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Cable Update (GBPUSD)

  • #165,341
  • Sep 14, 2009 6:47am Sep 14, 2009 6:47am
Quoting wormboy
What upsurge?
60+ pips up in the past hour? Moving towards possible break past 1.66 again.

(My bias is still bearish though) Wanted to get your thoughts.
Don't let the same dog bite you twice. -- Chuck Berry
  • #165,342
  • Sep 14, 2009 6:51am Sep 14, 2009 6:51am
[quote=Islander;3056156]So far the confluence of the 50% retrace of last week's ~429 pip range, today's pivot S3 level at 1.6528, the 525 level and the support line of the green Andrews PitchFork have held as support for the retracement.....we dont yet know if the NY traders will push cable further down to test the main support area of 6500 - 6475, but for now the 1 min and 5 min charts have rolled over to positive after the higher low an hour ago which put me into an initial small buy ahead of my limit order down around 6500.....[/quote]


Here's my 5 min chart showing the support in the 6525 area with the two Higher Lows.....my second TP has just been hit and whilst this ~75 pip bounce confirmed the holding the APT support line, its IMO too early to say that the uptrend has resumed - for me it will need to clear the fibo resistance zone of this fall and todays DP at 6680.....TWT..... but the pips off those longs are safely in my bank whilst I wait for another signal.....http://www.forexfactory.com/images/icons/icon7.gif
Attached Image (click to enlarge)
Click to Enlarge Name: sep 14 cable 5m 1340 gmt.gif Size: 20 KB
Trading Levels with WRBs
  • #165,343
  • Sep 14, 2009 6:57am Sep 14, 2009 6:57am
Worm brother you still saying bearish.

I also sold and you.?
  • #165,344
  • Sep 14, 2009 6:59am Sep 14, 2009 6:59am
Quoting pippingFury
60+ pips up in the past hour? Moving towards possible break past 1.66 again.

(My bias is still bearish though) Wanted to get your thoughts.
ohhh .. no idea. Reaction on the dow open maybe? Don't really care though. I did mention earlier that I reckon we might consolidate before going lower.
Unless price close above 6600 level, back into the channel and wedge, I'll just keep my short position
Thank You
  • #165,345
  • Sep 14, 2009 7:03am Sep 14, 2009 7:03am
Quoting wormboy
ohhh .. no idea. Reaction on the dow open maybe? Don't really care though. I did mention earlier that I reckon we might consolidate before going lower.
Unless price close above 6600 level, back into the channel and wedge, I'll just keep my short position
Just slapped a small short myself buddy at 6594. Fingers crossed...lol
Ghost Rider - WWTBMD?
  • #165,346
  • Sep 14, 2009 7:06am Sep 14, 2009 7:06am
Quoting pakitrader
Worm brother you still saying bearish.

I also sold and you.?
hey bro, yes confirmed bearish.
I put this up last friday if you remembered:
http://www.forexfactory.com/showpost...stcount=164906

The weekly descending utl was tested, but never breached. It closed & opened underside today, so my bias remains.
This is my top atm, so I have no fear shorting & will keep doing so till proven wrong based on those levels I have highlighted on the H4 charts I put up earlier
Attached Image (click to enlarge)
Click to Enlarge Name: guw.JPG Size: 63 KB
Thank You
  • #165,347
  • Sep 14, 2009 7:09am Sep 14, 2009 7:09am
Quoting albchr
Just slapped a small short myself buddy at 6594. Fingers crossed...lol
I'll cross my balls for you if it helps bro
Thank You
  • #165,348
  • Sep 14, 2009 7:10am Sep 14, 2009 7:10am
Quoting wormboy
She's already hinted bro
lol...you're right she is...but I was off-screen when I should have sold...so I'm gonna stay out for now and wait....
Hear the music before the song is over ...
  • #165,349
  • Sep 14, 2009 7:10am Sep 14, 2009 7:10am
Good day to you all,

Looking at the 1hr chart, the following: ( areas of interest marked)

1) Interim support was found at the 50% level of last week @ 1.6531 together with the lower level of the weekly channel by low @ 1.6530.
2) Price now retraced to the current week 50% line @ 1.6602 area, which will offer resistance.
3) The parallel trendline which runs around the 1.6620-1.6630 area now, is our guide. Should price respect this line, the trend will remain bearish and price may come down to retest or break todays lows.( today or tomorrow or Wednesday)
4) Should price change over towards the 1.6668 area and through, we will then be back to bullish.

Just my thoughts.....

Good trading all!
Attached Image (click to enlarge)
Click to Enlarge Name: gu004.gif Size: 22 KB
  • #165,350
  • Sep 14, 2009 7:13am Sep 14, 2009 7:13am
Quoting albchr
Just slapped a small short myself buddy at 6594. Fingers crossed...lol
whats the target u have in mind bro?
  • #165,351
  • Sep 14, 2009 7:18am Sep 14, 2009 7:18am
Quoting nAVIN2007
whats the target u have in mind bro?
Nothing set in stone Nav but I'd like to see 6520ish as a first target.
Ghost Rider - WWTBMD?
  • #165,352
  • Sep 14, 2009 7:19am Sep 14, 2009 7:19am
Quoting wormboy
I'll cross my balls for you if it helps bro
Wouldn't do much for me buddy but hey, you might get a rise out of it....
Ghost Rider - WWTBMD?
  • #165,353
  • Sep 14, 2009 7:21am Sep 14, 2009 7:21am
Quoting albchr
Nothing set in stone Nav but I'd like to see 6520ish as a first target.

i eur trade is at my stop, azim cross your balls as well bro..i need all the help i can get
went short as well chris.....my balls are crossed
Attached Image (click to enlarge)
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  • #165,354
  • Sep 14, 2009 7:23am Sep 14, 2009 7:23am
Quoting albchr
Nothing set in stone Nav but I'd like to see 6520ish as a first target.
hey buddy. im with you .i see 1.6520 as a piece of cake, my first target shd be 1.6450. i hope im ryt
  • #165,355
  • Sep 14, 2009 7:23am Sep 14, 2009 7:23am
Quoting wormboy
What's up playaz
I know it's not gonna be cable
  • #165,356
  • Sep 14, 2009 7:24am Sep 14, 2009 7:24am
Quoting wormboy
hey bro, yes confirmed bearish.
I put this up last friday if you remembered:
http://www.forexfactory.com/showpost...stcount=164906

the weekly descending utl was tested, but never breached. It closed & opened underside today, so my bias remains.
This is my top atm, so i have no fear shorting & will keep doing so till proven wrong based on those levels i have highlighted on the h4 charts i put up earlier
i also believe its going down but the problem is that either if 4hrs opening in upchannel of ltl of 4 hrs trend line or a stop hunt. We have major data tommorow and day after tommorow before dropping they can move it to upward.
  • #165,357
  • Sep 14, 2009 7:31am Sep 14, 2009 7:31am
I had to adjust my trendline as posted before on H4.I am happy to move the lower point to a strong price point ,the daily concurs ,
I really use trendlines as guide as they never match from TF to TF
I am looking to play the weekly set up ive already posted.
Quoting Bones
At the trend line
Attached Image (click to enlarge)
Click to Enlarge Name: 1)gbpusd h4 14 sept no 2.gif Size: 29 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #165,358
  • Sep 14, 2009 7:31am Sep 14, 2009 7:31am
Quoting nAVIN2007
i eur trade is at my stop, azim cross your balls as well bro..i need all the help i can get
went short as well chris.....my balls are crossed
I don't know guys, sounds like an awful lot of pain around the world today.
Ghost Rider - WWTBMD?
  • #165,359
  • Sep 14, 2009 7:34am Sep 14, 2009 7:34am
Quoting albchr
I don't know guys, sounds like an awful lot of pain around the world today.
I always wondered what a "Cross Ball Party" was....now I know....Ouch!...
Hear the music before the song is over ...
  • #165,360
  • Sep 14, 2009 7:34am Sep 14, 2009 7:34am
Quoting Bones
I had to adjust my trendline as posted before on H4.I am happy to move the lower point to a strong price point ,the daily concurs ,
I really use trendlines as guide as they never match from TF to TF
I am looking to play the weekly set up ive already posted.
looks plausable bro...i was concerned about this..oh well cant do nothing about it now....
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