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Cable Update (GBPUSD)

  • #236,821
  • Jul 9, 2010 8:00am Jul 9, 2010 8:00am
Quoting Now
One thing that has me concerned since this call, S&P and DJ futures are not giving in yet.
We sure see a home-runner once they tumble.
  • #236,822
  • Jul 9, 2010 8:00am Jul 9, 2010 8:00am
Quoting cloggie
You too buddy, we were both within a few pips again all the way down.
yup we had em close. good stuff mate
I got a little dragonfly on the m5, probably pulling back to 5123. Flat tho, not taking anymore prisoners today.
Attached Image (click to enlarge)
Click to Enlarge Name: g5.gif Size: 22 KB
Thank You
  • #236,823
  • Jul 9, 2010 8:02am Jul 9, 2010 8:02am
Quoting forexlion
http://img594.imageshack.us/img594/7...14a5a26257.gif
well, i can't see your pic pussy cat...,did you post idiot face again??
I will be the number one Manager.
  • #236,824
  • Jul 9, 2010 8:02am Jul 9, 2010 8:02am
  •  Now
  • | Joined Aug 2006 | Status: 'I should have taken the money' | 654 Posts
Quoting kill56
not any more why give back 40 green pips to the b;;;;;sh we could hit here again if she gos up
if she gos up

support held well yesterday, did not close under 200 ma on hourly

today, close is under 200 ma on hourly and under 60ma on 4htf

well, we will see how it plays off, just waiting for stock indices to give in
Being right is one, taking it from the table is two.
  • #236,825
  • Jul 9, 2010 8:02am Jul 9, 2010 8:02am
Quoting wormboy
yup we had em close. good stuff mate
I got a little dragonfly on the m5, probably pulling back to 5123. Flat tho, not taking anymore prisoners today.
I got the making of a little deliberation on the 15, same here though not going to pick the bottom.
  • #236,826
  • Jul 9, 2010 8:02am Jul 9, 2010 8:02am
Quoting kill56
no more safe than sorry flattttttttttttttt no regrets

we have all the time in the world , enjoy a great weekend
for sure, no regrets. you have a great weekend too!
Thank You
  • #236,827
  • Jul 9, 2010 8:11am Jul 9, 2010 8:11am
Quoting huskyboy
amazing how you play these trendlines

Not just me, lots of good traders here were playing pretty much the same levels as confirmation of a further move South.
  • #236,828
  • Jul 9, 2010 8:15am Jul 9, 2010 8:15am
Quoting cloggie
I got the making of a little deliberation on the 15,
Deliberation pattern now confirmed on the 15.
  • #236,829
  • Jul 9, 2010 8:17am Jul 9, 2010 8:17am
  •  Now
  • | Joined Aug 2006 | Status: 'I should have taken the money' | 654 Posts
Quoting cloggie
Deliberation pattern now confirmed on the 15.
what is the meaning of "deliberation"?
Being right is one, taking it from the table is two.
  • #236,830
  • Jul 9, 2010 8:18am Jul 9, 2010 8:18am
Quoting Now
what is the meaning of "deliberation"?
reversal pattern.
  • #236,831
  • Jul 9, 2010 8:20am Jul 9, 2010 8:20am
  •  Now
  • | Joined Aug 2006 | Status: 'I should have taken the money' | 654 Posts
Quoting cloggie
reversal pattern.
i c, but I would rather wait for a bullish close of the third candle as confirmation
Being right is one, taking it from the table is two.
  • #236,832
  • Jul 9, 2010 8:22am Jul 9, 2010 8:22am
Quoting Now
i c, but I would rather wait for a bullish close of the third candle
Deliberation like this is actually a bearish continuation pattern. For it to signify a bullish reversal it needs to have identical bars around a lower middle. And that's why I said I am not trading this bottom. Another pattern to be mindful of here is the tripple bottom on H4.
  • #236,833
  • Jul 9, 2010 8:23am Jul 9, 2010 8:23am
Let's Pray......
Down...Down...Down....
until Market is closed.....

Attached Image (click to enlarge)
Click to Enlarge Name: down H4.JPG Size: 100 KB
  • #236,834
  • Jul 9, 2010 8:26am Jul 9, 2010 8:26am
i think this week will end around 1.5000

see u all next week...happy weekend..

Java.
I will be the number one Manager.
  • #236,835
  • Jul 9, 2010 8:27am Jul 9, 2010 8:27am
Quoting javapips
i think this week will end around 1.5000

see u all next week...happy weekend..

Java.

For that to happen, 5076 has to give, which has failed the whole week.
  • #236,836
  • Jul 9, 2010 8:27am Jul 9, 2010 8:27am
  •  Now
  • | Joined Aug 2006 | Status: 'I should have taken the money' | 654 Posts
Quoting cloggie
Deliberation like this is actually a bearish continuation pattern. For it to signify a bullish reversal it needs to have identical bars around a lower middle. And that's why I said I am not trading this bottom. Another pattern to be mindful of here is the tripple bottom on H4.
Ok, that is clear, thanks for sharing!
Being right is one, taking it from the table is two.
  • #236,837
  • Jul 9, 2010 8:29am Jul 9, 2010 8:29am
Quoting Now
Ok, that is clear, thanks for sharing!
The big problem of course with patterns is interpretation and they don't always work all the time, but it gives you a heads up to start looking for other confirmations. Right now I am looking at the same levels I used on the way down to judge the retrace coupled with a fib on the M30.

So my watch list is 5101, 5115, 5126, 5141. I would want each level to act as resistance then be tested as support.
  • #236,838
  • Jul 9, 2010 8:33am Jul 9, 2010 8:33am
Quoting cloggie
Not just me, lots of good traders here were playing pretty much the same levels as confirmation of a further move South.

how about this for another confirmation of further move down south.

on the daily chart, i see the range that we are in is actually at the 38.2 fib from the big swing down started in 17th of Nov last year. not able to penetrate it for the last 5 days. touch it twice but bounce back. it is also bouncing back from the trendline of the same swing. to me, this is a very strong indication of bear move, hopefully it'll be long term.

just my humble opinion.
  • #236,839
  • Jul 9, 2010 8:34am Jul 9, 2010 8:34am
Had to come out of my long trade for a quick 20 pips be nice to see some support come in before I stay in longer.
  • #236,840
  • Jul 9, 2010 8:39am Jul 9, 2010 8:39am
So my watch list is 5101, 5115, 5126, 5141.

Cloggie these are the fib levels ? Thx
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