Cable Update (GBPUSD)

Long @ 1.6080 on the support....will add one more if it goes to 1.6040-50
I'm targeting 1.6230

go bear go bear

Cable Buying on forexlive.com

"EUR/GBP has advanced to .9025 from an early .9005, with a German name seen buying decent amounts. This is helping pressure cable which is down at 1.6075 at writing. Talk of buy orders down at 1.6050/60. An ACB has been buying cable below 1.6100 this morning. They can now get some more a little cheaper."

Buying so close to the news, you'd fully expect they know it will shoot up.

very mixed trading for European session! My advice to stay out if you thinking of taking a position, Wait for the GBP data to come out first to see how markets react.

Scalped 29 pips.

i had support at .6071.

i popped a long and got filled at .6074. at BE so i'll sweat the news.

My bias now has shifted to Bullish on Gu, the previous daily candle stick as a downward reversal is rejected, Cable is heading north..

i did sell @ 6100 TP 100 SL 35

wrong wrong

The momentum is rejecting the previous bearish candle, it might just shoot up to 1.6180 areas to test it again

I see that GBP/USD is (so far) unable to break support (at 1.6097) thus a bounce & testing 1.6180 is in the scene.

Yesterday I post that M15 update
http://www.forexfactory.com/showthre...80#post3355980

Now see the attached for update.

Daily candles are not decided while still open. It can be rejected now & works another way later. You might be right regarding a bounce up from here on but your reasoning in regards to the daily candle is completely off.
Anyway, breakout is imminent either way you look at it as price currently in a tight bottleneck.
I don't however see any short term bullishness based on attached chart. Welp, maybe because I am still selling that I see the admittingly dodgy looking shampoo or the fact that short term price is still creating lower highs & lower lows. The only thing that looks bullish atm is the subltl1, which however is under heavy pressure.
I'll remain in selling position unless price close above the descending utl.

how do you know?
we are entered the desc channel again.
and now we are at the top UTL of the channel.

turn it now to BE ...

[quote=wormboy;3358056]Daily candles are not decided while still open. It can be rejected now & works another way later. You might be right regarding a bounce up from here on but your reasoning in regards to the -------[quote]

Very good to see your view in the morning.

...short from 6091..tp 5991...sl...6141. Cant see any meaningful bullish sentiment right now....lets see how 9.30 plays out

[quote=Baby-Trader;3358068][quote=wormboy;3358056]Daily candles are not decided while still open. It can be rejected now & works another way later. You might be right regarding a bounce up from here on but your reasoning in regards to the -------
Afternoon where I am BT
Good to see you too & good luck with your trades

The market does not follow the technicals by the book, what I realized is that the market is becoming very destructive, the movement is to destruct the technicals that follow by the book.. The only way to realize this by following the previous technical pattern and monitoring the current momentum build up. I use Mass Psychology analysis...I am short term biased towards that the market will be destructive, destructing the bearish channel by upward surge...

where do you guys think this triangle will take us? breakout up or down?

I know someone here post pivots for the day. Too many pages to go back searching. I do want to share with you what I have learned about the daily pivots. I have followed them for some time and get lazy from time to time about plotting them, however lately I have placed them on chart once again.
Yesterday is a prime example of how they are super S & R. Every turn and pause took place at my lines.
The way I now plot them is to use the London open as the 24 hr day at 3:00am EST. Using simply the high, low and close to calculate but in that 3:00am to 3:00am period rather than the calendar day like just about everyone uses. Besides the S & R lines I also plot the mid points between the first 2 supports and resistances. They do come into play all the time.
Kicking my ass that I did not take a snap of yesterday's lines before I moved them. Here is a snap of my set up for today.
Have fun people.