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Cable Update (GBPUSD)

  • #245,561
  • Aug 13, 2010 6:24am Aug 13, 2010 6:24am
Quoting witsnpips
who like to eat worms...
  • #245,562
  • Aug 13, 2010 6:25am Aug 13, 2010 6:25am
any body agree with this.

price 1.55920, Support 1.55015, Pivot Point 1.56122, Resistance 1.57229
  • #245,563
  • Aug 13, 2010 6:28am Aug 13, 2010 6:28am
Quoting skyfxgold
any body agree with this.

price 1.55920, Support 1.55015, Pivot Point 1.56122, Resistance 1.57229
Price, yeah roughly,
Support, there are loads bigger ones between here and there that need to go first,
PP, not using London
Resistance, lots more that need going first.
  • #245,564
  • Aug 13, 2010 6:28am Aug 13, 2010 6:28am
Quoting witsnpips
who like to eat worms...
Attached Image
Thank You
  • #245,565
  • Aug 13, 2010 6:29am Aug 13, 2010 6:29am
Quoting skyfxgold
any body agree with this.

price 1.55920, Support 1.55015, Pivot Point 1.56122, Resistance 1.57229

I have daily pivot at 5618 here but it all depends on your broker open/close time , as for the supp and res above, I have no idea what they are...5726 is however 38.2% of 5997-5560 and in a previous 1hr swing hi zone...5501falls in a potential support confluence I discussed in a post earlier.

G/L
ex member
  • #245,566
  • Aug 13, 2010 6:31am Aug 13, 2010 6:31am
Quoting cloggie
This is still my key, not going to anticipate or preempt this one.
Using your prior 4h charts as a model, I made a parallel tl of last 4h lows and according to that, she broke under yesterday and is now testing it from below.
However in your 1h chart you have drawn a tl to reflect the latest 1h low .. so it looks like there is still an uptrend ... now I am confused (this is not a new condition for me )
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 19 KB
******************* I'd rather make money than be right.
  • #245,567
  • Aug 13, 2010 6:31am Aug 13, 2010 6:31am
Quoting bbmac
I have daily pivot at 5618 here but it all depends on your broker open/close time , as for the supp and res above, I have no idea what they are...5726 is however 38.2% of 5997-5560 and in a previous 1hr swing hi zone...5501falls in a potential support confluence I discussed in a post earlier.

G/L

I got exactly the same. 56184 for the 5 decimal ones.
  • #245,568
  • Aug 13, 2010 6:33am Aug 13, 2010 6:33am
Quoting 4xStar
Using your prior 4h charts as a model, I made a parallel tl of last 4h lows and according to that, she broke under yesterday and is now testing it from below.
However in your 1h chart you have drawn a tl to reflect the latest 1h low .. so it looks like there is still an uptrend ... now I am confused (this is not a new condition for me )

I have not drawn a parallel H4 yet as we have had no 2 touches on anything that could possibly form one. So I am still looking at the hourly and daily ones until the H4 has had time to form.
  • #245,569
  • Aug 13, 2010 6:37am Aug 13, 2010 6:37am
Quoting cloggie
I have not drawn a parallel H4 yet as we have had no 2 touches on anything that could possibly form one. So I am still looking at the hourly and daily ones until the H4 has had time to form.
Ok, here is close up of my last (bottom) tl .. I used the 2 candles with the checkmark as the touch point ... and it shows 4h is now under & testing from below.....this is not right?
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 26 KB
******************* I'd rather make money than be right.
  • #245,570
  • Aug 13, 2010 6:39am Aug 13, 2010 6:39am
seems like the euro cow got alittle tired of resisting
  • #245,571
  • Aug 13, 2010 6:40am Aug 13, 2010 6:40am
would you advise buy at when cable go down at 1.5550 for short?
  • #245,572
  • Aug 13, 2010 6:40am Aug 13, 2010 6:40am
Quoting CoffeeDrinke
seems like the euro cow got alittle tired of resisting
In trading terms actially supporting but you get wht i mean
  • #245,573
  • Aug 13, 2010 6:41am Aug 13, 2010 6:41am
Quoting 4xStar
Ok, here is close up of my last (bottom) tl .. I used the 2 candles with the checkmark as the touch point ... and it shows 4h is now under & testing from below.....this is not right?

As always there are 10 different ways to skin a cat. There is no wrong and right way of drawing a TL, but mine is based on the 2 touches on 07/13 and 07/20 and I saw the 07/21 as a test of the lTL that failed and see this one as a further test of the lTL and am not going to draw a new one yet based on a single failure without having a second one as anchor.
Attached Image (click to enlarge)
Click to Enlarge Name: today's play 50.gif Size: 19 KB
  • #245,574
  • Aug 13, 2010 6:42am Aug 13, 2010 6:42am
I think that cable has one last spike in her. Should go up to 1.5630ish and then the key is if it stops below 1.5677. If there is failure there, than cable could make another leg down.
  • #245,575
  • Aug 13, 2010 6:43am Aug 13, 2010 6:43am
Guys, what does a good retail sales data mean for GU?
Thanks for the reply.
  • #245,576
  • Aug 13, 2010 6:46am Aug 13, 2010 6:46am
Quoting Pickensrulz
I think that cable has one last spike in her. Should go up to 1.5630ish and then the key is if it stops below 1.5677. If there is failure there, than cable could make another leg down.
NONO i want it to go up and close highish, i want a monday madness selling frenzy the best to start a week off great
  • #245,577
  • Aug 13, 2010 6:46am Aug 13, 2010 6:46am
Quoting skyfxgold
would you advise buy at when cable go down at 1.5550 for short?
I would advise you to trade your own plan/edge and not react to any anonymous 3rd party ideas on a blind forum, including any contained in this post....that said for me I, like others, have identified potential support confluence down to 5550 and may well act on it to get long if the right set-up comes along...if it doesn't - I will not.

G/L whatever you decide to do.
ex member
  • #245,578
  • Aug 13, 2010 6:49am Aug 13, 2010 6:49am
Quoting skyfxgold
would you advise buy at when cable go down at 1.5550 for short?

Several of us have given levels here of interest to watch and trade accordingly. Nobody is going to give you a trade call for you to trade on. Any calls here should always be analysed based on your plan and strategy.
  • #245,579
  • Aug 13, 2010 6:50am Aug 13, 2010 6:50am
Quoting PipMaxzz
Guys, what does a good retail sales data mean for GU?
Thanks for the reply.
Well it is U.s CPI and Retail sales data at same time so one could be strong the other weak etc....which makes market reacxtion more difficult to predict ahead of the event risk. If for eg retail sales are strong and cpi has jumped up, the conventional wisdom is $ buying/£ selling in this pairing on the knee jerk...vice versa for weak data...but it is data and anything can happen or nothing can happen....depending on the data itself, it's deviation from forecasts and any revisions to previous...so may variables particul;arly when a double announcemnet of different data at the same time...

G/L
ex member
  • #245,580
  • Aug 13, 2010 6:50am Aug 13, 2010 6:50am
Quoting CoffeeDrinke
NONO i want it to go up and close highish, i want a monday madness selling frenzy the best to start a week off great

Ya know, my initial thoughts for Friday were bullish. A freaky friday bull candle after a strong bear move. It still could happen.

I'm neutral and I'll be a reactive rather than a proactive trader today.
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