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Cable Update (GBPUSD)

  • #256,981
  • Sep 29, 2010 5:29am Sep 29, 2010 5:29am
Forex signal: Hold short for 1.5785/90 but reckon 1.5750/55
wud contain weakness. Only abv 1.5843 risks 1.5860.

Although cable's intra-day sharp retreat fm 1.58
75 to 1.5804 suggests further choppy trading below
y'day's 6-week high wud continue, susequent bounce
to 1.5843 indicates minor sideways move wud be seen
ahead of NY opening b4 prospect of another fall.
Hold short for 1.5785/90 but reckon 1.5750/55
wud contain weakness. Only abv 1.5843 risks 1.5860.

Range Forecast
1.5805 / 1.5835

Resistance/Support
R: 1.5843/1.5875/1.5896
S: 1.5782/1.5742/1.5718
  • #256,982
  • Sep 29, 2010 5:38am Sep 29, 2010 5:38am
Quoting Uphios
Right here Nav is the re-touch of the neckline of the inverse H&S posted by Pipchick a couple of days back. Only problem is it broke through that line yesterday and I am unsure as to wether that invalidated it or not.

all u can do is treat it as a false break..the head n shoulder thing isnt that..but the principle is used higher right than left showing bull strength, break of this area should show trend continues..a new high would confirm it..

monthly is looking good for it..and consolidation is better than a dive

head n shoulder only happens at the top of trend
inverse only at the bottom of trend
  • #256,983
  • Sep 29, 2010 5:39am Sep 29, 2010 5:39am
Quoting scurt
congrats goes to master4forex.... 1st dude on my ignore list....
Same. I hate the idea of ignoring someone in case I miss something important. Feel safe that I won't be missing much this time though...
  • #256,984
  • Sep 29, 2010 5:49am Sep 29, 2010 5:49am
Quoting nAVIN2007
all u can do is treat it as a false break..the head n shoulder thing isnt that..but the principle is used higher right than left showing bull strength, break of this area should show trend continues..a new high would confirm it..

monthly is looking good for it..and consolidation is better than a dive

head n shoulder only happens at the top of trend
inverse only at the bottom of trend
If the Pipchick inverse H&S plays out that would indicate about 200 pips up from here, approx 1.60.

I will add longs if it breaks that upper trendline at 1.5875 missing about half of the move if it happens.
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  • #256,985
  • Sep 29, 2010 5:53am Sep 29, 2010 5:53am

Quoting Alexbabwa
Same. I hate the idea of ignoring someone in case I miss something important. Feel safe that I won't be missing much this time though...
  • #256,986
  • Sep 29, 2010 5:55am Sep 29, 2010 5:55am
Quoting cloggie
Careful adding to that long right now, the hourly is still consolidating and we have had one solid close below the DP already after a good bearish pattern on the 15. We are still in scalping territory until some of the larger SR's give way.

5792 will invalidate any longs from here for a while. Also watch the levels I mentioned yesterday on es and DOW they are still valid.
thx, for the headsup cloggie,
sorry for late reply, was brb
what is the driver for cable today, eurgbp movement?

one question to EUR debt:
I read a lot of bad news from irish banks,
but market doesn´t seem to react on it,
is it because the $weakness prevails over the latent EUR debt?

for example http://www.irishtimes.com/newspaper/...279906799.html
  • #256,987
  • Sep 29, 2010 5:57am Sep 29, 2010 5:57am
EU lightly up, EURGBP up, cable hesitating below DP. Agree that we can touch 1,6 but first I expect that we take a look at 5730 area where the bulls are waiting...
  • #256,988
  • Sep 29, 2010 6:02am Sep 29, 2010 6:02am
Quoting Alexbabwa
Same. I hate the idea of ignoring someone in case I miss something important. Feel safe that I won't be missing much this time though...
If you ignore you don't see his post anymore? I am new and I am already tired of him..
  • #256,989
  • Sep 29, 2010 6:02am Sep 29, 2010 6:02am
Looking how it reacts on marked area.........
Attached Image (click to enlarge)
Click to Enlarge Name: cable.gif Size: 30 KB
  • #256,990
  • Sep 29, 2010 6:03am Sep 29, 2010 6:03am
Quoting scurt
EU lightly up, EURGBP up, cable hesitating below DP. Agree that we can touch 1,6 but first I expect that we take a look at 5730 area where the bulls are waiting...
That conjured up a picture in my mind of a group of bulls hiding behind some trees waiting to mug a bear. Are we sure they are not just cows?
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  • #256,991
  • Sep 29, 2010 6:04am Sep 29, 2010 6:04am
Quoting Uphios
If the Pipchick inverse H&S plays out that would indicate about 200 pips up from here, approx 1.60.

I will add longs if it breaks that upper trendline at 1.5875 missing about half of the move if it happens.

this is what im seeing..just need to break above and i playing this to 1.67 area
Attached Image (click to enlarge)
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  • #256,992
  • Sep 29, 2010 6:08am Sep 29, 2010 6:08am
Quoting nAVIN2007
this is what im seeing..just need to break above and i playing this to 1.67 area
Yep, weekly shows this level to be crucial to the continuation or turn of this Bullish move...

Let's see what PA shows us...
@pawpaw1000 on Twitter
  • #256,993
  • Sep 29, 2010 6:10am Sep 29, 2010 6:10am
Quoting nAVIN2007
this is what im seeing..just need to break above and i playing this to 1.67 area
That neckline mildly broken again and a trend line across todays highs says no more longs yet. Currently 1 lot short and a half long.
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  • #256,994
  • Sep 29, 2010 6:10am Sep 29, 2010 6:10am
Quoting pawpaw1000
Yep, weekly shows this level to be crucial to the continuation or turn of this Bullish move...

Let's see what PA shows us...

it will break i have a very good feeling about it..based on PA movements
it just need to materialise
  • #256,995
  • Sep 29, 2010 6:14am Sep 29, 2010 6:14am
Quoting Uphios
That neckline mildly broken again and a trend line across todays highs says no more longs yet. Currently 1 lot short and a half long.

day b4 yesterday..we had a tweezer top yesterday was meant to be a down day, got it..but the body of yesterday dailly is contained in the range of the previous..shows me..weakness to the downside

for me i cant take a chance shorting cause i believe the direction is up..but it positioned itself to go either way..which is probably why u shorted
  • #256,996
  • Sep 29, 2010 6:16am Sep 29, 2010 6:16am
gbp/usd turn to bearish...
  • #256,997
  • Sep 29, 2010 6:16am Sep 29, 2010 6:16am
Quoting cloggie

5792 will invalidate any longs from here for a while. Also watch the levels I mentioned yesterday on es and DOW they are still valid.

All valid, no surprises yet today.

Dag, did I keep you out of a silly trade at least?
  • #256,998
  • Sep 29, 2010 6:20am Sep 29, 2010 6:20am
It's possible that it's a short story for now guys. I think that Polly really F#@K#D things for us BULLS yesterday. I'm currently rdiding her short from 1.5822 looking for 1.5700 possibly 1.5650.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Daily cable.JPG Size: 118 KB
Click to Enlarge Name: 4H cable.JPG Size: 102 KB
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #256,999
  • Sep 29, 2010 6:20am Sep 29, 2010 6:20am
TP 5780 HIT, 75% of position closed, rest on BE
final TP is 5720

good luck trading

Quoting scurt
add short at 5812 because of closing 4H candle
Quoting scurt
closed 1/4 position on DP, should be very nice bearish 4h candle but lot of room to close 4h... if looks nice bearish will add more shorts...

Quoting scurt
sell_5872, SL5920 TP-5780, tp2-5720

reasons:
yesterdays rejection of 1,59
touch downward TL
  • #257,000
  • Sep 29, 2010 6:23am Sep 29, 2010 6:23am
Quoting cloggie
All valid, no surprises yet today.

Dag, did I keep you out of a silly trade at least?
for sure, not added to my 1st pos.,
it could see 1.5720 first, i decide from there if gets this low
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