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Cable Update (GBPUSD)

  • #229,581
  • Jun 3, 2010 12:46am Jun 3, 2010 12:46am
gu testing 38% retracement on 4 hour chart. If this goes could see 1.4876 as next test. Let's hope so anyway.
  • #229,582
  • Jun 3, 2010 12:59am Jun 3, 2010 12:59am
Quoting OldReigatian
gu testing 38% retracement on 4 hour chart. If this goes could see 1.4876 as next test. Let's hope so anyway.
How come you forgot 4760 ??
  • #229,583
  • Jun 3, 2010 1:13am Jun 3, 2010 1:13am
Quoting kanakzz
How come you forgot 4760 ??
Didnt forget it, just observing that on the 4 hr. 38% is 4723 50% is 4876.

If you then go further on 4 hr 61% is 1.5029 which just happens to be reasonably close to the 38% retracement on the 8hr (1.5070). However, this is long term not intraday so not worth worrying about now.

I personally believe we will go up to the 50% on the 4hr before going back down.
  • #229,584
  • Jun 3, 2010 1:14am Jun 3, 2010 1:14am
Cable currently testing the daily 318 at 1.4721. 4 hour and 8 hour rejected this yesterday so hopefully will close above it today. Next test is then the .50 at 1.4874.

1.5000 before the end of June??? BTW nice trades yesterday Kanakzz
May the forex be with you |
  • #229,585
  • Jun 3, 2010 1:34am Jun 3, 2010 1:34am
Thought I'd po$t a picture of what I'm $eeing.

Attached Image
May the forex be with you |
  • #229,586
  • Jun 3, 2010 1:52am Jun 3, 2010 1:52am
she ran out of steam..... short from 4732 down elevator!
  • #229,587
  • Jun 3, 2010 1:53am Jun 3, 2010 1:53am
Quoting FXFundi
Cable currently testing the daily 318 at 1.4721. 4 hour and 8 hour rejected this yesterday so hopefully will close above it today. Next test is then the .50 at 1.4874.

1.5000 before the end of June??? BTW nice trades yesterday Kanakzz
Thanks mate ... your long from 4500 is also looking pretty good now !! However, the falling trendline resitance at 4730 ... Once the hourly candle closes above 4740 ... this might invite me to take a long ...but still cautious about London fake breakouts...

Cheers !!!
  • #229,588
  • Jun 3, 2010 2:01am Jun 3, 2010 2:01am
Quoting joemiami
she ran out of steam..... short from 4732 down elevator!
agree with you ... but taking a patience pill
  • #229,589
  • Jun 3, 2010 2:27am Jun 3, 2010 2:27am
Quoting kanakzz
Thanks mate ... your long from 4500 is also looking pretty good now !! However, the falling trendline resitance at 4730 ... Once the hourly candle closes above 4740 ... this might invite me to take a long ...but still cautious about London fake breakouts...

Cheers !!!
Agree it has to close above 1.4721 even better is it's above 1.4730 in 30 mins. The only reason I took the long trade was because of the weekly tweezer bottoms. Hopefully we see 1.4800 today, might get out and re-enter on the retrace. I'll be watching your moves closely. Good luck!
May the forex be with you |
  • #229,590
  • Jun 3, 2010 2:35am Jun 3, 2010 2:35am
I'm going long for cable. It's above the 14 day EMA.
  • #229,591
  • Jun 3, 2010 2:55am Jun 3, 2010 2:55am
Quoting FXFundi
Thought I'd po$t a picture of what I'm $eeing.

Attachment
Cable is trading in a very tight upward channel ... I think it is going to move sideways for couple of hours ... and will finally drop down ....

US stocks might see a sell off today or tomorrow... which will strengthen the USD ...
  • #229,592
  • Jun 3, 2010 3:01am Jun 3, 2010 3:01am
382 rejected again!
May the forex be with you |
  • #229,593
  • Jun 3, 2010 3:08am Jun 3, 2010 3:08am
Quoting kanakzz
Cable is trading in a very tight upward channel ... I think it is going to move sideways for couple of hours ... and will finally drop down ....

US stocks might see a sell off today or tomorrow... which will strengthen the USD ...
Are we in C area of ( butterfly pattern ) that can bring us to 1.27-1.61 of XA ? X: yesterday's high and A : yesterday's low ....

only time will tell
  • #229,594
  • Jun 3, 2010 3:13am Jun 3, 2010 3:13am
Quoting malcolmb14
there are a million ways to trade.

I use a conbination of murray math lines ( just for s/r zones) , Volume spread analysis ( by far the ONLY way to trade as a primary tool ) and hulls moving average. My primary entry is vsa set ups . and if then I use hulls / mml...
malcolmb14,

where I can find this VSA indi? and how to use it? thanks in advance...
  • #229,595
  • Jun 3, 2010 3:14am Jun 3, 2010 3:14am
I think a short at 4710 could be a good deal...
  • #229,596
  • Jun 3, 2010 3:18am Jun 3, 2010 3:18am
Quoting kanakzz
I think a short at 4710 could be a good deal...
short in correction path or short in trend sir ?
  • #229,597
  • Jun 3, 2010 3:22am Jun 3, 2010 3:22am
No short at all for the moment, we are well supported by the MA50 on 15M... Next short idea is around 1.4750/60 for me... or a first @R1 (1.4741)
  • #229,598
  • Jun 3, 2010 3:27am Jun 3, 2010 3:27am
Quoting joemiami
she ran out of steam..... short from 4732 down elevator!
closed at 4687. But what is that brit thinking now? Will she resume to the upside and break 4772?
  • #229,599
  • Jun 3, 2010 3:46am Jun 3, 2010 3:46am
Quoting joemiami
closed at 4687. But what is that brit thinking now? Will she resume to the upside and break 4772?
as long as the PA not go below last week's high ( 4600 ) ... we still could go upside. in my view , we are in C area or going to find bottom C area and go upside to D point ( D point : 1.27-1.61 of XA ) X: yesterday's high. A : yesterday's low. B : today's high. C : 0.382-0.61 of AB
  • #229,600
  • Jun 3, 2010 3:58am Jun 3, 2010 3:58am
Quoting kanakzz
I think a short at 4710 could be a good deal...

Yes, I have some “short feeling” at the moment too. The situation is not so really clear.
In fact, price action is prepared to point down. In the daily chart we had a indecisive bar yesterday and the 4 hour chart is just preparing now for a pin bar!!!
That does not look like a bull run.
There are three kind of lies: lies, damned lies and statistics.
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