Cable Update (GBPUSD)

The markets will humble Mr doodoos arrogant attitude soon enough!

dont go to them let them come to u its easier to kill them on u turf

hit and run they will never catch u

guys just draw this ...set alert for flag break down and go take a nap instead of arguing

I am killing time playing Call of duty

anyone with xbox and cod modern warfare 2 fancy a game online ?

cool ready but bro i do kill for real

MB, so you suggesting to wait for a break down and short the current slow short term up trend?

wow dead for a hour now, thts enough, we need chat in the room

looks like we're heading for the bottom of that channel..lets c if we break it

maybe one upthrust before london ...1.4600 is my safe zone for the sell

you're right more than likely, i'll be ready if it happens. time for a smoke right now though

Retracement just only come if breaks DP 1.4692 on H1/H4 close/open !

Hi All,

I'm flat until next week, but I wanted to go over in my own mind what happened yesterday and I figured I would share with the group as long as it's ok with y'all.

I posted two days ago that there was a valid close beneath the 4hr and 1hr trendline, to me indicating that there would be further downwards movement... this is not an i-told-ya-so, I'm just reviewing. here is the post

http://www.forexfactory.com/showthre...32#post3719132

during the early asian session yesterday, people were saying that if price didn't break below 1.4819 then it would be going up. I actually started buying in the asian session and continued buying until the start of frankie. certain other participants were saying things like 'technicals don't matter, fundamentals say up', etc. etc. even though they didn't make much sense I actually got suckered into being bullish through frankie yesterday, as I think a lot of us did. I had a pretty nice profit going, but when price reached 1.4900 at the start of LO, well, we all know what happened, price fell out of bed. I wasn't quick enough to save my profits and I had to get out with a loss, in fact.

And in fact what did end up happening was that the downwards movement I had sort of figured on earlier did in fact occur. I really don't know why I didn't trust my earlier analysis -- I have to learn to do that more often -- but in fact what happened was that price did close beneath the trendlines as indicated, but then came back up and almost touched the bottom of that broken trendline before breaking down completely. This is in fact something that occurs almost every time a trendline is broken, and I was suckered into getting bullish again.

As we speak price is making a slight bounce off the 78.6% level which I mentioned earlier today and was reached and reacted to.

I've attached the following charts to illustrate this. please bear in mind, this is not an i-told-you-so, this is really to confirm for myself and anyone else who cares to check it out, what actually happened this week, so we can be prepared for this type of technical price action in the days to come.

1: price hits resistance at a larger 50% fib level which corresponds to the huge resistance at 1.50

2: price makes a valid close beneath a lower trendline on H4 and H1, indicating further downwards momentum;

3: price retraces upwards and retests the bottom of the broken trendline, corresponding with the figure at 1.49 (sucking in some of us to a head fake I might add, myself included)

4: price breaks down lower in the momentum previously indicated, and

5: price completes a 5-wave structure terminating at a 78.6% fib level which corresponds to the figure at 1.46.

hope this helps! I know if I'd been a little clearer in this myself I would have done a bit better. I did ok this week but I did get spun around a bit by last night's headfake (and not to mention some of the chatter on the board last night by folks who were also taken in).

the way I see it, yesterday/ this morning's down move completed five waves of a wave three structure. if this is correct, we should see another wave five down after a correction. Maybe or maybe not this week. Personally I don't like trading on fridays. ok folks have a nice weekend!

well, i smoked the cigarette and came back to 50+ pips...lol not too bad

You Know...

You just know 1.4475's a coming from
last week's low, for a test/or a break.

-Kill what did you & Majix hit the "Sell" button
all together there? !

Best of Pipping You All,

Jeff
P.S. I survived last night's debacle Of the "Stinky Finger's game."
+1 Pip!!! Ha! -Good Grief Charlie Brown what a way not to trade!
Some... "Edge" that was i had! -!!!

buy. last time to try.

Look @that P.A. Java...
Ummmph! Shakin' everybody out-

up down or sideways!

She's still working for me

Hi all. My view for today, i aint expecting much move to the down side,though i do not anticipate any long, i am still holding short until i see anything otherwise. My first target remains R1 for now, while i trail my profit

Since this is Friday, I doubt that cable will make it significantly below 1.4550 and there is quite a bit of difficulty getting down and staying down in that area.

While it is undoubtedly true that the tracks are heading downhill, there may first be a bounce because it has probably earned a breather in the form of a retracement from around 1.4500.

I am scary go short at the bottom area, will buy if breaks DP 1.4692 !

Good morning all,

Agreed with the above. Volume will normally drop on a Friday afternoon so get the easier pips this morning. No clear signals yet, but yesterday has got me looking for shorts again.

Dazzer