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Cable Update (GBPUSD)

  • #241,741
  • Jul 29, 2010 10:18am Jul 29, 2010 10:18am
Quoting JackintheBox
no news, just a drop but not the right time to go long, it's a pitty

No news? Really? Why are the US yields dropping like a brick then?
  • #241,742
  • Jul 29, 2010 10:19am Jul 29, 2010 10:19am
Quoting drakes
So if people are dumping the US dollar, why is the Pound also falling?
This move is Yen strength by the looks of it. Euro getting sold too.
  • #241,743
  • Jul 29, 2010 10:19am Jul 29, 2010 10:19am
Quoting Uphios
'Falling like a knife'

You got me all exited there and I flipped back to my charts. I guess you must be looking at the 1 minute.
I min chart or not I would say looking pretty large on an hourly now lol
  • #241,744
  • Jul 29, 2010 10:20am Jul 29, 2010 10:20am
Quoting digger1
I min chart or not I would say looking pretty large on an hourly now lol
Yup, just broke down every barrier in sight, including the lTL on the hourly.

Flight to safety, investors are selling of buying Swissy and Yen and the speculators and bots exasperated the move.
  • #241,745
  • Jul 29, 2010 10:22am Jul 29, 2010 10:22am
london will close in 10m

WB out sorry bro it was nice ride
  • #241,746
  • Jul 29, 2010 10:24am Jul 29, 2010 10:24am
Quoting cloggie
Yup, just broke down every barrier in sight, including the lTL on the hourly.
yes , highs were my weekly R2 and on the daily it just touched my quarterly H4 , was in with a few from there , several few lol, c wht the pivot point does here
  • #241,747
  • Jul 29, 2010 10:24am Jul 29, 2010 10:24am
Cloggie,

Thanks for a most informative 2 weeks. I'm learning.
  • #241,748
  • Jul 29, 2010 10:25am Jul 29, 2010 10:25am
Quoting digger1
yes , highs were my weekly R2 and on the daily it just touched my quarterly H4 , was in with a few from there , several few lol, c wht the pivot point does here

Yesterday's sell of was held here. Not taking a punt on this myself yet. Again some of the big boys don't want to hold positions overnight.
  • #241,749
  • Jul 29, 2010 10:27am Jul 29, 2010 10:27am
Quoting JackintheBox
no news, just a drop but not the right time to go long, it's a pitty
NEWS:
Life Insurance industry to be investigated for fraud, concentrating on The Prudential and Met Life. That would give the markets a fair jolt.
  • #241,750
  • Jul 29, 2010 10:27am Jul 29, 2010 10:27am
Quoting cloggie
Yesterday's sell of was held here. Not taking a punt on this myself yet. Again some of the big boys don't want to hold positions overnight.
got out of most , just a quickie , see wht developes now
  • #241,751
  • Jul 29, 2010 10:27am Jul 29, 2010 10:27am
Bought and sold little position on move up again, these guys are crazy but that's forex
  • #241,752
  • Jul 29, 2010 10:33am Jul 29, 2010 10:33am
Cloggie, I think your chart from yesterday with the expansion channels is still valid. do you know which chart I am talkig about?
  • #241,753
  • Jul 29, 2010 10:35am Jul 29, 2010 10:35am
Quoting cloggie
No, there should be more supports on the M15, they are the minor ones. The H1/H4 are the majors when it comes to intra day. Also Cable likes daily pivots, while fibre likes the weekly ones.
Good old s/r, it's good to see a discussion on this rather than 1 minute charts and indicators that light up like an xmas tree.

I use daily pivots and fibs a lot, it's scary how often you can scalp a decent bounce of daily pivots or certain fibs. Didn't realise EU liked the weekly pivots though, will have to check that out.

For me it's been a tough day. Got the early long on dragon but didn't spot it was a fake move and stopped out. Then I sold cable when I should have bought..

Now there is finally some heavy selling and I'm in the right direction. I'm not short GU 1.5634 and dragon 136.17. With the strong bull run I'm not so sure on TP for both yet, have set SL to BE+1 and will see if we can get a bit of a run.

What do you guys think of 1.5530 as GU target and 134.86 (daily S2) and 133.86 (daily S3) for GJ?
  • #241,754
  • Jul 29, 2010 10:42am Jul 29, 2010 10:42am
Quoting uksnowman
Good old s/r, it's good to see a discussion on this rather than 1 minute charts and indicators that light up like an xmas tree.

I use daily pivots and fibs a lot, it's scary how often you can scalp a decent bounce of daily pivots or certain fibs....
Fibs and pivots are lovely for trading cable, look how she sits on the daily right now. Yes if this sell of continues, S1 would be a good target as it coincides with major support on the H4. As to fibs, Cable likes the 50 best.
  • #241,755
  • Jul 29, 2010 10:47am Jul 29, 2010 10:47am
Quoting uksnowman
Good old s/r, it's good to see a discussion on this rather than 1 minute charts and indicators that light up like an xmas tree.

I use daily pivots and fibs a lot, it's scary how often you can scalp a decent bounce of daily pivots or certain fibs. Didn't realise EU liked the weekly pivots though, will have to check that out.

For me it's been a tough day. Got the early long on dragon but didn't spot it was a fake move and stopped out. Then I sold cable when I should have bought..

Now there is finally some heavy selling and I'm in the right...
lol, got a few things to accomplish yet I think before I get to looking for down side tgts just yet need a few test of certain areas an as yet we dont have an hourly close below the days pivot point , could all change in a hurry but so far no retest of anything other than the days high and low
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  • #241,756
  • Jul 29, 2010 10:56am Jul 29, 2010 10:56am
Quoting uksnowman
Good old s/r, it's good to see a discussion on this rather than 1 minute charts and indicators that light up like an xmas tree.

I use daily pivots and fibs a lot, it's scary how often you can scalp a decent bounce of daily pivots or certain fibs. Didn't realise EU liked the weekly pivots though, will have to check that out.

For me it's been a tough day. Got the early long on dragon but didn't spot it was a fake move and stopped out. Then I sold cable when I should have bought..

Now there is finally some heavy selling and I'm in the right...
Good day to you,

I'm going for 1.5385 long term on GU and 133.15 on GJ long term. BUT, as Digger1 has stated - not to say on this current move. There may still be more discount on offer.

You are gonna have to make that decision as you see fit.

Wish you success

Regards
  • #241,757
  • Jul 29, 2010 10:57am Jul 29, 2010 10:57am
Quoting uksnowman
Good old s/r, it's good to see a discussion on this rather than 1 minute charts and indicators that light up like an xmas tree.

I use daily pivots and fibs a lot, it's scary how often you can scalp a decent bounce of daily pivots or certain fibs. Didn't realise EU liked the weekly pivots though, will have to check that out.

For me it's been a tough day. Got the early long on dragon but didn't spot it was a fake move and stopped out. Then I sold cable when I should have bought..

Now there is finally some heavy selling and I'm in the right...
The dragon had dropped out of a channel , and the retest of the channel and testing the daily pivot was a shorting area for the day on tht pair
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  • #241,758
  • Jul 29, 2010 11:09am Jul 29, 2010 11:09am
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!
welp, looks like we're in the money
Rising wedge broken, the rejections at W1 R2 @5662 (three times), producing one spinning top & two shooting stars which had broken the ltl & dp. Still would want a clean close below for a better confirmation but looks like cable had likely topped out. I'll retain short positions taken earlier.

Good luck everyone.
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Thank You
  • #241,759
  • Jul 29, 2010 11:49am Jul 29, 2010 11:49am
Quoting TauTrader
Good day to you,

I'm going for 1.5385 long term on GU and 133.15 on GJ long term. BUT, as Digger1 has stated - not to say on this current move. There may still be more discount on offer.

You are gonna have to make that decision as you see fit.

Wish you success

Regards
Thanks Tau, Digger, Cloggie, I found it really tough this morning getting direction right but now looking very good. I wish I had the patience of you guys to hold out for those kind of targets. I suppose it is as someone on here mentioned, all about confidence in knowing that the big boys like moving price to the higher timeframe s/r, pivots etc.

GJ almost reached daily S2 already! 4h is looking much better now on GU and GJ charts as potential reversal or deepish retrace.
  • #241,760
  • Jul 29, 2010 11:52am Jul 29, 2010 11:52am
Does anyone remember the guy who had this long setup on GBPCHF at 159 and took a large part of it. I cant recall his ID, but would love to know what price he got out?
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