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Cable Update (GBPUSD)

  • #244,861
  • Aug 11, 2010 5:31am Aug 11, 2010 5:31am
Quoting monkey@forex
morning all, i haven't got access to a chart right now, whats the next support for cable now that its broken below 1.57?
http://freeserv.dukascopy.com/chart/...813b667e397872
  • #244,862
  • Aug 11, 2010 5:34am Aug 11, 2010 5:34am
wow, thats excellant, thanks for the chart
  • #244,863
  • Aug 11, 2010 5:37am Aug 11, 2010 5:37am
Quoting dami32
Either one of two things will happen....

1) Cable goes up and forms a double top at 1.6000 then drops or

2)Rally all the way to 1.6200.

either way Cable is going up because price bounced off of a major support line at 1.5700 and formed a HRCP on 4 hr chart in the form of a 3 inside up candletick plus positive macd divergence.
Quoting primzvicious
hmm u seems so sure...

the sure thing is either :

1 cable up
2 cable down
Quoting dami32
primzvicious
Ad Astra Per Aspera
To Prim,

your right you are only sure of the two things you mentioned, up and down.... but years of chart analyzation has proven to me that macd divergence along with strong S/R levels topped off with a strong candle pattern make up a powerful reason to go in the direction that it is showing.... then again what do I know lol.
now how your MACD look like
Verily, in every difficulties there is relief
  • #244,864
  • Aug 11, 2010 5:41am Aug 11, 2010 5:41am
Quoting primzvicious
now how your MACD look like

MACD's are lovely things apparantly, they show what has happened and what price did, great for researchers and historians, bit useless for traders though.
  • #244,865
  • Aug 11, 2010 5:55am Aug 11, 2010 5:55am
GU maybe go to 1.4200 for this month...
  • #244,866
  • Aug 11, 2010 5:55am Aug 11, 2010 5:55am
Quoting cloggie
MACD's are lovely things apparantly, they show what has happened and what price did, great for researchers and historians, bit useless for traders though.
Nothing better for spotting divergence IMO.
  • #244,867
  • Aug 11, 2010 5:57am Aug 11, 2010 5:57am
Quoting ukdaytrader
Nothing better for spotting divergence IMO.

I am a pure price trader and never miss the opportunity to have a go at momentum indicators .
  • #244,868
  • Aug 11, 2010 5:57am Aug 11, 2010 5:57am
Quoting master4forex
GU maybe go to 1.4200 for this month...
not a chance
Thank You
  • #244,869
  • Aug 11, 2010 5:57am Aug 11, 2010 5:57am
Quoting master4forex
GU maybe go to 1.4200 for this month...

Blimey, must have missed the Obamarama press release that the US economy has fully recovered... That must be why his senior economic adviser resigned last week, job was done.

Romer knows when to leave a sinking ship before the rats do.
  • #244,870
  • Aug 11, 2010 5:59am Aug 11, 2010 5:59am
Quoting ukdaytrader
Nothing better for spotting divergence IMO.
http://img818.imageshack.us/img818/7...9gctiq897q.jpg
  • #244,871
  • Aug 11, 2010 6:01am Aug 11, 2010 6:01am
Well, according to my understanding of what Cloggie was saying from page 16132 onwards regarding Franky/LO fakes and beakouts, I had a nice box around that range and shorted @ 5750 for a nice 40pips

Cheers cloggie!
  • #244,872
  • Aug 11, 2010 6:03am Aug 11, 2010 6:03am
Quoting wormboy
not a chance
Somewhere below 148 is a distinct possibility though.
  • #244,873
  • Aug 11, 2010 6:05am Aug 11, 2010 6:05am
Quoting ukdaytrader
Somewhere below 148 is a distinct possibility though.
1.56842 is definitely possible
  • #244,874
  • Aug 11, 2010 6:08am Aug 11, 2010 6:08am
anyone have any idea for cable next move?
  • #244,875
  • Aug 11, 2010 6:09am Aug 11, 2010 6:09am
Quoting ukdaytrader
Somewhere below 148 is a distinct possibility though.
I personally doubt it. That much downmove to anticipate in less than 3 weeks is a bit too much. I can't see past 5300 matter of fact. Monthly pvp is @5420 btw.
Thank You
  • #244,876
  • Aug 11, 2010 6:10am Aug 11, 2010 6:10am
Quoting ukdaytrader
Somewhere below 148 is a distinct possibility though.

That would take an entire paradigm shift to get there. Fundamentally that is not supported in the least and technically can't see that happening right now either. We would need at least 10 of the remaining days to be solidly negative, my charts don't reflect that.

Historically August has always been a month of selling, but a 1200 pip month? We could not even do that in 08.
  • #244,877
  • Aug 11, 2010 6:14am Aug 11, 2010 6:14am
Quoting skyfxgold
anyone have any idea for cable next move?
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 19 KB
Verily, in every difficulties there is relief
  • #244,878
  • Aug 11, 2010 6:14am Aug 11, 2010 6:14am
Hi Cloggie,

Here is my attempt at finding the Ass levels. As you have published the ones up to 6237 it made sense to try to find the ones above that level which I have shown in blue. I think that the 416 and 639 are about right but the other 2 I am not so sure about having gone back to 2003 they do not seem to match the peaks from that period

I think that there may also be one at 573 that I have missed off

I would very much appreciate you thoughts
Attached Image (click to enlarge)
Click to Enlarge Name: z zz gbp usd 22.gif Size: 18 KB
  • #244,879
  • Aug 11, 2010 6:26am Aug 11, 2010 6:26am
Quoting Stevie_S
Well, according to my understanding of what Cloggie was saying from page 16132 onwards regarding Franky/LO fakes and beakouts, I had a nice box around that range and shorted @ 5750 for a nice 40pips

Cheers cloggie!
Good Job!!
  • #244,880
  • Aug 11, 2010 6:26am Aug 11, 2010 6:26am
Quoting cloggie
That would take an entire paradigm shift to get there. Fundamentally that is not supported in the least and technically can't see that happening right now either. We would need at least 10 of the remaining days to be solidly negative, my charts don't reflect that.

Historically August has always been a month of selling, but a 1200 pip month? We could not even do that in 08.
Sorry, I was thinking Sept rather than August. Not much reason for markets to be bullish after the holidays IMO. Now that earnings season is out of the way, Sept could get very ugly for stocks.
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