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Cable Update (GBPUSD)

  • #249,721
  • Aug 29, 2010 9:31pm Aug 29, 2010 9:31pm
Quoting trending
I would buy every bottom because I'm expecting a 1000pip upmove later. I wouldn't even dignify that call with a reason.
i just expressed my view, do what you feel is the best
  • #249,722
  • Aug 29, 2010 9:56pm Aug 29, 2010 9:56pm
Good day to you,

155.30 remains the longer term level of decision at this point. 155.12 the decision point for today.

To consider longs, one would like to see 1.5530 hold as support, but would prefer 155.35 ( last week's opening price) to form a solid foundation to trade from.

Below 1.5512, price may work it's way down to 1.5492 (the 50% line of last week) - we may close the day here.

Regards
  • #249,723
  • Aug 29, 2010 9:56pm Aug 29, 2010 9:56pm
Morning.
Hey there am i imagining myself or is the lazy brit bankers taking a holiday today??
  • #249,724
  • Aug 29, 2010 10:02pm Aug 29, 2010 10:02pm
Quoting CoffeeDrinke
Morning.
Hey there am i imagining myself or is the lazy brit bankers taking a holiday today??
UK Bank Holiday today, so they'll all be at their country homes or driving around posh seaside towns in their Bentleys.
"Sell? Sell? No! I can't Sell! I'll Sell When I'm Dead"
  • #249,725
  • Aug 29, 2010 10:13pm Aug 29, 2010 10:13pm
Quoting Magix
With the loss of support on the M5, I took a few sheckles n ran...holding my single lot from 1.5525.

Given the long weekend n such, I think I will have time for another entry for a few side car riders.

Here's the 5.
Phew! Holding a trade in the opposite direction to you decreases my confidence considerably. I can breathe again now your almost out. I'm still looking for a 5th wave down from the 1.5997 top before we start the retracement, so have stayed short (SL BE). I realise the 4th wave up (1.5373 to 1.5597) might still have some legs in it, so I'm keeping careful watch.

Seems like there is quite a bit of uncertainty just at the moment, even amongst those whose judgement I trust on here...
"Sell? Sell? No! I can't Sell! I'll Sell When I'm Dead"
  • #249,726
  • Aug 29, 2010 10:16pm Aug 29, 2010 10:16pm
Quoting richkidx
I am a new member, and i am in full support of this
Ditto.
"Sell? Sell? No! I can't Sell! I'll Sell When I'm Dead"
  • #249,727
  • Aug 29, 2010 10:23pm Aug 29, 2010 10:23pm
Quoting hindustani
5558 to 5500, which side do we break before London ?
We've just completed a 5 wave down on M5 between 1.5558 and 1.5514, now expecting a 3-wave retracement to anywhere between 1.5536 and 1.5541 (50% to 61.8%). London is closed today, so not expecting any fireworks at 8am GMT. Higher probability for me of continuing downmove from there, although not with any pace.
"Sell? Sell? No! I can't Sell! I'll Sell When I'm Dead"
  • #249,728
  • Aug 29, 2010 10:41pm Aug 29, 2010 10:41pm
hey guys for me it short till 1.54415....gud luck...im using 4H timeframe
be patient, self-belief and discipline... stay focus...
  • #249,729
  • Aug 29, 2010 10:44pm Aug 29, 2010 10:44pm
Quoting radit27
hey guys for me it short till 1.54415....gud luck...im using 4H timeframe
have some sympathy for trending
  • #249,730
  • Aug 29, 2010 10:47pm Aug 29, 2010 10:47pm
Quoting autopips
We've just completed a 5 wave down on M5 between 1.5558 and 1.5514, now expecting a 3-wave retracement to anywhere between 1.5536 and 1.5541 (50% to 61.8%). London is closed today, so not expecting any fireworks at 8am GMT. Higher probability for me of continuing downmove from there, although not with any pace.
5500 should give a 40 pip long if it holds, not much, just some snacks before the imminent fall
  • #249,731
  • Aug 29, 2010 10:56pm Aug 29, 2010 10:56pm
Quoting hindustani
have some sympathy for trending
i think mercy is a better word, since UK is off on holiday there is nothing to provide strength to GBP
  • #249,732
  • Aug 29, 2010 11:16pm Aug 29, 2010 11:16pm
Quoting hindustani
i think mercy is a better word, since UK is off on holiday there is nothing to provide strength to GBP
not much for weakness then either I guess
  • #249,733
  • Edited Aug 30, 2010 12:04am Aug 29, 2010 11:30pm | Edited Aug 30, 2010 12:04am
Quoting autopips
We've just completed a 5 wave down on M5 between 1.5558 and 1.5514, now expecting a 3-wave retracement to anywhere between 1.5536 and 1.5541 (50% to 61.8%). London is closed today, so not expecting any fireworks at 8am GMT. Higher probability for me of continuing downmove from there, although not with any pace.
Expanded flat, so B wave extended below the end of wave 5, and C wave had plenty of life, going to 1.5549. Waiting to see if she's finished there or just pausing for breath. Expecting dribble down then a move toward and/or a test of 1.5549. If it breaks, pause for breath. If not, we completed W1/W2 and are going down.

Edit: It broke but not by much, looks like she'll try again to make a valid formation. Holding tight until price forms valid W1 and W2 and turns to break bottom of W1.
Edit II: Very funny, W1/W2 formed but you'd have to be squinting at an M3 to see the W2. Already into W3, she really seems to have marginally more downside momentum than upside in these faster moves. Got in short at 1.5548 and will probably leave that alone for the day with a decent SL. Going out to celebrate my sons 2nd birthday.
"Sell? Sell? No! I can't Sell! I'll Sell When I'm Dead"
  • #249,734
  • Aug 29, 2010 11:55pm Aug 29, 2010 11:55pm
i long from 5515 today...
still keeping this long position...
unless we able to break 5500...
them i reconsider my long...
but till now..long is my side..
happy trading all..
"posa jangan tak posa"...
Revesal Trader
  • #249,735
  • Aug 30, 2010 12:09am Aug 30, 2010 12:09am
No matter which ways it goes as long as it goes..............

Pips to be had in both directions.

Except stationary
  • #249,736
  • Aug 30, 2010 12:27am Aug 30, 2010 12:27am
Quoting hindustani
i think mercy is a better word, since UK is off on holiday there is nothing to provide strength to GBP
You are so certain about this?? Keep ur spirit then..
  • #249,737
  • Aug 30, 2010 12:41am Aug 30, 2010 12:41am
Quoting wormboy
I do not know what to expect yet. The gbplfx is sandwiched in between the two main pivots. Flat as long it stays in between, back to bullish if it closes above the W1 pvp or stay bearish if it closes below the monthly pvp. Too close to call atm, I am not expecting anything nor am I taking sides till it happens.

Good luck to you.
An appropriate song for some boredom relief

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  • #249,738
  • Edited 12:59am Aug 30, 2010 12:43am | Edited 12:59am
monthly is line to give a doji..1.57 maybe seen by tomorrow on monthly close..at least this is what i could hope for..
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  • #249,739
  • Aug 30, 2010 1:00am Aug 30, 2010 1:00am
Quoting nAVIN2007
monthly is line to give a doji..1.57 maybe seen by tomorrow on monthly close..at least this is what i could hope for..
, it's genuine GBP strength atm , with some prolonged USD weakness it could go fast.
Don't be a hero. Don't have an ego. Always question yourself
  • #249,740
  • Aug 30, 2010 1:04am Aug 30, 2010 1:04am
Quoting nAVIN2007
monthly is line to give a doji..1.57 maybe seen by tomorrow on monthly close..at least this is what i could hope for..
1.57??? no no no.. should be better than that.. LOL..
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