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Cable Update (GBPUSD)

  • #231,921
  • Jun 16, 2010 3:26pm Jun 16, 2010 3:26pm
Do you guys think it will go further down after the BOE Gov King Speaks? is it worth holding the trade?
  • #231,922
  • Jun 16, 2010 3:31pm Jun 16, 2010 3:31pm
Me too waiting for that pullback.. but when and where? let's wait to catch this train
  • #231,923
  • Jun 16, 2010 3:41pm Jun 16, 2010 3:41pm
There are Daily Haramis everywhere, dudes.

Jim
  • #231,924
  • Jun 16, 2010 3:51pm Jun 16, 2010 3:51pm
Quoting Nene
There are Daily Haramis everywhere, dudes.

Jim
Jim,

I am a newbe, can you explain what that type of candle represents? Thanks.
  • #231,925
  • Jun 16, 2010 4:01pm Jun 16, 2010 4:01pm
Quoting langdonb
Jim,

I am a newbe, can you explain what that type of candle represents? Thanks.
i think jim meant to say bearish engulfing.
In any case, the engulfing or harami pattern signals that the current trend is losing strength & at least a temporary reversal is imminent.
My D1 had closed a bearish engulfing. Depending on your closing time to determine the validity of the pattern, I suppose it's safe to say in order for the pattern to stand, the day's close must be 1.4730 or below.

Good luck.
Thank You
  • #231,926
  • Jun 16, 2010 4:13pm Jun 16, 2010 4:13pm
we should get a reversal very soon as we're reaching previous lows. Price should bounce back up to 1.47750 level before considering re-entry for shorts
  • #231,927
  • Jun 16, 2010 4:21pm Jun 16, 2010 4:21pm
if we break the lows price could just continue down for a free fall. Watching its correlated currency Eur/gbp and i use it to confirm the direction of gbp/usd.
  • #231,928
  • Jun 16, 2010 4:35pm Jun 16, 2010 4:35pm
If anyone here is going to trade the retracement, you should get in now for at least 25-30 pips profit.
  • #231,929
  • Jun 16, 2010 4:36pm Jun 16, 2010 4:36pm
In the below chart i am seeing that its going below the 38.2 Fib on the H1 and if it closes below that then do we recon that it will continue its trend down to 23.6 level ....

EDIT : on the H4 ...
Attached Image (click to enlarge)
Click to Enlarge Name: gu_fib_20100616.gif Size: 30 KB
  • #231,930
  • Jun 16, 2010 4:39pm Jun 16, 2010 4:39pm
Quoting wormboy
i think jim meant to say bearish engulfing.
In any case, the engulfing or harami pattern signals that the current trend is losing strength & at least a temporary reversal is imminent.
My D1 had closed a bearish engulfing. Depending on your closing time to determine the validity of the pattern, I suppose it's safe to say in order for the pattern to stand, the day's close must be 1.4730 or below.

Good luck.
Thank you for the detailed explanation sir.
  • #231,931
  • Jun 16, 2010 4:43pm Jun 16, 2010 4:43pm
Quoting ramksanj
In the below chart i am seeing that its going below the 38.2 Fib on the H1 and if it closes below that then do we recon that it will continue its trend down to 23.6 level ....

EDIT : on the H4 ...
you might want to add a horizontal line across 1.47. That's the monthly pivot. Lower down to the H1 & see if price can close below it, if it can, then your 23.6% will not be a problem.

Good luck.
Thank You
  • #231,932
  • Jun 16, 2010 4:45pm Jun 16, 2010 4:45pm
Quoting langdonb
Thank you for the detailed explanation sir.
you're welcome
Thank You
  • #231,933
  • Jun 16, 2010 4:45pm Jun 16, 2010 4:45pm
Quoting wormboy
you might want to add a horizontal line across 1.47. That's the monthly pivot. Lower down to the H1 & see if price can close below it, if it can, then your 23.6% will not be a problem.

Good luck.
Thank you very much ... will do ....
  • #231,934
  • Jun 16, 2010 4:47pm Jun 16, 2010 4:47pm
I think the time say me buy.... buy.... . I heard and bought 10 lot.
lets stay in the road.
A little beginner trader since 2006
  • #231,935
  • Jun 16, 2010 4:48pm Jun 16, 2010 4:48pm
Quoting Forextrader4
If anyone here is going to trade the retracement, you should get in now for at least 25-30 pips profit.
It would help mentioning the level you are talking about and what the reason of your view is.
Can't see anything important right now.

H1:
Attached Image (click to enlarge)
Click to Enlarge Name: Picture0033.png Size: 23 KB
Don't be a hero. Don't have an ego. Always question yourself
  • #231,936
  • Jun 16, 2010 4:56pm Jun 16, 2010 4:56pm
Quoting Naseri13
I think the time say me buy.... buy.... . I heard and bought 10 lot.
lets stay in the road.

so, buying large contracts for 0.5 pip profit again are we?

seriously tho, why risk something like that at this time of the day, with both king & ben talking at the same time. Care to share it with a chart?
That's the second time I've asked you for a chart today to explain your calls.
Thank You
  • #231,937
  • Jun 16, 2010 5:01pm Jun 16, 2010 5:01pm
Quoting USD-Bear
It would help mentioning the level you are talking about and what the reason of your view is.
Can't see anything important right now.

H1:
Attachment
That's why i posted right after that because when i looked at the 4hours chart it broke the trendline and the right setup for a short is valid. So at this point i believe we will have a continuation to the downside.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp2.gif Size: 31 KB
  • #231,938
  • Jun 16, 2010 5:05pm Jun 16, 2010 5:05pm
Quoting wormboy
so, buying large contracts for 0.5 pip profit again are we?

seriously tho, why risk something like that at this time of the day, with both king & ben talking at the same time. Care to share it with a chart?
That's the second time I've asked you for a chart today to explain your calls.
Dear brother , I did not used any chart also
I saw the last candle stick in chart H1 and H4 also...
Then I heard a sound that Buy Pound Now , You should buy..
The voice was so hurroble but I bought some for fun.
A little beginner trader since 2006
  • #231,939
  • Jun 16, 2010 5:08pm Jun 16, 2010 5:08pm
Quoting Forextrader4
That's why i posted right after that because when i looked at the 4hours chart it broke the trendline and the right setup for a short is valid. So at this point i believe we will have a continuation to the downside.
Is it a good time to enter short ...
  • #231,940
  • Jun 16, 2010 5:08pm Jun 16, 2010 5:08pm
i don't care what anyone thinks, my bias for gbpusd is long until 1.5200 and after we shall see it at 1.2000s by the end of the year.
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