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Cable Update (GBPUSD)

  • #254,341
  • Sep 20, 2010 7:01am Sep 20, 2010 7:01am
Monthly Pivot, S1, 61.8 Fib and trendline support working good to hold GU so far
Attached Image (click to enlarge)
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  • #254,342
  • Sep 20, 2010 7:04am Sep 20, 2010 7:04am
well it did bounce off 200sma 4h but I don't know if its got legs-so out for 15 pips
  • #254,343
  • Sep 20, 2010 7:05am Sep 20, 2010 7:05am
Quoting wormboy
easier money is on short since LO. Current support is still being tested & there is no confirmation to buy safely yet. If this support fails, price will most likely test 5514

Good luck.

earlier chart & updated below.

welp, closed out short for profit as the primary support held.
Looking for a close above 80 for a reversed long.

Good luck.
Attached Image (click to enlarge)
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Thank You
  • #254,344
  • Sep 20, 2010 7:05am Sep 20, 2010 7:05am
Quoting Munal
Monthly Pivot, S1, 61.8 Fib and trendline support working good to hold GU so far
jip, if we can close above 80 on m15 then we back up again

seems like NY might want us higher...

Dollar Tanking and S&P 500 H1 FLYING!
@pawpaw1000 on Twitter
  • #254,345
  • Sep 20, 2010 7:06am Sep 20, 2010 7:06am
going short@15580-resistance created by bottom part of channel on 15m
  • #254,346
  • Sep 20, 2010 7:06am Sep 20, 2010 7:06am
Quoting wormboy
welp, closed out short for profit as the primary support held.
Looking for a close above 80 for a reversed long.

Good luck.
seems we think alike old friend
@pawpaw1000 on Twitter
  • #254,347
  • Sep 20, 2010 7:07am Sep 20, 2010 7:07am
Need-Help,

That's not the best looking H&S i've ever seen, but according to the book I read on TA "Using Technical Analysis" from McGraw-Hill, that one would count. Even matches an upward sloping neckline example on page 13.

The book's only requirement on the right shoulder is that price must break below the top of the left shoulder after forming the head.

Clearly enough traders thought it was and it traveled about the distance you'd expect H&S to go after breaking the neckline.

Quoting need-help
Hi,
Hope everyone is doing well.

The darn thing missed my sell entry by a mere 4 pips before dropping a +100 pips.

Anyways, looking at the chart attached, would you consider that to a be a valid head and shoulders?

Thanks in advance
  • #254,348
  • Sep 20, 2010 7:09am Sep 20, 2010 7:09am
Quoting pawpaw1000
seems we think alike old friend
Thank You
  • #254,349
  • Sep 20, 2010 7:09am Sep 20, 2010 7:09am
let's see... GU 1st stop, 5618...
Attached Image (click to enlarge)
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@pawpaw1000 on Twitter
  • #254,350
  • Sep 20, 2010 7:09am Sep 20, 2010 7:09am
Quoting wormboy
welp, closed out short for profit as the primary support held.
Looking for a close above 80 for a reversed long.

Good luck.

good trading buddy..i bought a new pc..just installed skype..lol
where are u guys?

is yesterday dailly bar low gonna hold as resistance..is the question here
Attached Image(s) (click to enlarge)
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  • #254,351
  • Sep 20, 2010 7:11am Sep 20, 2010 7:11am
GBPUSD previously proven demand zone revisited again.

Rob
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 15 Min 20 Sept 2010.jpg Size: 125 KB
  • #254,352
  • Sep 20, 2010 7:12am Sep 20, 2010 7:12am
entered too late and but it was right and that only counts
Attached Image (click to enlarge)
Click to Enlarge Name: gu 2009 7.gif Size: 30 KB
  • #254,353
  • Sep 20, 2010 7:13am Sep 20, 2010 7:13am
we could now break R-line at M15, could get us higher
  • #254,354
  • Sep 20, 2010 7:15am Sep 20, 2010 7:15am
..
Attached Image (click to enlarge)
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  • #254,355
  • Sep 20, 2010 7:19am Sep 20, 2010 7:19am
yo hi guys whats up ? closed 2 long for 20+ pips
  • #254,356
  • Sep 20, 2010 7:19am Sep 20, 2010 7:19am
BOOM! Let's hope it is sustained...
Attached Image (click to enlarge)
Click to Enlarge Name: tradeg.gif Size: 42 KB
@pawpaw1000 on Twitter
  • #254,357
  • Sep 20, 2010 7:21am Sep 20, 2010 7:21am
Quoting dil
yo hi guys whats up ? closed 2 long for 20+ pips
S&P is absolutely blowing up... Definately some type of freaky shite going on! I don't care what it is, just as long as It keeps going until GU reaches my TP!
@pawpaw1000 on Twitter
  • #254,358
  • Sep 20, 2010 7:23am Sep 20, 2010 7:23am
Is market waiting for FED?????? before catching direction..........
  • #254,359
  • Sep 20, 2010 7:24am Sep 20, 2010 7:24am
Quoting pawpaw1000
S&P is absolutely blowing up... Definately some type of freaky shite going on! I don't care what it is, just as long as It keeps going until GU reaches my TP!
where is your tp ?
  • #254,360
  • Sep 20, 2010 7:25am Sep 20, 2010 7:25am
Hi Derwood,
Thank you very much for taking the time out to respond.

Yip looks like it was a valid H&S pattern according to how you have described it. I will keep an my eyes open for these in future.

Thanks again.




Quoting Derwood
Need-Help,

That's not the best looking H&S i've ever seen, but according to the book I read on TA "Using Technical Analysis" from McGraw-Hill, that one would count. Even matches an upward sloping neckline example on page 13.

The book's only requirement on the right shoulder is that price must break below the top of the left shoulder after forming the head.

Clearly enough traders thought it was and it traveled about the distance you'd expect H&S to go after breaking the neckline.
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