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Cable Update (GBPUSD)

  • #259,881
  • Oct 11, 2010 12:44pm Oct 11, 2010 12:44pm
Quoting fendi
I wouldnt trade long just yet, I have 1.5927 as a resistance. If we get there i would short again for a retest of todays low, pending the reactiobn in this area, i would either trail or close for a change on lon then. For now this 1hr candle needs to close to determine that entry of yours and my target for 1.5927
we may test 5930-45 before drop down i am also looking for sell again from there right now riding in long if we reach there till morning or closing will open shorts from there..

Ub
  • #259,882
  • Oct 11, 2010 12:54pm Oct 11, 2010 12:54pm
Quoting ubaidahsan
we may test 5930-45 before drop down i am also looking for sell again from there right now riding in long if we reach there till morning or closing will open shorts from there..

Ub
I think we are going to get a sideways down move to 158-157 area & that is why I said we will be going down all week & next week we will start the upmove again. It should be Scalpers Paradise!
  • #259,883
  • Oct 11, 2010 12:57pm Oct 11, 2010 12:57pm
Quoting Allseeingeye
I think we are going to get a sideways down move to 158-157 area & that is why I said we will be going down all week & next week we will start the upmove again. It should be Scalpers Paradise!
off course it is possible but we may see 5930-50 before drop down i am also down bias this week but not too much. let see no clear direction today let see what tomorrow brings right now in small long with tight sl

Ub
  • #259,884
  • Oct 11, 2010 1:13pm Oct 11, 2010 1:13pm
BOE´s King : Mistake to assume worst is over

Source : http://forex.fxdd.com/90827/forex-tr...g-on-newswires
________________________________ Errare humanum est
  • #259,885
  • Oct 11, 2010 1:47pm Oct 11, 2010 1:47pm
Quoting chazzle
Hi all - I am long 2 positions...15907 and 15887
I'm bailing out of this for 9 pip loss...could be bearish continuation pattern forming
  • #259,886
  • Oct 11, 2010 2:22pm Oct 11, 2010 2:22pm
Quoting fingotrader
Hi, I join the tread started by Day Trader and ask you guys the same question about GBPUSD the coming week, any views on where we are going?

Thanks

FT
1.60 target, but BOE was a little bit reticient with the "words play" on Thusday(7 oct).If the trend line holds, we might see some up move, outherwise somewhere at 1.55.
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  • #259,887
  • Oct 11, 2010 2:26pm Oct 11, 2010 2:26pm
starting long again...looking for bounce off the trendline
15871
  • #259,888
  • Oct 11, 2010 2:31pm Oct 11, 2010 2:31pm
agree it s make it or break it. will try a last long here
Andreyou
  • #259,889
  • Oct 11, 2010 2:53pm Oct 11, 2010 2:53pm
My prospective 3 entry trade plan on 1H chart.Looking to TP between now and before Europe open.TP is lower as entries 2 and 3 are made.

Still flexible as low leverage used.

Implied risk is currently 1.5%
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  • #259,890
  • Oct 11, 2010 3:20pm Oct 11, 2010 3:20pm
Quoting chazzle
My prospective 3 entry trade plan on 1H chart.Looking to TP between now and before Europe open.TP is lower as entries 2 and 3 are made.

Still flexible as low leverage used.

Implied risk is currently 1.5%
I see you are working off the 200EMA on the hourly Chaz, surely not a bad thing to do, but lemme ask you a question....

The day is red, we are approaching support, wouldn't it make more sense to be on the bears side for today instead of trying to figure out if support is going to hold?

Scalping for lunch money aside, directional plays will always make more sense.

Way I sees it...we have bounced off the hourly, and never created a new high. Would seem to me to be a classic Sherpa. No New High, we move onto Next support, which, currently will take place on a neg x on the hourly and/or retrace or the 200EMA on the H4 chart.

Just what I am looking fer....

Hey, we could easily bounce off this line and well, with the USDX still having a little room to move southside on the weekly, we could just whipsaw to new heights yet, but I sure hate guessing where the trend will end and when the new one begins, especially when following the money is so much more easy....

USDX weekly.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #259,891
  • Oct 11, 2010 3:35pm Oct 11, 2010 3:35pm
Watching the correlation of the USDCAD and GBPUSD has been a nice tool to work with, hell, I even scooped a few sheckles off the UC pair today....

Yellow line, 200EMA on 5m.
White line, 40EMA, or would be 200EMA on 1m.

Thems the important ones as of current.

Watch for UC to take support and Cable to hit resistance and trigger.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #259,892
  • Oct 11, 2010 3:43pm Oct 11, 2010 3:43pm
And given the day of boredom...a slower moving market due to the holidays n all...I have stopped out to see Petar Serbia and his renko tools. It's been a fun and interesting tool.

I have changed a few things to make with my own liking, because, well, That's just what I do, get over it, I can be independent while conforming too ya know!!!

Fun on 4 on 5m....
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #259,893
  • Oct 11, 2010 4:09pm Oct 11, 2010 4:09pm
Thanks Magix....this is how I am seeing it,perhaps a bit lofty for a mere 25 pip target off 1st entry,but anyways...looking for trendline support,about where I put my first entry,if that gives,then support in FIB 8OCT swing low to swing high,if the 78% mark gives way,then looking for Price Action support-most of PA from 24SEP - 5OCT inside orange box on chart.

Thanks again really made me think - does the above count if I only work it out in retrospect? Hope you're doing well
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  • #259,894
  • Oct 11, 2010 4:20pm Oct 11, 2010 4:20pm
Quoting chazzle
Thanks Magix....this is how I am seeing it,perhaps a bit lofty for a mere 25 pip target off 1st entry,but anyways...looking for trendline support,about where I put my first entry,if that gives,then support in FIB 8OCT swing low to swing high,if the 78% mark gives way,then looking for Price Action support-most of PA from 24SEP - 5OCT inside orange box on chart.

Thanks again really made me think - does the above count if I only work it out in retrospect? Hope you're doing well
Most certainly an excellent observation there Chaz.

The only thing about the trendline that worries me....

IF the trend-line was the LOD and that area was played through during the London open session, I would say that it has a lot better chance at a stand...But....

Now that a new daily low has been created after the closing bell of London, I am going to assume that London will try play back to this point. Given that London won't open for another 10 hrs giver take...Where will that trend line be if London decides to drive for the LOD?

All things into consideration, the day has closed negative, and we have a bit of room to grow for the daily pivot, a chance long might grab a few sheckles. Given that the weekly USD LTL has a bit more sell off for USD in the possible cards we could still see some GBP strength on this pair. So, really a chance long, might not be the worst position.

Really, time is the teller of all in this game and as long as your ass is covered...a play is a play really.

Best of luck to ya on the rest of your day brother!

DP on my charts, 1.5903.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #259,895
  • Oct 11, 2010 4:23pm Oct 11, 2010 4:23pm
Quoting chazzle
My prospective 3 entry trade plan on 1H chart.Looking to TP between now and before Europe open.TP is lower as entries 2 and 3 are made.

Still flexible as low leverage used.

Implied risk is currently 1.5%
See arguments to support it
1. 1.5864 being LTL
2. 1.5859 being 200-MVA
3. 1.5843 being 50% fib
4. some kind of topping on 10M USDX
Hunching the same but no balls to act on it because I don't trust nr. 4
Good luck!
Don't be a hero. Don't have an ego. Always question yourself
  • #259,896
  • Oct 11, 2010 4:29pm Oct 11, 2010 4:29pm
Quoting USD-Bear
See arguments to support it
1. 1.5864 being LTL
2. 1.5859 being 200-MVA
3. 1.5843 being 50% fib
4. some kind of topping on 10M USDX
Hunching the same but no balls to act on it because I don't trust nr. 4
Good luck!
MVA?

200EMA?
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #259,897
  • Oct 11, 2010 4:29pm Oct 11, 2010 4:29pm
Quoting Magix
MVA?

200EMA?
200SMA all on H1
Don't be a hero. Don't have an ego. Always question yourself
  • #259,898
  • Oct 11, 2010 4:30pm Oct 11, 2010 4:30pm
http://img836.imageshack.us/img836/4079/gbpusd60min.jpg
________________________________ Errare humanum est
  • #259,899
  • Oct 11, 2010 4:32pm Oct 11, 2010 4:32pm
Magix...Yes,would rather not take this trade into LO really,want to be out before then.My day is nearly over (I'm in the UK)- will wake up before LO to see what happened.Initial risk plan is 1.5%...thanks for feedback
  • #259,900
  • Oct 11, 2010 4:33pm Oct 11, 2010 4:33pm
Quoting USD-Bear
200SMA all on H1
Gotcha...

I have 1.5859 as 200EMA...200SMA seems to be 1.5857...

Not going to have a whole lotta convo over a couple pips diff, I just wasn't sure what you was saying, with the MVA.

Thanks for clearing it up for me..

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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