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Cable Update (GBPUSD)

  • #234,421
  • Jun 29, 2010 6:17am Jun 29, 2010 6:17am
Quoting smikester
I'm short biased and here's a chart:

Attachment


This is a classic retest of the most important s/r level that cable has. If this week closes above 1.5 then all bets are off.
but mike, taking a short on tuesday when the W1 has a few days more to go surely is dangerous don't you think? after all, price can still overshoot all the way to 5500 before closing low, just like before ....

justa thought
Thank You
  • #234,422
  • Jun 29, 2010 6:18am Jun 29, 2010 6:18am
Quoting cloggie
I totally agree, that's why i put the caveat in my post that there are both short and long trade setups within the move, however I was commenting and posting in relation to several posts calling for 1000 pip drop here.
Yes I agree....making such a claim without any supporting analysis/charts is just noise in my opnion.

I just needed to make the point though because I once was one of those newbies who followed blindly before I understood that we must not follow others if we wish to survive in fx
Doing what you like is Freedom. Liking what you do is Happiness.
  • #234,423
  • Jun 29, 2010 6:21am Jun 29, 2010 6:21am
Quoting cloggie
That still does not support a 1000 pip move down, your bottom TL, that you did not put on the chart would need a close below before you have any chance. If that goes we should see a retest of 49647, still not a reversal of the trend though.
I didn't say it would move 1,000 pips (sorry I haven't been following the thread) I said I was short biased. If I were holding longs I probably would be thinking about closing them this week at this level and guess what? It's the end of the month. Anybody knows a long closed is a sell. I would be looking to sell above 1.5. That's a good price.

Next decent support is at 1.4750 then 1.43 ?
Gone to a better place
  • #234,424
  • Jun 29, 2010 6:21am Jun 29, 2010 6:21am
Quoting realjumper
Yes I agree....making such a claim without any supporting analysis/charts is just noise in my opnion.


And that's what Wormy and I have been going on about, show us why you think the trend has reversed. And that is a discussion that is core to the problem here. Posters make ridiculous claims but can't back it up with a chart.

That riles me, so does the famous BE trade and the calls 24 hours after the fact. But let's not go there.
  • #234,425
  • Jun 29, 2010 6:22am Jun 29, 2010 6:22am
Still easier to see on H4:

Osma, Macd, and Stoch are down.....

Retracement is on
Attached Image (click to enlarge)
Click to Enlarge Name: saisie_chart.jpg Size: 199 KB
Non licet omnibus adire Corinthum
  • #234,426
  • Jun 29, 2010 6:23am Jun 29, 2010 6:23am
Quoting wormboy
but mike, taking a short on tuesday when the W1 has a few days more to go surely is dangerous don't you think? after all, price can still overshoot all the way to 5500 before closing low, just like before ....

justa thought
That's why I'm level (ish) at the moment.
Gone to a better place
  • #234,427
  • Jun 29, 2010 6:24am Jun 29, 2010 6:24am
Quoting Privet
what is timeframe do you use?
thanks
Always daily for global analysis and then H4 and H1 for confirmation
Non licet omnibus adire Corinthum
  • #234,428
  • Jun 29, 2010 6:24am Jun 29, 2010 6:24am
Quoting cloggie
And that's what Wormy and I have been going on about, show us why you think the trend has reversed. And that is a discussion that is core to the problem here. Posters make ridiculous claims but can't back it up with a chart.

That riles me, so does the famous BE trade and the calls 24 hours after the fact. But let's not go there.
Yeah me too.....and persistant offenders end up on my iggy list!!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #234,429
  • Jun 29, 2010 6:25am Jun 29, 2010 6:25am
Quoting javajames
Still easier to see on H4:

Osma, Macd, and Stoch are down.....

Retracement is on

I have no clue what any of those indy's do, but you have a decent TL on that chart that was tested 5 times, what makes you think that a retrace is on now without a break/close below. Look at the last 5 tests of that TL, your MCD/Osama thingies showed you the same as they do now and the reversal never happened.

By all means trade the shorts down to the TL, just don't anticipate a full blown reversal here.
  • #234,430
  • Jun 29, 2010 6:26am Jun 29, 2010 6:26am
http://i.imagehost.org/0130/gbp.gif
  • #234,431
  • Jun 29, 2010 6:29am Jun 29, 2010 6:29am
Quoting Awp Shout
http://i.imagehost.org/0130/gbp.gif

Now that is a simple and sensible chart, play the supports. Find your range and play the breakout, irrelevant to where it goes. No bias whatsoever until it happens, that's what trading is about.
  • #234,432
  • Jun 29, 2010 6:31am Jun 29, 2010 6:31am
Wow this thread moves too fast for me I think I'll put you all on ignore.

I might short this pair next week.

Don't hold your breath, though.

It might go to 1.6 today the way you lot are behaving. LOL
Gone to a better place
  • #234,433
  • Jun 29, 2010 6:35am Jun 29, 2010 6:35am
Quoting cloggie
Now that is a simple and sensible chart, play the supports. Find your range and play the breakout, irrelevant to where it goes. No bias whatsoever until it happens, that's what trading is about.
Dont worry my friend.. I trade it, i show it when i take short yesterday... simple chart is profitable
  • #234,434
  • Jun 29, 2010 6:39am Jun 29, 2010 6:39am
Quoting smikester
Wow this thread moves too fast for me I think I'll put you all on ignore.

I might short this pair next week.

Don't hold your breath, though.

It might go to 1.6 today the way you lot are behaving. LOL

i already beat you to that one. well not all of the lads here, but you get the idea lol
Thank You
  • #234,435
  • Jun 29, 2010 6:40am Jun 29, 2010 6:40am
Quoting wormboy
what is this probability based on please? any charting for explanation would be helpful.

It might be easier to test 5300 than to 4300 from here after the D1 ltl bounce we just saw. Not saying that it won't tank, just saying from a "probability" point of view .... and a chart:
1. http://www.forexfactory.com/showpost...postcount=7355
Poxboy, how the spots coming along mate?
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #234,436
  • Jun 29, 2010 6:42am Jun 29, 2010 6:42am
Quoting Bull_Bear
Poxboy, how the spots coming along mate?
getting better q. spots are still here tho but the bitchy itch are gone
still riding her up bro?
Thank You
  • #234,437
  • Jun 29, 2010 6:43am Jun 29, 2010 6:43am
Quoting cloggie
Now that is a simple and sensible chart, play the supports. Find your range and play the breakout, irrelevant to where it goes. No bias whatsoever until it happens, that's what trading is about.
Agreed. I rarely post my trade calls for that reason. I could change my mind and forget to post it.
Gone to a better place
  • #234,438
  • Jun 29, 2010 6:43am Jun 29, 2010 6:43am
Good Morning forum.Nice setup on dragon at the moment.Waiting for cable.
  • #234,439
  • Jun 29, 2010 6:45am Jun 29, 2010 6:45am
Update...

1.5000 must hold for continued up move, otherwise a retrace back to 1.4950 area for a dip buy.
Attached Image (click to enlarge)
Click to Enlarge Name: cable.JPG Size: 122 KB
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #234,440
  • Jun 29, 2010 6:45am Jun 29, 2010 6:45am
This looks almost like a H & S forming on the hourly.
Gone to a better place
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