Cable Update (GBPUSD)

makes loads of sense, have to practice it and test it

that's a handsome profit...smile

i wish i have patience like you and i be more profitable. i have been following ur posts and u r dem great trader.

she comin..

thanks man...cheers

Intel up 5+% afterhours

sharp reject at Weekly R1 .... anyone going to short this puppy yet?

i am short on gu and gj for quick scalp

no break no shake waiting for the little guys to do any thing

This is what I figure....somewhat of a crossroads of Trend Lines Meet Moving Average resistance.

200EMA on the daily...

So strong resistance. Any chance we will get knocked back to 1.49?
The way I see it, today's rally was misplaced from a fundamental standpoint. Inflation-yes. Economic stagnation-looks like there is a bit of that too. Bad? Yes.

Strong resistance yes, and this is really just a best educated guess...But, Cable plays really effin nicely with the 200 EMAs so, I don't see why the daily should play out any different.

Will we make it? There is another question...
Will resistance hold??? Again...time will tell

And where do we go from there?

During the summer months, I really don't expect a lot of great ranges, so quite conceivably, we just range for the next 2-3 months in a 5-600 pip channel heading east.

Really don't matter much. I am typically not in a trade long enough to have to worry about rollover...so, makes no difference to me.

okay thanks. I always appreciate your analysis. I guess British employment figures will be the next big thing to watch for.

Howdy mates....Time to make some Asian targets I guess.. lol so going to study and will get right back with you!

Hope you all made some green pips today....

4H cable

pitchfork and triangle/pennant

First of I want to make the comparrisson to a week ago last friday before the 4th of July, when we spent the next 3 days in a tight range. I see a lot of similarities to these two days,

My first thought is that we will not have enough steam to push through upper level resistence. If we are going to break this upper resistence at 1.5250, we are going to do it with one huge bar from down lower.

With that said... I am not expecting to head too much to the south before resuming that bullish move for today, however, if for some reason we do head a hundred pips or so south, then it is entriely possible that we could break this upper resistence level. Not expecting that to happen though.

So my trade direction for early asian will be long on some type of a pullback. If we don't get it, I am not sure that I will enter long. My inititial thought is around the 1.5150 area would be a nice place to enter some longs. Or if it gets that low, the weekly pivot. The 55 and 100 SMA on the 5M chart are pretty common points for us to be playing longs off of with minimal risk.

I think we will see higher highs today on the daily, but I think there will be a limit as to how high it will go today. I have resistence at 1.5200, a trend line on the H4 at 1.5229, as well we have the uppper 100 and 200 BB on the 1HR chart at 1.5250. It is this area that I will be looking for a reversal bar of some kind on the 1Hr chart or some strong divergence on the 15M chart to enter a trade lower.

It is also a possibility that we could pull back to the 200 SMA on the 1HR chart for a pull back higher. If we get that low, that would be just another place for long entries.

In terms of strength, I would say that this move was less powerful than the move up the Friday before the 4th, which gives me more validation that this upper level resistence will not break at this push up. Perhaps next time or the time after that. Any bounce off the top should at least bring us back down to 1.5100. However, coming back to 1.5100 before moving up could give us the strength to push up through this upper level resistnece.

If we don't get a retrace for Asia, I will be looking for one from London, something like we had today.

H1 is still overbought, which does not mean it won't go higher

M30 is looking like we have divergence forming, so will have to keep an eye on that.

M15 is trying to make it down to over sold area, and M5 has been up and down a few times already today.

Here are some charts, and I look forward to hear what you have to say about things as well

As always, I am not a professional, but just a guy trying to make sense of all this, make a plan and try to trade that plan. Look forward to your input as well!

Tuesday, July 13, 2010 16:01:02
* (UK) UK JUN NATIONWIDE CONSUMER CONFIDENCE: 63 V 62E (Lowest level since May 2009)

Looking like possible failure to break 5200. Sentiment a bit too bullish right now though IMHO.

what does that implies on the currency market????????????

make it simple
keep clean chart from complex lagging indi
never trust forum say
just trust your own chart
and...
BE YOURSELF .......