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Cable Update (GBPUSD)

  • #222,761
  • Apr 29, 2010 12:18pm Apr 29, 2010 12:18pm
Quoting pawpaw1000


got to go and buy groceries... aiaiai... French women! in South Africa I wouldnt have this problem as the Mrs would be doing it ....
Welcome to the world of equality!
  • #222,762
  • Apr 29, 2010 12:19pm Apr 29, 2010 12:19pm
Gotta run. See you peeps tomorrow!
  • #222,763
  • Apr 29, 2010 12:19pm Apr 29, 2010 12:19pm
Quoting bbakker
Welcome to the world of equality!
ridiculous if you ask me... Although i dont mind the extra income
@pawpaw1000 on Twitter
  • #222,764
  • Apr 29, 2010 12:36pm Apr 29, 2010 12:36pm
Quoting lexazver
the 4h candle before is looking kinda bearish.. no??? especialy that price now managed to pass the low of that candle....

some good traders have sugested that this down move was just orchestrated with all this greek bs and that now they want to take it up again....and actually agree with that looking for 1.56 at some point...perhaps next week we'll see. Also dont forget the election is next thursday in UK so it should get volatile around then...


as of now we are back into resistance area where bulls will have to reaccumulate (absorb all sellers)...

you mean we're not going to 1.48??
lol joking. I get what you're saying. I have no bias in current condition, bought the whole day today anyway. Just sounding out the bounce on dx earlier. But, the D1 on that is far from completion, so it's probably a bit premature to judge.
Welp, catch you tomorrow. Good luck.
Thank You
  • #222,765
  • Apr 29, 2010 12:41pm Apr 29, 2010 12:41pm
Quoting wormboy
you mean we're not going to 1.48??
I duno im unimformed
  • #222,766
  • Apr 29, 2010 12:42pm Apr 29, 2010 12:42pm
Pretty interesting afternoon,

I still think theres room for a move up too 5378 based on higher TF's.
Looking for a good entry up there somewhere but cant see it happening untill possibly London tomorrow.

cheers
  • #222,767
  • Apr 29, 2010 1:02pm Apr 29, 2010 1:02pm
Quoting Pipstitcher
Pretty interesting afternoon,

I still think theres room for a move up too 5378 based on higher TF's.
Looking for a good entry up there somewhere but cant see it happening untill possibly London tomorrow.

cheers
Well, I'm looking to reenter at about 5280.. hopefully we can see the price drift down a bit..
  • #222,768
  • Apr 29, 2010 1:11pm Apr 29, 2010 1:11pm
Dow rallies as greece drowns -- u gotta love it!
  • #222,769
  • Apr 29, 2010 1:11pm Apr 29, 2010 1:11pm
Quoting A-speculator
Well, I'm looking to reenter at about 5280.. hopefully we can see the price drift down a bit..
I'm sure we will, but only after some more upside looks like theres a little excitment going on now. I was in at 5150 this morning and got a TP at 5378. watching closely, might close it early if this move continues up this quickly considering what we've already seen today.
  • #222,770
  • Apr 29, 2010 1:13pm Apr 29, 2010 1:13pm
Quoting Pipstitcher
I'm sure we will, but only after some more upside looks like theres a little excitment going on now. I was in at 5150 this morning and got a TP at 5378. watching closely, might close it early if this move continues up this quickly considering what we've already seen today.
Then I think you will have no prob.. your pos is exactly the same as mine.. I closed half of my pos already..

Great Job bro..
  • #222,771
  • Apr 29, 2010 1:24pm Apr 29, 2010 1:24pm
Quoting A-speculator
Then I think you will have no prob.. your pos is exactly the same as mine.. I closed half of my pos already..

Great Job bro..
Whats your TP on the remaining pos?
Nice work
  • #222,772
  • Apr 29, 2010 1:31pm Apr 29, 2010 1:31pm
Quoting free4440273
Dow rallies as greece drowns -- u gotta love it!

Greece is about as significant to europe as a 1 billion spill is to a 167 billion company like BP

It was 167 anyway...

Just loaded up on BP

As warren says -

i get nervous when the market gets greedy and
I get greedy when the market gets nervous

Thing is you have to have the nerves and the pockets - ie to be a capitalist you have to have capital
  • #222,773
  • Apr 29, 2010 1:32pm Apr 29, 2010 1:32pm
Quoting Pipstitcher
Whats your TP on the remaining pos?
Nice work
that TP will remain open.. I'm looking towards a breakout of 1.5500 to be honest..

But it's still too soon to say that.. better I keep it to myself atm..

Currently I'm looking towards a retest of the breakout point.. if the price breakout back downwards, I might not have a TP, but a SL.. let's just see how it goes..
  • #222,774
  • Apr 29, 2010 1:38pm Apr 29, 2010 1:38pm
Quoting Najee
Need some help, been away for sometime n got rusty in making rational decision. Entered a small long position just above 5300 n currently facing the tsunami head on. Any chance of cable going up to say 5250 to take a smaller loss? Thanks for the guidance.
[quote=Najee;3682374]
Quoting forexlion
we are not in a very convincing drop zone, there is still some room here

you might come out green, but then that will be your final chance


Thanks for the outlook bro, will try to minimise the losses as possible and start new...

Quoting Najee
Ok everybody, have to get some 40 winks and recharge the battery. See you all tomorrow in asian session. For the rest who still have some duracell left in you...happy pipping.
I told u, that u will come out green
  • #222,775
  • Apr 29, 2010 1:42pm Apr 29, 2010 1:42pm
Since I asked pawpaw where is the breakout point at 4h, I think it will be unfair for me to not share it here... So, there goes the resistance line..
Attached Image(s) (click to enlarge)
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  • #222,776
  • Apr 29, 2010 1:48pm Apr 29, 2010 1:48pm
[quote=forexlion;3684588]
Quoting Najee




I told u, that u will come out green
@ 5377 cable will complete the pullback and begin the drop to 4850 zone

this was your final chance to close out your longs, if you still have not closed them green

http://img339.imageshack.us/img339/1913/cablez.gif
  • #222,777
  • Apr 29, 2010 1:52pm Apr 29, 2010 1:52pm
And why long was taken? It was because of 50% fibo at where the price was consolidate.. that is why price at 5150 had very good RR.

Just to sum up today's trade.. Have a nice day everyone..

Another thing is, price is currently testing the fibo level (R)..
Attached Image (click to enlarge)
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  • #222,778
  • Apr 29, 2010 2:04pm Apr 29, 2010 2:04pm
why do you think we will go that low ? even if the conservitives win the election we'll go to 148 ? the only thing that could bring us that low is f we lose the aaa rating?

[quote=forexlion;3684611]
Quoting forexlion

@ 5377 cable will complete the pullback and begin the drop to 4850 zone

this was your final chance to close out your longs, if you still have not closed them green

http://img339.imageshack.us/img339/1913/cablez.gif
  • #222,779
  • Apr 29, 2010 2:27pm Apr 29, 2010 2:27pm
Quoting Hell7
The 4 hour chart of the GBP/USD shows that price is still within the large blue pitchfork, and shows an alternative red fork should price start to drop immediately.
The 4 hour chart of the GBP/USD shows that price is back near the upper line of this red pitchfork, after having bounced near the median line.

A break above this level will probably make price backtest the blue trend line and possibly even shoot towards the 1.57 level, but as this upper line intersects the 61.8% retracement level of the previous drop (not shown) I am going to short there hoping for a nice swing trade.
Attached Image (click to enlarge)
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  • #222,780
  • Apr 29, 2010 5:53pm Apr 29, 2010 5:53pm
We are at the 61.8 retrace of the downmove from the 25th and have continued for 222 pips today with no retrace. H1 has reached both the 150 and the 365ma, however 5341 resistance on H1 was just broken and this move up is not showing any sign in slowing down at all. There isn't alot in the way between here and 5496. Let's see what London open bring us. Tokyo may well give us a small retrace overnight.

See you guys in the morning.
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