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Cable Update (GBPUSD)

  • #232,521
  • Jun 20, 2010 5:53am Jun 20, 2010 5:53am
We are on the way down, the trendline of s and r line is on the daily tf, we must retest it and pull back briefly before the up move will continue. Friday was a ranging day and all those things could be understand if you can look at the higher timeframe that is always the compelling force.


Quoting hhitch
hmmmm... I might tend to agree with you more, if the down move hadn't been rejected below 1.48 and moved up above it, to close well above 1.48 on friday's close. My guess is it will gap a bit upwards on Sunday night and continue to move up.

also, as I'd noticed on Thursday evening, we are seeing a weird sort of reverse head and shoulders mutation right at the top of this recent move above 1.47. I thought it might form a real head and shoulders top but what we got instead was a reverse head and shoulders "at" the top! That sort of gave me a...
  • #232,522
  • Edited 6:27am Jun 20, 2010 6:08am | Edited 6:27am
Charts does not lie, that the pa is in bullish configuration does not makes it to go up. We are just around the valley of decision and we are on the way down. The daily chart is screaming bearishness. cant you see the daily candle that is "dojish"

THE GREEN LINES ARE THE UNTESTED LEVELS

Aud/usd just reached a strong resistance on friday, 0.8715
Eur/Usd just tested 1.2419 a strong resistance same on friday see the 4hr tf
Usd/chf is about to test 1.0910 a very strong support on the weekly
never dream of bullishness now cause all these pairs move in correlation. Is odd seeing GU and U/chf flying up in the same direction

Quoting Honored
Watch out for a similar retrace we might get for the next 3-4 days, like we got one when we hit the 38% Fib retrace at 1.4723, we retraced all the way down its 23% fib retrace till 1.4342 and then we started back up again till this friday at 1.4887.

So after hitting this 50% fib level now at 1.4887, we might make another 23% retrace which is around 1.4460 or the ltl at 1.4434. That should make wormboy happy

The price reversal candles are already in place
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  • #232,523
  • Jun 20, 2010 7:15am Jun 20, 2010 7:15am
Quoting uncletrumpet
1.4800/20 is a strong support that is now been retested as resistance. We are on the way down we are just testing that yellow down and we are on the way down to 1.4300
OK, but why would you say 4300 ? if we break 1.4346 that would continue our down trend.
  • #232,524
  • Jun 20, 2010 7:34am Jun 20, 2010 7:34am
hey I can definitely see what you're saying, the recent highs are touching the bottom of the old lows, and are approaching the down-moving trendline. But in order to intersect the lowest of the UT, price will have to reach somewhere around 1.49, and to reach the higher of the upper TLs, it would have to intersect the 38.2% fibonacci level around 1.52. Unless it is just going to miss both trendlines altogether and just go down from here, which, of course, it could do if it wanted!

I'm also noticing that daily MACD is very bullish with lots of angle and separation, and it is just now penetrating upwards through the zero-line... that either means a retracement is just coming to an end, and it will reverse back beneath the zero line in a continued impulse down, or else it will continue penetrating above the zero-line along with a strong upwards move. Or I guess it could just go sideways... but these are things to consider...

Also, I'm wondering if fundamentals might play an important part in the price action to come... China has just announced yesterday that they are going to let the Yuan appreciate against the dollar for the first time in two years, and there is a lot of talk about that being a positive driver on all international markets. So I'm wondering if that's going to cause some appreciation in all the currencies and markets opposite the dollar in the coming weeks, in which case price will not go down much from here for the time being. I guess we will see! Chart attached -->

Quoting uncletrumpet
We are on the way down, the trendline of s and r line is on the daily tf, we must retest it and pull back briefly before the up move will continue. Friday was a ranging day and all those things could be understand if you can look at the higher timeframe that is always the compelling force.
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"The real genius is knowing when to stop." - Marc Faber
  • #232,525
  • Jun 20, 2010 12:11pm Jun 20, 2010 12:11pm
@ the opening of the market tonite +60 bull +30 bear...
  • #232,526
  • Jun 20, 2010 1:05pm Jun 20, 2010 1:05pm
Here's a little lite reading for ya, if you care....

The on going battle has come to a close.

For those that set wagers on another all out war, you have just lost a couple bucks.

The charts always have a story to tell, and we all have the choice to take this information and interpret it in the manner and fashion we see fit. Time frame to time frame, day to day, hour to hour and minute to minute.

Agreeing with somebody will not boost your account, and the market will always offer profit and longevity to those who can stay in the game.

That being said, the hatchet has been buried, the battle is over and hopefully we will all continue to grow together as a group.

My humbled apologies for the interuptions and former shinanigans.

Quoted PM though not in its entirety....

Quoting direct-trade
Hi Magix,

I know we have had a fair bit of banter back and forth over the months.............................

It's all water under the bridge as far as I am concerned, time to move on....

Direct-Trade
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #232,527
  • Jun 20, 2010 2:09pm Jun 20, 2010 2:09pm
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Well done to both of you!!

ta
ams



Quoting Magix
Here's a little lite reading for ya, if you care....

The on going battle has come to a close.

For those that set wagers on another all out war, you have just lost a couple bucks.

The charts always have a story to tell, and we all have the choice to take this information and interpret it in the manner and fashion we see fit....
  • #232,528
  • Jun 20, 2010 3:20pm Jun 20, 2010 3:20pm
take care when trading gu Monday and Tuesday. Osborne to announce to the house the large cuts to the economy. info will trickle out Monday as not to shock us to much on Tuesday. IMO
  • #232,529
  • Jun 20, 2010 4:20pm Jun 20, 2010 4:20pm
Goodevening all,

guess shorts have to wait untill 1.498-1.50

D1:
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Don't be a hero. Don't have an ego. Always question yourself
  • #232,530
  • Jun 20, 2010 4:27pm Jun 20, 2010 4:27pm
Quoting USD-Bear
Goodevening all,

guess shorts have to wait untill 1.498-1.50

D1:
Attachment
it iwll touch 14890 14900-14920 and will drop
A little beginner trader since 2006
  • #232,531
  • Jun 20, 2010 4:30pm Jun 20, 2010 4:30pm
Quoting Naseri13
it iwll touch 14890 14900-14920 and will drop
Don't know 1.4886 previous week high, doubt it will go down at those levels if it breaks that....
Don't be a hero. Don't have an ego. Always question yourself
  • #232,532
  • Jun 20, 2010 4:43pm Jun 20, 2010 4:43pm
Quoting USD-Bear
Don't know 1.4886 previous week high, doubt it will go down at those levels if it breaks that....
I am putting an order on 1.4910 now
A little beginner trader since 2006
  • #232,533
  • Jun 20, 2010 4:45pm Jun 20, 2010 4:45pm
Quoting Naseri13
I am putting an order on 1.4910 now
Please explain....
Don't be a hero. Don't have an ego. Always question yourself
  • #232,534
  • Jun 20, 2010 4:52pm Jun 20, 2010 4:52pm




Quoting Magix
Here's a little lite reading for ya, if you care....

The on going battle has come to a close.

For those that set wagers on another all out war, you have just lost a couple bucks.

The charts always have a story to tell, and we all have the choice to take this information and interpret it in the manner and fashion we see fit. Time frame to time frame, day to day, hour to hour and minute to minute.

Agreeing with somebody will not boost your account, and the market will always offer profit and longevity to those who can stay in the game.

That...
"The real genius is knowing when to stop." - Marc Faber
  • #232,535
  • Jun 20, 2010 4:58pm Jun 20, 2010 4:58pm
Quoting USD-Bear
Don't know 1.4886 previous week high, doubt it will go down at those levels if it breaks that....
Are you sure ? 4866 previus weekly high ?
I see it in 4760...why ?
A little beginner trader since 2006
  • #232,536
  • Jun 20, 2010 5:03pm Jun 20, 2010 5:03pm
Quoting Naseri13
Are you sure ? 4866 previus weekly high ?
I see it in 4760...why ?
How can 1.4760 be high when price closed at 1.4831 on friday lol
  • #232,537
  • Jun 20, 2010 5:03pm Jun 20, 2010 5:03pm
Quoting Naseri13
Are you sure ? 4866 previus weekly high ?
I see it in 4760...why ?
As far as I can trust FXCM yes (1.4886), see W1 chart, its the bid-side I plot:

W1:

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Don't be a hero. Don't have an ego. Always question yourself
  • #232,538
  • Jun 20, 2010 5:03pm Jun 20, 2010 5:03pm
Quoting Naseri13
Are you sure ? 4866 previus weekly high ?
I see it in 4760...why ?
Oh sorry that was my mistake sorry
A little beginner trader since 2006
  • #232,539
  • Jun 20, 2010 5:09pm Jun 20, 2010 5:09pm
usa market opened bullish. ym +112 now es +13.5
  • #232,540
  • Edited 6:34pm Jun 20, 2010 5:11pm | Edited 6:34pm
Quoting winsome
usa market opened bullish. ym +112 now es +13.5
it switches around this time daily. asian open..... we going down hopefully till the DP at 1.4829 and that would close the GAP too

EDIT : Target reached. Long now from the DP. SL at BE. target 4950 during LO session. good night
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