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Cable Update (GBPUSD)

  • #235,801
  • Jul 6, 2010 7:23am Jul 6, 2010 7:23am
TRADING CENTRAL
Pivot: 1.5145

Our preference: Long positions above 1.5145 with targets @ 1.523 & 1.53 in extension.

Alternative scenario: Below 1.5145 look for further downside with 1.508 & 1.5025 as targets.

Comment: the pair is pulling back on its new support ahead of a rebound.

Key levels

1.534

1.53

1.523

1.5176 last

1.5145

1.508

1.5025
Attached Image
  • #235,802
  • Jul 6, 2010 7:23am Jul 6, 2010 7:23am
Quoting sclpzmalay
Yeah...but PMI manufacturing always rocks pound
Looks like it's holding for the time being, didn't break for it.
"I made all my money by selling too soon"
  • #235,803
  • Edited 8:00am Jul 6, 2010 7:28am | Edited 8:00am
Scary go buy at current level but can not avoid push the long button on 1.5160 (M5/200) for cam H5 LB target (1.5210)!
Attached Image (click to enlarge)
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I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #235,804
  • Jul 6, 2010 7:31am Jul 6, 2010 7:31am
Quoting kribby
TRADING CENTRAL
Pivot: 1.5145

Our preference: Long positions above 1.5145 with targets @ 1.523 & 1.53 in extension.

Alternative scenario: Below 1.5145 look for further downside with 1.508 & 1.5025 as targets.

Comment: the pair is pulling back on its new support ahead of a rebound.

Key levels

1.534

1.53

1.523

1.5176 last

1.5145

1.508

1.5025
Still think that 1.5209 is the significant number to trade consistently above which was a meet of the 4 hour and 8 hour retraces on fibonacci during the latter part of last week. We have been hovering around this area for a while now. If PMI news helps it above, we could see up to 1.53+ If not then we go back down to late 1.49's.
  • #235,805
  • Jul 6, 2010 7:34am Jul 6, 2010 7:34am
Quoting manize
Scary go buy at current level but can not avoid push the long button on 1.5160 for cam H5 LB target (1.5210)!
I can imagine some trader their face look like when PMI manufacturing news


Attached Image
study of behavior and mind,conscious and unconscious
  • #235,806
  • Jul 6, 2010 7:53am Jul 6, 2010 7:53am
Quoting OldReigatian
Still think that 1.5209 is the significant number to trade consistently above which was a meet of the 4 hour and 8 hour retraces on fibonacci during the latter part of last week. We have been hovering around this area for a while now. If PMI news helps it above, we could see up to 1.53+ If not then we go back down to late 1.49's.
I agree, to that statement but for a good long signal my fib retracement is showing me a break of 5202.......

and for a short a break of 5157
  • #235,807
  • Jul 6, 2010 8:01am Jul 6, 2010 8:01am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Why cable isn't flying when futures are rocketing?
It flies when indices starts going down….something very very dodgy…let's wait for Thursday things will be a bit more clear after that.
  • #235,808
  • Jul 6, 2010 8:04am Jul 6, 2010 8:04am
Quoting ams
Why cable isn't flying when futures are rocketing?
It flies when indices starts going down….something very very dodgy…let's wait for Thursday things will be a bit more clear after that.
send cable to a convent school, it will start behaving
  • #235,809
  • Jul 6, 2010 8:12am Jul 6, 2010 8:12am
Quoting ams
Why cable isn't flying when futures are rocketing?
It flies when indices starts going down….something very very dodgy…let's wait for Thursday things will be a bit more clear after that.

This is great PA for the miscreants to follow minor signals into losing trades both ways while they ignore the bigger picture.
  • #235,810
  • Jul 6, 2010 8:17am Jul 6, 2010 8:17am
Quoting sclpzmalay
I can imagine some trader their face look like when PMI manufacturing news

Looks like Ledley King falling out of a night club - is that him?
  • #235,811
  • Jul 6, 2010 8:18am Jul 6, 2010 8:18am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Yup, it also seems to me....btw Aussie looks yummy...

Quoting cloggie
This is great PA for the miscreants to follow minor signals into losing trades both ways while they ignore the bigger picture.
  • #235,812
  • Jul 6, 2010 8:23am Jul 6, 2010 8:23am
Quoting ams
Yup, it also seems to me....btw Aussie looks yummy...

just an observation..possibility of this playin out.. not a head n shoulder but still good bullish signal as the right hand shoulder is higher than left..has a bullish stance
Attached Image (click to enlarge)
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  • #235,813
  • Jul 6, 2010 8:25am Jul 6, 2010 8:25am
Quoting ams
Yup, it also seems to me....btw Aussie looks yummy...
It is almost in the same boat as cable, that said, the H1 at least may take the H4 with it on the next reversal, but I am not going to get suckered into a smelly finger trade on an excotic just because the majors are ranging. Looks like normal summer service should resume shortly on the majors too. You are right though es flying and cable is just trotting along enjoying the view from here before continuing its journey.

That said, cable has still managed to move 126 pips which is not bad for a summer's day, it just has not been a clear defined move unless one were to trade the M5. It almost looks like we have had a role reversal here on Tricky Tuesday with TY taken over the day's duty with the close of NY markets yesterday, Wicked Wednesday may set it straight again.
  • #235,814
  • Jul 6, 2010 8:32am Jul 6, 2010 8:32am
better do it fast. she need a news to make it clear, bad, good, that's just same...
I will be the number one Manager.
  • #235,815
  • Jul 6, 2010 8:37am Jul 6, 2010 8:37am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Hey Nav, not sure about the break, I am scalping it but not buying for long term at this level. Guess thursday will clear things.



Quoting nAVIN2007
just an observation..possibility of this playin out.. not a head n shoulder but still good bullish signal as the right hand shoulder is higher than left..has a bullish stance
  • #235,816
  • Jul 6, 2010 8:42am Jul 6, 2010 8:42am
Quoting ams
Hey Nav, not sure about the break, I am scalping it but not buying for long term at this level. Guess thursday will clear things.

That's the only way to play today's PA, ignore the 30 and H1, take your signals of the 15 and scalp the M1/M5.

That said for this to be a proper bull flag on the M30 we needed a test of 5158 which we had, so there are opportunities too for the desperate to scalp the bottom of the flag to the middle of the banner.

Neither of these scenarios are to my liking though, so I am just going to sit and watch and pounce on the noobs posting here, about as entertaining as this PA is..........
  • #235,817
  • Jul 6, 2010 8:45am Jul 6, 2010 8:45am
Quoting cloggie
That's the only way to play today's PA, ignore the 30 and H1, take your signals of the 15 and scalp the M1/M5.

That said for this to be a proper bull flag on the M30 we needed a test of 5158 which we had, so there are opportunities too for the desperate to scalp the bottom of the flag to the middle of the banner.

Neither of these scenarios are to my liking though, so I am just going to sit and watch and pounce on the noobs posting here, about as entertaining as this PA is..........
Still a wanker.
  • #235,818
  • Jul 6, 2010 8:51am Jul 6, 2010 8:51am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Keep an eye on EU if and when it breaks 1.26, pound and euro'll fly...and an end to euro's trouble in the interim...although it's very hard to break that level it seems. So is for USD/CHF.



Quoting nAVIN2007
just an observation..possibility of this playin out.. not a head n shoulder but still good bullish signal as the right hand shoulder is higher than left..has a bullish stance
  • #235,819
  • Jul 6, 2010 8:52am Jul 6, 2010 8:52am
I have a small long on EG based on weekly price only, & continued fibre strength. Not touching GU until she decides what she 'really' wants to do...
Cad weakness suggest strength in GBP & my bias would be long .. but .. trying to sit on hands until signals are more clear.
******************* I'd rather make money than be right.
  • #235,820
  • Jul 6, 2010 8:53am Jul 6, 2010 8:53am
Quoting pepper
Still a wanker.
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