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Cable Update (GBPUSD)

  • #228,161
  • May 24, 2010 2:55am May 24, 2010 2:55am
I'm looking at a bearish wedge on 1h. It was broken at london open but were back inside it now. I would like it to go much higher (1.4650) before shorting for a bigger down move (1.3500) that everyone keeps talking about. As for now on 4h chart it looks like were ranging between 1.4550, 1.4240. But we'll see. I have the daily pivot @ 1.4423 75 pips away lol! I'm going to wait for this wedge to play out. It could last 2 more hours. Happy trading!
  • #228,162
  • May 24, 2010 3:01am May 24, 2010 3:01am
Breakout of 4500 was a fakeout ... and hourly candle never closed about 1.4500 ( my way of confirming trade.)...

there is going to be a huge selloff now. .. we might see 4250 today ...
  • #228,163
  • May 24, 2010 3:01am May 24, 2010 3:01am
Quoting forexliar
sell limit 4523
tp 4480
SL 4555


buy limit 4423
tp 4445
sl 4397
Seems like you are right, will go down to 1.4423, once 1.4454 will have broken. It is M15/200 a potential bloody strong support !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #228,164
  • Edited 3:32am May 24, 2010 3:08am | Edited 3:32am
Quoting manize
Seems like you are right !
Thank you and terima kasih sweet ( manize = sweet right ? )

now waiting for bull at 4423... TP change to 4455 sl at 4392
  • #228,165
  • May 24, 2010 3:09am May 24, 2010 3:09am
Bro this is no break, we are testing and making some new highs, doesnt mean we have a clear up trend. You would understand what i mean with this move..........


Quoting pawpaw1000
I don't understand why you are all talking about cable dropping? We just broke through 1.45... That should be a trigger for longs.

The only reason your predictions could come true is because cable is in longer term downtrend...

I don't know what you guys are seeing but my charts are pretty much bullish this morning...

if we turn around here, I'll change my position...
  • #228,166
  • May 24, 2010 3:14am May 24, 2010 3:14am
@digger1

I hope you've already closed your long when cable moved above 1.4501. That's too bad if hit your + 20 pips SL !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #228,167
  • May 24, 2010 3:16am May 24, 2010 3:16am
while i still trade short we are or may still re-test our new high. Noe my earlier view this morning, we need to touch 1.4400 after which we re-test our high again then we may head down but not for long......
  • #228,168
  • May 24, 2010 3:18am May 24, 2010 3:18am
Quoting fendi
Bro this is no break, we are testing and making some new highs, doesnt mean we have a clear up trend. You would understand what i mean with this move..........
on m1, m5, m15, m30 and h1 we are all making higher highs and lows...

Even this jolt down has still not broken lower than previous low...

I know the longer term trend is down but this seems like we are going up until what I see changes...
@pawpaw1000 on Twitter
  • #228,169
  • May 24, 2010 3:21am May 24, 2010 3:21am
A good time for another 30-70pips frm 1.4479...........
  • #228,170
  • May 24, 2010 3:21am May 24, 2010 3:21am
Quoting fendi
while i still trade short we are or may still re-test our new high. Noe my earlier view this morning, we need to touch 1.4400 after which we re-test our high again then we may head down but not for long......
Yup it is the WP. Beware on the broken of 1.4362 if goes there !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #228,171
  • May 24, 2010 3:34am May 24, 2010 3:34am
Quoting pawpaw1000
on m1, m5, m15, m30 and h1 we are all making higher highs and lows...

Even this jolt down has still not broken lower than previous low...

I know the longer term trend is down but this seems like we are going up until what I see changes...
Still trending up...

Bought with TP at the High of today...
@pawpaw1000 on Twitter
  • #228,172
  • May 24, 2010 3:41am May 24, 2010 3:41am
4 now LONG !


Then SHORT !





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Attached Image (click to enlarge)
Click to Enlarge Name: GBP.USD - H1.jpg Size: 232 KB
  • #228,173
  • May 24, 2010 3:47am May 24, 2010 3:47am
Quoting forexliar
Thank you and terima kasih sweet ( manize = sweet right ? )

now waiting for bull at 4423... TP change to 4455 sl at 4392
Betul betul betul, and GL !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #228,174
  • May 24, 2010 3:48am May 24, 2010 3:48am
Quoting pawpaw1000
Still trending up...

Bought with TP at the High of today...
Looks like I might be wrong, again...
@pawpaw1000 on Twitter
  • #228,175
  • May 24, 2010 3:51am May 24, 2010 3:51am
1.4410 am out, i need a bounce again to come short then wait for a bounce on pivot for another short again, taking long now i dont see it except back to 2days high and like i said earlier may be 1.4545............
My view
  • #228,176
  • May 24, 2010 3:58am May 24, 2010 3:58am
Quoting manize
Betul betul betul, and GL !
are u ipin or upin ?

buy : triggered.....
  • #228,177
  • May 24, 2010 4:00am May 24, 2010 4:00am
Quoting pawpaw1000
Looks like I might be wrong, again...
Trend is one thing ..second is momentum .... and there is huge momentum now for short ... taking long at this point is very very risky .. it has already fallen 100 pips from days high ... its taking a breather for second leg fall...

dont counter the momentum ... its worst than trading against trend.
  • #228,178
  • May 24, 2010 4:03am May 24, 2010 4:03am
Quoting javapips
just in, SL last high, target before Friday low or at US open (maybe). sorry no chart. little busy right now.
see u.
Hi Java,
It is a Great trade if your SL survived ! Sorry if it got hit !
  • #228,179
  • May 24, 2010 4:05am May 24, 2010 4:05am
Quoting kanakzz
Trend is one thing ..second is momentum .... and there is huge momentum now for short ... taking long at this point is very very risky .. it has already fallen 100 pips from days high ... its taking a breather for second leg fall...

dont counter the momentum ... its worst than trading against trend.
My mentor who has been trading cable for a LOOOOONG time and who has posted his views here before, has taught me the following:

Cable goes one direction around 100, it then waits and normally retraces, NY then comes in to try and make a new High/ Low for the day...

Search through Cloggies posts, he expans i alot better...

Please note it is just a template of norms, doesn't mean it is gonna happen all the time but he has been using it for a loooong time...
@pawpaw1000 on Twitter
  • #228,180
  • May 24, 2010 4:13am May 24, 2010 4:13am
Not bad an entry at least u would hold it until u.s close esle close @1.4460-57. cos i see we rally around this region b4 we test our new high and then come down again to form new lower low also


Quoting forexliar
are u ipin or upin ?

buy : triggered.....
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