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Cable Update (GBPUSD)

  • #181,461
  • Nov 7, 2009 5:54am Nov 7, 2009 5:54am
Quoting XTrade

I am wondering also why so many are always short? i read this thread daily sure I miss some posts but what about longs from week open?
To me the trend has been up all week. That's what the chart says.
Maybe because October closed below a major fib/res confluence levels.
And maybe because of how the monthly closed, some chose to sell, which was justified judging from the dip towards 6270 level. If anyone took long from week open which you mentioned would probably have to go through drawdowns as momentum upwards only picked up on wednesday. So the trend had not been up all week imho.
Always two sides of a coin, whichever side you chose, chances are they'll always be justifiable reasons behind it.

Have a good weekend
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Thank You
  • #181,462
  • Nov 7, 2009 9:11am Nov 7, 2009 9:11am
Quoting wormboy
Maybe because October closed below a major fib/res confluence levels.
And maybe because of how the monthly closed, some chose to sell, which was justified judging from the dip towards 6270 level. If anyone took long from week open which you mentioned would probably have to go through drawdowns as momentum upwards only picked up on wednesday. So the trend had not been up all week imho.
Always two sides of a coin, whichever side you chose, chances are they'll always be justifiable reasons behind it.

Have a good weekend

Bro May i ask what happen with your dream lol market is up not at 53xx and i was full of long last week and it was goood and hopeful very soon it will touch 1.7xx and then next target will be 1.75xx...there is no logic of 53xx until it won't cross 6250 then 6175 and then 5950 and then 5705 and then 5580 and then 5450 these are 7 steps until market won't touch it it can't go there and now i am looking carefully at 1.6450 if market crossed it so it can go down but chances are less good luck wit you plan i am sure you have full plan of everything but please correct me if i am wrong in 53xx target and remember 1.73xx is 50% of correction since 2008 and if reach there so forget about 53xx

i am also wishing it to bee down but not too mucch till 53xx heheh but come down and then go up up up and up

Ub
  • #181,463
  • Nov 7, 2009 10:00am Nov 7, 2009 10:00am
Quoting ubaidahsan
Bro May i ask what happen with your dream lol market is up not at 53xx and i was full of long last week and it was goood and hopeful very soon it will touch 1.7xx and then next target will be 1.75xx...there is no logic of 53xx until it won't cross 6250 then 6175 and then 5950 and then 5705 and then 5580 and then 5450 these are 7 steps until market won't touch it it can't go there and now i am looking carefully at 1.6450 if market crossed it so it can go down but chances are less good luck wit you plan i am sure you have full plan of everything...

Trade entries are all logged in my journal, that should answer your questions.


Thank you for reminding me the monthly fib levels which I just posted lol.
Anyway I'm sure as much as you know 1.7xx is the 50fib, you know the value of 23.6 if it bounces off the 38.2 level. Or is that as illogical as the 7 steps down to 5300 opposed to the 1 step up straight to 1.7xx?
Would also like to see your chart & the logic behind the "up,up,up" since price is still below 6660. This is a major resistance in case you don't know.

Here's my view on cable:
http://www.forexfactory.com/showpost...postcount=3784
Thank You
  • #181,464
  • Nov 7, 2009 11:03am Nov 7, 2009 11:03am
Quoting wormboy
Trade entries are all logged in my journal, that should answer your questions.


Thank you for reminding me the monthly fib levels which I just posted lol.
Anyway I'm sure as much as you know 1.7xx is the 50fib, you know the value of 23.6 if it bounces off the 38.2 level. Or is that as illogical as the 7 steps down to 5300 opposed to the 1 step up straight to 1.7xx?
Would also like to see your chart & the logic behind the "up,up,up" since price is still below 6660. This is a major resistance in case you don't know.

Here's my view on cable:
http://www.forexfactory.com/showpost...postcount=3784...
agreed.. see my chart.. ring a bell??
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  • #181,465
  • Nov 7, 2009 1:13pm Nov 7, 2009 1:13pm
[quote=wormboy;3215154]Trade entries are all logged in my journal, that should answer your questions.


Thank you for reminding me the monthly fib levels which I just posted lol.
Anyway I'm sure as much as you know 1.7xx is the 50fib, you know the value of 23.6 if it bounces off the 38.2 level. Or is that as illogical as the 7 steps down to 5300 opposed to the 1 step up straight to 1.7xx?
Would also like to see your chart & the logic behind the "up,up,up" since price is still below 6660. This is a major resistance in case you don't know.

agreed!

we need strong break thru 1.6660 and daily close to turn into bullish
  • #181,466
  • Nov 7, 2009 1:22pm Nov 7, 2009 1:22pm
Hello everyone, hope you are well.

Have had to deal with a family issue this week, so didnt have much time to post.

Looks like we didnt see 155 by Friday as I mentioned early last week when at 163 area, lots of laughter at my expense, BUT, lets see where we are this Friday shall we? I may be out by a week.


I was wrong with my 16395 entry even though it went +125 pips before reversing. I was sure I saw a hell of a lot of sell orders being slyly thrown in, I was correct in that matter, but I did not foresee the rise to 16600 area. This caused 50% of my Short entry to be stopped out at B/E, the rest I have let run and is now underwater -210.

I have added another Short at 16602 with targets shown on the charts.

Should we have a weekly close above the UTL I will close. These are long term trades, so I need longer term confirmation to exit.


On another note, I am not married to my position, but see no reason to go long just yet. I am sure 70% of the market is Long, even more reason to hold Short lol.

Anyway, I could be wrong, lets see how the week goes.

All the best and good luck all,

Enjoy your weekend
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  • #181,467
  • Nov 7, 2009 1:41pm Nov 7, 2009 1:41pm
Quoting direct-trade
Hello everyone, hope you are well.

Have had to deal with a family issue this week, so didnt have much time to post.

Looks like we didnt see 155 by Friday as I mentioned early last week when at 163 area, lots of laughter at my expense, BUT, lets see where we are this Friday shall we? I may be out by a week.


I was wrong with my 16395 entry even though it went +125 pips before reversing. I was sure I saw a hell of a lot of sell orders being slyly thrown in, I was correct in that matter, but I did not foresee the rise to 16600 area. This caused...
Nice to see you again and hope you are fine and your family too.

We are in an up move (frankly i did not yet concentrate my self to well study again GU charts, but i see that we are actually in up move shown by daily and 4 Hr) and seems to come back to 1.700 which is 50% FIB weekly retracement well known as hard resitance. BUT 1.6600 was touched aroud 26 times in daily as resistance level and few times only as support. Last time like this was in june 2003 for around 24 times before take off from that level. Is that an other reason you are expecting down move again?
No Signal, No Trade. No fundamenals, No headache.
  • #181,468
  • Nov 7, 2009 1:49pm Nov 7, 2009 1:49pm
Quoting No Stress
Nice to see you again and hope you are fine and your family too.

We are in an up move (frankly i did not yet concentrate my self to well study again GU charts, but i see that we are actually in up move shown by daily and 4 Hr) and seems to come back to 1.700 which is 50% FIB weekly retracement well known as hard resitance. BUT 1.6600 was touched aroud 26 times in daily as resistance level and few times only as support. Last time like this was in june 2003 for around 24 times before take off from that level. Is that an other reason...
he doing what any trader does buying low...i wont say what because it should be obvious
  • #181,469
  • Nov 7, 2009 1:54pm Nov 7, 2009 1:54pm
Quoting direct-trade
Hello everyone, hope you are well.

Have had to deal with a family issue this week, so didnt have much time to post.

Looks like we didnt see 155 by Friday as I mentioned early last week when at 163 area, lots of laughter at my expense, BUT, lets see where we are this Friday shall we? I may be out by a week.


I was wrong with my 16395 entry even though it went +125 pips before reversing. I was sure I saw a hell of a lot of sell orders being slyly thrown in, I was correct in that matter, but I did not foresee the rise to 16600 area. This caused...
price never went to 1.6660 high was 1.6635
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #181,470
  • Nov 7, 2009 2:06pm Nov 7, 2009 2:06pm
Quoting djambazov84
price never went to 1.6660 high was 1.6635
Where did I say 16660? If you could point it out I would aprreciate it, I may have made a typo.
  • #181,471
  • Nov 7, 2009 2:11pm Nov 7, 2009 2:11pm
i think we need change some rules now $ price is high we need tarnsfer standerd amount in yen and PKR whats u say dear
  • #181,472
  • Nov 7, 2009 2:17pm Nov 7, 2009 2:17pm
Quoting direct-trade
Where did I say 16660? If you could point it out I would aprreciate it, I may have made a typo.

holy Christ! i must be going blind i thought i saw 1.6660 and u had 1.660x

my sincere apologies ! my mistake

p.s. good short entry point 8h chart has a fat hanging man but we still may see higher exaustion prices where seller will be pleasant to take over @ 1.6700-40
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #181,473
  • Edited 4:17pm Nov 7, 2009 2:29pm | Edited 4:17pm
Hey WB,
I agree the week was not always all up, I should have worded my post more precisely/ differently, but will offer up main sentiment after.

You are correct It was not until the Tues the 3rd after drop to 6270 area that these trades (longs) would have been beneficial. Where to me the PA reversed again to follow a stronger reversal on October 12th.

The reason I mentioned it is because even towards the middle to week end many were talking of shorts. As you said though there are always 2 sides!
Perhaps stacking shorts in anticipation of cable falling next week...

I feel cable may be poised right now to go either direction, news and fundamentals should hopefully allow us an extra push either way in addition to what we see on the charts.

I enjoyed a very successful (actually my best to date) with longs on cable and dragon. I closed out before the NFP and followed along on the sidelines. Hard not to enter, but I did not wish to give any pips back. I am still confused about the reverse action of cable following NFP. Thought this would help to propel upwards not the opposite!

WB, enjoy the weekend as well! Always nice to see how other traders interpret the same charts. Thanks for sharing!

-Great my chart just crashed!- I have to redo and add.
 edit : added with some levels I am watching closely as support and resistance. Rounded to whole areas.

Quoting wormboy
Maybe because October closed below a major fib/res confluence levels.
And maybe because of how the monthly closed, some chose to sell, which was justified judging from the dip towards 6270 level. If anyone took long from week open which you mentioned would probably have to go through drawdowns as momentum upwards only picked up on wednesday. So the trend had not been up all week imho.
Always two sides of a coin, whichever side you chose, chances are they'll always be justifiable reasons behind it.

Have a good weekend
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #181,474
  • Nov 7, 2009 2:49pm Nov 7, 2009 2:49pm
DT good to know about u, hope everything it`s ok, simply and nice analysis.
  • #181,475
  • Nov 7, 2009 2:54pm Nov 7, 2009 2:54pm
Quoting nAVIN2007
he doing what any trader does buying low...i wont say what because it should be obvious
Sure, buy at low price and sell at high price, but my question was if it was an other odd to put in his favour with adding shorts at this 1.6600 area, seen touched many times (this year and 2003), or he did not take care about this detail?
No Signal, No Trade. No fundamenals, No headache.
  • #181,476
  • Nov 7, 2009 2:57pm Nov 7, 2009 2:57pm
Quoting GlobalMacro
Oh C'mon....Sports ...............

Knock, Knock, Knock.....

Anybody Home?

Are We Near 1.5300 Yeeeettttttt?????

You win,, Only now i got it
  • #181,477
  • Edited 4:10pm Nov 7, 2009 3:57pm | Edited 4:10pm
Hi all,

These are my market thoughts..looking at things from a different angle than the shorter time frames....
Just as many traders have said...
THE MAIN STRATERGY IS TO CONSIDER THE DAILY TRENDLINE....
So Good RR for shorting ..

Good Luck for the next week
I am again not getting in anywhere All of them will have to wait to be hit.
My target for this week is 250 pips...
I will try and post all the trades live....
Just one request... Please dont call any trades on these boards without analysis and a reason...

Brother Azim I am still waiting to hear from you hope you got my email bro...

Take care
Target 250 pips no losses..( Lets go)
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Let Price determine your future!
  • #181,478
  • Nov 7, 2009 4:10pm Nov 7, 2009 4:10pm
Quoting Geppyg
Hi all,

I hope these makes sense to you ...
It make nice sense with nonesence Market LOL
Thanks G
Hope you can tell me your view about this nuts Things I doing
http://www.forexfactory.com/showthre...18#post3215318
  • #181,479
  • Nov 7, 2009 4:50pm Nov 7, 2009 4:50pm
Quoting egkid
It make nice sense with nonesence Market LOL
Thanks G
Hope you can tell me your view about this nuts Things I doing
http://www.forexfactory.com/showthre...18#post3215318
Will do some more ta tommorow...am a bit short of time right now mate
Sorry

GeppyG
Have a nice Week
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Let Price determine your future!
  • #181,480
  • Nov 7, 2009 4:56pm Nov 7, 2009 4:56pm
It sure does, I agree wholeheartedly. Thanks for sharing. My simple charts are not nearly as nice to look at!

In any case I am flat and looking for confirmation in either direction to enter market.

Would you have any thought on the way cable reacted to NFP? I was expecting 6700 to be violated from poor news beyond forecast expectations on dollar...? My theory below.

Another few ideas.

A. USD is still falling overall. However the flip side is that the news is stating UK one of the last signs economies to show signs of economic recovery.

Thus, Could it be that even poor NFP release was not enough to fully violate resistance @ 6700, due to the fact of UK economic lag?

B. Cable and Fibre are out close correlation, I am not using fibre to gauge cable currently.

C. Gold's record highs are showing lack of faith in USD, lately, Dow up,
Gold up, USD down = positive cable


Quoting Geppyg
Hi all,

These are my market thoughts..looking at things from a different angle than the shorter time frames.... Just as many traders have said...
THE MAIN STRATERGY IS TO CONSIDER THE DAILY TRENDLINE....
So Good RR for shorting ..

Good Luck for the next week I am again not getting in anywhere All of them will have to wait to be hit.
----
Just one request... Please dont call any trades on these boards without analysis and a reason...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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