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Cable Update (GBPUSD)

  • #246,521
  • Aug 18, 2010 5:32am Aug 18, 2010 5:32am
Quoting Precap2
Bad idea. Hang on to your short and pips stunner you go long and let's count the red pips and green pips in the next 5 hours.

Precap2
Keep losing going short. while i keep winning going long from now till???? next 2 weeks!
  • #246,522
  • Aug 18, 2010 5:33am Aug 18, 2010 5:33am
Quoting Precap2
That's the spirit. . . . I always keep hope alive with clean SL in case it turns to hopelessness

Precap2
forex is not a gamble so there is no hope.
  • #246,523
  • Aug 18, 2010 5:34am Aug 18, 2010 5:34am
Bearish regular divergence on 5min oscillators at the top but not exactly racing down.
Attached Image (click to enlarge)
Click to Enlarge Name: 1115 5min Rev B.gif Size: 21 KB
ex member
  • #246,524
  • Aug 18, 2010 5:34am Aug 18, 2010 5:34am
for shorts to continue 5534 is the support

else the next t arget could be 6458

this is fx, anything can happen, play safe

http://img841.imageshack.us/img841/5519/53572302.gif
  • #246,525
  • Aug 18, 2010 5:35am Aug 18, 2010 5:35am
Quoting Delite
Hi Chow Clown

Thanks for the reply - and a great trade! Have been following this thread for some time and it really has focused my trading strategy upon the good old S & R, TLs and PA side of things.

Some really great posts here.
Good. But I must add-a-vice. . . Don't trade what you see here without first re-analyzing it for yourself. It might be death knell from a comedian

Precap2
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #246,526
  • Aug 18, 2010 5:38am Aug 18, 2010 5:38am
Just have a look at a HTF like your weekly
Quoting Articulate
This current sentiment now is that GBPUSD has now formed a 200-pips box (flag) between 1.57807 and 1.55081. A break out of either side will determine the next direction. Until this happens any prediction is mere speculation.

To play the range, follow H4. The most effective method is to follow the first reversal H4 candle using M15 as entry around 30. The red horizontal line on RSI gives early indication of when to take profit or lock your profit. Now the trend is up, reversal on M15 around 70 is a signal to either take or lock your profit by either...
Trade with the momentum
  • #246,527
  • Aug 18, 2010 5:42am Aug 18, 2010 5:42am
Thanks for the advice! However, I only ever trade my own 'signals' and use the info here to further my knowledge through further research.

Scary if people do simply trade what others tell them - how do you ever learn that way?
  • #246,528
  • Aug 18, 2010 5:43am Aug 18, 2010 5:43am
Funny day so far...a definite downside breech of the daily t/f ascending trend line/channel...and now an upside breech of the 4hr descending trend line / channel...daily t/f could well close as a bullish hammer if this £ buying kepps up ...time will tell...long way to go yet.


G/L
ex member
  • #246,529
  • Aug 18, 2010 5:50am Aug 18, 2010 5:50am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Peeps, I reckon this area is designed ot loose money..have a look at the attached chart.. We went below the trendline (mark it, it's a major one running from 143) and now we have come backup. I reckon we will go down again...not a convincing trend either side...both long and short can make calls as this is a congestion zone , might or might not work...



ta
ams
Attached Image (click to enlarge)
Click to Enlarge Name: gu1.gif Size: 15 KB
  • #246,530
  • Edited 5:54am Aug 18, 2010 5:51am | Edited 5:54am
a box from 5780 to 5508 i dont see it, id rather say from 5703 to 5570, i went short at 5570 on yesterdays break out and was stopped for break even, but now to tell you the truth i dont know where its going id rather stay flat at the moment, any ideas, its been a weekly bearish piercing line seems like concolidation or a waiting market id like to see a break down. but you never know
  • #246,531
  • Aug 18, 2010 5:52am Aug 18, 2010 5:52am
By Francis Bray, CFTe MSTA
A DOW JONES NEWSWIRES COLUMN

LONDON (Dow Jones)--The desirability of sterling that has been apparent since the change of U.K government last May, has taken a recent knock versus the U.S. dollar, and there is an increasing risk of a setback to the 1.5230 area.
The sea-change occurred when GBP/USD reached 1.5998 on August 6, marking a peak for the strong, albeit corrective rally off the May 20 reaction low at 1.4229.
Resistance protecting the psychologically-important 1.6000 level has proved to be significant; strong enough to negate Monday's bullish outside day following Wednesday's push below 1.5535.
Former range highs at 1.5470, and a 1.618 downside extension target at 1.5445 now become the immediate objectives, but the move carries the threat for a deeper retracement towards 1.5320 and 1.5230. For details, see the GBP/USD daily chart.
http://www.dowjoneswebservices.com/chart/view/4442
1.5320 represents 38.2% retracement of the 1.4229/1.5998 rally, and both the three-month and six-month daily moving averages are occupying this area, which is likely to attract support in order to try to arrest the bear wave.
Nothing will prevent these two moving averages from performing a "golden cross" either at Wednesday's or Thursday's close, but as these averages are lying beneath the more significant 200-day and 260-day averages, the implied buy signal given will be a false one.
The 1.5230 support area is more significant. On the way up from the 1.4229 low, 1.5230 provided key resistance in early July that was eventually broken, and this area now reverts to support.
However, as the 1.4229/1.5998 rally is considered corrective, longer-term bears would have reason to apply greater pressure to test the 50% retracement level at 1.5115. And as this coincides with an important higher low at 1.5126 and a 2.618 downside extension target at 1.5160, this area has the best chance of halting this initial bear wave off 1.5998.
A break above Monday's high at 1.5701 would defer the bearish outlook, although only above the 1.5909 lower high would bring the focus back onto the 1.5998 peak.
At 0910 GMT, GBP/USD was at 1.5644.

BR
  • #246,532
  • Aug 18, 2010 5:55am Aug 18, 2010 5:55am
Quoting pips stunner
Keep losing going short. while i keep winning going long from now till???? next 2 weeks!
We'll see.
Thank You
  • #246,533
  • Aug 18, 2010 6:02am Aug 18, 2010 6:02am
Morning all, missed the runup this morning. Got a bit of catching up to do.

Plenty of entertainment value here today, see that Oxford got himself suspended, who did he p!ss of this time?
  • #246,534
  • Aug 18, 2010 6:04am Aug 18, 2010 6:04am
Quoting wormboy
We'll see.
got pending short at 49 and s/l at 70...

reckon we are going down looking at where we stopped on H4 and the 123 on m5...

Will be targeting 1.5600 1st and then see where we go... Hoping I get hit at 1.5649!
@pawpaw1000 on Twitter
  • #246,535
  • Aug 18, 2010 6:04am Aug 18, 2010 6:04am
[quote=wormboy;3956799]We'll see.[/quote
  • #246,536
  • Aug 18, 2010 6:05am Aug 18, 2010 6:05am
Quoting cloggie
Morning all, missed the runup this morning. Got a bit of catching up to do.

Plenty of entertainment value here today, see that Oxford got himself suspended, who did he p!ss of this time?
@pawpaw1000 on Twitter
  • #246,537
  • Aug 18, 2010 6:05am Aug 18, 2010 6:05am
Quoting cloggie
Morning all, missed the runup this morning. Got a bit of catching up to do.
afternoon. you didn't miss much cloggs. same shit different day.
Thank You
  • #246,538
  • Aug 18, 2010 6:05am Aug 18, 2010 6:05am
Quoting wormboy
We'll see.

Yeah we move up a few pips and they are calling for 1.6 again. That last H4 (London times) was not engulfing and came to an abrupt halt at the uTL, next one is key for further move up, not looking good so far. Bit of a messy day, that said we are still bearish on the hourly unless 5700-ish goes. Shorting this once at least the 15 confirms it is the higher probability trade now.
  • #246,539
  • Aug 18, 2010 6:08am Aug 18, 2010 6:08am
Quoting cloggie
Yeah we move up a few pips and they are calling for 1.6 again.
HAHA! mabe if the wish hard enough it'll happen... haha...

H4 stopped at a interesting level and looks like we are going down again!

Reckon I might have missed this one but Have set my entry at 49 and "hoping" it will be hit...
@pawpaw1000 on Twitter
  • #246,540
  • Aug 18, 2010 6:09am Aug 18, 2010 6:09am
Quoting pawpaw1000
got pending short at 49 and s/l at 70...

reckon we are going down looking at where we stopped on H4 and the 123 on m5...

Will be targeting 1.5600 1st and then see where we go... Hoping I get hit at 1.5649!
nothing new pawpaw. it's been doing the same thing since monday. except today printed lower.

Quoting digger1
how's it going dig
Thank You
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