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Cable Update (GBPUSD)

  • #261,681
  • Oct 25, 2010 6:55am Oct 25, 2010 6:55am
TT,
I am with you and also looking at those levels.
I guess NY will add more momentum to this market and push it one way; and like Okehiedon will say -"for those floor traders to earn their pay for the day, they'll have to move the market to one direction". There must be a winner between the buyers and the sellers. Its a question of time... 1300GMT and 1500GMT. I will watch market reaction within that box and beyond.
  • #261,682
  • Oct 25, 2010 7:16am Oct 25, 2010 7:16am
With Bernanke and existing home sales due, this is the current 1hr screenshot of gbpusd.

Support again at the previous 1hr/4hr swing lo established on wednesday of last week saw an upside break of the descending 1hr/4hr trend line from 6107 Hi and a subsequent rise/recovery to 5771 before a pullbcak to 5715 (50% 5662-5771), the recovery attempt meeting fresh supply at 57747 seeing that 5715 pullback lo area challenged again.

G/L

http://www.easy-upload.net/fichiers/...1025141623.gif
ex member
  • #261,683
  • Oct 25, 2010 7:23am Oct 25, 2010 7:23am
Quoting bbmac
With Bernanke and existing home sales due, this is the current 1hr screenshot of gbpusd.

Support again at the previous 1hr/4hr swing lo established on wednesday of last week saw an upside break of the descending 1hr/4hr trend line from 6107 Hi and a subsequent rise/recovery to 5771 before a pullbcak to 5715 (50% 5662-5771), the recovery attempt meeting fresh supply at 57747 seeing that 5715 pullback lo area challenged again.

G/L

http://www.easy-upload.net/fichiers/...1025141623.gif...
Nice chart.
Been a slow morning.London traders are waiting for the news.
Pa looks mixed to me, but some good homesales, and some hinting of QE, make it likely to get some movement to the bullside.
I expect NY stocks to trade higher bc the G20 meeting, which should weaken the dollar.

What are your thoughts?
  • #261,684
  • Oct 25, 2010 7:47am Oct 25, 2010 7:47am
Short 5720, SL 5751, TP 5694, TP2 5673

reasons:
H4 Llow
should be ABCD formation on H1
if there will be bull pressure it will touch DP for more buyers
we are in short term downtrend
on weekly TF support bearish move down
  • #261,685
  • Oct 25, 2010 7:49am Oct 25, 2010 7:49am
f*** cable!
  • #261,686
  • Oct 25, 2010 7:50am Oct 25, 2010 7:50am
Quoting Sunsi
Nice chart.
Man, that is a great chart. Some people really know their shit.
  • #261,687
  • Oct 25, 2010 7:51am Oct 25, 2010 7:51am
I wish I knew my shit.
  • #261,688
  • Oct 25, 2010 8:06am Oct 25, 2010 8:06am
Quoting Mr.Elliott
i'm still playing it with a bearish trend... IMHO...we still have some room downward...but as usual you might be right and i might be wrong....anyway...gud luck and green pips bro...
let see whether we could close above 1.5730 then it will be bullish...or else...my stand is still the bearish side...let see gud luck everybody and green pips for all....
  • #261,689
  • Oct 25, 2010 8:06am Oct 25, 2010 8:06am
Quoting bbmac
With Bernanke and existing home sales due, this is the current 1hr screenshot of gbpusd.

Support again at the previous 1hr/4hr swing lo established on wednesday of last week saw an upside break of the descending 1hr/4hr trend line from 6107 Hi and a subsequent rise/recovery to 5771 before a pullbcak to 5715 (50% 5662-5771), the recovery attempt meeting fresh supply at 57747 seeing that 5715 pullback lo area challenged again.

G/L

http://www.easy-upload.net/fichiers/...1025141623.gif...
Bro,

i see double bottom in your 1 hr chart. Is it a valid double bottom ? the 2 bottom are touching the blue rectangle.
  • #261,690
  • Oct 25, 2010 8:28am Oct 25, 2010 8:28am
still waiting....
c'mon bears.....let go.... i'm already in the train...
  • #261,691
  • Oct 25, 2010 8:33am Oct 25, 2010 8:33am
re questions/poiunts raised re my 1hr chart posted earlier.

I see the double bottom created by last Weds/Fri lows...the subsequent rise from that low broke the last 4hr LH to the upside thuus making it a valid 'double bottom.'

The 4hr downtrend is probably still exist although that H above that last LH is cause for thought re stregth of that downtrend...could be worse the H could have come off a HL !! but it didn't it came off a LL on that t/f.

1hr t/f is mixed - bullish at the moment and the daily whilst still probably in an uptrend gives casue for concern for same reason as 4hr downtrend, ie in this case there has deen a L below the last HL of that uptrend, that L coming at the 127% fib extension of the last Hl-HH (6107) of that uptrend on that daily t/f.

Price on 1hr from the 5650 Fri Lo has starting with that printed a LL, LH,HL,H, = HL, HH (at today's current Hi 5771), HL, LH, and now a L- coming at the 61.8% of the 5662-5771 move where it found some demand. Price so far today remains within it's 20day average pip rnge , ie currently 69% of that it's range so far today.

G/L

http://www.easy-upload.net/fichiers/...1025153229.gif
ex member
  • #261,692
  • Oct 25, 2010 8:37am Oct 25, 2010 8:37am
Thanks bbmac

Quoting bbmac
re questions/poiunts raised re my 1hr chart posted earlier.

I see the double bottom created by last Weds/Fri lows...the subsequent rise from that low broke the last 4hr LH to the upside thuus making it a valid 'double bottom.'

The 4hr downtrend is probably still exist although that H above that last LH is cause for thought re stregth of that downtrend...could be worse the H could have come off a HL !! but it didn't it came off a LL on that t/f.

1hr t/f is mixed - bullish at the moment and the daily whilst still probably in an uptrend gives...
  • #261,693
  • Oct 25, 2010 8:38am Oct 25, 2010 8:38am
Well thats my target achieved for the day.....

good luck to you all with your positive pips.

Been as always an enlightening day, in as always more ways than one
  • #261,694
  • Oct 25, 2010 8:40am Oct 25, 2010 8:40am
Quoting bbmac
re questions/poiunts raised re my 1hr chart posted earlier.

I see the double bottom created by last Weds/Fri lows...the subsequent rise from that low broke the last 4hr LH to the upside thuus making it a valid 'double bottom.'

The 4hr downtrend is probably still exist although that H above that last LH is cause for thought re stregth of that downtrend...could be worse the H could have come off a HL !! but it didn't it came off a LL on that t/f.

1hr t/f is mixed - bullish at the moment and the daily whilst still probably in an uptrend gives...
in a very simple word...if the price breaks 1.5775 then up we go...or else...
  • #261,695
  • Oct 25, 2010 8:44am Oct 25, 2010 8:44am
Quoting Mr.Elliott
in a very simple word...if the price breaks 1.5775 then up we go...or else...
Or else bye bye.
  • #261,696
  • Edited 9:03am Oct 25, 2010 8:46am | Edited 9:03am
5700 is holding good at the 50% level and pivot line. Added a long position @ 5720 1st take profit 5790
  • #261,697
  • Oct 25, 2010 8:51am Oct 25, 2010 8:51am
Quoting Mr.Elliott
in a very simple word...if the price breaks 1.5775 then up we go...or else...

I have no idea wether a break and clear of today's current Hi around that 5775 (5771) will see a sustained upward move, as indeed I have no idea whether the failure to do so will see a sustained move to the downside below the weds/fri double Lo... I just play the set-ups as they come along withgin the context of trhe overall price action on the t/f's of interest...prediction of even the next tick's movement remains beyond our capability. All we have is an estimation of what the geater probability is from our own analysis howsoever derived.

G/L
ex member
  • #261,698
  • Oct 25, 2010 8:57am Oct 25, 2010 8:57am
long as well, h4 TL show upmove
Hero calls followed by margin calls...
  • #261,699
  • Oct 25, 2010 8:57am Oct 25, 2010 8:57am
Stocks traiding realy high now!.
DJ highes point in a long time. I think the drop in gbp/usd now was because of some profittaking before homesale news.
Some good numbers, are likely to boost the DJ, and drag the GBP/USD with em.
  • #261,700
  • Oct 25, 2010 9:16am Oct 25, 2010 9:16am
Quoting bbmac
I have no idea wether a break and clear of today's current Hi around that 5775 (5771) will see a sustained upward move, as indeed I have no idea whether the failure to do so will see a sustained move to the downside below the weds/fri double Lo... I just play the set-ups as they come along withgin the context of trhe overall price action on the t/f's of interest...prediction of even the next tick's movement remains beyond our capability. All we have is an estimation of what the geater probability is from our own analysis howsoever derived.

G/L...
it true....good luck to you 2
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