Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

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#267,881
Jan 3, 2011 4:02pm Jan 3, 2011 4:02pm

Ctic
Joined Oct 2009 | Status: The Voodoo Boodoo Club | 1,419 Posts

Quoting fendi

Disliked

I remain bearish on both pairs for the week.... British austerity measures, troubles in the government and in the central bank and a slower global economy point to a weaker pound...

Looking down, 1.5480 is now the first support line. It was the top border of the range that cable traded in in the last week. Below, 1.5350 provided to be a very strong support line. A break under this line means trouble for the pound.

E/U

Looking down below 1.3334, the 1.3267 line provides support on the way down. 1.3180 is already stronger support, after working...

Ignored

Fendi,

I will say I absolutely agree with you. Your two levels are the top and bottom of the inside bars we have here on the daily chart. It appears the bullish move we got on Friday may have been a fake out to the north as we are now back in the range.

I anticipate we may break to the south but I still have my OCO under your 5350 level.

Great analysis....

#267,882
Jan 3, 2011 4:57pm Jan 3, 2011 4:57pm

TraderBob
| Joined Jan 2009 | Status: Trader | 5 Posts

Here are some things to consider why cable may go up before it goes down:

1) Weekly gaps down are closed during week of trading 89% of the time. We gapped from 1.5608 down to 1.5566 and only have retraced to 1.5584.

2) There is a nice looking pivot candle on the 30 minute chart with a low at 1.5432. It is also a place to put a stop under at say 1.5429.

3) The pivot candle made a lower low on the 30 minute pivot candle, but the high was above the prior low candle that was 12 candles back. Then the 5 EMA started to head higher. This is a powerful reversal signal.

4) EUR/USD has been very strong and looks to head higher in the next 24 hours. The pound is likely to catch up to the EUR/USD. The EUR/USD and cable show to be well correlated for the year, month, week, 4 hour, 1 hour, 30 minute, and 15 minute time frames. However, they are strongly inversely correlated for the 1 day time frame. Cable will likely go back into correlation over the next 24 hours.

Cable right now is at 1.5479 as I write this post.

Best Regards,
Trader Bob

#267,883
Jan 3, 2011 9:10pm Jan 3, 2011 9:10pm

gsantri
| Joined Jun 2010 | Status: Trader | 1,429 Posts

Price stuck between daily open and pivot.

What a boring session

#267,884
Jan 4, 2011 12:10am Jan 4, 2011 12:10am

Abu-Rami
Joined Jul 2007 | Status: Senior Member | 1,553 Posts

Happy New Year for you all...

Attached Image

#267,885
Jan 4, 2011 1:56am Jan 4, 2011 1:56am

andelumut
| Joined Dec 2010 | Status: Trader | 390 Posts

Quoting gsantri

Disliked

News is flat.
Your trading is fine, but I suggest you take some profit now then move SL to BE. Price can go either way.

Ignored

hihihii,,
thanks for suggesting,

to the next position, I will use SL,

only an analysis, and I'm always wrong, don't follow me,

#267,886
Jan 4, 2011 3:33am Jan 4, 2011 3:33am

PhAnTi'
Joined Aug 2010 | Status: Tööröh | 14,292 Posts

short 5560

Hero calls followed by margin calls...

#267,887
Jan 4, 2011 3:37am Jan 4, 2011 3:37am

Ifty
| Joined May 2009 | Status: Trader | 1,124 Posts

Quoting PhAnTi'

Disliked

short 5560

Ignored

The parabolic sar on the 4H has broken through to the upside. Very dangerous to short here but maybe a retrace on the LTF can hopefully bail you out.

You've got to be IN IT to WIN IT!

#267,888
Jan 4, 2011 4:03am Jan 4, 2011 4:03am

50d
| Joined Nov 2009 | Status: I can... | 374 Posts

what a rally....
we have been expecting this.

#267,889
Jan 4, 2011 5:48am Jan 4, 2011 5:48am

andelumut
| Joined Dec 2010 | Status: Trader | 390 Posts

what happens to the GU,,,?? why can move almost 200pips,?

can you explain to me

only an analysis, and I'm always wrong, don't follow me,

#267,890
Jan 4, 2011 5:51am Jan 4, 2011 5:51am

Jai Mata Di
| Joined Apr 2010 | Status: Trader | 33 Posts

i think it is an untold truth of forex .

#267,891
Jan 4, 2011 5:59am Jan 4, 2011 5:59am

spiritbreezer
| Joined May 2006 | Status: Trader | 133 Posts

This is a daily chart. The dotted lines represent last months fibs. I reckon cable will close between 5627 and 5560 today. Tomorrow retrace to and bounce off 560 then move up to the yellow line at 5660. There it will show us weather gonna break up to 5700 or come down.

Attached Image

#267,892
Edited 9:00am Jan 4, 2011 8:53am | Edited 9:00am

kaspopsicle
| Membership Revoked | Joined Mar 2010 | 3,853 Posts

Sorry if i'm stating what is obvious. This Pa is scalpers territory until breakout which looks to me to be going for the downside .Price is in fairly tight channel, therefore, breakout could be significant without any economic data update. Everyone looking for some action keep your eyes on this channel 15594-16516 on M5. Unfortunately i have to go out .
G/L

Attached Image (click to enlarge)

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Name: Spot FX GBP_USD (04-JAN-11).png
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All systems of divination, like music itself,work through patterns.

#267,893
Jan 4, 2011 9:00am Jan 4, 2011 9:00am

PhAnTi'
Joined Aug 2010 | Status: Tööröh | 14,292 Posts

Quoting andelumut

Disliked

what happens to the GU,,,?? why can move almost 200pips,?

can you explain to me

Ignored

news.

Hero calls followed by margin calls...

#267,894
Jan 4, 2011 9:11am Jan 4, 2011 9:11am

50d
| Joined Nov 2009 | Status: I can... | 374 Posts

Quoting spiritbreezer

Disliked

This is a daily chart. .

Ignored

these green candles looks like a clear indication to mark up the price of GU. I am thinking we may form a good base before the flight but still looking to buy dips as the lower TF presents such opportunities. we may be turning from here...1.53.
time will tell.

#267,895
Jan 4, 2011 4:39pm Jan 4, 2011 4:39pm