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Cable Update (GBPUSD)

  • #186,581
  • Dec 8, 2009 5:54pm Dec 8, 2009 5:54pm
Quoting Magix
Actually, not really in the middle of a downwards move, more likely just hitting the daily support.

But...this is just how I see it.
so,if close below that support, go for short right?
  • #186,582
  • Dec 8, 2009 5:55pm Dec 8, 2009 5:55pm
Quoting samdani786
PO Buy Limit at 6270
SL Hit -30

New chart
Attached Image (click to enlarge)
Click to Enlarge Name: gbp 10.gif Size: 18 KB
The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #186,583
  • Dec 8, 2009 5:55pm Dec 8, 2009 5:55pm
get in long at 6240 with a trail stop start at 6220
  • #186,584
  • Dec 8, 2009 5:55pm Dec 8, 2009 5:55pm
Quoting matouwah
nice sudden move lower stopping out ppl before a nice bounce upwards....hope SL were not hit for bulls and profits taken for bears....think the reversal is finally coming.....
hopefully it is a supercomeback movement from bull
  • #186,585
  • Dec 8, 2009 5:56pm Dec 8, 2009 5:56pm
Quoting Magix
Actually, not really in the middle of a downwards move, more likely just hitting the daily support.

But...this is just how I see it.
Well.. anyhow I expect it to move down today to land somewhere in 1.6130-1.6120 zone. My guess is not based on Elliot wave theory or super-indies, it's just plain fact of broken 1.6325, so next GU level down is 1.6113.

Today will also be news on GBP which is interesting point, but to me this is unrealistically to change GU immediate downwards direction. I would rather rely upon continuation of EU uptrend as a support for GU reversal to the top, but market sentiment is risk aversing especially for GU in a view of threatening UK credit rating.

Anyways, it's not very safe to hold my shorts at the moment, so I decided to close them for now and plan to evaluate their re-opening from somewhere at 1.6293.
  • #186,586
  • Dec 8, 2009 6:00pm Dec 8, 2009 6:00pm
Quoting thetruthspy
so,if close below that support, go for short right?
I have added and taken profit 3 times on this, still holding my original....

We can go down more, and if we do, I will be buying again.

Nothing goes straight up or down.

But, that's just how I am playing this one.

Time target is @ 1.6294. I will be holding threw that, will most likely happen again during London session.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #186,587
  • Dec 8, 2009 6:01pm Dec 8, 2009 6:01pm
daily closed below Ema 200....
Price open below ema 200....
  • #186,588
  • Dec 8, 2009 6:02pm Dec 8, 2009 6:02pm
Quoting AlexanderSV
Well.. anyhow I expect it to move down today to land somewhere in 1.6130-1.6120 zone. My guess is not based on Elliot wave theory or super-indies, it's just plain fact of broken 1.6325, so next GU level down is 1.6113.

Today will also be news on GBP which is interesting point, but to me this is unrealistically to change GU immediate downwards direction. I would rather rely upon continuation of EU uptrend as a support for GU reversal to the top, but market sentiment is risk aversing especially for GU in a view of threatening UK credit rating....

IF we get back to that area...1.6293, and that's where I am guessing London will take it..I will better gauge direction from there.

But, as I figured start of the day(NY session), if we see a lower low then London takes it, we might just be in full on reversal.

I am not telling anybody to buy or sell, and this certainly goes against my typical plays, but....It's just what and how I see the trends being played out.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #186,589
  • Dec 8, 2009 6:07pm Dec 8, 2009 6:07pm
anyone knows what was the nationwide consumer confidence number, can't find, should be out already! i'm now on the short side, will try to build as much short positions thru night to wait for a fall in London open, hourly closed below 6350, so there should be a move towards 6120! i think that it won't get to 6300 it should stall near 6260/70, there should be sellers at highs!
  • #186,590
  • Dec 8, 2009 6:09pm Dec 8, 2009 6:09pm
Have started to build long position myself from 6225 with hard stop @6120.
Let's see how this goes.
Good luck
Attached Image (click to enlarge)
Click to Enlarge Name: guh4.JPG Size: 67 KB
Thank You
  • #186,591
  • Dec 8, 2009 6:11pm Dec 8, 2009 6:11pm
Why are so many convinced that a reversal is imminent or just around the corner? Im not saying its not but...this board is starting to look like it did 2 months ago on the bounce from 1.57. Everyone was so convinced that cable was just seconds away from 1.4xx. Just an observation.
  • #186,592
  • Dec 8, 2009 6:15pm Dec 8, 2009 6:15pm
Quoting Magix
IF we get back to that area...1.6293, and that's where I am guessing London will take it..I will better gauge direction from there.

But, as I figured start of the day(NY session), if we see a lower low then London takes it, we might just be in full on reversal.

I am not telling anybody to buy or sell, and this certainly goes against my typical plays, but....It's just what and how I see the trends being played out.
I see. For me reaching 1.6293 is not enough confirmation of uptrend forming. In case it reached with high momentum and volume I would still wait until 1.6340 is reached and then would start to think to go long, and definetely I would not enter short as I said from 1.6293 if there will be strong upwards momentum till this point.

I see here lots of people trying to enter on very top or very bottom, for me this is way too risky and pointless exercise. Confirmation is a must for a good (min DD, not very long in market) trade )
  • #186,593
  • Dec 8, 2009 6:16pm Dec 8, 2009 6:16pm
Quoting SpaceJunk
Why are so many convinced that a reversal is imminent or just around the corner? Im not saying its not but...this board is starting to look like it did 2 months ago on the bounce from 1.57. Everyone was so convinced that cable was just seconds away from 1.4xx. Just an observation.
imminent is not quite the word. The higher probability setup currently is long as shown on this chart : http://www.forexfactory.com/showpost...stcount=186594

Bullish divergence. Not imminent, but better odds than to sell here based on pa.
Good luck
Thank You
  • #186,594
  • Dec 8, 2009 6:20pm Dec 8, 2009 6:20pm
Quoting AlexanderSV
Well.. anyhow I expect it to move down today to land somewhere in 1.6130-1.6120 zone. My guess is not based on Elliot wave theory or super-indies, it's just plain fact of broken 1.6325, so next GU level down is 1.6113.

Today will also be news on GBP which is interesting point, but to me this is unrealistically to change GU immediate downwards direction. I would rather rely upon continuation of EU uptrend as a support for GU reversal to the top, but market sentiment is risk aversing especially for GU in a view of threatening UK credit rating....
Attached Image (click to enlarge)
Click to Enlarge Name: gbp 11.gif Size: 22 KB
The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #186,595
  • Dec 8, 2009 6:21pm Dec 8, 2009 6:21pm
Quoting SpaceJunk
Why are so many convinced that a reversal is imminent or just around the corner? Im not saying its not but...this board is starting to look like it did 2 months ago on the bounce from 1.57. Everyone was so convinced that cable was just seconds away from 1.4xx. Just an observation.
lol...true....i guess traders feel more secure when other traders say they have similar trades on or something..i dunno why this is as about like something like 90% of forex speculators lose money apparently...though most due to money management....

.i'm guessing a lot of ppl are expecting a reversal or at least a bounce as am i
  • #186,596
  • Dec 8, 2009 6:26pm Dec 8, 2009 6:26pm
Quoting samdani786
hi

looks like your stochs had crossed, matter of time before they turn.
How is it that your count points lower & not in tandem with your osc which is pointing higher?
Thank You
  • #186,597
  • Dec 8, 2009 6:35pm Dec 8, 2009 6:35pm
bull start learning how to run....
need somebody to coach them...
  • #186,598
  • Dec 8, 2009 6:35pm Dec 8, 2009 6:35pm
Quoting wormboy
imminent is not quite the word. The higher probability setup currently is long as shown on this chart : http://www.forexfactory.com/showpost...stcount=186594

Bullish divergence. Not imminent, but better odds than to sell here based on pa.
Good luck
I agree with your reasoning and chart. I was more targeting the "HEADED NORTH!!" posters with no supporting documentation posters. If I wasnt short from quite a few pips north I'd prolly join in on a long for a retracement but judging from the lower highs and lows I think we have a little farther down to go in the medium term. But you know how cable can be. We could be at 2 by this time next week.
Good luck!
  • #186,599
  • Dec 8, 2009 7:59pm Dec 8, 2009 7:59pm
Quoting GlobalMacro
Hi Grashid,

your blog/ website is sending automatic unsolicited connection request to my computer (and to the computers of all the people here on this forum, for that matter) trying to force a connection!!!

Please REFRAIN from this practice as this is extremely annoying to say the least....
...
Am not that stupid of doing that bro.
However you can check it by yourself before posting here or just check it with me.

Anyway its ok i did check it for you and that is came from US IP adress where is came from google. Just check with google and nothing wrong with me.


74.125.39.191 IP address location & more:
IP address [?]: 74.125.39.191 [Copy] [Whois] [Reverse IP]
IP country code: US
IP address country: United States
IP address state: California
IP address city: Mountain View
IP postcode: 94043
IP address latitude: 37.4192
IP address longitude: -122.0574
ISP of this IP [?]: Google
Organization: Google
Host of this IP: [?]: fx-in-f191.1e100.net [Whois] [Trace]
Local time in United States: 2009-12-08 10:20

lion..mm
  • #186,600
  • Dec 8, 2009 8:05pm Dec 8, 2009 8:05pm
Quoting wormboy
Have started to build long position myself from 6225 with hard stop @6120.
Let's see how this goes.
Good luck
Hi wormboy,

Did you take your long on the hammer M15 (hammer with little wick), your SL is on PA area, i think i will put it just below this area, 6090 (below round number) ,just my opinion.
Now also im waiting for a break of MA35/50 on M15 to be long.
Trade with the momentum
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