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Cable Update (GBPUSD)

  • #258,041
  • Oct 2, 2010 8:02am Oct 2, 2010 8:02am
Hey guys,

Since it is the start of a new month I'd thought I would post the monthly chart of cable.

Friday was the first of the month and was bought, breaching thursday's opening price.

In my opinion , price would have been sold at 1.57 if they wanted cable to fall further on Friday.

Clear daily breach of 1.5640 might change my mind next week.

Furthermore, please do not base your own trades on my opinions as I am only learning too, use your own discretion.

Would like to hear from those who are thinking of selling cable next week and their reasoning.

Thoughts anyone

Cheers Slim
Attached Image (click to enlarge)
Click to Enlarge Name: monthly.jpg Size: 146 KB
  • #258,042
  • Oct 2, 2010 8:08am Oct 2, 2010 8:08am
my MT4 has no tool to combine the 2 daily bar together.... just make a simple by watching weekly candle then at http://www.forexfactory.com/showpost...&postcount=701

i see daily candle also at bigger period ( not time frame only ) at http://www.forexfactory.com/showpost...&postcount=702

however... i am just a newbie ... let market and time tell us the real later



rgds,iqyu





Quoting trending
If you combine the 2 daily bar together it is simply another doji. The only thing going for the price now is the trend. No BS analysis can beat the trend.
not euphoria follower
  • #258,043
  • Oct 2, 2010 8:13am Oct 2, 2010 8:13am
Quoting slimcat
Hey guys,

Since it is the start of a new month I'd thought I would post the monthly chart of cable.

Friday was the first of the month and was bought, breaching thursday's opening price.

In my opinion , price would have been sold at 1.57 if they wanted cable to fall further on Friday.

Clear daily breach of 1.5640 might change my mind next week.

Furthermore, please do not base your own trades on my opinions as I am only learning too, use your own discretion.

Would like to hear from those who are thinking of selling cable next week and...
I am looking for a swing trade on cable based on the weekly supply zones which I have marked off on my h4 chart and tightened off the zones using h1.

Attached Image (click to enlarge)
Click to Enlarge Name: 101002_gu_h4.jpg Size: 143 KB


I will only take these trades depending on arrival based on the h4 chart. I need to see a clear profit target which depends on where the opposing demand level has been formed. Black supply zone is aggressive. Otherwise I will go long on another pullback to the demand zone at 1.5640-1.5672.

Good luck with your trading.
  • #258,044
  • Oct 2, 2010 8:50am Oct 2, 2010 8:50am
hi bbaker,

yeah i can see what your looking at, i've tried this in the past and i wasn't very successful .

good luck with your trades too

cheers slim
  • #258,045
  • Oct 2, 2010 8:51am Oct 2, 2010 8:51am
Quoting bbakker
I am looking for a swing trade on cable based on the weekly supply zones which I have marked off on my h4 chart and tightened off the zones using h1.

Attachment

I will only take these trades depending on arrival based on the h4 chart. I need to see a clear profit target which depends on where the opposing demand level has been formed. Black supply zone is aggressive. Otherwise I will go long on another pullback to the demand zone at 1.5640-1.5672.

Good luck with your trading.
nice chart!
  • #258,046
  • Oct 2, 2010 9:13am Oct 2, 2010 9:13am
Attached Image (click to enlarge)
Click to Enlarge Name: gy.jpg Size: 60 KB




will be watching cable for long as this gy also approaches demand, hopefully cable will be @ somewhat of a demand level too



Red
  • #258,047
  • Oct 2, 2010 9:15am Oct 2, 2010 9:15am
I was thinking shake out this week but after good nights sleep I looked at weekly futures and saw this .... loads supply hitting market start of a distribution phase . This could send gu into a sideways range for weeks.

qe2 out of UK or qe2 out of us ...who wins ?

this is enough to put us in a 1.6000 to 1.5700 range for weeks.... enjoy. I love range trading

Attached Image (click to enlarge)
Click to Enlarge Name: chart3013.png Size: 185 KB




Quoting slimcat
Hey guys,

Since it is the start of a new month I'd thought I would post the monthly chart of cable.

Friday was the first of the month and was bought,...
Blogging daily now at www.volume.zone
  • #258,048
  • Oct 2, 2010 9:26am Oct 2, 2010 9:26am
sell gu 1.5850
stop 1.5930 ( to avoid stop being grabbed) based on a 4 hr chandelier stop
TP 1.5670

there now hows that for a nice call .... lol

entry maybe be a little higher than 1.5850.... but may get a little upthrust movement in asia

Attached Image (click to enlarge)
Click to Enlarge Name: chart3015.png Size: 258 KB
Blogging daily now at www.volume.zone
  • #258,049
  • Oct 2, 2010 9:29am Oct 2, 2010 9:29am
hi malcb,

don't you think that a lot of that large volume was because of the large move down on thursday though?

cheers slim
  • #258,050
  • Oct 2, 2010 9:42am Oct 2, 2010 9:42am
Attached Image (click to enlarge)
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-- Wow.
  • #258,051
  • Oct 2, 2010 9:49am Oct 2, 2010 9:49am
Quoting slimcat
hi malcb,

don't you think that a lot of that large volume was because of the large move down on thursday though?

cheers slim
yes it was .

That day ended on its lows for the day. So we can assume that it was selling volume and 1st sign of weakness. Also the fact that the up move friday could not take out the highs of Friday may be a sign of weakness.

I am not suggesting at all that gu does a complete reversal and drops like a rock to the downside , not with QE2 and elections coming up 1st week Nov.

I am thinking we end up going into some kind of range on GU so may become sticky for swing traders. They maybe better off trading oil into the 90 to 95 / 100 area.

as for EU well 1,4 to 1.45 are on the cards maybe even 1.5

Attachment
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 33 KB
Blogging daily now at www.volume.zone
  • #258,052
  • Oct 2, 2010 10:03am Oct 2, 2010 10:03am
thanks malcb, love your vsa and chartshttp://cdn.forexfactory.com/images/icons/icon7.gif
  • #258,053
  • Oct 2, 2010 10:19am Oct 2, 2010 10:19am
Quoting malcolmb14
yes it was .

That day ended on its lows for the day. So we can assume that it was selling volume and 1st sign of weakness. Also the fact that the up move friday could not take out the highs of Friday may be a sign of weakness.

I am not suggesting at all that gu does a complete reversal and drops like a rock to the downside , not with QE2 and elections coming up 1st week Nov.

I am thinking we end up going into some kind of range on GU so may become sticky for swing traders. They maybe better off trading oil into the 90 to 95 / 100 area....
Always like reading your analysis posts
  • #258,054
  • Oct 2, 2010 11:35am Oct 2, 2010 11:35am
  •  samirb
  • | Joined Nov 2009 | Status: Investing is simple, but not easy. | 247 Posts
Quoting malcolmb14
sell gu 1.5850
stop 1.5930 ( to avoid stop being grabbed) based on a 4 hr chandelier stop
TP 1.5670

there now hows that for a nice call .... lol

entry maybe be a little higher than 1.5850.... but may get a little upthrust movement in asia

Attachment
Quoting samirb
Gone short at 15870 ... will add one more at same level if price retest.

Reason bearish gartley..
I dont think market will make new high before NFP next week.. we will be in range for one week..

Good luck
Quoting samirb
Good day everyone,

Stops amended and holding for the weekend.

Both positions stop are set to 15880 (10 pips). I still dont feel breakout before NFP.

Happy weekend to all..

Regards

Good day bro..
Hope you are enjoying the nice weekend..

I am already in from the friday.. similar view as like yours.. lets see

Good luck
  • #258,055
  • Oct 2, 2010 11:59am Oct 2, 2010 11:59am
First Post here,
just wanted to give my opinion, eventhough Thursday was a down day, but it recovered mostly on Friday, I think due to a major T/L break on early Thursday, we'll see 1.5900 handle again early next week if not Sunday, then it may fall or continue.

Thanks,
Hyper-fx
  • #258,056
  • Oct 2, 2010 8:35pm Oct 2, 2010 8:35pm

http://www.forexfactory.com/showpost...&postcount=703

rgds,iqyu


Quoting hyper-fx
First Post here,
just wanted to give my opinion, eventhough Thursday was a down day, but it recovered mostly on Friday, I think due to a major T/L break on early Thursday, we'll see 1.5900 handle again early next week if not Sunday, then it may fall or continue.

Thanks,
Hyper-fx
not euphoria follower
  • #258,057
  • Oct 3, 2010 3:02am Oct 3, 2010 3:02am
Quoting cloggie
But you know what, I really don't give a toss and you guys can go ahead and muddle on between yourselves.
I think we are in danger of losing one of our best contributors here.

I want to avoid this, by relaying some stories to you.

The long time serving Dutch ambassador to Wellington, NZ once summed up the difference between the English and the Dutch when he said:

"The English are too polite to be honest and the Dutch are too honest to be polite"

If you are offended by Cloggie's honesty, never go to Israel. I have found the Israeli's to be even more honest in their opinions. Something to get used to, particularly if you are English by culture, but very useful when you are confronting your shortcomings in becoming a successful trader.

One of Cloggie's best post is as follows:

That's it, just go with the flow. Trading is actually pretty boring, there is nothing special about it, we don't invent anything, we don't lead, we are not creative, we are not trying to be intelligent, we just sit and wait for someone else to show us the direction and follow them like a blind man only to bump in the back of them when they decide to stop for a bit, we hang around and follow them on their next little jaunt, whether it is back on the same road we came from or continuing in the same direction.

We need more of this advice. Let's make sure Cloggie stays around to give more of it!
  • #258,058
  • Oct 3, 2010 3:48am Oct 3, 2010 3:48am
i agree wholeheartedly - i am for the most part, a silent lurker on this thread, i have learnt a huge amount from quality posters like CLoggie and am v grateful - CLoggie please stay, and just ignore the idiots
  • #258,059
  • Oct 3, 2010 3:55am Oct 3, 2010 3:55am
Quoting ikdenk
I think we are in danger of losing one of our best contributors here.

...

We need more of this advice. Let's make sure Cloggie stays around to give more of it!


I'm IN
  • #258,060
  • Oct 3, 2010 5:10am Oct 3, 2010 5:10am
in danger ? what kind of danger ? the danger is when you don't believe in yourself in trading ....

sorry... just believe in yourself .....

rgds,iqyu


Quoting ikdenk
I think we are in danger of losing one of our best contributors here.

I want to avoid this, by relaying some stories to you.

The long time serving Dutch ambassador to Wellington, NZ once summed up the difference between the English and the Dutch when he said:

"The English are too polite to be honest and the Dutch are too honest to be polite"

If you are offended by Cloggie's honesty, never go to Israel. I have found the Israeli's to be even more honest in their opinions. Something to get used to, particularly if you are English...
not euphoria follower
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