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Cable Update (GBPUSD)

  • #146,561
  • Jul 15, 2009 11:41am Jul 15, 2009 11:41am
Well for a solid short we need to get by the 1.6400 area and it is having a hard time. I think 1.6350 is a good place for a bounce then up to the 1.6460 - 90 level, to take out some short stops then down again into the 1.6070 area.
Quoting wormboy
It's possible.
On my h4 tho, if price close anywhere above 6480 you mentioned, 6600 level is the obvious target area to go for.
Atm I can't really make out where cable's headed, pa on h1 is a little screwy & h4 is still vague. I think we're in for a little consolidation before 2 o clock.
Sorry if i cant be much of help
  • #146,562
  • Jul 15, 2009 11:41am Jul 15, 2009 11:41am
Quoting grashid
...aku kat Orchard...siut ja tak le trade...tak sempat busy ngan paper presentation...next week baru balun...hg pa citer? i just take my dinner while watching some chick on the road
Orchard? Singapore?
i'm okay bro. the usual. bila balik
Thank You
  • #146,563
  • Jul 15, 2009 11:43am Jul 15, 2009 11:43am
2 o`clock... what time is it in your country now? In london is 5.42 pm
LT - try to find the 2

Quoting wormboy
It's possible.
On my h4 tho, if price close anywhere above 6480 you mentioned, 6600 level is the obvious target area to go for.
Atm I can't really make out where cable's headed, pa on h1 is a little screwy & h4 is still vague. I think we're in for a little consolidation before 2 o clock. I'm still bullish tho btw.
Sorry if i cant be much of help
Discomfort and profit often stand side by side
  • #146,564
  • Jul 15, 2009 11:44am Jul 15, 2009 11:44am
Have 3 long entries, one lowsy one at 1.6441 others at 1.6425 and 1.6416. Will see where they go.
Hero Traders Live to see their Accounts Die!
  • #146,565
  • Jul 15, 2009 11:44am Jul 15, 2009 11:44am
Quoting wormboy
Orchard? Singapore?
i'm okay bro. the usual. bila balik
am not sure..perhaps able to going back on Sunday...u r right my +10 hit yesterday after i open up my laptop...seem miss a lot of pips for both this week.....
  • #146,566
  • Jul 15, 2009 11:45am Jul 15, 2009 11:45am
Quoting simoneg
Have 3 long entries, one lowsy one at 1.6441 others at 1.6425 and 1.6416. Will see where they go.
bro..as a kind advice..stay out atm....unless u have 1 million equity lol ..just joking
  • #146,567
  • Jul 15, 2009 11:47am Jul 15, 2009 11:47am
Oh yeah go to u 4 hr or 1 hour chart and draw a trend line from the last 2 highs and the last 2 lows and that is the bearish wedge I was talking about last night forming. Like u said wormboy if the 470-480 holds, if should come down and then up one more time before heading back down to your 5700 or lower.
  • #146,568
  • Jul 15, 2009 11:48am Jul 15, 2009 11:48am
Quoting dobbie11
Well for a solid short we need to get by the 1.6400 area and it is having a hard time. I think 1.6350 is a good place for a bounce then up to the 1.6460 - 90 level, to take out some short stops then down again into the 1.6070 area.
To be honest I don't plan my trades that far ahead. But to be fair those levels you mentioned are almost identical to the levels I have with my lucky lines except for the 6070. I think if there's a push down within these few days the lowest it could possibly go is around 6220 support level. Close below that and I think cable will tank for good. Then again, nothing is ever absolute in this business
Here's the chart posted earlier to illustrate the levels mentioned :
http://www.forexfactory.com/attachme...3&d=1247645496
Thank You
  • #146,569
  • Jul 15, 2009 11:48am Jul 15, 2009 11:48am
2 o' clock (Singapore/Malaysia time?) GMT +8
  • #146,570
  • Jul 15, 2009 11:49am Jul 15, 2009 11:49am
Quoting LondonTrader
2 o`clock... what time is it in your country now? In london is 5.42 pm
LT - try to find the 2
It's 12:50 am here lt.
Thank You
  • #146,571
  • Jul 15, 2009 11:51am Jul 15, 2009 11:51am
Quoting simoneg
Have 3 long entries, one lowsy one at 1.6441 others at 1.6425 and 1.6416. Will see where they go.
careful ..... we could be ranging for break out .... but every move up is being met with sellers at the moment

quite a nice range though , much preferred gu to gj today ... moving alot better
Blogging daily now at www.volume.zone
  • #146,572
  • Jul 15, 2009 11:51am Jul 15, 2009 11:51am
Quoting wormboy
WSW bro.
Earlier there was an evening star formation but previous h1 closed bullish, indicating an exhaustive move rather than a reversal. The h4 itself does not indicate to me a reversal yet. Usually with this scenario buying dip is a better option instead of jumping in short too early.
But that is just my personal take & I can comfortably claim this since I'm still holding lower entry long position & a sudden reversal would do little harm to me. I suppose till the fomc at 2 gets out, none of us could really gather what's the higher probability...
hey bro where do you suggest we can go long??yesterday's chart was perfect and market reverse from 6240 as you said...GOOD job bro please update about today's level

thanks

Ub
  • #146,573
  • Jul 15, 2009 11:53am Jul 15, 2009 11:53am
Quoting grashid
am not sure..perhaps able to going back on Sunday...u r right my +10 hit yesterday after i open up my laptop...seem miss a lot of pips for both this week.....
You're away with work, what to do ...
Gimme a buzz when you get home bro
Thank You
  • #146,574
  • Jul 15, 2009 11:54am Jul 15, 2009 11:54am
Quoting wormboy
You're away with work, what to do ...
Gimme a buzz when you get home bro
..sure sure...will page u
  • #146,575
  • Jul 15, 2009 11:55am Jul 15, 2009 11:55am
Quoting malcolmb14
careful .....
hey mal .. 155!
Thank You
  • #146,576
  • Jul 15, 2009 11:55am Jul 15, 2009 11:55am
You are right there is nothing spot on in this business till u close a trade and u make money. But I have learned in the years to read the charts pretty good. I can almost eye ball them and recognize what is going on. Price tells u everything , but u need to be careful u do not buy into resistance and sell into support. That is the major key and a lot of new traders make that mistake cuz price is moving.
Quoting wormboy
To be honest I don't plan my trades that far ahead. But to be fair those levels you mentioned are almost identical to the levels I have with my lucky lines except for the 6070. I think if there's a push down within these few days the lowest it could possibly go is around 6220 support level. Close below that and I think cable will tank for good. Then again, nothing is ever absolute in this business
Here's the chart posted earlier to illustrate the levels mentioned :
http://www.forexfactory.com/attachme...3&d=1247645496...
  • #146,577
  • Jul 15, 2009 11:56am Jul 15, 2009 11:56am
Quoting malcolmb14
careful ..... we could be ranging for break out .... but every move up is being met with sellers at the moment

quite a nice range though , much preferred gu to gj today ... moving alot better
Thanks Malcomb...so I am seeing.
Hero Traders Live to see their Accounts Die!
  • #146,578
  • Jul 15, 2009 11:58am Jul 15, 2009 11:58am
Ummmm...would somebody mind plugging this back in? It seems to have stopped....LOL
Ghost Rider - WWTBMD?
  • #146,579
  • Jul 15, 2009 12:05pm Jul 15, 2009 12:05pm
Quoting albchr
Ummmm...would somebody mind plugging this back in? It seems to have stopped....LOL

Yep 1 day I had free to trade and I lost interest a few hours ago, moves aren't sustained enough for me to see the direction, get in and get out with any kinda profit worth the risk

Must not keep FOMC days free for trading I guess!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #146,580
  • Jul 15, 2009 12:08pm Jul 15, 2009 12:08pm
Agree with Malc's Sellers starting to turn down here relative to EJ which is still uptrending, but also turning down.

Not that there is any point trading before the FOMC, and I'm not risking trading the FOMC Move so I guess Asia's open or tommorow for me
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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