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Cable Update (GBPUSD)

  • #159,841
  • Aug 21, 2009 5:18am Aug 21, 2009 5:18am
So guys here begins the action now for bulls

bears are down today
  • #159,842
  • Aug 21, 2009 5:19am Aug 21, 2009 5:19am
Quoting traderfx
yes today man 6600 break
  • #159,843
  • Edited 5:32am Aug 21, 2009 5:20am | Edited 5:32am
Quoting manize
I feel comfortable H1 closed above 1.6518 ( My DP Today ) ---> 1.6571 ...., I hope !
I close at 1.6540, here is one of many of strong resistant level in my DP record ! To go more up H1/H4 should hold above it ! Otherwise my reverse down, but should hold below 1.6532 ( My WP) first !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #159,844
  • Aug 21, 2009 5:23am Aug 21, 2009 5:23am
Quoting pakitrader
yes today man 6600 break
lol
Thank You
  • #159,845
  • Aug 21, 2009 5:29am Aug 21, 2009 5:29am
Quoting wormboy
lol
I hope it does hit 6600. That would be an even nicer short than the 6546 I'm holding now....LOL
Ghost Rider - WWTBMD?
  • #159,846
  • Aug 21, 2009 5:31am Aug 21, 2009 5:31am
  • #159,847
  • Aug 21, 2009 5:35am Aug 21, 2009 5:35am
Quoting GlobalMacro
hahahah...that's very funny...
boy wonder why I can't laugh about it...
I was never loading "all the way down from 170"...huh?
Last time I was loading long was at 1.6450 and booking profits above 1.6550,what the ....are you on...!?!?!?!....

maybe you shouldn't become a comedian after all...no talent for that ...stick to your cartoons bro
I obviously came across the wrong way. My apologies.

It was a sincere question, ie: Long term are you holding longs built up from 160-170, but at the same time are you taking mid term shorts in the 163-167 channel?

I am still long from 16480, expecting a breakout today...mind you I have been waiting for a week or so, so whats another day lol
  • #159,848
  • Aug 21, 2009 5:39am Aug 21, 2009 5:39am
Quoting albchr
I hope it does hit 6600. That would be an even nicer short than the 6546 I'm holding now....LOL
well hitting 6600 is possible. breaking it is another story.
that's why I laughed it off.
Thank You
  • #159,849
  • Aug 21, 2009 5:41am Aug 21, 2009 5:41am
1025 GMT [Dow Jones] GBP/USD rise to the day's high of 1.6550 offers a fresh selling opportunity says a London based trader. He notes the spot has struggled to hold above this level all week and with no major UK data on offer until next Friday's second release of 2Q GDP data there is little on the immediate horizon to support further gains. He adds downside pressure on the rate will also come from sterling crosses selling, EUR/GBP currently trades around a one month high of 0.8679. (GST)

Contact us in London. +44-20-7842-9464
[b][i][email protected][/i][/b]

Certainly London has reversed the overnight/asian sentiment but as the note above reminds us, the pairing is entering a potential resistance zone, a break of 6610 probably being needed to encourage the bulls. 76.4% of the 6602-6417 fall is @ 6559 and there is a descending potential resistance trend line on the 1hr coming through that potential resistance area.

G/L

ex member
  • #159,850
  • Aug 21, 2009 5:45am Aug 21, 2009 5:45am
Stay short...
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Veni, Vidi, Vici (We came, we saw, we conquered)
  • #159,851
  • Edited 6:04am Aug 21, 2009 5:53am | Edited 6:04am
Quoting direct-trade
I obviously came across the wrong way. My apologies.

It was a sincere question, ie: Long term are you holding longs built up from 160-170, but at the same time are you taking mid term shorts in the 163-167 channel?

I am still long from 16480, expecting a breakout today...mind you I have been waiting for a week or so, so whats another day lol

it's all good then ...

My position is exclusively either long or short or neutral but definitely "not both long and short at the same time" .
That would be nonsensical to me.
However in case market conditions dictate, it'd absolutely be no issue to me reconsidering my position i.e. stopping or reversing the position.
Hear the music before the song is over ...
  • #159,852
  • Aug 21, 2009 5:56am Aug 21, 2009 5:56am
Update:

First 2 charts were posted in yesterday's posts, 3rd chart shows where we are right now.

Happy trading

Holding long 16480
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  • #159,853
  • Aug 21, 2009 6:05am Aug 21, 2009 6:05am
The trouble with the 'bullish/bearish advice/opinion' freely given on this thread is that it often totally ignores what the market is telling us. This week has been of a bullish tone overall with a low @ 6272, every pullback has been bid up again and now today the London session has been totally bid and an uptrend has developed on 5/30min t/f's.

Of course if you are already short from that potential resistance zone strectching up to 6609 that's ok to hold as that is your position and your opinion/analysis says that the resistance area will hold more offers to send price lower. Moreover you may hold a fundamental opinion re £ weakness but in imparting advice/opinion it would be useful for some to know if the advice/opinion is fundamentally based or technically based.

Technically speaking, the advice should always be though, trade what we see not what we think, the market does not care what we think. For me as an intraday technical trader, the biais today has been in looking for long positions obviously, particularly as the 5min uptrend that developed from London open turned into a 30min uptrend too.

Anyways, it's entertaining I guess, and fills in the time between set-ups, lol.

G/L
ex member
  • #159,854
  • Aug 21, 2009 6:05am Aug 21, 2009 6:05am
Quoting GlobalMacro
it's all good then ...

My position is exclusively either long or short or neutral but definitely "not both long and short at the same time" .
That would be nonsensical to me; but if market conditions dictate as such, that'd absolutely be no issue to me reconsidering my position i.e. stopping and reversing.
I trade long term, ie have been holding longs since 146 area. Positions added on the way up, but when we enter a range such as we have since begining of June, I will trade both sides mid term whilst continuing to hold longs until I see a reason not too (in this case, a sustained failure of 160 would be a good reason)

Whilst in the mid term trades, I will also scalp as much as possible, always both sides. When we break out of this range then I will gladly just trade daily charts again, but unfortunately I have to trade both sides at the moment as I earn my living from it.

Hopefully we will breakout of the range in the next 2 weeks when September "normal" lol trading resumes.

Good trades to you.
  • #159,855
  • Aug 21, 2009 6:12am Aug 21, 2009 6:12am
The latest H1 closed/opened above 1.6571, but only 1 pip (1.6572/73), it means may still up may reverse down ! But Fibo fan 61.8% (1.7040 - 1.6273) may hold the up movement ! ( 1.6585 - 1.6610). This level maybe a good level to entry a short ! But if I entry here I should have a discipline based on my pivot strategy, should place an SL on the next DP level, and is at least above 1.6677 !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #159,856
  • Aug 21, 2009 6:14am Aug 21, 2009 6:14am
The chart below shows the current position re potential support/resistance/sbr/rbs on the 1hr t/f. price has entered the potential resistance zone 6558-88-6606 and is curretly finding resistance just ahead of 6580. the top half of this zone is co-existant with a previous swing hi on the 4hr t/f too.

G/L

http://i31.tinypic.com/2cz2d6t.gif
ex member
  • #159,857
  • Aug 21, 2009 6:14am Aug 21, 2009 6:14am
Quoting bbmac
The trouble with the 'bullish/bearish advice/opinion' freely given on this thread is that it often totally ignores what the market is telling us. This week has been of a bullish tone overall with a low @ 6272, every pullback has been bid up again and now today the London session has been totally bid and an uptrend has developed on 5/30min t/f's.

Of course if you are already short from that potential resistance zone strectching up to 6609 that's ok to hold as that is your position and your opinion/analysis says that the resistance area will hold...
man you sure said a mouthful lol.
but I agree with you

btw, we have 2 bb now. wonder if this bb is a drunken master too
Thank You
  • #159,858
  • Aug 21, 2009 6:16am Aug 21, 2009 6:16am
Quoting bbmac
The trouble with the 'bullish/bearish advice/opinion' freely given on this thread is that it often totally ignores what the market is telling us. This week has been of a bullish tone overall with a low @ 6272, every pullback has been bid up again and now today the London session has been totally bid and an uptrend has developed on 5/30min t/f's.

Of course if you are already short from that potential resistance zone strectching up to 6609 that's ok to hold as that is your position and your opinion/analysis says that the resistance area will hold...
Well said, I totally agree, but like you say, it's totally entertaining and fills the time between set-ups.

I care not for funnymentals as I call them, as they are already priced into the market. Technically speaking, bulls are in charge, for now anyway.
  • #159,859
  • Aug 21, 2009 6:25am Aug 21, 2009 6:25am
Short at 1.6570 s/l 1.6620 t/p open
  • #159,860
  • Aug 21, 2009 6:26am Aug 21, 2009 6:26am
Quoting wormboy
man you sure said a mouthful lol.
but I agree with you

btw, we have 2 bb now. wonder if this bb is a drunken master too
No one takes the original.... he's BB2

It's pretty much what I post without stringing any sentences together as its hard for me now if you know what i mean...

I agree BB2 is alright with his analysis.
Veni, Vidi, Vici (We came, we saw, we conquered)
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