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Cable Update (GBPUSD)

  • #247,981
  • Aug 23, 2010 2:09pm Aug 23, 2010 2:09pm
look like its going south ................
  • #247,982
  • Aug 23, 2010 2:35pm Aug 23, 2010 2:35pm
Good day to you,

Hope you all traded well.

Looking at the current GU setup, price is trapped between the weekly open@ 1.5535 and Thursday low (last week) @ 1.5507.

Weakness is defenitely present at the current levels, as we are trading below the 50% line of last week sitting @ 1.5580, as well as the 50% line of this week @ 1.5556.

Line in the sand @ 1.5590. Longer term longs can only be considered above this level when serving as support. As long as 1.5590 blocks upside, sell rallies.

All the best

Regards
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu4.gif Size: 29 KB
Click to Enlarge Name: gu5.gif Size: 26 KB
  • #247,983
  • Aug 23, 2010 3:44pm Aug 23, 2010 3:44pm
I am short too from 1.5560 and thinking it should break 1.5490 this time...planning to keep my trailing stop 60 pips...
  • #247,984
  • Aug 23, 2010 3:58pm Aug 23, 2010 3:58pm
You are exactly right and my stop is exactly 13 pips above that area. Talking long term here. I am setting 1st T/P at 1.5640

Jim

Quoting TauTrader
Good day to you,

Hope you all traded well.

Looking at the current GU setup, price is trapped between the weekly open@ 1.5535 and Thursday low (last week) @ 1.5507.

Weakness is defenitely present at the current levels, as we are trading below the 50% line of last week sitting @ 1.5580, as well as the 50% line of this week @ 1.5556.

Line in the sand @ 1.5590. Longer term longs can only be considered above this level when serving as support. As long as 1.5590 blocks upside, sell rallies.

All the best

Regards
  • #247,985
  • Aug 23, 2010 4:02pm Aug 23, 2010 4:02pm
Nicelittle short continuation formation on the Geppy 1 hr of the Hull M/A. We also got a Pivot bar continuation on the 4 hr.

Jim

Quoting Nene
You are exactly right and my stop is exactly 13 pips above that area. Talking long term here. I am setting 1st T/P at 1.5640

Jim
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gj.gif Size: 38 KB
Click to Enlarge Name: gj1.gif Size: 38 KB
  • #247,986
  • Edited 4:19pm Aug 23, 2010 4:05pm | Edited 4:19pm
Quoting joemiami
Im still waiting for her to run to the top of channel( see last chart I posted) so I can ride her down with heavy shorts..
i like your channel, but i think we are running out of time n space, as its the asian session. We may get the top at around today's DP 5543, not really a good price, but i will take it. and the bottom of the channel (may be reach during asian session) at today's support at 1.5460. and then we might go up till R1at 1.5587. Cable does not feel shy going up! that would be todays 130 pip range
  • #247,987
  • Aug 23, 2010 4:11pm Aug 23, 2010 4:11pm
Outlook for this pair is bearish in my view, we did false break support on friday, which suggested that we could be going long, but i has not followed through today, and we have a series of lower highs on the 4hr, i am expecting support to break very soon, again i will not sell breaks of this range, but i will wait for countertrad rally's to sell short. need to see a convincing break of 1.5490 by at least 80 pips, hopefully followed by a retrace back to near the breakout level.
  • #247,988
  • Aug 23, 2010 5:07pm Aug 23, 2010 5:07pm
Quoting fxoxford
so far 1.5585 is our break for a uptrend and 1.5445 is our break for a downtrend, get in when there's a clear trend and stop guessing , good luck to all
still holds true at the moment, will be looking for price action to see if these numbers change, might be able to get in at a better price
  • #247,989
  • Aug 23, 2010 5:11pm Aug 23, 2010 5:11pm
Quoting highlander2
Outlook for this pair is bearish in my view, we did false break support on friday, which suggested that we could be going long, but i has not followed through today, and we have a series of lower highs on the 4hr, i am expecting support to break very soon, again i will not sell breaks of this range, but i will wait for countertrad rally's to sell short. need to see a convincing break of 1.5490 by at least 80 pips, hopefully followed by a retrace back to near the breakout level.


At about 1.5300 the Cable will go Up... Cause the alot of signals.
-Symetrical Triangle in a Upwardtrend.
- Elliot Wave Count... Up
- Evening Star
  • #247,990
  • Edited 7:37pm Aug 23, 2010 7:04pm | Edited 7:37pm
I will take this trade sell @ 1.5493
Reason : My 4H system give me signal we go under strong Support and close under it.
Edit:
Add sell 1.55
Catch u tomorrow @ US session
GL All
  • #247,991
  • Aug 23, 2010 8:34pm Aug 23, 2010 8:34pm
My limit on this trade placed @ 1.5460...+101 pips, but if breaks that level I am planning to enter again - SHORT...
  • #247,992
  • Aug 23, 2010 8:38pm Aug 23, 2010 8:38pm
Quoting wormboy
nice entry
Quoting forexlion
wrong, she still got some wind
babu, so much for your wind.
Attached Image
Thank You
  • #247,993
  • Aug 23, 2010 8:38pm Aug 23, 2010 8:38pm
TP was hit and now the pair is being traded in level 1.54702... Flat on cable right now, next, I will post my thought if the market generates my next entry signal..

Happy trading..

Quoting HowieTrader
OK, thx...

Look forward to see the outcome of this trade; I moved the TP to 1.5490 so that in case it fails to break the said support, I can still laugh it out of the market...
  • #247,994
  • Aug 23, 2010 8:45pm Aug 23, 2010 8:45pm
Quoting wormboy
5420 is the monthly pvp
Quoting wormboy
it's not confirmed yet mate. still hasn't close cleanly below the neckline, but it's piercing. Nothing's change for me, selling the rallies till 5420.

Good luck
26 pips to the monthly pvp. Who woulda thunk

Later fellas.
Thank You
  • #247,995
  • Aug 23, 2010 8:58pm Aug 23, 2010 8:58pm
Sometimes I'm right, sometimes I am wrong.
But for sure I never say rubbish comments....

Who said that about me again....
I will leave him in peace, cause my "victory'' is TOTAL!

Muahahh!

http://cdn.forexfactory.com/images/s...n/post_old.gif Aug 12, 2010 7:08am
Quoting Scipionz
Why not a usual and boring 61.8% correction of last leg up (1.5115/1.5969) @ 1.5457?!

It sure look like a long ride down (over 400 pips), but ride up been ''worst" (900pips!!!!!!!!!!!) LOL!
So this ain't the biggest suprise of last decade!

Weeeeeeeeeeeeee....! (sound when I ride GU down)

"Flip that coin!"
  • #247,996
  • Aug 23, 2010 9:00pm Aug 23, 2010 9:00pm
Quoting wormboy
26 pips to the monthly pvp. Who woulda thunk

Later fellas.


Always plan your trade, always trade you plan!

NIce one Azim!
"Flip that coin!"
  • #247,997
  • Aug 23, 2010 9:36pm Aug 23, 2010 9:36pm
im long now at 5443 with a 10 pip stop.
  • #247,998
  • Aug 23, 2010 9:54pm Aug 23, 2010 9:54pm
Quoting mpurdy1973
im long now at 5443 with a 10 pip stop.
where is your TP....thanks in advance....
  • #247,999
  • Aug 23, 2010 10:00pm Aug 23, 2010 10:00pm
i'm shorting GU @ 1.5450 SL 5470...(-20pips) let see....
  • #248,000
  • Aug 23, 2010 10:06pm Aug 23, 2010 10:06pm
Quoting Mr.Elliott
i'm shorting GU @ 1.5450 SL 5470...(-20pips) let see....
Gotta feeling you just gave away 20 pips here my friend.
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