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Cable Update (GBPUSD)

  • #146,681
  • Jul 15, 2009 7:02pm Jul 15, 2009 7:02pm
hammer time!!
  • #146,682
  • Jul 15, 2009 7:13pm Jul 15, 2009 7:13pm
Good Morning Guys....

There is a harami on the H1 and H4 chart which signals a reversal. This may bring us til 6325 and 6300...But if we don't clearly break 6350 we may still move up to 6500...
Never Stop Learning...
  • #146,683
  • Jul 15, 2009 7:17pm Jul 15, 2009 7:17pm
Quoting alex1976
hammer time!!
You're shorting now?
Great Bodies are Engineered not Born
  • #146,684
  • Jul 15, 2009 7:42pm Jul 15, 2009 7:42pm
i'm short next 1hr candle if close below pivot point 1.6395
target :1.6321
will see what happen :nerd:

http://i599.photobucket.com/albums/t...ala13/16gu.gif
  • #146,685
  • Jul 15, 2009 8:22pm Jul 15, 2009 8:22pm
Pair is testing the underside of the Daily Pivot. If it holds, look for more down......LOL, and you thought I was crazy when I said to short this morning, Wormie.

NE
  • #146,686
  • Jul 15, 2009 8:23pm Jul 15, 2009 8:23pm
Quoting malcolmb14
ok here is 60 min GU .... there was HUGE...
Are we looking at 400 pips down now?
Great Bodies are Engineered not Born
  • #146,687
  • Jul 15, 2009 8:51pm Jul 15, 2009 8:51pm
the 1hr bearish divergence is very strong, with the uptrend line being broken. this divergence can also be seen on the 4hr. I expect price to continue to fall, finding support around 1.62 (which is the support of the trading range from a few weeks back and is also the 61.8 retracement. If it breaks that, than who know maybe we can get below 1.6.

If you are not already short i would be looking to get in at 1.645, with a sl being a close above 1.65. Very good risk to reward.

good luck with everyones trading today
  • #146,688
  • Jul 15, 2009 9:18pm Jul 15, 2009 9:18pm
GU doesn't want to go down, but this also means we might see a good bounce around 1.6370 which would take us up up and away! Careful going short... for now =P
  • #146,689
  • Jul 15, 2009 9:40pm Jul 15, 2009 9:40pm
why is everyone so adamant about this thing dropping?

the trend is still up!

so why go against it?
  • #146,690
  • Jul 15, 2009 9:42pm Jul 15, 2009 9:42pm
and there is no divergence on 1hr!!
  • #146,691
  • Jul 15, 2009 9:45pm Jul 15, 2009 9:45pm
Quoting alex1976
why is everyone so adamant about this thing dropping?

the trend is still up!

so why go against it?
Because most of them who said it have a massive amount of short positions and they are losing money now and they just want to comfort themselves.
When I buy it, it moves down. When I sell it, it moves up.
  • #146,692
  • Jul 15, 2009 9:46pm Jul 15, 2009 9:46pm
Quoting alex1976
why is everyone so adamant about this thing dropping?

the trend is still up!

so why go against it?
Not adamant, weighing our option.
Great Bodies are Engineered not Born
  • #146,693
  • Jul 15, 2009 9:50pm Jul 15, 2009 9:50pm
the divergence is from the macd and price correlation, or the lack of. From july 9th high to july 15th high.. price has moved up but on the macd, it has moved down. there is the divergence, and the break of the recent trendline for this bull run has been broken.

With only the very short term trend being up, and price seeming to be exhausted, i would be looking for a good fill price for a short.
  • #146,694
  • Jul 15, 2009 9:51pm Jul 15, 2009 9:51pm
Quoting alex1976
why is everyone so adamant about this thing dropping?

the trend is still up!

so why go against it?
All trends have a begining and a end and each new begining come on the coat tails of a previous trends ending.

The rest is up to each of us to decide where a trend starts and ends.

To me this could very well be the start of a new down trend.
  • #146,695
  • Jul 15, 2009 9:59pm Jul 15, 2009 9:59pm
im short n still positive
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #146,696
  • Jul 15, 2009 10:01pm Jul 15, 2009 10:01pm
Quoting pujolshomerun
Because most of them who said it have a massive amount of short positions and they are losing money now and they just want to comfort themselves.

yeah, that must be the case!

As far as im concerned, price is just neutralizing before the next leg up!


there again i could be wrong, lets wait and see!
  • #146,697
  • Jul 15, 2009 10:03pm Jul 15, 2009 10:03pm
Trend is your friend is so over used. Price action, S&R points are your better friends. they will be there for you from the start. where the trend will only arive 300 pips or so later. just know who your s&r freinds are.
  • #146,698
  • Jul 15, 2009 10:13pm Jul 15, 2009 10:13pm
My trading consists of very simple methods and tools, to indentify obvious levels of s-r. I look for places for price to bounce. When price reaches these levels i trade against the trend. I manage trades very closely, and close out the majority of position at just 20-25. The remainder can ride, hoping that the bounce at a key level could be the start of a new trend.

Even with just basic fibs you can catch 20 pips most the time, now start lining things up, trend line, pivots etc and accuracy will be much higher.

I will rarely jump into a trend, except on a retrace to a key level.

When price is up, im looking down and vice versa.
  • #146,699
  • Jul 15, 2009 10:15pm Jul 15, 2009 10:15pm
NZD has no problems dropping. I think it's just a matter of time before GBP drops, wait for London, when pounds are actually on the market.
  • #146,700
  • Jul 15, 2009 10:16pm Jul 15, 2009 10:16pm
Quoting Nene
Pair is testing the underside of the Daily Pivot. If it holds, look for more down......LOL, and you thought I was crazy when I said to short this morning, Wormie.

NE
Wtf are you on about? You want to point out where I said you were crazy?
Thank You
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