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Cable Update (GBPUSD)

  • #243,381
  • Aug 5, 2010 3:14am Aug 5, 2010 3:14am
Still in longs... There is a lot of short - sellers, be careful guys, market makers love to eat our stops when we against the main trend. I see that we have tested ex-top border of the channel, nothing more. There is another one support - on 1.5800 so pound could touch even it. But all of this move looks like preparing for final up jump I suppose. Market need it for the one thing - when everybody would faith in the 1.65 they will "drop a piano from 60 floor" where pound could stop after that - who knows...
  • #243,382
  • Aug 5, 2010 3:15am Aug 5, 2010 3:15am
Hi everyone...

the weekly chart points to a potential support
a previous swing low and a high at that last low swing on H1
9am candle MIG

the interesting thing is that also there was a
fib 9 (1.4229/1.5967) and 14.6 (1.4948/1.5967)

they don't often get included in the fibo sequence
I'm not sure why?

I suppose put enough lines on a chart anything is possible...
  • #243,383
  • Aug 5, 2010 3:18am Aug 5, 2010 3:18am
Quoting AnonYmos
so your advise would generally be to ignore the 1st b/o at the risk of missing out on the move and wait for the pb and 2d b/o?
Well to be fair if I was going to trade a 1st b/o I too would look to do so on close of such a candle...ie the 1hr bearish thrust candle...but yes generally the 1st b/o tends to be false....better mostly to await the 2nd b/o or sell the pullback...Your stop though is in excatly the right place, ie above the 1hr bearish thrust candle in my opinion.

The difficulty with this present gbpusd market is that although trends to 1hr are down, we know the overall 4hr+ trend is up so of course I guess market participants are awaiting the point at which the strong overall 4hr+ trend resumes..

G/L with the trade.
ex member
  • #243,384
  • Aug 5, 2010 3:26am Aug 5, 2010 3:26am
Going long, target 15950
To Your Success!!
  • #243,385
  • Aug 5, 2010 3:27am Aug 5, 2010 3:27am
Rejected by ystd's lo. Good.
  • #243,386
  • Aug 5, 2010 3:30am Aug 5, 2010 3:30am
ndsouz " Going long, target 15950 "

why?
  • #243,387
  • Aug 5, 2010 3:30am Aug 5, 2010 3:30am
Quoting AnonYmos
Rejected by ystd's lo. Good.

yeh (so far !?) and 2 x fibs there also...1hr screenshot below....
Attached Image
ex member
  • #243,388
  • Aug 5, 2010 3:31am Aug 5, 2010 3:31am
Just closed the short the tl underneath is giving me anxiety issues.
  • #243,389
  • Aug 5, 2010 3:32am Aug 5, 2010 3:32am
Quoting bbmac
Well to be fair if I was going to trade a 1st b/o I too would look to do so on close of such a candle...ie the 1hr bearish thrust candle...but yes generally the 1st b/o tends to be false....better mostly to await the 2nd b/o or sell the pullback...Your stop though is in excatly the right place, ie above the 1hr bearish thrust candle in my opinion.

The difficulty with this present gbpusd market is that although trends to 1hr are down, we know the overall 4hr+ trend is up so of course I guess market participants are awaiting the point at which the...
Thanks, bro! - I think the next hours/days will be interesting. Some will want to cash in on the profits they made during the bull run. Those who missed out on it will be looking for a chance to hop on. And tmw we got NFP coming in and mess everything up!

Trade well!
  • #243,390
  • Aug 5, 2010 3:35am Aug 5, 2010 3:35am
http://nsa16.casimages.com/img/2010/...4556916778.jpg

other analysis on my blog http://foxtrade-foxtrade.blogspot.com/

  • #243,391
  • Aug 5, 2010 3:45am Aug 5, 2010 3:45am
Quoting jimmyloz

other analysis on my blog http://foxtrade-foxtrade.blogspot.com/

Cable unable to move up today from 5850. Sterling is weak, while is EU is shooting up. I dont see a decent upmove today by cable.
  • #243,392
  • Aug 5, 2010 3:48am Aug 5, 2010 3:48am
Quoting Cobby
Hi everyone...

the weekly chart points to a potential support
a previous swing low and a high at that last low swing on H1
9am candle MIG

the interesting thing is that also there was a
fib 9 (1.4229/1.5967) and 14.6 (1.4948/1.5967)

they don't often get included in the fibo sequence
I'm not sure why?

I suppose put enough lines on a chart anything is possible...
Did you ever read Larry Pesavento, or somebody, who researching patterns/harmonic trading/fibbonacci sequece?

Fibo numbers are included in fibo sequence, but not the retracement.

Retracement - is another thing.

There is 5 ratios mainly - 0.618, 0.786, 1.0, 1.27, 1.618 and sometimes 0.707, 1,414 but this levels are working very rare.

I have never heard about 9 and 14.6 fibo levels.

Hope this information would be useful
  • #243,393
  • Aug 5, 2010 3:50am Aug 5, 2010 3:50am
Quoting Honored
Cable unable to move up today. Sterling is weak, while is EU is shooting up. I dont see a decent upmove today by cable.
Unilateral statements like this with nothing to back them up make me smile....No body knows what will happen, but to say sterling is weak after the run up off 4229 Lo is nonsense....From a tech point of view the shorter term t/f's are in a downtrend but 4hr+ remain in an uptrend surely.
ex member
  • #243,394
  • Aug 5, 2010 3:55am Aug 5, 2010 3:55am
Quoting gmdsmc
ndsouz " Going long, target 15950 "

why?
Because FTSE100 is on the bull run again today, so i dont think its good momentum for GBPUSD to fall, going up will be more realistic.

Attached Image (click to enlarge)
Click to Enlarge Name: ftse1002.jpg Size: 128 KB
To Your Success!!
  • #243,395
  • Aug 5, 2010 3:55am Aug 5, 2010 3:55am
I well overdue a losing trade in this thread.
Lets see:
Short 1.5838
15pip stop
  • #243,396
  • Aug 5, 2010 4:01am Aug 5, 2010 4:01am
1 hour line chart

W ??
  • #243,397
  • Aug 5, 2010 4:06am Aug 5, 2010 4:06am
Quoting forexlion
1 hour line chart

W ??

Have a look at the H4 line chart.
  • #243,398
  • Aug 5, 2010 4:06am Aug 5, 2010 4:06am
Quoting forexlion
1 hour line chart

W ??
W made me trash all thoughts of shorting till it forms a M
  • #243,399
  • Aug 5, 2010 4:07am Aug 5, 2010 4:07am
Quoting cloggie
Have a look at the H4 line chart.
Hat ??

Nice Hat
  • #243,400
  • Aug 5, 2010 4:08am Aug 5, 2010 4:08am
Quoting bbmac
Unilateral statements like this with nothing to back them up make me smile....No body knows what will happen, but to say sterling is weak after the run up off 4229 Lo is nonsense....From a tech point of view the shorter term t/f's are in a downtrend but 4hr+ remain in an uptrend surely.

Absolutely, the daily only barely managed a bearish engulfing and you need to seriously zoom out to even spot it. The longer trend is still solidly up, this is only a retrace on the shorter TF's, just a bit of covering once 5960 was unable to give way.
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