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Cable Update (GBPUSD)

  • #264,821
  • Nov 22, 2010 2:11am Nov 22, 2010 2:11am
my imho...

i see bottom at :
http://www.forexfactory.com/showpost...&postcount=901
@ 5854 .... ? i had long position at 5850

but i could be wrong

rgds,iqyu

Quoting bob_nofats

tnx for that!!! i will study that! but for now can you tell what makes the cable move upward coz i'm worried about my short position at this time coz i open short @ 5854 do you think the cable will reach that price?
i really want to know what is the reason why the cable move and i will study that coz i know it will help me in the future
trade!!!!!! hahahaha
not euphoria follower
  • #264,822
  • Nov 22, 2010 2:22am Nov 22, 2010 2:22am
Ireland Bailout € inspired bounce so far this new week ? Friday's lo @ those 61.8%/76.4% fibs is untested as £ moves higher remaining above daily, weekly and monthly pivots.

Near-term 1hr screenshot is below...price so far today @ 64% of it's 20 day average pip range.

How strong are the bulls can they make a decisive upside break of the 4hr descending trend line/channel top ?

G/L

http://www.easy-upload.net/fichiers/z.2010112292138.gif
ex member
  • #264,823
  • Nov 22, 2010 2:23am Nov 22, 2010 2:23am
How strong ? nobody knows ....
Quoting bbmac
Ireland Bailout € inspired bounce so far this new week ? Friday's lo @ those 61.8%/76.4% fibs is untested as £ moves higher remaining above daily, weekly and monthly pivots.

Near-term 1hr screenshot is below...price so far today @ 64% of it's 20 day average pip range.

How strong are the bulls can they make a decisive upside break of the 4hr descending trend line/channel top ?

G/L

http://www.easy-upload.net/fichiers/z.2010112292138.gif
not euphoria follower
  • #264,824
  • Nov 22, 2010 2:41am Nov 22, 2010 2:41am
Quoting iqyu5an
How strong ? nobody knows ....

Absolutely, no-one ever does, all we have is our trading edge that may or may not tell us what the greater probability is...this may include price action itself. Currentltyprice pulled back from 6066 to the 38.2% of the current daily lo-hi where fresh demand came in and now price challenges that Hi/4hr descending trend line area again.

G/L
ex member
  • #264,825
  • Nov 22, 2010 2:51am Nov 22, 2010 2:51am
Hi

I'm looking to short at 1.6068

Based on 50% fib and descending trend line

See attached 4hr chart
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-4hr.gif Size: 15 KB
  • #264,826
  • Nov 22, 2010 2:55am Nov 22, 2010 2:55am
looks like we are having another crack at the 50% mark.. fundamentally i see short eur/gbp as a good trade however not so good with the technical side.. Anyone trade this pair here?
  • #264,827
  • Nov 22, 2010 3:01am Nov 22, 2010 3:01am
Quoting fuse
Hi

I'm looking to short at 1.6068

Based on 50% fib and descending trend line

See attached 4hr chart
Price has already shown a willingness to go above that 50% fib 6297-5837 (Friday's hi) and close above it on 4hr...see pic below

G/L with the trade

http://www.easy-upload.net/fichiers/z.2010112210124.gif
ex member
  • #264,828
  • Nov 22, 2010 3:06am Nov 22, 2010 3:06am
bbmac thanks for that advice

Yes I will probably wait for a confirmation of a reversal on a 15m chart before I enter the trade. Or I will look to go long if the 50% fib and the trend line is broken and then used as support on the 15m chart.
  • #264,829
  • Nov 22, 2010 4:14am Nov 22, 2010 4:14am
Going Up... TP1 @ 1.63
  • #264,830
  • Nov 22, 2010 4:27am Nov 22, 2010 4:27am
Quoting z3r0
Going Up... TP1 @ 1.63

what!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  • #264,831
  • Nov 22, 2010 4:55am Nov 22, 2010 4:55am
6083 the current hi @ which the bearish osc divergence counter trend set-up came on 5min just into that previous 4hr swing hi zone leading up to Friday's 6093 hi and just above that 4hr descending trendline/channel top....interestingly at the point of reversal in cable, € had failed to make a new high following it's pullback....and had gone into a kind of a channel consolidation on it's 5min

Finishing here for day with final look at 1hr near-term screenshot.

G/L

http://www.easy-upload.net/fichiers/...1122115310.gif

http://www.easy-upload.net/fichiers/z.2010112211540.gif
ex member
  • #264,832
  • Nov 22, 2010 4:58am Nov 22, 2010 4:58am
Near-term 4hr now looks like this...price still only @ 75% of it's 20 day aerage pip range so far today.

G/L

http://www.easy-upload.net/fichiers/...1122115811.gif
ex member
  • #264,833
  • Nov 22, 2010 5:22am Nov 22, 2010 5:22am
thanks bbmac
  • #264,834
  • Nov 22, 2010 5:58am Nov 22, 2010 5:58am
6083 the current hi @ which the bearish osc divergence counter trend set-up came on 5min just into that previous 4hr swing hi zone leading up to Friday's 6093 hi and just above that 4hr descending trendline/channel top....interestingly at the point of reversal in cable, € had failed to make a new high following it's pullback....and had gone into a kind of a channel consolidation on it's 5min

Finishing here for day with final look at 1hr near-term screenshot.


thx for that

do you think the cable will not reach the 58 level at this moment?
  • #264,835
  • Nov 22, 2010 6:19am Nov 22, 2010 6:19am
1.58 is quite a way from here... and has some support barriers to break through before it gets there.

but anything is possible!
  • #264,836
  • Nov 22, 2010 7:17am Nov 22, 2010 7:17am
I will buy at 5950
€.
  • #264,837
  • Nov 22, 2010 7:39am Nov 22, 2010 7:39am
Quoting Euro
I will buy at 5950
best of luck with your buy. you got close to the low .
  • #264,838
  • Nov 22, 2010 8:31am Nov 22, 2010 8:31am
Man, this thread is dead.
  • #264,839
  • Nov 22, 2010 8:38am Nov 22, 2010 8:38am
Quoting qwertymyfx
Man, this thread is dead.
yeah it is especially since past few weeks, where its been increasingly volatile...maybe thats a clue
  • #264,840
  • Nov 22, 2010 8:52am Nov 22, 2010 8:52am
Quoting fahdli
yeah it is especially since past few weeks, where its been increasingly volatile...maybe thats a clue
probably
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