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Cable Update (GBPUSD)

  • #260,681
  • Oct 15, 2010 6:59am Oct 15, 2010 6:59am
Hi All

A question for the pro's here

I have drawn 2 levels of interest on my chart, hopefully someone could confirm i'm correct or way off.

My first level is 1.6070 if the daily candle closes above this today cable could go to my next level without much resistance which is 1.6178

I would post the image but not sure how too.

Thanks
Enter Signature
  • #260,682
  • Oct 15, 2010 7:02am Oct 15, 2010 7:02am
Quoting talond
Despite my other chart I'm trying to learn the right way to do this so I would see it at strong resistance right now right?
I show 1.6065 so in my opinion (and of course I could be wrong) you got it right!
  • #260,683
  • Oct 15, 2010 7:06am Oct 15, 2010 7:06am
Quoting AllyB
I show 1.6065 so in my opinion (and of course I could be wrong) you got it right!
Yes Weekly R1 at 1.6066 has proven to be tough resistance yesterday and today.
Today's zone = Tomorrow's opportunity!
  • #260,684
  • Oct 15, 2010 7:07am Oct 15, 2010 7:07am
Quoting darrenware
Hi All

A question for the pro's here

I have drawn 2 levels of interest on my chart, hopefully someone could confirm i'm correct or way off.

My first level is 1.6070 if the daily candle closes above this today cable could go to my next level without much resistance which is 1.6178

I would post the image but not sure how too.

Thanks
Yep... pretty much about right.

To add picture, click on the attachments button in the new post/post reply box (next to the smilies button), new window pops up, browse local computer for image, click upload and close window. It will then be available in the attachments button. Click on attachments again and select attachment. It will be inserted into post as - [ATTACH]838943 [ATTACH]

You can upload more than one attachment at a time if required.

EDIT: I have 1.6274 which is the next weekly high from the last week in Jan 2010
  • #260,685
  • Oct 15, 2010 7:13am Oct 15, 2010 7:13am
Quoting bbakker
Yep... pretty much about right.

To add picture, click on the attachments button in the new post/post reply box (next to the smilies button), new window pops up, browse local computer for image, click upload and close window. It will then be available in the attachments button. Click on attachments again and select attachment. It will be inserted into post as - [ATTACH]838943 [ATTACH]

You can upload more than one attachment at a time if required.

Thanks bbakker for taking the time to reply...found it now
Attached Image
Enter Signature
  • #260,686
  • Oct 15, 2010 7:16am Oct 15, 2010 7:16am
Quoting darrenware
Hi All

A question for the pro's here

I have drawn 2 levels of interest on my chart, hopefully someone could confirm i'm correct or way off.

My first level is 1.6070 if the daily candle closes above this today cable could go to my next level without much resistance which is 1.6178

I would post the image but not sure how too.

Thanks
Here are some posting instructions that Cloggie posted before see if these help:

Right click on your MT4 chart, select "save as picture" select "active chart" select "OK" safe it as a "GIF" in a directory you can remember and upload as attachment.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: post reply.png Size: 19 KB
Click to Enlarge Name: browse upload.png Size: 32 KB
  • #260,687
  • Oct 15, 2010 7:18am Oct 15, 2010 7:18am
Quoting AllyB
Here are some posting instructions that Cloggie posted before see if these help:
Enter Signature
  • #260,688
  • Oct 15, 2010 7:19am Oct 15, 2010 7:19am
Quoting bbakker
On h1, if 1.6032 or 1.6020 holds and we test the highs again, we will get a cup and handle formation forming, which is a bullish sign! This pattern will only complete if we break above the highs of today!
Pattern completed! North we go!
  • #260,689
  • Oct 15, 2010 7:21am Oct 15, 2010 7:21am
Quoting bbakker
Pattern completed! North we go!
Fed Chairman Bernanke Speaks - what the heck did he say??????
  • #260,690
  • Oct 15, 2010 7:26am Oct 15, 2010 7:26am
Quoting AllyB
Fed Chairman Bernanke Speaks - what the heck did he say??????
I suspect along the lines of QE2. 1.6070 is a nice long entry for me. SL @1.6055. Then we have some numbers coming out in a minute. Hold on to your hats for this rollercoaster ride... lol
  • #260,691
  • Oct 15, 2010 7:33am Oct 15, 2010 7:33am
Still no real inflation and the prospects of deflation are real = QE2 more likely and maybe even a bigger number. Also DIX has no demand level till much lower, so I see some more upside for GU now to at least 1.62ish unless the market proves me wrong!
  • #260,692
  • Oct 15, 2010 7:37am Oct 15, 2010 7:37am
Fed chief Ben Bernanke says there's a case for "further action" by the U.S. central bank, amid much speculation about quantitative easing, as he singles out persistently high unemployment as well as risk of deflation. His remarks are in keeping with the last Federal Open Market Committee policy statement.
  • #260,693
  • Oct 15, 2010 7:37am Oct 15, 2010 7:37am
hes live on bloomberg internet TV now, he didnt say much more then what we knew, QE will continue, buying of treasuries.

They never stopped QE really, http://www.zerohedge.com/article/onl...-rallied-month

News was good in my eyes I went short at 1.6085, can see people hedging longs into close
  • #260,694
  • Oct 15, 2010 7:38am Oct 15, 2010 7:38am
Ouch... just got stopped out... Touch and go... lol Should have widened my stops a little... doh!
  • #260,695
  • Oct 15, 2010 7:39am Oct 15, 2010 7:39am
The 127% and 138% fib extensions of that 5996-5296 move down on the weekly t/f being 6191 and 6272 area also have the 76.4% of the longer 6876-4229 drop in there at 6252...this seems an obvious bull target on this pairing given current sentiment.

G/L
ex member
  • #260,696
  • Oct 15, 2010 7:41am Oct 15, 2010 7:41am
Quoting bbakker
I suspect along the lines of QE2. 1.6070 is a nice long entry for me. SL @1.6055. Then we have some numbers coming out in a minute. Hold on to your hats for this rollercoaster ride... lol
  • #260,697
  • Oct 15, 2010 7:42am Oct 15, 2010 7:42am
Quoting Wgold2
hes live on bloomberg internet TV now, he didnt say much more then what we knew, QE will continue, buying of treasuries.

They never stopped QE really, http://www.zerohedge.com/article/onl...-rallied-month

News was good in my eyes I went short at 1.6085, can see people hedging longs into close
Doesn't matter if the news was good in YOUR eyes. The market does not care what YOU think.
  • #260,698
  • Oct 15, 2010 7:44am Oct 15, 2010 7:44am
A close of this hour candle above the Weekly R1 levels on both the EURUSD and GBPUSD is key I think for the bulls. Both levels have proven quite stubborn for both pairs.

EURUSD 1.4096
GBPUSD 1.6066
Today's zone = Tomorrow's opportunity!
  • #260,699
  • Oct 15, 2010 7:45am Oct 15, 2010 7:45am
Quoting bbakker
Ouch... just got stopped out... Touch and go... lol Should have widened my stops a little... doh!

And only just - it bounced straight off 6055. Have you had a good week?
  • #260,700
  • Oct 15, 2010 7:45am Oct 15, 2010 7:45am
I am out of here... Have a nice weekend!
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