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Cable Update (GBPUSD)

  • #169,641
  • Edited 6:44pm Sep 25, 2009 6:12pm | Edited 6:44pm
Direct Trade, you are always helpful and I have learned a lot from hanging around here with guys like you Wormboy, nAV, Lion, etc, sure I am missing a lot more.

This week alone in the last half my trading improved greatly!

Hope you all had a profitable week and a have a great weekend!
X-

Oh, BTW, since you trade as a profession are you Incorporated or an LLC. ?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #169,642
  • Sep 26, 2009 3:40am Sep 26, 2009 3:40am
so here is my trade so far, i waited for entry since the beginning of september (monthly engulfing), it paid off at last
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Invincibility lies in the defence, the possibility of victory in the attack
  • #169,643
  • Sep 26, 2009 8:30am Sep 26, 2009 8:30am
Quoting silverheat
so here is my trade so far, i waited for entry since the beginning of september (monthly engulfing), it paid off at last

nice one bro!....it is a beauty huh
  • #169,644
  • Sep 26, 2009 11:08am Sep 26, 2009 11:08am
ok so as I mentioned last weekend I think we have just started wave 3 down on the daily. This seem to be unfolding and if 1.5800 gives way there is no support till 1.5120

wave 3 targets based on ratio of wave 1 which was 930 pips long are
1.62 wave 1 = 1/5540
2.62 wave 1= 1.4609

1.5800 is also a break of the neck line on the daily head and shoulders.

There is some support on the weekly way back in 2001 at 1.5500 that we have to watch also

1.5500 was my initial target that was laughed at since July 12th

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  • #169,645
  • Sep 26, 2009 11:30am Sep 26, 2009 11:30am
..
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  • #169,646
  • Sep 26, 2009 12:09pm Sep 26, 2009 12:09pm
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Hey Mal, what's your take on EU? Look at the weekly candle.
EU is acting like a rock from a while, it can give good return if it falls both EJ and EU.

ams


Quoting malcolmb14
ok so as I mentioned last weekend I think we have just started wave 3 down on the daily. This seem to be unfolding and if 1.5800 gives way there is no support till 1.5120

wave 3 targets based on ratio of wave 1 which was 930 pips long are
1.62 wave 1 = 1/5540
2.62 wave 1= 1.4609

1.5800 is also a break of the neck line on the daily head and shoulders.

There is some support on the weekly way back in 2001 at 1.5500 that we have to watch also

1.5500 was my initial target that was laughed at since July 12th

Attachment
  • #169,647
  • Sep 26, 2009 12:47pm Sep 26, 2009 12:47pm
Quoting ams
Hey Mal, what's your take on EU? Look at the weekly candle.
EU is acting like a rock from a while, it can give good return if it falls both EJ and EU.

ams
lol I hate eu but i did post something in the eu thread a week ago about wave 5 completing within wave 3 on the daily and move down of 1000 pip about to start

the move down to 1.3800 would be a wave 4 retracement on the daily.... then wave 5 would be up

I am expecting 10 to 15 % correection in indexes next 4 weeks

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  • #169,648
  • Sep 26, 2009 1:50pm Sep 26, 2009 1:50pm
A bearish candle close on Friday, and another bearish Weekly candle following last Week's bearish engulfing candle,...the Monthly candle too shaping up to be bearish at this stage.

Cable's lows last week (friday's low @ 5914) were around the Friday Daily S1 and last week's Weekly S2 pivot and the 38.2% of the 4101-7044 move up. The low comes in the top 1/2 of a previous swing lo=previous near-term imbalance of demand/supply=previous support=potential support zone running 5943-5793 and a probable descending channel bottom on that Daily t/f.

Below this previous swing low zone on the Daily t/f and some fibs from the main swings up to 7044 from and including 3505, the 38.2% of this main current Yearly Lo-Hi 3505-7044 being @ 5693 which falls inside the next obvious swing hi on that t/f which could act as potential RBS although it is not particularly near term, dating back to December 2008

http://i34.tinypic.com/29du43q.gif

Above current price and 6110-90 is a previous swing lo=previous support=potential sbr zone on this daily t/f co-existant wit the 4hr and 1hr t/f's, the 23.6% of the 7044-5914 fall coming through @ 6176 and of course the underside of the breeched previous daily ascending support trend line is in that vicinity too. Below here but above current price and further potential resistance can be viewed on the 1hr chart, including other fibs of swings down to current 5914 low.

Xe.com are currently indicating that a gap up from friday's 5948area close, at next open is likely; http://i35.tinypic.com/nvwne0.gif

G/L for the coming week's trading.
ex member
  • #169,649
  • Edited 2:00pm Sep 26, 2009 1:56pm | Edited 2:00pm
Hi,

Short Scenario:

Entry strategy: 1.5950 to 1.1650 with SL 1.6500 TP 1.51 (1 to 2 weeks)

Today, I am discussing the fall of the cable. The cable is at very interesting turning point. The cable is going to make a downward move of at least 1000 pip. So bear keep intact and hold your positions. This week is very interesting for cable as it is very clear from the classical technical analysis. The cable is confirming the following indicators saying to make it short.


  1. The series of higher highs breaks at 1.6739 on 11-09-09. The valid new low close which is approximately 3% of 02-09-09 lows so the bear market effectively confirmed. (We can see a very weak support at 25-05-09 will easily get break)
  2. A rectangle of 700 pips get break 1.6056. We will see the downside of 700 pips as per rectangle.
  3. Head and shoulder pattern at the market top suggesting the 1000 pip down move.
  4. The price crossover of 21, 55 and 100 day SMA has added fuel to the fire the next 200 day SMA support is at 1.5403.
  5. The 55 day long term RSI has also broken and it has also entered into the bear range.

We will see the selling next week.
If anybody does not agree with me please do let me know. Criticism is always welcome.
East or west we are the best. (Marketsnifer)

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  • #169,650
  • Sep 26, 2009 4:08pm Sep 26, 2009 4:08pm
Quoting bbmac
A bearish candle close on Friday, and another bearish Weekly candle following last Week's bearish engulfing candle,...the Monthly candle too shaping up to be bearish at this stage.

Cable's lows last week (friday's low @ 5914) were around the Friday Daily S1 and last week's Weekly S2 pivot and the 38.2% of the 4101-7044 move up. The low comes in the top 1/2 of a previous swing lo=previous near-term imbalance of demand/supply=previous support=potential support zone running 5943-5793 and a probable descending channel bottom on that...

XE.com is that accurate do u know bro...for where we at sat/sun
  • #169,651
  • Sep 26, 2009 4:59pm Sep 26, 2009 4:59pm
Quoting nAVIN2007
XE.com is that accurate do u know bro...for where we at sat/sun

Hi Nav, more often than not it is a good indication of whether a gap or down may result at the new open. Of course it deepnds where your broker closed and indeed what time it re-opens after the w/e break, and the XE.com figure can change as the w/e progresses pre-open.

Certainly Friday saw that 5914 area 4hr/1hr previous swing low=previous support=potential support zone hold? Of course the theory is that all gaps get filled anyway, lol.

G/L

http://i33.tinypic.com/25ow6tg.gif
ex member
  • #169,652
  • Sep 26, 2009 5:11pm Sep 26, 2009 5:11pm
Hello Cable Traders,

I have been trading E/U solely for a while & its been pissing me off lately so I think I am going to branch out & try to trade cable now. I need somebody to tell me everything I need to know, in a nutshell, to trade this pair successfully.

I appreciate the help.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #169,653
  • Sep 26, 2009 5:58pm Sep 26, 2009 5:58pm
Quoting The Fool
Hello Cable Traders,

I have been trading E/U solely for a while & its been pissing me off lately so I think I am going to branch out & try to trade cable now. I need somebody to tell me everything I need to know, in a nutshell, to trade this pair successfully.

I appreciate the help.
then watch and read the thread
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #169,654
  • Sep 26, 2009 6:08pm Sep 26, 2009 6:08pm
Quoting djambazov84
then watch and read the thread
I knew someone would say that. But, see, I have a short attention span, and the thread is so long. I know someone has one solid nutshell full of choice nuggets on how to trade this pair. That's what I need.

Thanks, though.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #169,655
  • Sep 26, 2009 6:16pm Sep 26, 2009 6:16pm
Malcomb, I think you are a good trader, and nobody lauged at you since July 12th, but it has taken 3 months to get to this point and, in the meantime some newbys may have listnd to your calls and taken them as gospel. Youve twice given dates since July 12 where you said it would get this low, and it has only got there now so noone laughing at you, would just help if you could get a bit more accurite about your analyss in terms of dates or else not say 'I told you so' when it gets there 3 months after your prediction date.

Directtrade, Forexlion, GlobalMacro, BullBear, TauTrader, Wormboy, always say when they're wrong, and so should you. And my favourtie trader 'Albchr' hats off to you, you don't make 'calls' but you are an insipration.

Thank you all, including Malcomb for helping all of us newer ones.
Quoting malcolmb14

1.5500 was my initial target that was laughed at since July 12th

Attachment
  • #169,656
  • Sep 26, 2009 6:59pm Sep 26, 2009 6:59pm
Quoting isguru
Malcomb,...
if you look back I called the move down sub 1.6600 and also mentioned before hand there would be an upthrust first to 1.7000 .... sorry i was wrong by 50 pip..... lol

this is going to be a wild market and the volatlity is picking up ...trade with the primary trend on the daily , watch the high / open / low / close of prior day ( draw these on charts each day at start of trading . If we have three down days and then today's price action is moving up away from close of yesterday then liekly ok for a reatrce and play coiunter trend

I am day trader by nature but amd holding 2 positions still , one short off 1.6940 and one short off 1.6400. Targets 1.5500.

In the mean time range like we saw on friday are what I really love to trade... and cannot complain with the 200 ip drop gj in 2 hrs friday

here are trades I was taking on a 3 min chart off the prior days low of 1.6018 on gu

I have traded several sideways rinages like this this week with the main trend , maximiizing the pips. GJ did a smilar thing on Thursday during US session

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  • #169,657
  • Sep 26, 2009 7:02pm Sep 26, 2009 7:02pm
Quoting malcolmb14
if you look back I called the move down sub 1.6600 and also mentioned before hand there would be an upthrust first to 1.7000 .... sorry i was wrong by 50 pip..... lol

this is going to be a wild market and the volatility is picking up ...trade with the primary trend on the daily , watch the high / open / low / close of prior day ( draw these on charts each day at start of trading . If we have three down days and then today's price action is moving up away from close of yesterday then liekly ok for a reatrce and play coiunter trend

I am day trader...
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  • #169,658
  • Sep 26, 2009 9:23pm Sep 26, 2009 9:23pm


Song Lyrics are " GU Go Down, or the Swine Flu will .......... "

Inserted Video
  • #169,659
  • Sep 26, 2009 10:26pm Sep 26, 2009 10:26pm
Quoting forexlion


Song Lyrics are " GU Go Down, or the Swine Flu will .......... "

http://www.youtube.com/watch?v=hKkYVHRixfI
The guy looks boared and I don't undertsand a dam word he say... anyway!
I think the last 10 second are the best.... LOL
  • #169,660
  • Sep 26, 2009 11:12pm Sep 26, 2009 11:12pm
Quoting TauTrader
Good day to you all,

What to make of this?

EUR/JPY and GBP/JPY has traded with gaps as high as 100 pips to the upside during the last hour. GBP/USD with a gap as high as 50 pips to the upside.

Your opinions?

Regards
A very good day to you all, hope you are having a fantastic week-end and that you are well rested. The quote above I posted on the 20th ( last Sunday). Xe.com indicated gaps to the upside on EUR/JPY and GBP/JPY of 100 pips and 40 to 50 pips on GBP/USD at one time during the week-end. I attach the 3 charts to indicate what then happened on the Monday / next trading day:

Was this just an exception?
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