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Cable Update (GBPUSD)

  • #241,661
  • Jul 29, 2010 5:51am Jul 29, 2010 5:51am
May feel like more but price is only @ 49% of it's 20day average pip range so far in the stepped move up today to current 5662bid Hi. Lower t/f dips have so far been well supported...Mni were suggesting offers 5665/70 saying potentially stronger 5680/90 as some 1.618% fib extension targets there ?

G/L
ex member
  • #241,662
  • Jul 29, 2010 6:13am Jul 29, 2010 6:13am
Quoting skerdi-meta
i'm not saying i'm going in right now,,, but usually @ month end,, they sell eur/gbp bcus of th uk payments 2 some euro thingy... I guess it's safer shorting e/j and g/j since on the daily they didnt break the trendline and the 100 sma respectively and the yen seems a bit more reliable then the $ (there's talk by moody about downgrading US)
Can someone please explain what this means?
  • #241,663
  • Jul 29, 2010 6:16am Jul 29, 2010 6:16am
Everybody just waiting,longs have consolidated and shorts are waiting for confirmation.
  • #241,664
  • Jul 29, 2010 6:29am Jul 29, 2010 6:29am
Quoting kaspopsicle
More or less exactly what i was going to say. i'm not even scalping until she sorts out the consolidation shes at..break clear above 156542 or below 100 ma
I'm with you on this. Higher TF's don't show much sign of reversal yet in terms of candle patterns apart from a broadening top as mentioned by GM. I don't normally use the 100 MA but if you look at how many pips you would have by going long on the 100 MA break northbound, it has been double or triple the amount going short on the break south of the MA. Simple moral of the story and trend trading!

Obviously it will reverse at some point but it's better to wait for it to reverse and then short on pullbacks than to lose out each time picking tops..
  • #241,665
  • Jul 29, 2010 6:31am Jul 29, 2010 6:31am
Quoting pepper
Everybody just waiting,longs have consolidated and shorts are waiting for confirmation.
kaboom
  • #241,666
  • Jul 29, 2010 6:44am Jul 29, 2010 6:44am
hi all

are still trying to pic tops and bottoms or we look at TL's and S/R

sure we can pic some pips but we do have a trend play it safe look

harder u will be fine with load of green pips best of luck
  • #241,667
  • Jul 29, 2010 7:00am Jul 29, 2010 7:00am
guys,

stick a clear monthly chart up, now draw line at 1.5630. I'm not one for picking tops but historically this is a major resistance.
what cha think, consolidate here on the daily.


cheers J
  • #241,668
  • Jul 29, 2010 7:01am Jul 29, 2010 7:01am
Hmmmmm........
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Doing what you like is Freedom. Liking what you do is Happiness.
  • #241,669
  • Jul 29, 2010 7:03am Jul 29, 2010 7:03am
Quoting wormboy
i'm with you here.
the move down is inevitable. Question is just when. But with the rising wedge I have on my chart reaching almost the pinnacle, I have sold @5629.
This thing can still spike up to the secondary weekly resistance @5662 tho, so I have widen my stop by 120 pips from my entry..
Quoting wormboy
welp, there's that spike. Let's see if the level holds.
If it doesn't, I'll be ready to bail & buy from here, as ridiculous as it may sound

good luck.
okay. spiked up as anticipated. Level held as hoped for.
The rising wedge, the rejections at W1 R2 @5662 (twice), producing one spinning top & one shooting star which is currently testing the ltl & the dp.
This is my top & I'm happy to sell from here unless the previously mentioned levels, pattern & candle formations gets invalidated.

Show me the money!
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Thank You
  • #241,670
  • Jul 29, 2010 7:04am Jul 29, 2010 7:04am
Quoting skerdi-meta
i'm not saying i'm going in right now,,, but usually @ month end,, they sell eur/gbp bcus of th uk payments 2 some euro thingy... I guess it's safer shorting e/j and g/j since on the daily they didnt break the trendline and the 100 sma respectively and the yen seems a bit more reliable then the $ (there's talk by moody about downgrading US)
dude these indicators dont really help.
  • #241,671
  • Jul 29, 2010 7:12am Jul 29, 2010 7:12am
wormboy, explain me please
what does mean:

"<45:39"
and
"<238:28"

on your charts?
  • #241,672
  • Jul 29, 2010 7:14am Jul 29, 2010 7:14am
Quoting wormboy
okay. spiked up as anticipated. Level held as hoped for.
The rising wedge, the rejections at W1 R2 @5662 (twice), producing one spinning top & one shooting star which is currently testing the ltl & the dp.
This is my top & I'm happy to sell from here unless the previously mentioned levels, pattern & candle formations gets invalidated.

Show me the money!
with u in this one bro lets see what the news bring us
  • #241,673
  • Jul 29, 2010 7:17am Jul 29, 2010 7:17am
good mourning
  • #241,674
  • Jul 29, 2010 7:19am Jul 29, 2010 7:19am
Quoting mouse09
wormboy, explain me please
what does mean:

"<45:39"
and
"<238:28"

on your charts?
hi

it's candle open timer.
Thank You
  • #241,675
  • Jul 29, 2010 7:20am Jul 29, 2010 7:20am
Quoting kill56
with u in this one bro lets see what the news bring us
bring out the cavalry bro, we need them

good luck to us!
Thank You
  • #241,676
  • Jul 29, 2010 7:20am Jul 29, 2010 7:20am
Confluence of price hitting 100SMA and 1.5630 resistance area on the weekly chart. Check out what happened the weekly price brushed the 100SMA....
  • #241,677
  • Jul 29, 2010 7:20am Jul 29, 2010 7:20am
Quoting mouse09
wormboy, explain me please
what does mean:

"<45:39"
and
"<238:28"

on your charts?
time left for bar candle....2 digit at front for minutes : 2 digit at back is for seconds..
  • #241,678
  • Jul 29, 2010 7:21am Jul 29, 2010 7:21am
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wormboy, our charts have smth common
)
  • #241,679
  • Jul 29, 2010 7:26am Jul 29, 2010 7:26am
Quoting fxoxford
as you can see from the chart where still in a uptrend also im holding a big position so i will be looking to take some profit off the table, still have 1.5780 in sight.
don't know about 1.5780, best thing to do is take profit. there's no downtrend, only if your taking 30 pips here and there other then that i would not be selling.
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  • #241,680
  • Jul 29, 2010 7:29am Jul 29, 2010 7:29am
Quoting wormboy
bring out the cavalry bro, we need them

good luck to us!

here they are bro
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