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Cable Update (GBPUSD)

  • #215,081
  • Apr 9, 2010 3:16am Apr 9, 2010 3:16am
Quoting malcolmb14
this end 1.5400 this week has completed 400 pip atr , next week is up week we see 1.5700
so you obviously believe the downside is finished and we will start moving upwards in the longer term?

I can see why you'd say that but I need a break of 5420 - 5440 for me to believe that...

Looking at weekly, this move is nothing more than a bear flag???
@pawpaw1000 on Twitter
  • #215,082
  • Apr 9, 2010 3:19am Apr 9, 2010 3:19am
Quoting pawpaw1000
so you obviously believe the downside is finished and we will start moving upwards in the longer term?

I can see why you'd say that but I need a break of 5420 - 5440 for me to believe that...

Looking at weekly, this move is nothing more than a bear flag???

I trade session to session

so do not really care , but based on last week and this week I would say 1.5700 is on the table
Blogging daily now at www.volume.zone
  • #215,083
  • Apr 9, 2010 3:20am Apr 9, 2010 3:20am
Quoting pawpaw1000
so you obviously believe the downside is finished and we will start moving upwards in the longer term?

I can see why you'd say that but I need a break of 5420 - 5440 for me to believe that...

Looking at weekly, this move is nothing more than a bear flag???

Have a look at the daily, 5381 is a big level to reach. Put up a 25ma on the daily and you can see why the bias has changed. Of course this does not mean that there won't be any good short setups, but the larger moves should be in the long direction next week.
  • #215,084
  • Apr 9, 2010 3:20am Apr 9, 2010 3:20am
5390 next short order... all s/l above 5420... t/p 5150
@pawpaw1000 on Twitter
  • #215,085
  • Apr 9, 2010 3:22am Apr 9, 2010 3:22am
Quoting digger1
Hey, ctic , looking at the possibility of some upside here also, holding a few longs from my monthly pivot (also my weekly pivot area this week ) 1.5145 , using the fib extensions on this range we have been in as I know you are a big fib freak lol if we break out to the topside I have tgts at the 272 (1.53690 level which would put us around last months high and beyond that the 618 level at 1.5433, will take another look if and when we get there , if it breaks down the same levels to the bottom side will make good tgts to the down side . This range...
Well traders , an extra shake out move yesterday but another chance to load longs and the tgt is in view cheers all.
  • #215,086
  • Apr 9, 2010 3:22am Apr 9, 2010 3:22am
Quoting pawpaw1000
so you obviously believe the downside is finished and we will start moving upwards in the longer term?

I can see why you'd say that but I need a break of 5420 - 5440 for me to believe that...

Looking at weekly, this move is nothing more than a bear flag???
if weekly clears the 10 ma and closes above it any sort of bear flag would see the upper boundry test the 21 ma before it comes down and that is well in the 5600's. i would favour a double bottom over a bear flag
  • #215,087
  • Apr 9, 2010 3:23am Apr 9, 2010 3:23am
Quoting malcolmb14
I trade session to session

so do not really care , but based on last week and this week I would say 1.5700 is on the table
well, I'm not experienced enough to argue and cloggs is backing you so I guess you have a good point

G2G... see ya in 4 hrs guys...
@pawpaw1000 on Twitter
  • #215,088
  • Apr 9, 2010 3:26am Apr 9, 2010 3:26am
Quoting pawpaw1000
well, I'm not experienced enough to argue and cloggs is backing you so I guess you have a good point

Malcolm and I are trying to make an important point, don't be so attached to your bias on a day to day basis, play all the sessions individually. You still seem to see every move up as a basis to sell. Maybe today's moves down are actually an opportunity to buy.

My long term bias is still 1.35, but that does not mean that I see every bullish move as an opportunity to sell on an intraday basis.

Cable is so nice to trade intraday because you have 140 pips a day to play with, all you need to figure out is whether the majority of those pips are going up from the day's opening or down. We still have another 30-35 pips of upmove possible here.
  • #215,089
  • Apr 9, 2010 3:28am Apr 9, 2010 3:28am
Quoting pawpaw1000
5390 next short order... all s/l above 5420... t/p 5150
5150?
Thank You
  • #215,090
  • Apr 9, 2010 3:28am Apr 9, 2010 3:28am
Quoting pawpaw1000
well, I'm not experienced enough to argue and cloggs is backing you so I guess you have a good point

G2G... see ya in 4 hrs guys...

daily range is not complete
.... selling before it is is giving money away
Blogging daily now at www.volume.zone
  • #215,091
  • Apr 9, 2010 3:34am Apr 9, 2010 3:34am
Quoting malcolmb14
daily range is not complete
.... selling before it is is giving money away
Hi Mal,

Nice call this morning..... what levels does daily range stop at?

Cheers,

Temps
  • #215,092
  • Apr 9, 2010 3:34am Apr 9, 2010 3:34am
Goldman's bullish on UK economy ... they are buying gbp
COT: The precious data ignored
  • #215,093
  • Apr 9, 2010 3:34am Apr 9, 2010 3:34am
Quoting pawpaw1000
5390 next short order... all s/l above 5420... t/p 5150
Wouldnt a break to 5390 confirm a move upwards though? I thought all the resistance was 5380-5385? OK, it could touch 5390 and drop, like we touched 5325 ish and dropped, then shot up again.

OR are you just playing an averaging up shorting strategy?
Back to basics, it has to be for me!
  • #215,094
  • Apr 9, 2010 3:36am Apr 9, 2010 3:36am
hahah.. Just shorted.

Target.. 1.5310
Smile Chankl78
  • #215,095
  • Apr 9, 2010 3:37am Apr 9, 2010 3:37am
Quoting Temps
Hi Mal,

Nice call this morning..... what levels does daily range stop at?

Cheers,

Temps

The previous 20 days had an average daily range of 136.4, we are now 109.9 up from the open. We broke 53, where do you think London is going to close? I put money on the fact that the break of 53 indicated a possibility of a higher close and made some pips.
  • #215,096
  • Apr 9, 2010 3:42am Apr 9, 2010 3:42am
short 5368
  • #215,097
  • Apr 9, 2010 3:43am Apr 9, 2010 3:43am
Quoting cloggie
The previous 20 days had an average daily range of 136.4, we are now 109.9 up from the open. We broke 53, where do you think London is going to close? I put money on the fact that london would close above today's open, and made some pips.
Thanks cloggie

Just not loving the pa here closed +90

Might enter again on a pullback,

Thanks,

Temps
  • #215,098
  • Apr 9, 2010 3:45am Apr 9, 2010 3:45am
Cable is resting for the moment .... indecision on top
Another move up or a correction that is the question
COT: The precious data ignored
  • #215,099
  • Apr 9, 2010 3:46am Apr 9, 2010 3:46am
Quoting Temps
Thanks cloggie

Just not loving the pa here closed +90

Might enter again on a pullback,

Thanks,

Temps

I closed mine at +70, however I am not going to short the retraces but will look for long entries instead today. Of course any change of ma's or stubborn resistances may change that intraday bias. If we hit the top of the range before London close, I see that as a possibility to short the profit taking retrace.

Playing daily ranges is just another tool in the toolbox.
  • #215,100
  • Edited 4:01am Apr 9, 2010 3:49am | Edited 4:01am
Stop Out at 20pips.....

So now +30pips left... hahahahha.. So conclusion .. trade with trend.
Smile Chankl78
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