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Cable Update (GBPUSD)

  • #244,281
  • Aug 9, 2010 7:32am Aug 9, 2010 7:32am
same here... stopped with 5 pips profit... long on usd/jpy left running but after 3 hours its in 7 pip profit and it doesn't look to make more... closing Tommorow big move expected.
  • #244,282
  • Aug 9, 2010 7:53am Aug 9, 2010 7:53am
Quoting bbmac
Sentiment remains mixed intraday reflected in price action on 1hr and below...5min being the prime example...few nailed on hi-probability opportunities so far today as a result...finishing here, G/L with rest of session..
there is no price action to judge any sentiment, cable hardly moved all day..... big boys seems to stand aside till direction is clear to plan their next move after tomorrow's release.... beware of some profit taking ahead of news
  • #244,283
  • Aug 9, 2010 7:57am Aug 9, 2010 7:57am
if 5950 holds out then expect 6000 in a hurry sometime within 3 hours
  • #244,284
  • Aug 9, 2010 8:09am Aug 9, 2010 8:09am
I will remain flat for the moment. No setup, no trade.

I am bearish on those GBP levels, but shorting EUR/CAD looked much safer than trading GBP/USD and taking too much risk.
  • #244,285
  • Aug 9, 2010 8:10am Aug 9, 2010 8:10am
Quoting forexlion
if 5950 holds out then expect 6000 in a hurry sometime within 3 hours
going short at market, sl 6055, tp 5865
  • #244,286
  • Aug 9, 2010 8:17am Aug 9, 2010 8:17am
Once NY open, downside will accelerate
I'm targeting 1,5900 for now, and probably 1,5860 & 1,5820
COT: The precious data ignored
  • #244,287
  • Aug 9, 2010 8:19am Aug 9, 2010 8:19am
Quoting forexlion
if 5950 holds out then expect 6000 in a hurry sometime within 3 hours
I would tend to agree. However, it's the inflation report fears which is dulling the bullish vibe.
Probability Professor
  • #244,288
  • Aug 9, 2010 8:19am Aug 9, 2010 8:19am
Quoting kuroro001
Once NY open, downside will accelerate
I'm targeting 1,5900 for now, and probably 1,5860 & 1,5820
It's been open for 50 mins.
Probability Professor
  • #244,289
  • Aug 9, 2010 8:25am Aug 9, 2010 8:25am
Quoting Galation
It's been open for 50 mins.
No it hasn't, it opens in 5 mins, I expected a 10v poster that has been here for 2 years to know at least the basics.
  • #244,290
  • Aug 9, 2010 8:26am Aug 9, 2010 8:26am
Quoting Galation
It's been open for 50 mins.
Isn't it supposed to be open in 5mn ?
COT: The precious data ignored
  • #244,291
  • Aug 9, 2010 8:28am Aug 9, 2010 8:28am
Quoting kuroro001
Once NY open, downside will accelerate
I'm targeting 1,5900 for now, and probably 1,5860 & 1,5820

There is a slim chance she goes to 15860 and a zero percent chance of 5820 today.

It just won't get below prior swing low the day before FOMC, sorry but no way.
  • #244,292
  • Aug 9, 2010 8:34am Aug 9, 2010 8:34am
Quoting cloggie
No it hasn't, it opens in 5 mins, I expected a 10v poster that has been here for 2 years to know at least the basics.
I stand corrected. My time is wrong.
Probability Professor
  • #244,293
  • Aug 9, 2010 8:35am Aug 9, 2010 8:35am
Quoting Galation
I stand corrected. My time is wrong.

No worries, FF itself has had it wrong for years.
  • #244,294
  • Aug 9, 2010 8:37am Aug 9, 2010 8:37am
Quoting digger1
Dont be afraid to draw a line or 2 on your charts , do you see anything that may have helped you here or at the very least saved you little money ? Attachment
Drawing lines dig?

The top line I guess I understand, but the bottom one seems, well, kinda like the monkey thang...heh.

Support has been on the M30 200 since we the 22nd of last month...now that the 5 and 15 have been touched, if the UTL holds, then I would expect this to be the next area of support to be challenged.
Attached Image (click to enlarge)
Click to Enlarge Name: 20030.jpg Size: 55 KB
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  • #244,295
  • Aug 9, 2010 8:37am Aug 9, 2010 8:37am
Quoting Pickensrulz
There is a slim chance she goes to 15860 and a zero percent chance of 5820 today.

It just won't get below prior swing low the day before FOMC, sorry but no way.
For today i'd target 1,5860 once it breaks 1,5900-1,5910.
Yeh you are right, the day before FOMC i don't expect such big move...but who knows some investors might unload some longs beofre FOMC so we never know
COT: The precious data ignored
  • #244,296
  • Aug 9, 2010 8:44am Aug 9, 2010 8:44am
Quoting Magix
Drawing lines dig?

The top line I guess I understand, but the bottom one seems, well, kinda like the monkey thang...heh.

Support has been on the M30 200 since we the 22nd of last month...now that the 5 and 15 have been touched, if the UTL holds, then I would expect this to be the next area of support to be challenged.
A different look at the same thing....

IF we do see the M30 200 challenged, it would see that we would be breaking into a new channel if not just out of the old. A bit of sideways motion from here, then we would start to see a bit of a retrace to the downside from here.

M30 chart 1.
M15 chart 2. Support still on the 15m.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: chan.jpg Size: 66 KB
Click to Enlarge Name: chan2.jpg Size: 70 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #244,297
  • Aug 9, 2010 8:55am Aug 9, 2010 8:55am
Magix are you using the exponential MA? If so why and when are the other MA's useful.

Excuse for a newbe question. Haven't traded much using MA.

Quoting Magix
A different look at the same thing....

IF we do see the M30 200 challenged, it would see that we would be breaking into a new channel if not just out of the old. A bit of sideways motion from here, then we would start to see a bit of a retrace to the downside from here.

M30 chart 1.
M15 chart 2. Support still on the 15m.
  • #244,298
  • Aug 9, 2010 9:03am Aug 9, 2010 9:03am
Quoting sopel
is there any VSA trader ? i'm not, but so low vol on up bar is weakness ? Down we go ?
effort to rise in a down trend off top with no volume is called a no demand and a very valid sell formation
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  • #244,299
  • Aug 9, 2010 9:07am Aug 9, 2010 9:07am
Quoting malcolmb14
effort to rise in a down trend off top with no volume is called a no demand and a very valid sell formation
We're not really in a downtrend here though...so it can still be valid?
COT: The precious data ignored
  • #244,300
  • Aug 9, 2010 9:07am Aug 9, 2010 9:07am
i will wait till the market breaks this tight range and jump in with the trend
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