Cable Update (GBPUSD) | Page 7819 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD

Similar Threads

Cable Update - Continued 118 replies

Cable Update (GBP/USD) without Idiots 25 replies

cable short for gbpusd? 10 replies

Why is GBPUSD called cable? 76 replies

Cable (GBPUSD) vs Euro (EURUSD) 31 replies

Attachments: Cable Update (GBPUSD)
Exit Attachments

Cable Update (GBPUSD)

  • #156,361
  • Aug 8, 2009 9:20pm Aug 8, 2009 9:20pm
It is confusing to me to see there are still traders out here that want to short this thing based on a sub 6000 target.

May be there is something that I do not see...but I would be very hesitant for a short here (except for doing on 15 minute and hourly charts) ...just look at the daily chart and the weekly chart guys.

6400 area is an extremely strong support now. We will see if this is broken. As I said before this may wind down a bit. 6500-6400 at MAX. Longs for coming weeks.
Its all in the mind.
  • #156,362
  • Aug 8, 2009 9:40pm Aug 8, 2009 9:40pm
Quoting malcolmb14
you smoking something .... see the weekly doji last time this happened 2000 pip down and if markets so great why after manipulating the NFP ( I maintain GS behind this ) did they not buy any of their own stock ?

Geppy did i say gu 1.6 mid august .... right on track .....?? hope you took bet

Attachment
Malcomb, I totally agree, all the clues are there for a short week based on weekly doji, good negative divergence on daily macd, daily candle is in downtrend!
That's the best play, as I see it, short all the way!

Especially since now there is global acceptance for an econmic recovery in us and rates will soon start go up, there may now be a postive correleation between the us dollar and stock maket.
  • #156,363
  • Aug 8, 2009 9:43pm Aug 8, 2009 9:43pm
Quoting alex1976
Malcomb, I totally agree, all the clues are there for a short week based on weekly doji, good negative divergence on daily macd, daily candle is in downtrend!
That's the best play, as I see it, short all the way!

Especially since now there is global acceptance for an econmic recovery in us and rates will soon start go up, there may now be a postive correleation between the us dollar and stock maket.
1 candle you based this on!!!


  • #156,364
  • Aug 8, 2009 9:52pm Aug 8, 2009 9:52pm
Quoting AmeriTrini
1 candle you based this on!!!



Well if you read my post you will notice nothing I've said is based on one candle!!
You highlighted a few words out of a few paragraphs or supporting infomation.

Hence the reason I mentioned the weekly candle, the divergence and the daily chart rather, not just the one candle!

However if you think I'm wrong in my agreement to the short call, then please explain why??
  • #156,365
  • Aug 8, 2009 10:08pm Aug 8, 2009 10:08pm
Quoting alex1976
Well if you read my post you will notice nothing I've said is based on one candle!!
You highlighted a few words out of a few paragraphs or supporting infomation.

Hence the reason I mentioned the weekly candle, the divergence and the daily chart rather, not just the one candle!

However if you think I'm wrong in my agreement to the short call, then please explain why??
If you cant see why, using your charts, then you shouldn't be trading....no free calls here buddy!!! and you said it was the daily in your post, now you say weekly??? can you make up your mind??
  • #156,366
  • Aug 8, 2009 10:08pm Aug 8, 2009 10:08pm
Quoting AmeriTrini
1 candle you based this on!!!


I also noticed that you have been bullish the last two trading days, which have seen the market tank!

Maybe u should pay attention to the daily chart, as you will see it is down right now.
  • #156,367
  • Aug 8, 2009 10:10pm Aug 8, 2009 10:10pm
Quoting alex1976
I also noticed that you have been bullish the last two trading days, which have seen the market tank!

Maybe u should pay attention to the daily chart, as you will see it is down right now.

have you heard of corrections??
  • #156,368
  • Aug 8, 2009 10:28pm Aug 8, 2009 10:28pm
Quoting AmeriTrini
have you heard of corrections??


Have you heard of "trading with the trend"?

Guess what, the trend has been down the last to days!

Did u notice??
  • #156,369
  • Aug 8, 2009 10:52pm Aug 8, 2009 10:52pm
Daily chart is still bearish. I smell strong $ for next week.
Attached Image
  • #156,370
  • Aug 9, 2009 12:46am Aug 9, 2009 12:46am
Yeah, but Alex, you're both right, never cancel out the possibility of it going back the other way.

A possible H & S Top could be forming.

I shorted based on the bearish engulfing pattern.



Quoting alex1976
Have you heard of "trading with the trend"?

Guess what, the trend has been down the last to days!

Did u notice??
Attached Image (click to enlarge)
Click to Enlarge Name: handstopforming.gif Size: 30 KB
PM Me If You Need Help!
  • #156,371
  • Aug 9, 2009 5:47am Aug 9, 2009 5:47am
Here is my last trade chart with targets shown............

http://www.forexfactory.com/showpost...stcount=154828
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 04-07-09 - 1.gif Size: 17 KB
  • #156,372
  • Aug 9, 2009 5:47am Aug 9, 2009 5:47am
...........I can see has played out as planned again.

I am wondering why there are still longs out there? I was laughed at by a few who were screaming "LONGGGG!!!!" this week when I was going Short...mind you they also laughed when I was Long from 164 area... Proves a point...just trade your charts and what YOU see.

I still see downside momentum from here.

Have a great week bros.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gj 09-07-01.gif Size: 17 KB
Click to Enlarge Name: gj 09-07-02.gif Size: 17 KB
Click to Enlarge Name: gj 09-07-03.gif Size: 18 KB
  • #156,373
  • Edited 8:06am Aug 9, 2009 6:41am | Edited 8:06am
Flight plan

Or should I say beer plan LOL
Attached Image (click to enlarge)
Click to Enlarge Name: untitled.JPG Size: 101 KB
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #156,374
  • Aug 9, 2009 6:42am Aug 9, 2009 6:42am
That Weekly chart tells the story for me and i would be very very careful taking longs on any XXXUSD pair as we may just have seen the very beginning of a a breakdown in correlation.

Time will tell but it would be very profitable to be in at this early stage if we are in fact right at the beginning of a $ rally.

direct-trade, can i please get confirmation that on the daily that it is in fact an Engulfing candle?

Not sure it actually meets the criteria but stand to be corrected if it does.
  • #156,375
  • Aug 9, 2009 8:23am Aug 9, 2009 8:23am
Major Trend is Up!

Adding on to my longs. This is going to be a nice trade when it turns back up. Next potential scale in at 1.6600 and should get another arrow at that point if it hasn't taken any profit points.

Ne
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu.gif Size: 47 KB
Click to Enlarge Name: gu1.gif Size: 39 KB
  • #156,376
  • Aug 9, 2009 8:55am Aug 9, 2009 8:55am
Hey old Buddy,

I have also been Bullish for awhile It is safer in the long run to scale in with the trend and that is what I am doing and I am sure he is doing the same. It is hard to trade and to keep sanity when trading off the Daily and others are doing 4 Hr and 1 Hr. Thats the key. To quote Paul Neuman, " There is something at the end of this". And think about this, I have been trying to get people in the Forums to discern the trend in 2 catgories, such as T.O.M., ( Trend of the Moment ) and L.T.T., ( Long Term Trend ). Because there is a difference and not knowing what one is talking about can get you in deep Sh-t. Just remember, this Long Term Trend TO ME, will not end until the white trendline below is broken with authority.

NE

Quoting alex1976
I also noticed that you have been bullish the last two trading days, which have seen the market tank!

Maybe u should pay attention to the daily chart, as you will see it is down right now.
Attached Image (click to enlarge)
Click to Enlarge Name: gu2.gif Size: 40 KB
  • #156,377
  • Aug 9, 2009 9:10am Aug 9, 2009 9:10am
Now, if you look at the 4 Hr, and I am not saying trading the 4 Hr is wrong. It is a great timeframe to trade and I will show you a great way to keep with the Long Term Trend. The Magenta line on the chart is the 89 SMA and it gets a lot of respect. Its no accident that it is running at the same rate as this UTL. IF, we keep going short, this is where I expect the price to bounce. My last buy will be around this point depending on where it is at the time the price gets there.

So, in a nutshell, this thing can turn anywhere and I dont give a rats as- if it drops to this SMA because, "There is something at the End of This".

Ne
Attached Image (click to enlarge)
Click to Enlarge Name: gu89.gif Size: 42 KB
  • #156,378
  • Edited 9:48am Aug 9, 2009 9:12am | Edited 9:48am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Folks,

I think there is big queston to ask or answered and defined as well when we are posting charts.

What do we think is a trend and timeframe?


FOR ME, short term trend is anything between 10+ days to a month and long term trend is 10+ weeks. I might have ended up on the wrong side for not specifying this before but I have now.

So when I say short term trend is SHORT I mean from 1 week to a month.

I do not trade daily, but I trade daily charts. I look for opportunities to trade with the MAIN trend i.e. go long. I sometime have to wait for days to execute a trade.

I am learning to scalp by trading daily.

When peeps on this forum are saying trend is down they have seen something on the charts and it's also suggested by the rising cost of OIL...

OIL has to go down at this stage. We are not in a booming economy and govt has to shake things up by either raising the IR or buying dollar in the short term.

You might not see pound going back to 13xxx - 14xxx unless uk is nuked, lol
But it will come down until oil is stable back to $50-60 or UK raising IR which will again start the rally.
There is a talk or boosting QE in the US and raising the debt which might also boost pound against the dollar.

This means there is a chance we might see pound to 1639xxx level. However, we have major support at 656xxx (it tried 15 times for resistence at the time and go higer) for confirmation of downtrend. I was biased that it will not beyond 67000 but it's nearly there to clear my doubt. Dollar is bought across the board for buying treasuries and who knows US IR rate decision on wednesday.

There are forces who made sure pound is bought and they will not give up easily :-)
  • #156,379
  • Aug 9, 2009 9:35am Aug 9, 2009 9:35am
Quoting AmeriTrini
1 candle you based this on!!!


weekly candle , doji HIGHEST VOLUME IN 4 YEARS ON WEEKLY. Think pros are buying here.

do you walk into a car dealership and offer$10,000 above asking for your new car or try to get it at discount. Pros are not buying trust me.

I base my short on weekly candle
Blogging daily now at www.volume.zone
  • #156,380
  • Aug 9, 2009 9:38am Aug 9, 2009 9:38am
Quoting AmeriTrini
have you heard of corrections??

have you heard of patterns repeating themselves buddy ? and do you know candle charting ?

before you go mouthing off to others study your charts ....otherwise you will look like a fool

Attached Image (click to enlarge)
Click to Enlarge Name: chart196.png Size: 210 KB
Blogging daily now at www.volume.zone
412 traders viewing now