Cable Update (GBPUSD)

we migth be starting a new cycle up move

"one man's ceiling is another man's floor"

Ok, my last free short trade ended on a BE while i was outside. That was my last trade for today. Overall very nice day, about 200+ pips gained

Thank you oh wise one

are we going to brake that 6145 level

....or are we back in another boring range 16090/16145...?

First test of 6145 failed...

close my long for 30 pip gain
go short for the bottom for another 25 or 30 pip

if the 30mn candle dont engulf the doji I think we will retest the low

When every1 is afraid its time to buy
First goal 1.6320 second goal 1.6475

very optimistic... but you never know you may be right... time will tell

Charts
Every time frame has trends within it. A 1 minute bar is made of tick or second data which most do not use. A 1 minute bar provides price waves to a 5 minute, the 5 minute to a 15 and so on.

News
Market news is used to manipulate the market. And in forex there is no insider trading rules. So if the smart money around the information of Dubai (as an example) accumulated a massive position in the currency of choice for such news..... the news comes out they unload it all to those chasing it. 10 days later being saved by a loan they repeat the process. News sends it up today and down tomorrow.

An analogy.
Press release
I was awarded a contract to frame 10,000 homes.
Press release
I framed 3 walls today.
Press release
The weather was bad
Press Release
The weather was good

Which of the above matters for the long term?
The smart money will use each event as an excuse to shake trading/investing capital from your pockets. But the only important event is the perception created for the contract being awarded. It means to others that in tough housing market, here is a company that can turn a project and make a profit. Thats were the smart money is heading.

So when news comes out, what does it mean today as compared to the big picture? If it already assumed that the US is safe country out of this mess, that Europe is lagging us, then when there is bad news about the US, it is assumed it will be worse for Europe.

Market Action
When viewed by the month, for 8 months we have been in a sideways market. The high in November of 2007 was about 2.1000. The low in January of 2009 it was 1.3500. When viewed as a monthly chart such a move looks like a 30 pip move on a 1 minute. It took 7 down bars to make the move. The longest more than 2000 pips. Another way to think about it is, a 2000 pip drop in a month.

You have to find your own comfortable way of trying to get from point A to point B. If you make use of some reasonable projection tools, it is possible that when viewed as a weekly or monthly value, the move we are in is just starting to get going.

The high for 2009 was 1.7000, the low 1.3500.

Where we are going is based upon smart money chasing safety or interest, depending on how risk is viewed. Traders carry out that mission using a variety of methods we do battle with.

So the long term question is......is the US viewed as the framer who can make money in the worst of times? Some try to answer that question with a technical or volume approach, I am one of those. But understanding history and how this all works helps me prepare for the future.

Be safe,
BR

I told of the drop 24h before

Closed long waiting for 6070 to buy

short @ 1.6139

cable giving a breakout today with sufficient volumes and other indicators are looking bearish as well a close below the trendline today in this case the 1st target will become 1.5706. Here's the chart.

1.6141 is 859 pips less from the high of 2009 and 2641 more that the low of the same year. There is a high probability that the price is more likle to fall than rise. My analysis!

Eur is making new low

the result of EurGbp selling.

failed to break S3(1.6145), haven't take any position yet.
If i cant go up, then down.