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Cable Update (GBPUSD)

  • #156,461
  • Aug 9, 2009 7:40pm Aug 9, 2009 7:40pm
Quoting forex888
I think it is going to 161.00 by today..
H4 bar formation supports a swing to the upside for the time being.
161 might be within the next 2/3 weeks, and much lower later.
Have gone long at 6680 with SL below1660, 61.8 Fib ret, just in case. If this SL is hit I shall reverse to the short side. I am looking for a 5 EW (impulsive) on H1, the top of which shall be the High of a large corrective from the Jan Low.
Make sure losses are small and profits are bigger!
  • #156,462
  • Aug 9, 2009 7:47pm Aug 9, 2009 7:47pm
Quoting 2be
H4 bar formation supports a swing to the upside for the time being.
161 might be within the next 2/3 weeks, and much lower later.
Have gone long at 6680 with SL below1660, 61.8 Fib ret, just in case. If this SL is hit I shall reverse to the short side. I am looking for a 5 EW (impulsive) on H1, the top of which shall be the High of a large corrective from the Jan Low.
i think i will agreed with him (forex888) or even lower to 160.50 let take a look another H4 how she wanna react till London open
  • #156,463
  • Aug 9, 2009 7:58pm Aug 9, 2009 7:58pm
http://www.forexfactory.com/showpost...stcount=155909

6700 is now immediate resistance. As long as price fails to close cleanly above this level on H1 onwards, all you'll be getting is a "flag".
Funny how the very thing which was hotly debated on the opposite direction had been quickly forgotten.
Thank You
  • #156,464
  • Aug 9, 2009 8:03pm Aug 9, 2009 8:03pm
Quoting grashid
i think i will agreed with him (forex888) or even lower to 160.50 let take a look another H4 how she wanna react till London open
On a longer TF cable is going down, and a 50% retracement is still to be seriously considerred. If it happens, everybody will think of 1.75 and above levels. From this zone (50% fib ret) shorts shall relieve longs from the burden of carrying too much cash.
This is my current thinking, a bit contrarian, but I am ready for either PA.
Attached Image (click to enlarge)
Click to Enlarge Name: cable wk 10-08-09.jpg Size: 105 KB
Make sure losses are small and profits are bigger!
  • #156,465
  • Aug 9, 2009 9:01pm Aug 9, 2009 9:01pm
Quoting 2be
On a longer TF cable is going down, and a 50% retracement is still to be seriously considerred. If it happens, everybody will think of 1.75 and above levels. From this zone (50% fib ret) shorts shall relieve longs from the burden of carrying too much cash.
This is my current thinking, a bit contrarian, but I am ready for either PA.
3 level going to my UTL of 170.50. 165.50&167.50 need to break and above this level in order to touch 170.50-171

But am interested on my Daily and H4 atm

Good luck...
  • #156,466
  • Aug 9, 2009 9:31pm Aug 9, 2009 9:31pm
Quoting chonyc

If we break 6700 clearly, we may drop till 6600..

Good Morning Guys....

H1 and H4 are still bearish...If the price does not clearly break 6720 we may still go down till 6600...then we may move up from there...
Never Stop Learning...
  • #156,467
  • Aug 9, 2009 11:44pm Aug 9, 2009 11:44pm
That's FXCM Market Scope platform right?

How'd ya get the 6hr and 12hr on there? I dont see them on the one I'm using.

Quoting wormboy
yup, does look like the harami cross we had a few days back is playing out as well. Here's what the current halfday chart looks like. Previous candle just closed not too long ago on my chart & it does look like there'll possibly be a bit more selling. Support shows why I said 6700. I'll wait till price gets there before considering buying, again it depends on pa once we get to that level.

We'll see
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  • #156,468
  • Aug 9, 2009 11:52pm Aug 9, 2009 11:52pm
Quoting chonyc
Good Morning Guys....

H1 and H4 are still bearish...If the price does not clearly break 6720 we may still go down till 6600...then we may move up from there...
Do u mean if new price 1,6720 @H1 above pivot & SMA200 then it will bullish?
QUITTERS never WIN! WINNERS never QUIT!
  • #156,469
  • Aug 10, 2009 12:41am Aug 10, 2009 12:41am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
can't agrue :-)
that's what I do to kill time, lol



Quoting direct-trade
Here it is:



Why not? Beats staring at screens all day.
  • #156,470
  • Aug 10, 2009 12:42am Aug 10, 2009 12:42am
Quoting BobHall
That's FXCM Market Scope platform right?

How'd ya get the 6hr and 12hr on there? I dont see them on the one I'm using.
yup marketscope.
at the timeframe tab, say for example you're on "one minute", if you want to view the halfday chart, highlight the "one minute" and type H12. for minute change the H12 to M12 & you'll get the 12 minute chart.
Thank You
  • #156,471
  • Edited 1:36am Aug 10, 2009 12:46am | Edited 1:36am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
agree mal, and I would love it at a discount but 3-4k pips down is not something I would dream unless US raises IR to 5% overnight or even in 2 months or uk is nuked or they extend QE to say 500B.

I am expecting lows of 164 but beyond that is unreasonable to think of "at this stage", doesn't mean it cannot happen but for now still hoping the best for UK :-) and rest of the world.



[quote=malcolmb14;2942133]
Quoting ams
Ok, I give up as I do not see any point in dragging this conversation further but I would appreciate just last one answer from you.

If the stituation is so bad and it's all doom and gloom for UK, why did the pound reached to 170 in the first place, why did "they (banks, govt)" allowed it ??

What is there which you know more than the billions dollar worth investment banks, hedge funds etc??


they allowed it of course ..... do you like to buy something at discount or full price ?

If it moves down 5000 pip from here they got...
  • #156,472
  • Aug 10, 2009 1:39am Aug 10, 2009 1:39am
Quoting peepips
Do u mean if new price 1,6720 @H1 above pivot & SMA200 then it will bullish?
Nope above 6720 may turn to upside momentum...I will be slightly bullish when we get to 6790
Never Stop Learning...
  • #156,473
  • Aug 10, 2009 1:42am Aug 10, 2009 1:42am
[quote=ams;2942656]agree mal, and I would love it at a discount but 3-4k pips down is not something I would dream unless US raises IR to 5% overnight or even in 2 months or uk is nuked or they extend QE to say 500B.

I am expecting lows of 164 but beyond that is unreasonable to think of "at this stage", doesn't mean it cannot happen but for now still hoping the best for UK :-) and rest of the world.

we have to remember one thing .. China holding massive amounts of bonds they need to get rid of before usd drops . US will somehow manipulate dx back to 90 . .... liekly some form of agreement between china and us ( unwritten) that if they do this then china will waive some of the debt they owe them
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  • #156,474
  • Edited 2:08am Aug 10, 2009 1:49am | Edited 2:08am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
that's right, you and me know it, and some others might agree to it. Not everything is to disclose :-)

indexes, gold are going high. though currencies against the dollar, and OIL going down. I smell trap here for wednesday. Someone's hedging , hmmm.




[quote=malcolmb14;2942761]
Quoting ams
agree mal, and I would love it at a discount but 3-4k pips down is not something I would dream unless US raises IR to 5% overnight or even in 2 months or uk is nuked or they extend QE to say 500B.

I am expecting lows of 164 but beyond that is unreasonable to think of "at this stage", doesn't mean it cannot happen but for now still hoping the best for UK :-) and rest of the world.

we have to remember one thing .. China holding massive amounts of bonds they need to get rid of before usd drops . US will somehow manipulate...
  • #156,475
  • Aug 10, 2009 1:55am Aug 10, 2009 1:55am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
As expected, despite all QE, doom and gloom, it's hard for this sucker to break 167000..

We are waiting for a breakout when UK opens (seems on the downside) but you never know. Asians have not even shorted against yen yet.

Rock solid, major support is 65500...



Quoting ams
if you can make it 67300, 67700 is a good place for long entry..I have a doubt it will go upto 683xxx before falling again to 6700 or perhaps 6600 ..... which is far too stretched for me...
  • #156,476
  • Aug 10, 2009 2:00am Aug 10, 2009 2:00am
[

I am expecting lows of 164 but beyond that is unreasonable to think of "at this stage", doesn't mean it cannot happen but for now still hoping the best for UK :-) and rest of the world.

we have to remember one thing .. China holding massive amounts of bonds they need to get rid of before usd drops . US will somehow manipulate dx back to 90 . .... liekly some form of agreement between china and us ( unwritten) that if they do this then china will waive some of the debt they owe them[/quote]


mm - that is this year's high and would imply Cable at 1.3500 and Euro back to 1.2400......but think of all those pips that we could pirate along the way...
Trading Levels with WRBs
  • #156,477
  • Aug 10, 2009 2:37am Aug 10, 2009 2:37am
damn..i miss great moment to sell
  • #156,478
  • Aug 10, 2009 2:45am Aug 10, 2009 2:45am
Quoting Jimz
damn..i miss great moment to sell
Well I wached the first 15 minutes of UK market and when it did not get higher I sold @ 6665.
I feel it will test the 23rd July top of 6586; so I set a 6592 target.

Let's see.
There are three kind of lies: lies, damned lies and statistics.
  • #156,479
  • Aug 10, 2009 2:46am Aug 10, 2009 2:46am
when it will down to 6580?
  • #156,480
  • Aug 10, 2009 2:50am Aug 10, 2009 2:50am
I am sure it will go till 6480. broken big level
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