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Cable Update (GBPUSD)

  • #209,461
  • Mar 24, 2010 3:10am Mar 24, 2010 3:10am
Longs taken at 1.4984, SL 1.4974 TP When I get nervous
  • #209,462
  • Mar 24, 2010 3:13am Mar 24, 2010 3:13am
Morning all,

Well I was short, and pulled out at minus 20 in the knowledge that the probability of my stop being hit is pretty high, so aborting was the best option, if we have a close above 5000, then I am looking for a long, but I am keeping a close eye on the PA, for all I know we could drop down again.

Just dont like the London opening candle, its got bullish written all over it...
  • #209,463
  • Mar 24, 2010 3:15am Mar 24, 2010 3:15am
Hi all

head and shoulders formed on the H1

could head lower towards the neckline before the Budget begins?
Attached Image (click to enlarge)
Click to Enlarge Name: cable H1 2403.jpg Size: 93 KB
  • #209,464
  • Mar 24, 2010 3:22am Mar 24, 2010 3:22am
Quoting antic81
Morning all,

Well I was short, and pulled out at minus 20 in the knowledge that the probability of my stop being hit is pretty high, so aborting was the best option, if we have a close above 5000, then I am looking for a long, but I am keeping a close eye on the PA, for all I know we could drop down again.

Just dont like the London opening candle, its got bullish written all over it...
agreed
  • #209,465
  • Mar 24, 2010 3:23am Mar 24, 2010 3:23am
Price on the Cable has gone down and pierced the last 4h low made @ 1.4971 and seems to have found some buying pressure. I wanted price to travel a little further down before it turned around but since the buying pressure has seemed to push momentum in the opposite direction - I am currently Long @ 1.5002. I will be looking for price to push up to the last 4h High @ 1.5110 and possibly higher to 1.5195 and then look for possible shorts if a Head and Shoulders (sHs) forms. Please keep in mind Market Sentiment on the 4h and Daily TF remain Bearish, any longs taken should be considered scalps.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-4h.jpg Size: 131 KB
  • #209,466
  • Mar 24, 2010 3:23am Mar 24, 2010 3:23am
Quoting antic81
Morning all,

Well I was short, and pulled out at minus 20 in the knowledge that the probability of my stop being hit is pretty high, so aborting was the best option, if we have a close above 5000, then I am looking for a long, but I am keeping a close eye on the PA, for all I know we could drop down again.

Just dont like the London opening candle, its got bullish written all over it...
Looks like the bulls and bears fighting on the 1.5000 battle ground... will just have to see who comes out with the bloodied nose...
  • #209,467
  • Mar 24, 2010 3:27am Mar 24, 2010 3:27am
Quoting Bitstream
Looks like the bulls and bears fighting on the 1.5000 battle ground... will just have to see who comes out with the bloodied nose...
The bulls have bloodied my nose
  • #209,468
  • Mar 24, 2010 3:28am Mar 24, 2010 3:28am
Quoting Liquid
Price on the Cable has gone down and pierced the last 4h low made @...
Be aware of the budget release coming up. This news release will greatly reduce the significance of Technical studies... just a note of caution...
  • #209,469
  • Mar 24, 2010 3:29am Mar 24, 2010 3:29am
Quoting bbakker
The bulls have bloodied my nose
Well better a bloodied nose rather than horns up in the area where the sun don't shine
  • #209,470
  • Mar 24, 2010 3:32am Mar 24, 2010 3:32am
German manufacturing PMI up also.

Retrace gathering momentum, still flat. Am bearish for today, looking for short entries.
  • #209,471
  • Mar 24, 2010 3:33am Mar 24, 2010 3:33am
Quoting bbakker
The bulls have bloodied my nose

Sorry to hear that mate, I am looking to enter a long on a little pullback, in the knowledge that the budget is out at 12:30 GMT and want to be nowhere near it around there...need to make my 20 pips back though! haha!
  • #209,472
  • Mar 24, 2010 3:36am Mar 24, 2010 3:36am
We are getting close to the top of the retrace.
  • #209,473
  • Mar 24, 2010 3:36am Mar 24, 2010 3:36am
Quoting antic81
Sorry to hear that mate, I am looking to enter a long on a little pullback, in the knowledge that the budget is out at 12:30 GMT and want to be nowhere near it around there...need to make my 20 pips back though! haha!
Ditto... hope to get out soon. Wouldn't risk any sort of entry when the budget breaks...
  • #209,474
  • Mar 24, 2010 3:41am Mar 24, 2010 3:41am
hi all
  • #209,475
  • Mar 24, 2010 3:41am Mar 24, 2010 3:41am
Quoting Bitstream
Ditto... hope to get out soon. Wouldn't risk any sort of entry when the budget breaks...
I'll be honest mate, I am starting to lose confidence on the long side, the 15M candle forming at the moment, does not support a long trade, I am on the sidelines for now until I see a clearer picture.
  • #209,476
  • Mar 24, 2010 3:42am Mar 24, 2010 3:42am
Quoting antic81
I'll be honest mate, I am starting to lose confidence on the long side, the 15M candle forming at the moment, does not support a long trade, I am on the sidelines for now until I see a clearer picture.

Holy crap!
  • #209,477
  • Mar 24, 2010 3:44am Mar 24, 2010 3:44am
"You call that a candle...THIS is a candle!"

Crocodile Dundee...if he was trading this morning
  • #209,478
  • Mar 24, 2010 3:44am Mar 24, 2010 3:44am
Should have left the short earlier... very volatile to enter...
Don't be emo... don't be emo....
  • #209,479
  • Mar 24, 2010 3:44am Mar 24, 2010 3:44am
  • #209,480
  • Mar 24, 2010 3:44am Mar 24, 2010 3:44am
Quoting antic81
Holy crap!
IFO in 15 mins, should give us a good number as the pmi's have been up all morning.
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