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Cable Update (GBPUSD)

  • #241,761
  • Jul 29, 2010 10:07am Jul 29, 2010 10:07am
wormboy, could you explain me please, why do you think that it can not go to 1,5250 ?
  • #241,762
  • Jul 29, 2010 10:08am Jul 29, 2010 10:08am
Quoting uksnowman
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.
Good day to you,

Thank you for the mention, but I have not contributed anything. Just dropping silly comment from time to time. Cloggie and Digger1 has tought and taken the time to add true value.

So with the other regular posters.

I am mediocre at technical trading and totally suck at fundamentals - ask AMS

You did great on your entries - well done. I do hope you achieve your required result.

Wish you all the best!

Regards
  • #241,763
  • Jul 29, 2010 10:13am Jul 29, 2010 10:13am
to early to confirm a downtrend and to early for me to sell, but price is dropping like hotcakes
Attached Image (click to enlarge)
Click to Enlarge Name: Chart.PNG Size: 53 KB
  • #241,764
  • Jul 29, 2010 10:16am Jul 29, 2010 10:16am
Quoting fxoxford
to early to confirm a downtrend and to early for me to sell, but price is dropping like hotcakes
Good volatility at this time han??
  • #241,765
  • Jul 29, 2010 10:20am Jul 29, 2010 10:20am
Quoting fxoxford
to early to confirm a downtrend and to early for me to sell, but price is dropping like hotcakes

i wish it would, but just seems like some big dog just keeps buying every 50 pip fall, don't think cable is gonna ever go down!!!

slim
  • #241,766
  • Jul 29, 2010 10:23am Jul 29, 2010 10:23am
Quoting slimcat
i wish it would, but just seems like some big dog just keeps buying every 50 pip fall, don't think cable is gonna ever go down!!!

slim
Its like beginning of a Carry Trade.
  • #241,767
  • Jul 29, 2010 10:23am Jul 29, 2010 10:23am
Quoting slimcat
i wish it would, but just seems like some big dog just keeps buying every 50 pip fall, don't think cable is gonna ever go down!!!

slim
LOL, so true
  • #241,768
  • Jul 29, 2010 10:24am Jul 29, 2010 10:24am
Quoting Purple
Its like beginning of a Carry Trade.
  • #241,769
  • Jul 29, 2010 10:27am Jul 29, 2010 10:27am
Quoting fxoxford
LOL, so true

here we go again...jeeez!!
  • #241,770
  • Jul 29, 2010 10:27am Jul 29, 2010 10:27am
Quoting Purple
Its like beginning of a Carry Trade.
Now there's a thought, surely not??
This space intentionally left blank.
  • #241,771
  • Jul 29, 2010 10:40am Jul 29, 2010 10:40am
Quoting mouse09
wormboy, could you explain me please, why do you think that it can not go to 1,5250 ?
hi mouse

erm .. i didn't say cable can't go that far. But keep in mind cable is still in an uptrend & any drop in price is just normal retrace before the next leg up.
If it does get that far to 5250 then cable is likely to drop even more as that number will overhaul the current bullish trend. Anyway, let's see how the D1 closes later. If it does close bearish then I guess it's okay to contemplate on those numbers. Else, be prepared to bail

Be back at lo tomorrow.
Thank You
  • #241,772
  • Jul 29, 2010 10:44am Jul 29, 2010 10:44am
Quoting Uphios
Now there's a thought, surely not??
I mean look at the all accumulation on GBP/JPY Daily chart, unless some major over-riding fundamental news like collapse of a whole country like 'Greece' comes up again to wrong all of the accumulation and dive, we are going to stay in the channel on daily and keep going up I think.
  • #241,773
  • Jul 29, 2010 10:52am Jul 29, 2010 10:52am
Quoting Purple
I mean look at the all accumulation on GBP/JPY Daily chart, unless some major over-riding fundamental news like collapse of a whole country like 'Greece' comes up again to wrong all of the accumulation and dive, we are going to stay in the channel on daily and keep going up I think.
Up trend on the daily dragon? , must be a much smaller channel . We are getting close to an intersting area tho
Attached Image (click to enlarge)
Click to Enlarge Name: Daily chart.jpg Size: 152 KB
  • #241,774
  • Jul 29, 2010 11:06am Jul 29, 2010 11:06am
Quoting Purple
I mean look at the all accumulation on GBP/JPY Daily chart, unless some major over-riding fundamental news like collapse of a whole country like 'Greece' comes up again to wrong all of the accumulation and dive, we are going to stay in the channel on daily and keep going up I think.
Very hard to even imagine an uptrend on this daily chart, top left of chart to bottom right corner of chart err umm not an uptrend lol, the triangle break will be huge tho wether its up or down
Attached Image (click to enlarge)
Click to Enlarge Name: Daily chart.jpg Size: 114 KB
  • #241,775
  • Jul 29, 2010 11:27am Jul 29, 2010 11:27am
But my point is without some huge fundamental news their wont be any huge breakdown, up or down, just a boring consolidation.

Anyways I am loling right now at the tiny shooting star like pattern getting formed on GBP/USD daily again.
  • #241,776
  • Jul 29, 2010 11:31am Jul 29, 2010 11:31am
not picking on you purple there just has not been an overall up trend on the daily chart since last August. That is where it retested the bottom of the last little uptrend channel it fell out of and has been trending down ever since , thats not to say there hasent been lots of money made on long trades sine then tho
Attached Image (click to enlarge)
Click to Enlarge Name: Daily chart.jpg Size: 147 KB
  • #241,777
  • Jul 29, 2010 11:33am Jul 29, 2010 11:33am
Quoting Purple
But my point is without some huge fundamental news their wont be any huge breakdown, up or down, just a boring consolidation.

Anyways I am loling right now at the tiny shooting star like pattern getting formed on GBP/USD daily again.
lol, for sure , that is where the technicals and the triangle break will kick in
  • #241,778
  • Jul 29, 2010 11:37am Jul 29, 2010 11:37am
Good day to you,

To remain on track for a possible chance lower, we need a close today around 1.5590. Confluence around this area of Tuesday's high @ 1.5598 / Today's open @ 1.5593 and Tuesday's close @ 1.5591 - all nicely bundled.

Throw in the 1.5600 roundy and we have a substantial level right there. Failed once to break through already. Upside of price, we see yesterdays high @ 1.5635 doing duty. Further below the abovementioned bundle, yesterdays low @ 1.5544 next with the 50% line of this week @ 1.5534.

May be in process of forming a lower high on the 1hr. But insignificant in comparison to the bigger pic.

Interesting times. Fascinating.

Warm regards
  • #241,779
  • Jul 29, 2010 11:45am Jul 29, 2010 11:45am
Quoting Purple
But my point is without some huge fundamental news their wont be any huge breakdown, up or down, just a boring consolidation.

Anyways I am loling right now at the tiny shooting star like pattern getting formed on GBP/USD daily again.
Charts have an uncanny ability for something like a triangle break of that size pointing out the next big piece of news that sets things in motion for the next several months , The dragon is a beast even when its consolidating tho
  • #241,780
  • Jul 29, 2010 11:54am Jul 29, 2010 11:54am
we will break todays high 1.5662 by tommorow
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