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Cable Update (GBPUSD)

  • #262,741
  • Nov 2, 2010 4:10am Nov 2, 2010 4:10am
Quoting bbmac
G/M

Uk construction Pmi due at 0930am Uk time, wonder whether we will see a similar bounce as yesterday's manuf pmi ?? Forecast though is for a slight fall on last month, although construction part of Q3 Gdp prelim was good?

Anyways, it's data so anything or nothing can happen...Supply continues in the 6076-88 region this morning curtailing so far any further recovery off yesterday's 5989 lo. Rate remains buoyed and supported on the pullbacks so far.

Above yesterday's 6088 Hi, the Daily R1 pivot 6092 falls in the previous 4hr/daily swing hi...

do we see any possibility of the supply zone giving way?...today?
  • #262,742
  • Nov 2, 2010 4:14am Nov 2, 2010 4:14am
Quoting lechidi
do we see any possibility of the supply zone giving way?...today?
There is every possibility of that, but we have to judge whether it is the greater probability or not from our trading edges, (or not-wait to see if it breaks or is rejected.) No one can tell future price action-we just have ouir trading edges.

----------------------------------------
Above that 6107 Hi, 6140 is Daily R2 pivot, 6164 area Weekly R1, and 6211 area Monthly R1 with 6233 being 127% fib extension of the last daily 6107-5649 swing.

G/L
ex member
  • #262,743
  • Nov 2, 2010 4:32am Nov 2, 2010 4:32am
51.6http://cdn.forexfactory.com/images/m...ol_refresh.gif 53.151.6http://cdn.forexfactory.com/images/m...ol_refresh.gif 53.151.6http://cdn.forexfactory.com/images/m...ol_refresh.gif 53.1
51.6http://cdn.forexfactory.com/images/m...ol_refresh.gif 53.1actual 51.6 forecast 53.1 down we go
  • #262,744
  • Nov 2, 2010 4:37am Nov 2, 2010 4:37am
Needed that little drop....i was on the verge of pulling the plug on my short.
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  • #262,745
  • Nov 2, 2010 4:41am Nov 2, 2010 4:41am
Quoting bbmac
There is every possibility of that, but we have to judge whether it is the greater probability or not from our trading edges, (or not-wait to see if it breaks or is rejected.) No one can tell future price action-we just have ouir trading edges.

----------------------------------------
Above that 6107 Hi, 6140 is Daily R2 pivot, 6164 area Weekly R1, and 6211 area Monthly R1 with 6233 being 127% fib extension of the last daily 6107-5649 swing.

G/L
Hi bbmac I am watching 16067 carefull on the H1 it seems to be holding well and looks like price may break back into the channel on the H1.

Cheers.

Edit: are closes of H1 candles something you pay close attention to?
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-11-02_0938.jpg Size: 111 KB
  • #262,746
  • Nov 2, 2010 4:45am Nov 2, 2010 4:45am
Could do with it breaking through the 1.6024 then 1.6006 next

1.6006 looks the harder to break
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  • #262,747
  • Nov 2, 2010 4:48am Nov 2, 2010 4:48am
Quoting darrenware
Could do with it breaking through the 1.6024 then 1.6006 next
A slightly longer view - Parabolic SAR on the 4 hour broken through to the downside. I see 1.59 coming or maybe even 1.58 before entering long again for another crack at 1.61.
You've got to be IN IT to WIN IT!
  • #262,748
  • Nov 2, 2010 4:50am Nov 2, 2010 4:50am
What's dropping the GBP?
  • #262,749
  • Edited 5:51am Nov 2, 2010 4:52am | Edited 5:51am
Quoting darrenware
Could do with it breaking through the 1.6024 then 1.6006 next

1.6006 looks the harder to break
yeah I agree I think if 16000 and s1 goes we could see 15950-40 area today.

15min below
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-11-02_0953.jpg Size: 94 KB
  • #262,750
  • Edited 4:54am Nov 2, 2010 4:52am | Edited 4:54am
Its fighting with the 200ema on 15min now

EDIT: Not anymore
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  • #262,751
  • Nov 2, 2010 4:55am Nov 2, 2010 4:55am
Quoting reflex
yeah I agree I think if 16000 and s1 goes we could see 15950-40 area today.
..agreed!..solid resistance on 4h..and daily seems like abonded
  • #262,752
  • Nov 2, 2010 4:55am Nov 2, 2010 4:55am
There were various patterns of bearish osc divergence to the 15min chart at current daily Hi before the data hit, big reaction to weaker # has precipitated the fall from that potential supply zone referred to earlier...price challenging yesterday's lo around 38.2% of 5876-6088 as I write this.

1hr screenshot below..

G/L

http://www.easy-upload.net/fichiers/z.201011210550.gif
ex member
  • #262,753
  • Nov 2, 2010 4:55am Nov 2, 2010 4:55am
Hi guys,

After looking at my long term spreadsheet last night, it appears that I am already well above target for the year.

Going to take full profit on the remainder of this long at 1.6 and go flat until Jan.

See you then!
  • #262,754
  • Nov 2, 2010 4:56am Nov 2, 2010 4:56am
Quoting darrenware
Could do with it breaking through the 1.6024 then 1.6006 next

1.6006 looks the harder to break

There she blows....DP next??
Enter Signature
  • #262,755
  • Nov 2, 2010 4:57am Nov 2, 2010 4:57am
Quoting wormboy
leaving the small short in with emergency stop placed @6108, 62 pips risk.
will be adding to the shorts only if today closes bearish.
time for bed. hope everyone have a good day.

good luck
was starting to worry about your trade, hope you didn't pull the plug on it ?
if you don't mind me asking, where is your target?
  • #262,756
  • Nov 2, 2010 5:02am Nov 2, 2010 5:02am
Pulling plug on short if it breaks cleanly back above 1.6006 now
Enter Signature
  • #262,757
  • Nov 2, 2010 5:04am Nov 2, 2010 5:04am
Quoting survive
What's dropping the GBP?
construction pmi

congrats to all who catched the fall,
unfortunately i was in eur for only a few pennys
good luck all
  • #262,758
  • Nov 2, 2010 5:04am Nov 2, 2010 5:04am
price drops to a previous 1hr swing lo zone with 23.6% 5690-6088 and daily S1 pivot...1hr screenshot below

G/L

http://www.easy-upload.net/fichiers/z.201011211427.gif
ex member
  • #262,759
  • Nov 2, 2010 5:05am Nov 2, 2010 5:05am
The last 1hr candle closes was a master bearish thrust engulf, engulfing last 17 bodies before it...significant ??

G/L
ex member
  • #262,760
  • Nov 2, 2010 5:07am Nov 2, 2010 5:07am
Quoting darrenware
Pulling plug on short if it breaks cleanly back above 1.6006 now
Don't be hasty Darren. I don't know where you got in, but I was short from 1.6075 and my SL is now at 1.6035
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