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Cable Update (GBPUSD)

  • #245,921
  • Aug 16, 2010 3:58am Aug 16, 2010 3:58am
price broke out of the M30 descending wedge last week and retested the confluence support lines

the bearish momentum is clearly subsiding

I've got a long position in place at 1.5563
Attached Image (click to enlarge)
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Hear the music before the song is over ...
  • #245,922
  • Aug 16, 2010 4:02am Aug 16, 2010 4:02am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
price is merey retracing to get more shorts on board...I turned bullish this morning when asia brought PA above yesterday's low!!

I see 157 in the short term... Bias is invalid if we go below 155600 though..


ta
ams



Quoting bbmac
The 1min led the way on that with bullish divergence set-up

G/L

http://www.easy-upload.net/fichiers/z.2010816105341.gif
  • #245,923
  • Aug 16, 2010 4:26am Aug 16, 2010 4:26am
Quoting ams
price is merey retracing to get more shorts on board...I turned bullish this morning when asia brought PA above yesterday's low!!

I see 157 in the short term... Bias is invalid if we go below 155600 though..


ta
ams
Well I dunno about longer term long positions although 1hr could well print a HL here ?....5min though printed a great PB candle to get long again after the first pullback..

G/L with the longer term long positions from this area.
Attached Image
ex member
  • #245,924
  • Aug 16, 2010 4:28am Aug 16, 2010 4:28am
for me this is a tight ranging market condition so I am not touching anything since market open this week
  • #245,925
  • Aug 16, 2010 4:33am Aug 16, 2010 4:33am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
thnx mate! this week is all about the pound and I expect a volatile week for this reason. Buy the dips and sell the rallies.


ta
ams



Quoting bbmac
Well I dunno about longer term long positions although 1hr could well print a HL here ?....5min though printed a great PB candle to get long again after the first pullback..

G/L with the longer term long positions from this area.
  • #245,926
  • Aug 16, 2010 4:34am Aug 16, 2010 4:34am
Quoting forexlion
for me this is a tight ranging market condition so I am not touching anything since market open this week
This is the advantage of the lower t/f's (I refer in particular to 1 and 5min) one can be productive in any conditions. I accept though it isn't for everyone and that higher t/f's can be more reliable re PA set-ups/patterns,, which is why I for one seek the greatest amount of tech confluence and an early trigger using the lower t/f's.

G/L
ex member
  • #245,927
  • Aug 16, 2010 4:34am Aug 16, 2010 4:34am
[quote=forexlion;3950363]for me this is a tight ranging market condition so I am not touching anything since market open this week[/quot

Hate to agree with you but things will only get interesting beyond 5550 and 5650. Just stating the obvious.
  • #245,928
  • Aug 16, 2010 5:05am Aug 16, 2010 5:05am
the boundary between Bear Force and Bull party. All are ready to fight.
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  • #245,929
  • Aug 16, 2010 5:20am Aug 16, 2010 5:20am
Quoting Monmak
the boundary between Bear Force and Bull party. All are ready to fight.
come back tomorrow, if market still remains in a tight 60 pip range

i am saying IF it remains in this range

normally this forum should be silent, but u will be surprised @ 200+ pages of charts and discussions

chart obsession

this is why i choose 4 hour, trade only when there is a trend, else watch TV or beach volley (its more interesting than TV even )
  • #245,930
  • Aug 16, 2010 5:23am Aug 16, 2010 5:23am
my the force be with the bulls for now
  • #245,931
  • Aug 16, 2010 5:25am Aug 16, 2010 5:25am
Quoting bbmac
Well I dunno about longer term long positions although 1hr could well print a HL here ?....5min though printed a great PB candle to get long again after the first pullback..

G/L with the longer term long positions from this area.
I managed to cash in 20 pips from the first rally after the HL was printed and then tried a long again on the same 5m pin you showed but was stopped out at BE. Now trying long again after another small pin bar on 5m, will give my stops a bit more room to breathe this time!
  • #245,932
  • Aug 16, 2010 5:25am Aug 16, 2010 5:25am
Quoting CoffeeDrinke
mAy the force be with the bulls for now
Attached Image (click to enlarge)
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  • #245,933
  • Aug 16, 2010 5:26am Aug 16, 2010 5:26am
H1 Has bounced off the ascending channel bottom a couple times now... Also broke out and retested the descending wedge.

http://www.shawntom.com/charts/100816_gbpusd_h1.gif
  • #245,934
  • Aug 16, 2010 5:27am Aug 16, 2010 5:27am
Quoting CoffeeDrinke
my the force be with the bulls for now
yeh and the 5min keeps giving triggers if you want to go long....although last one although at a potential HL followed a LH so was lowerin probability although at a 5min ascending trend line

G/L

http://www.easy-upload.net/fichiers/z.2010816122632.gif
ex member
  • #245,935
  • Aug 16, 2010 5:28am Aug 16, 2010 5:28am
hahaha, wow not just totally haha but on a scooter
  • #245,936
  • Aug 16, 2010 5:35am Aug 16, 2010 5:35am
Quoting Monmak
the boundary between Bear Force and Bull party. All are ready to fight.
On previous retraces bulls have entered very quickly, so I doubt bulls will win this time. BUT... don't know anything before that hapens
  • #245,937
  • Aug 16, 2010 5:41am Aug 16, 2010 5:41am
Quoting uksnowman
I managed to cash in 20 pips from the first rally after the HL was printed and then tried a long again on the same 5m pin you showed but was stopped out at BE. Now trying long again after another small pin bar on 5m, will give my stops a bit more room to breathe this time!

May I ask how many bars you require to confirm a HL please? One bar or two bars following the bar that put in the low?

Thanks
  • #245,938
  • Aug 16, 2010 5:43am Aug 16, 2010 5:43am
http://img90.imageshack.us/img90/4263/74709256.gif
  • #245,939
  • Aug 16, 2010 5:44am Aug 16, 2010 5:44am
Uptics mainly driven by USD-weakness
GBP weak too (low of USD-Index should give us highs of GU otherwise).

Not sure what to think of this, I can see prolonged USD-weakness but don't like the GBP-weakness........

Question: is there something like a GBP-Index?

Attached Image
Don't be a hero. Don't have an ego. Always question yourself
  • #245,940
  • Aug 16, 2010 5:51am Aug 16, 2010 5:51am
in a bottleneck. breakout looming.
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Thank You
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