quoting jack.canadia
Yeah .. 6pm EST (2200 GMT). Oanda opens early thats why.

But gaps on this mt4 have always been respected and ive always used them profitably.

More importantly the 00:00 GMT opening price was lower than fridays close = gap.
Regardless, daily pivot is at 6338, so i am looking to sell near there
  • #142,722
  • Jul 5, 2009 7:52pm Jul 5, 2009 7:52pm
Jack,

With you on the potential short in the 1.6320 area, if we get there.

Reasons:

2 previous 15 min bottoms/support areas I believe will now serve as resistance.

4 hour channel bottom is in the same area (sloping red line).

Looks like that area is a 50% midpoint between the pivot and S1.


I have an order in at 1.6320 sell, 45 pip SL, targeting the S2/previous major bottom around 1.6230. Now, let's see if it plays out....
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 21 KB
  • #142,723
  • Jul 5, 2009 7:54pm Jul 5, 2009 7:54pm
Quoting Maelstrom
Jack,

With you on the potential short in the 1.6320 area, is we get there.

Reasons:

2 previous 15 min bottoms/support areas I believe will now serve as resistance.

4 hour channel bottom is in the same area (sloping red line).

Looks like that area is a 50% midpoint between the pivot and S1.


I have an order in at 1.6320 sell, 45 pip SL, targeting the S2/previous major bottom around 1.6230. Now, let's see if it plays out....
it's slowly getting there. is a good area though, i like it.

lets make some pipssssss
  • #142,724
  • Jul 5, 2009 8:00pm Jul 5, 2009 8:00pm
Bottom line after hitting 1.6230..will gbp/usd recovers and again go towards 1.6700??

Or

after hitting 1.6230 it will come down.?



Quoting maelstrom
jack,

with you on the potential short in the 1.6320 area, if we get there.

Reasons:

2 previous 15 min bottoms/support areas i believe will now serve as resistance.

4 hour channel bottom is in the same area (sloping red line).

Looks like that area is a 50% midpoint between the pivot and s1.


I have an order in at 1.6320 sell, 45 pip sl, targeting the s2/previous major bottom around 1.6230. Now, let's see if it plays out....
  • #142,725
  • Jul 5, 2009 8:02pm Jul 5, 2009 8:02pm
Quoting deyler
ForexLion,
Are you shorting from now until 1.58 or are you waiting to short at 1.58
I'm confused on your entry point.
Thanks
of course i am waiting to enter short at 1.58 which is also my tp

i am already short btw
  • #142,726
  • Jul 5, 2009 8:05pm Jul 5, 2009 8:05pm
Quoting gurugs
Bottom line after hitting 1.6230..will gbp/usd recovers and again go towards 1.6700??

Or

after hitting 1.6230 it will come down.?
We plan to short near that level since the chart suggests ther is some resistance there. If we are right (50/50 chance) then price will fall. If we are wrong, I dont think shell make it back to 6700 this week.
  • #142,727
  • Jul 5, 2009 8:17pm Jul 5, 2009 8:17pm
Gurugs,

No telling as of yet - and for the sake of god man, do not take anything I am posting as a trade recommendation - please!

Next support areas I see are 1.6207 and 1.6187, S3 at about 1.6150... that is a lot of levels pretty close together, so I would say we will get a short term bounce up, but..... if it breaks those support levels eventually, I think this pair is going to go straight down to hell

Quoting gurugs
Bottom line after hitting 1.6230..will gbp/usd recovers and again go towards 1.6700??

Or

after hitting 1.6230 it will come down.?
  • #142,728
  • Jul 5, 2009 8:25pm Jul 5, 2009 8:25pm
Quoting jack.canadia
it's slowly getting there. is a good area though, i like it.

lets make some pipssssss
If GU breaks 6290 and stays below it then it is not going back up, 6320 is ruled out now

but if it does go to 6320 then all shorts are ruled out automatically
  • #142,729
  • Jul 5, 2009 8:27pm Jul 5, 2009 8:27pm
Based on the hourly?

Quoting forexlion
If GU breaks 6290 and stays below it then it is not going back up, 6320 is ruled out now

but if it does go to 6320 then all shorts are ruled out automatically
  • #142,730
  • Jul 5, 2009 8:30pm Jul 5, 2009 8:30pm
Quoting forexlion
If GU breaks 6290 and stays below it then it is not going back up, 6320 is ruled out now

but if it does go to 6320 then all shorts are ruled out automatically
How do you figure? That makes on sense to me.

Nothing is ruled out right now.
  • #142,731
  • Jul 5, 2009 8:30pm Jul 5, 2009 8:30pm
Quoting Maelstrom
Based on the hourly?
all my analysis, always 1 hour [anal-y-sis]
  • #142,732
  • Jul 5, 2009 8:34pm Jul 5, 2009 8:34pm
Quoting jack.canadia
How do you figure? That makes on sense to me.

Nothing is ruled out right now.
slow down man, that spike was too fast
  • #142,733
  • Jul 5, 2009 8:35pm Jul 5, 2009 8:35pm
Cool... thanks. Guess we will see eventually

Quoting forexlion
all my analysis, always 1 hour [anal-y-sis]
  • #142,734
  • Jul 5, 2009 8:35pm Jul 5, 2009 8:35pm
I see it may go as high as 6350 before crashing down. That is the PIVOT on my chart. Why do you say shorts are off if reaches 6320?

Quoting forexlion
If GU breaks 6290 and stays below it then it is not going back up, 6320 is ruled out now

but if it does go to 6320 then all shorts are ruled out automatically
Its all in the mind.
  • #142,735
  • Jul 5, 2009 8:36pm Jul 5, 2009 8:36pm
Quoting forexlion
slow down man, that spike was too fast
It sunday .. = low volume .. = random price spikes, so of course it was.
  • #142,736
  • Jul 5, 2009 8:37pm Jul 5, 2009 8:37pm
Quoting 5abi
I see it may go as high as 6350 before crashing down. That is the PIVOT on my chart. Why do you say shorts are off if reaches 6320?
He does this shit. Get used to it.
  • #142,737
  • Jul 5, 2009 8:38pm Jul 5, 2009 8:38pm
Quoting jack.canadia
It sunday .. = low volume .. = random price spikes, so of course it was.
this ain't sunday man, its monday here and 90 minutes after tokyo open too
  • #142,738
  • Jul 5, 2009 8:40pm Jul 5, 2009 8:40pm
Quoting 5abi
I see it may go as high as 6350 before crashing down. That is the PIVOT on my chart. Why do you say shorts are off if reaches 6320?
according to 1 hour t3ma, if it is broken with a candle open above it, then price will not return back down

1 hour t3ma is where we bounced off down recently and are keeping well below it.

and unless GU has any nefarious ideas, i am not expecting anything more than 6243 for monday trade
  • #142,739
  • Jul 5, 2009 8:41pm Jul 5, 2009 8:41pm
I agree with you... that is why I set my stop to give it room in case you are right. I am sitting here laughing, thinking how much I love forex.... I have a feeling this thing is going to languish here for a while longer, then shoot up like a rocket, 20-30 pips past my entry, just enough to give me a heart attack. Then, it will sit around there for hours more, teasing my SL, making me ask myself 100 times if I should exit.

The greatest show on earth folks...

Quoting 5abi
I see it may go as high as 6350 before crashing down. That is the PIVOT on my chart. Why do you say shorts are off if reaches 6320?
  • #142,740
  • Jul 5, 2009 8:43pm Jul 5, 2009 8:43pm
I see region fit for a shorts until 6351. The higher I sell it, better the price I get. And, also a couple pips above that is where my stop resides

Quoting forexlion
according to 1 hour t3ma, if it is broken with a candle open above it, then price will not return back down

1 hour t3ma is where we bounced off down recently and are keeping well below it.
Its all in the mind.
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