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Cable Update (GBPUSD)

  • #196,741
  • Jan 28, 2010 10:04am Jan 28, 2010 10:04am
what do we need to break for downtrend? 6080?
  • #196,742
  • Jan 28, 2010 10:14am Jan 28, 2010 10:14am
Quoting Clouds
what do we need to break for downtrend? 6080?

61020 first?
  • #196,743
  • Jan 28, 2010 10:19am Jan 28, 2010 10:19am
well - im gonna stay short with BE sl - later folks
  • #196,744
  • Jan 28, 2010 10:37am Jan 28, 2010 10:37am
Quoting EliteFX
Why to short, on what basis and why is the target 1.6112 not 1.6060?
NOW YOU SEE WHY??
FUTURE OF MX
  • #196,745
  • Jan 28, 2010 10:45am Jan 28, 2010 10:45am
Reznik, still waiting for your long? Maybe you can catch a 1 min scalp up.....
  • #196,746
  • Jan 28, 2010 10:49am Jan 28, 2010 10:49am
Quoting joemiami
Reznik, still waiting for your long? Maybe you can catch a 1 min scalp up.....

Bad karma dude, make fun of people and you end up harming yourself, like drinking poison. Spoken from experience!
  • #196,747
  • Jan 28, 2010 11:22am Jan 28, 2010 11:22am
my H1 chart gives me the idea that a long would not be a bad idea here after this big drop
  • #196,748
  • Jan 28, 2010 11:29am Jan 28, 2010 11:29am
Quoting Accumulation
Bad karma dude, make fun of people and you end up harming yourself, like drinking poison. Spoken from experience!
True that!
  • #196,749
  • Jan 28, 2010 11:46am Jan 28, 2010 11:46am
Quoting Freddyfx
my H1 chart gives me the idea that a long would not be a bad idea here after this big drop

My feeling, there may be another drop down next hour for making an outside bar on daily. If that materializes we may see 1.6185 +/- . That could be then a possible long scalp opportunity.
Ha… as I am typing this, she decided to go on.
There are three kind of lies: lies, damned lies and statistics.
  • #196,750
  • Jan 28, 2010 11:52am Jan 28, 2010 11:52am
Im not sure if it has been mentioned already, but S&P's report on the UK banks is definitly not good news for the GBP.
  • #196,751
  • Jan 28, 2010 11:52am Jan 28, 2010 11:52am
Quoting Freddyfx
my H1 chart gives me the idea that a long would not be a bad idea here after this big drop
Be careful, daily candles looking a little tired of getting whacked down all week, nothing written in stone ,just dont be in a hurry
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  • #196,752
  • Jan 28, 2010 12:36pm Jan 28, 2010 12:36pm
Quoting antic81
OUch, And to think that I pulled my short off at a slight loss fearing that it was going to go flying north!

I would have had a cool 40 pips right now, I need to learn the art of patience!
Resistence stopped you.
A. Finesse Williams Making Millions One Pip At A Time!
  • #196,753
  • Jan 28, 2010 12:48pm Jan 28, 2010 12:48pm
Quoting aswilled
Resistence stopped you.
You mean "resistance".

Hehe, just kidding.
  • #196,754
  • Jan 28, 2010 12:58pm Jan 28, 2010 12:58pm
http://instaforex.com/userfiles/ôóíò2801.png
  • #196,755
  • Jan 28, 2010 12:59pm Jan 28, 2010 12:59pm
Quoting fourxtrader
Will it move up? Or down before it moves up?

My compression charts only point out areas of pressure building that can surely provide the energy for massive moves relative to the TF in any direction on the chart. To achieve this, the EMA's have to remain together and not release prematurely or individually by misdirected moves that spread the MMA's rather than gather them. The days (or weeks) to come will......
I posted the above note last week (1/23) while watching the daily and 4h chart continue to reach further consolidative compression patterns. Last week the 6 higher EMA's on the daily were pinching together to within 38 pips... now they have closed further and are about 28 pips apart... very similar to back on 8/08 (25 pip spread) when it released for 6,000+ pips.

I'm glad we continue to range in an area below this tight configuration to keep drawing all the EMA's further together for a maximum energy release if and when it decides to explode. It surely will if they remain together.

The 4h chart is still holding the EMA's tightly together so this will add to the energy that is building. In the meantime, all the other TF's continue to move as they always will up and down building and releasing energy and producing nice pip returns awaiting this potential major move. (***note of clarification: the higher TF's always move in accordance to the cummulative affects of the lower TF's (not the reverse as was implied) so the lower TF's are never waiting on the higher, they are the small forces that build the higher... but they certainly are being first influenced by and always the first to respond to the greater forces in the marketplace.)

It's easy to get lost in the maize of smaller TF's and lose sight of what they are producing in the higher TF's. Watch the higher TF's for signs of compression... drill down through the lower TF's and look for matching compression patterns that will always form before the higher and be the triggers for release and entry. Enter on the lower TF's and then avoid exiting too early in the noise they produce by watching continuation pattern in the higher TF's.

Just my impression on this CRS phenomenon.

I like to read what Ctic has to share in keeping things in perspective on the 'larger picture'. The channel he speaks of is playing out perfectly in these continuing compression patterns in the 4h and daily charts.

[i]Dr. D.
Attached Images
  • #196,756
  • Jan 28, 2010 1:13pm Jan 28, 2010 1:13pm
any idea how long this range will last?
  • #196,757
  • Jan 28, 2010 1:15pm Jan 28, 2010 1:15pm
Cable does look like it'll break lower in the coming days.

Chart:
1. http://www.forexfactory.com/showpost...postcount=4517


Good luck to everyone trading.
Thank You
  • #196,758
  • Jan 28, 2010 2:05pm Jan 28, 2010 2:05pm
Lets see what happens with Bernanke confirmation...I think it will give GU and EU some boost upwards.
  • #196,759
  • Jan 28, 2010 3:18pm Jan 28, 2010 3:18pm
Senate confirms Fed Chairman for his second term..
Don't tell me how much you can earn. Tell me how much you may lose..
  • #196,760
  • Jan 28, 2010 3:43pm Jan 28, 2010 3:43pm
If we take a look at the 4h chart we can see clearly price has been battling between the Daily Upswing .618 with support @ 1.6111 area, and the 4h Downswing (the retracement into the Daily Upswing) .500 with resistance @ 1.6239 area. If price pushes up with the direction of the Daily Upswing we can look for price to try and push up to the Daily Upswing High area with Resistance @ 1.6409 – 1.6456 – if price manages to push through that level we can look for price to push to Daily Upswing T1 with resistance @ 1.6672 – 1.6720. On the other hand, if the bears win the push we could see price complete its 4h Downswing and try and take out the Daily Upswing Low @ 1.5892 area (between 4h Downswing T1 and T2).
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