Cable Update (GBPUSD)

Happy Weekend.....

Rgds,Iqyu

...prepare to go north..

i don't think so the cable will go to north, unless 1.6200 break above. I preparing to go south...ehhhe

USDX-DJones-Gold
http://www.forexfactory.com/attachme...5&d=1289698287

Investors Walk Out as the Fed Buys In
http://online.wsj.com/article/SB1000...Tabs%3Darticle


Rgds,Iqyu

did i say i am bull?
check my previous post as well as my profile...got it

This is how i see it
http://i881.photobucket.com/albums/ac14/lorix_/gbp.gif

Here is my 1hr chart:

London's low on Thursday was breached on Friday, for me this should have acted as resistance if sellers were in control so a retest of 1.6100 and further upward move to 1.63 perhaps.

I am expecting to see buyers where the blue boxes are, if these prices are not supported I may change my stance.

In addition the high of the first day of November has been breached.

The only thing that is slightly worrying is that 1.6180 is strong resistance!!

Comments welcome

Slim

no one thinks gbpusd would go down more than i do I already have a few shorts now and I'm looking to see how it goes

Good day to you,

Looking ahead , the following:

Price currently finding resistance on the 4hr chart. This zone has a top @ 1.6183 as ultimate resistance, with a bottom @ 1.6135. Should price move up to find support @ 1.6183, it is immediately met by a resistance zone on the weekly chart with a bottom @ 1.6185.

We can thus state that the 1.6183 / 1.6185 area is of utmost importance to prevent any further move higher.

A break above 1.6185 ( and support) may see a move back up to 1.6265 - this is the previous daily resistance.

Should 1.6135 hold as resistance, we may continue down to test 1.6012 - the previous significant hourly support zone, or even to 1.5983 - the previous significant 4hr support zone.

My personal bias is bearish at present.

Wish you all the best

Regards

16183-196 supply
My bias neutral
16110=078 zone DB

Reasons for neutral bias...i'm a scalper

I have marked on the chart below my KEY levels for Cable

1.6183 is my KEY resistance level which is a significant supply area and breaking this level will lead cable to the highs on the 5th November.

My personal view is that cable will test some or maybe all the levels marked in purple.

1.6100
1.6070
1.6040
1.6010

I will be watching PA around these levels for an indication of a reversal back to the 1.6183. We may see cable range between two of the levels before proceeding up.

The Key support and demand area is 1.5985 although I feel cable will not test any lower than this....but anything is possible.

I wish you all a good trading week

Darren

Re: Quick Preview.... I realise that you spend alot of time with your kids... but is that normal behaviour?

Lol....only spent 30 mins on it. They will be dragging me to watch Xfactor soon so i needed a bit of me time

looks like it...

Oh i get what you mean now, no its probably not normal and it took a little longer than 30 mins

I noticed on Friday afternoon you posted a trade call. It was a short trade. You have since deleted the post. Can you explain why?