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Cable Update (GBPUSD)

  • #245,901
  • Aug 16, 2010 2:43am Aug 16, 2010 2:43am
Busy week for Uk data with Cpi, Boe/Mpc minutes and Retail sales all due later this week.

G/L
ex member
  • #245,902
  • Aug 16, 2010 2:53am Aug 16, 2010 2:53am
30 min
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File Type: mq4 RSX.mq4   3 KB | 371 downloads
  • #245,903
  • Aug 16, 2010 2:53am Aug 16, 2010 2:53am
At this time, looking at 4h chart. price is very near to the 23.6 fib level which is at 1.5579

For the moment it seems that this level will hold. If next bar on 4h chart close & break this level I might think of selling the pair. However, at this time, I am closer to shorting the GBP/CAD instead of shorting GBP/USD.
  • #245,904
  • Aug 16, 2010 3:04am Aug 16, 2010 3:04am
Tiiiiiiimber
  • #245,905
  • Edited 3:20am Aug 16, 2010 3:05am | Edited 3:20am
Quoting bbmac
clearly some supply approaching 5650 ...can the demand absorb it ??...this is what I am currently see-ing on 4hr in respect of potential supp/res factors...

The last 3 big swings down on 1hr has seen price make a H above the then last LH of the downtrend, encouraging the bulls back before a plunge down...is this the same pattern repeating or a genuine recovery from current 5534 lows ? Time will tell.

G/L
currently price is contined at the 23.6% retrace.

we're still at a cross roads atm. on the extended 4H chart we had a candle body cross of the Dynamic Balance Point based on a 4 week average for the first time since June 11 at 5534. (red line) so price is near the bottom of the bull run, but not confirmed bearish for long term trend yet.

a break below this area and the Daily ltl would confirm.

I'm not a fundi trader, but can't imagine the news about China favoring buying Euros over USD is going to lead to Dollar strength. Since it's a thin news day, we could bang around the red zone (top chart) before direction is decided. I'm sure a lot of traders are curious how the NYSE will open today. (I know I am)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gum.gif Size: 35 KB
Click to Enlarge Name: dynmic point.jpg Size: 59 KB
  • #245,906
  • Aug 16, 2010 3:06am Aug 16, 2010 3:06am
Quoting Pickensrulz
Tiiiiiiimber
lol
  • #245,907
  • Aug 16, 2010 3:07am Aug 16, 2010 3:07am
Quoting joemiami
Going short at 5632
closed my short at 5575, will wait for short retrace upward to re enter short

lets see how this plays out.....
  • #245,908
  • Aug 16, 2010 3:08am Aug 16, 2010 3:08am
Quoting Pickensrulz
Tiiiiiiimber

Sure was a nice little ride + 30 on one short and +23 on the other
  • #245,909
  • Aug 16, 2010 3:12am Aug 16, 2010 3:12am
Quoting bbmac
....
The last 3 big swings down on 1hr has seen price make a H above the then last LH of the downtrend, encouraging the bulls back before a plunge down...is this the same pattern repeating or a genuine recovery from current 5534 lows ? Time will tell.

G/L
Well the clues were there re recent 1hr behaviour..see quote above...add to this the bearish divergence on 5min...

G/L
http://www.easy-upload.net/fichiers/z.2010816101032.gif
ex member
  • #245,910
  • Aug 16, 2010 3:25am Aug 16, 2010 3:25am
LOl i am still not short, way to much of a pussy
my longs are still on haha well it has to retrace so lets see to all tht id short nice quick one, mooi so.
  • #245,911
  • Aug 16, 2010 3:34am Aug 16, 2010 3:34am
Wonderful 'correlation trade' with the Euro for a further + 36 pips........

Don't you just love it when things work the way they are supposed too
  • #245,912
  • Aug 16, 2010 3:34am Aug 16, 2010 3:34am
Which give 50 PIPS for the day with the first trade being -20 PIPS.
Out for the day.

Happy trading to you all.
  • #245,913
  • Aug 16, 2010 3:43am Aug 16, 2010 3:43am
Quoting CoffeeDrinke
LOl i am still not short, way to much of a pussy
my longs are still on haha well it has to retrace so lets see to all tht id short nice quick one, mooi so.
lol
Attached Image
Thank You
  • #245,914
  • Aug 16, 2010 3:44am Aug 16, 2010 3:44am
Looking below current intraday low of 5534, I see a confluence of potential support factors @ 5469-40, although the previous weekly t/f swing hi=prev resistance = potential rbs zone encompasses that zone being 5520-5443. Below here and a 4 fib cluster of main swings up fvrom 4229-5997 resides @ 5366-5322.

G/L
ex member
  • #245,915
  • Aug 16, 2010 3:49am Aug 16, 2010 3:49am
Quoting CoffeeDrinke
LOl i am still not short, way to much of a pussy
my longs are still on haha well it has to retrace so lets see to all tht id short nice quick one, mooi so.
http://www.forexfactory.com/showpost...stcount=245907
  • #245,916
  • Aug 16, 2010 3:50am Aug 16, 2010 3:50am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Anyone??
  • #245,917
  • Aug 16, 2010 3:51am Aug 16, 2010 3:51am
dont laugh at me i am going to develope a complex about my long position
  • #245,918
  • Aug 16, 2010 3:53am Aug 16, 2010 3:53am
Reminder, LOL!

http://www.forexfactory.com/showpost...stcount=245045

Make a plan, trade the plan....
Then.... wait.

Trading is a boring activity...

http://www.superbusinesslinks.com/images/bricklayer.jpg

Hehe!
"Flip that coin!"
  • #245,919
  • Aug 16, 2010 3:53am Aug 16, 2010 3:53am
Quoting ams
Anyone??
The 1min led the way on that with bullish divergence set-up

G/L

http://www.easy-upload.net/fichiers/z.2010816105341.gif
ex member
  • #245,920
  • Aug 16, 2010 3:54am Aug 16, 2010 3:54am
Quoting forexlion
http://www.forexfactory.com/showpost...stcount=245907
Whts tht indi lion??
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