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Cable Update (GBPUSD)

  • #256,081
  • Sep 27, 2010 1:08am Sep 27, 2010 1:08am
Whilst waiting for daily direction, scalping the 5 minute candles........ All good fun even at a lowly $1.00 a pip.

Good morning folks, overcast and looking too stay that way for most of the day
  • #256,082
  • Sep 27, 2010 1:18am Sep 27, 2010 1:18am
Quoting AdrianHNV
Whilst waiting for daily direction, scalping the 5 minute candles........ All good fun even at a lowly $1.00 a pip.

Good morning folks, overcast and looking too stay that way for most of the day
Morning all,

Much the same here.
  • #256,083
  • Sep 27, 2010 2:20am Sep 27, 2010 2:20am
Good morning to all,

waiting for breakout the range... but will wait for good confirmation on higher TF, cable like to have 1st breakout false
  • #256,084
  • Sep 27, 2010 2:45am Sep 27, 2010 2:45am
G/M

Cable trading in a tight range between Friday's Hi 5843 and Pullback Lo @ 5802 both creating previous near-term obvious 1hr swing hi/lo zones ..and recently offering supply/demand respectyively.

A break of the 5843 highs sees price still in a previous daily swing lo zone extending to 5875 (= previous support = potential sbr) and all fibs of swings to and including the 5997-5296 drop have been breeched, the final 76.4% of said move being breeched to the upside on Friday's run up.

Should the current Hi hold then a 5 fib cluster of the swings up to the 5843 current Hi exists @ 5725-14 which may prove interesting if challenged in any extended pullback, it falling in and around that previous 4hr/daily swing hi zone (=previous resistance=potential rbs)

To the upside, and above mentioned 5876 is a previous 4hr swing hi running up to 5909 and above there that previous 4hr/daily swing hi zone running to 5997 Hi.

The current 1hr screenshot in respect of potential supp/res/rbs factors is below.

G/L
http://www.freeimagehosting.net/uploads/994d25da4e.gif
ex member
  • #256,085
  • Sep 27, 2010 3:12am Sep 27, 2010 3:12am
Short Euro at 134.50
  • #256,086
  • Sep 27, 2010 3:22am Sep 27, 2010 3:22am
Quoting Purple
Short Euro at 134.50
I am a PA/Chart pattern trader. I cannot see shorting EURUSD now.. Can you please tell me why did you short? Are you trying to catch a possible retrace?
Any way Good luck with the trader
  • #256,087
  • Sep 27, 2010 3:24am Sep 27, 2010 3:24am
Quoting bbmac
G/M

Cable trading in a tight range between Friday's Hi 5843 and Pullback Lo @ 5802 both creating previous near-term obvious 1hr swing hi/lo zones ..and recently offering supply/demand respectyively.

A break of the 5843 highs sees price still in a previous daily swing lo zone extending to 5875 (= previous support = potential sbr) and all fibs of swings to and including the 5997-5296 drop have been breeched, the final 76.4% of said move being breeched to the upside on Friday's run up.

Should the current Hi hold then a 5 fib cluster of the swings...
Good post!

Are anyone trading the range?
I just did a 30 pip 1.5810 - 1.5840.
Any reasons to why it should break to the downside? with the current PA I don`t see why it could?
  • #256,088
  • Sep 27, 2010 3:26am Sep 27, 2010 3:26am
Quoting Xxavier
I am a PA/Chart pattern trader. I cannot see shorting EURUSD now.. Can you please tell me why did you short? Are you trying to catch a possible retrace?
Any way Good luck with the trader
I took it because I see bearish divergence in 4H and Daily chart ... put euri line chart and compare it with rsi line on 4h and daily.. also PA looks bearish to me atleast till NY open... i hope it breaks today's low in next 45 mins.. if not i would have to rethink about it and might exit...
  • #256,089
  • Sep 27, 2010 3:30am Sep 27, 2010 3:30am
Is it possible for GU to continue uptrend without touching the daily pivot?
Please i need d answer
  • #256,090
  • Sep 27, 2010 3:30am Sep 27, 2010 3:30am
supply off the current intraday high keeps eating away at any residual demand down to 5702 recent 1hr range lo...below here and 2 fib clusters reside 5788-86, 5765-63 and 5754-51 (not sure there is such a thing as a 2 fib cluster, thinbk it needs 3 to make a cluster ? lol !) Fibs are from obvious 1hr+ swings up to that current 5843 trend hi.

Speaking of fibs Price has found some fresh demand @ the 23.6% of 5640-5843, following a downside break of that recent 5802 1hr range low.

How much demand down there ?

G/L
ex member
  • #256,091
  • Sep 27, 2010 3:31am Sep 27, 2010 3:31am
for me I am waiting only for long signals at this time... will wait till 1H candle or even better 4H candle close above 1,5850...

weekly candle looks bullish, and I am expecting target at least 5980...
if cable goes down will start buying at 5735 with a stop under 57...


Quoting Sunsi
Good post!

Are anyone trading the range?
I just did a 30 pip 1.5810 - 1.5840.
Any reasons to why it should break to the downside? with the current PA I don`t see why it could?
  • #256,092
  • Sep 27, 2010 3:33am Sep 27, 2010 3:33am
Quoting Purple
I took it because I see bearish divergence in 4H and Daily chart ... put euri line chart and compare it with rsi line on 4h and daily.. also PA looks bearish to me atleast till NY open... i hope it breaks today's low in next 45 mins.. if not i would have to rethink about it and might exit...
Thanks for the explanation. I do not use any indicators or trend lines or anything, so I did not understand some of things you explained. I have not taken any trades yet. How long have you been trading forex?
  • #256,093
  • Sep 27, 2010 3:35am Sep 27, 2010 3:35am
Quoting Sunsi
Good post!

Are anyone trading the range?
I just did a 30 pip 1.5810 - 1.5840.
Any reasons to why it should break to the downside? with the current PA I don`t see why it could?

Gee, I have got to change brokers. Mine hasn't even hit .5840 on the sell side for 9 hours let alone the buy side.
This space intentionally left blank.
  • #256,094
  • Sep 27, 2010 3:36am Sep 27, 2010 3:36am
I sold GU now
TP Later
SL Later

http://www.forexrainbow.com/files/qf...eex89lowo2.jpg
A little beginner trader since 2006
  • #256,095
  • Sep 27, 2010 3:43am Sep 27, 2010 3:43am
Quoting Xxavier
Thanks for the explanation. I do not use any indicators or trend lines or anything, so I did not understand some of things you explained. I have not taken any trades yet. How long have you been trading forex?
Been active in FX market for 5 years now...
  • #256,096
  • Sep 27, 2010 3:54am Sep 27, 2010 3:54am
Wow, loads of movement with Euro, Swissy and Cable for the last hour or so.

Have had to learn to be an upside down scalper
  • #256,097
  • Sep 27, 2010 3:56am Sep 27, 2010 3:56am
Quoting Purple
Been active in FX market for 5 years now...
Thats good.. Are you a full time trader? meaning living on trading profit? I am asking this question because I have been trading for over couple years now. I am making consistent profit but have problems increasing lot size to increase my profit. I tried it but playing big lot size is a whole different ball game and I think its not for me. The emotional control needed making me think i cannot do it long term. I am planing to take up a full time job and keep trading part time. So just wondering how other guys are doing... Thanks in advance for the response.
  • #256,098
  • Sep 27, 2010 3:59am Sep 27, 2010 3:59am
Quoting Naseri13
I sold GU now
TP Later
SL Later

http://www.forexrainbow.com/files/qf...eex89lowo2.jpg
May I ask why ?
  • #256,099
  • Sep 27, 2010 4:01am Sep 27, 2010 4:01am
you rip me this question from my mouth...

Quoting Sunsi
May I ask why ?
  • #256,100
  • Sep 27, 2010 4:02am Sep 27, 2010 4:02am
1hr candle closes just @ the recent 1hr range lo 5802 area....intraday sentiment bearish so far but given the strong uptrend it's one of those markets where participants are likely looking for the 'best' place to get back in long, after the pullback ?

G/L
ex member
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