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Cable Update (GBPUSD)

  • #269,621
  • Jan 23, 2011 9:57am Jan 23, 2011 9:57am
Happy weekend all,

I normally just lurks around and read all the trade and setup shared by others, and have learnt a lot from it. Thank you to all of you.

I just want to share my view on GU, and may be can get some feedback from you guys.

Last week saw GU goes back and forward between the M30 UTL and the H4 lower channel. Price was rejected in total 3 times until Friday by the UTL but at the end manage to close above the UTL before market close.

The H4 lower channel also shows strong support since a +ive USD news and a -ive GBP news is unable to close below the channel. Here is chart:

http://www.forexfactory.com/attachme...hmentid=623430
Attached Image (click to enlarge)
Click to Enlarge Name: GU_H1.JPG Size: 116 KB


On the Daily also we can see that price manage to close above the UTL (although only slightly) before the market close. Here is the chart:

http://www.forexfactory.com/attachme...hmentid=623431
Attached Image (click to enlarge)
Click to Enlarge Name: GU_D1.JPG Size: 123 KB


This may indicate that GU is still bullish next week ( no retrace yet) and may be targeting 1.6170ish. What do you guys think?
  • #269,622
  • Jan 23, 2011 10:06am Jan 23, 2011 10:06am
Quoting gsantri
Thank's a lot,
I do need your opinion here's the chart.
No, No, No...

You need your opinion to matter...

With any new tool you try out, it has to make sense and be of your own liking. Knowing what your charts are telling you will allow you to take the trades that will keep you in the business.

When something no longer makes sense, you will know. Discard the data and continue your learning and earning as market allows.

All the best GS...

You're moving in leaps and bounds my friend.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #269,623
  • Jan 23, 2011 10:07am Jan 23, 2011 10:07am
Quoting Magix
No, No, No...

You need your opinion to matter...

With any new tool you try out, it has to make sense and be of your own liking. Knowing what your charts are telling you will allow you to take the trades that will keep you in the business.

When something no longer makes sense, you will know. Discard the data and continue your learning and earning as market allows.

All the best GS...

You're moving in leaps and bounds my friend.

wise words.
true true.
Hero calls followed by margin calls...
  • #269,624
  • Jan 23, 2011 10:08am Jan 23, 2011 10:08am
Quoting tengkorak
Happy weekend all,

I normally just lurks around and read all the trade and setup shared by others, and have learnt a lot from it. Thank you to all of you.

I just want to share my view on GU, and may be can get some feedback from you guys.

Last week saw GU goes back and forward between the M30 UTL and the H4 lower channel. Price was rejected in total 3 times until Friday by the UTL but at the end manage to close above the UTL before market close.

The H4 lower channel also shows strong support since a +ive USD news and a -ive GBP news...

Very well put together...

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #269,625
  • Jan 23, 2011 10:30am Jan 23, 2011 10:30am
Quoting Magix
No, No, No...

You need your opinion to matter...

With any new tool you try out, it has to make sense and be of your own liking. Knowing what your charts are telling you will allow you to take the trades that will keep you in the business.

When something no longer makes sense, you will know. Discard the data and continue your learning and earning as market allows.

All the best GS...

You're moving in leaps and bounds my friend.

Thanks to You, Master Magix.
  • #269,626
  • Jan 23, 2011 12:32pm Jan 23, 2011 12:32pm
So guys, what team are you in? I'm in 'GBP Bears Team' this week...
  • #269,627
  • Jan 23, 2011 12:35pm Jan 23, 2011 12:35pm
Quoting matlock
So guys, what team are you in? I'm in 'GBP Bears Team' this week...
Neither! I try not to have a biased opinion and I am ready to put my Bulls or Bears hat on at any time.
  • #269,628
  • Jan 23, 2011 1:25pm Jan 23, 2011 1:25pm
Consensus for the UK's GDP growth: 0.5%
Consensus for the US's GDP growth: 3,5%

Due to bad retail sales numbers the GDP growth of the UK may be even worse than expected.

I think I may open a short on GUSD, GJPY ad GCHF. There's a MACD divergence on M15 of GU, by the way.

My sentiment for the next week:

EURUSD = sideways
GBPUSD = bearish
GBPJPY = bearish
USDJPY = bullish
GBPCHF = bearish

The arguments are in my blog: www.4x.fi
  • #269,629
  • Jan 23, 2011 1:35pm Jan 23, 2011 1:35pm
i jump back in late friday with a long at 1.5959, t/p 1.6108. good luck to all
  • #269,630
  • Jan 23, 2011 2:15pm Jan 23, 2011 2:15pm
Hi all
I see a bearish channel with upside limited by the channel top (red) , 16100 resistance and a DTL going back to AUG4 09 with targets 15900 support , 15810 - 38% of recent rally , then 15750 area - just above 50% of rally , an RTL going back to MAR25 and a DTL forming support based on shoulder tips from OCT15 and DEC14 (from the H&S that sort of was then wasn't) so 15750 could be a pretty tough nut to crack...lets see what the week brings...
Attached Image (click to enlarge)
Click to Enlarge Name: w23.jpg Size: 93 KB
  • #269,631
  • Jan 23, 2011 2:54pm Jan 23, 2011 2:54pm
Green Pips...

http://4.bp.blogspot.com/_eJeoUej2Uk...2011-Table.png

http://2.bp.blogspot.com/_eJeoUej2Uk...24-01-2011.png
  • #269,632
  • Edited 6:28pm Jan 23, 2011 6:18pm | Edited 6:28pm
15990 - 15960 (WP , DP , 38% Friday move , PA Support , EMA200) SL 16010 - Clear break EMA20
Attached Image (click to enlarge)
Click to Enlarge Name: 30.jpg Size: 82 KB
  • #269,633
  • Jan 23, 2011 7:27pm Jan 23, 2011 7:27pm
Quoting chazzle
15990 - 15960 (WP , DP , 38% Friday move , PA Support , EMA200) SL 16010 - Clear break EMA20
cashed out for 1/2 the TP ... back at Frankfurt
  • #269,634
  • Edited 8:25pm Jan 23, 2011 7:55pm | Edited 8:25pm
Quoting chazzle
cashed out for 1/2 the TP ... back at Frankfurt


just want to tell, 10 min after you out she reached your TP.

DON'T GO TO SLEEP
  • #269,635
  • Jan 23, 2011 11:28pm Jan 23, 2011 11:28pm
Hello all,

New here but not to forex but i liked to exchange ideas this is mine
Attached Image (click to enlarge)
Click to Enlarge Name: forexfactory.jpg Size: 79 KB
  • #269,636
  • Jan 24, 2011 1:06am Jan 24, 2011 1:06am
Perhaps another test of the week open @ 15987 - before minor support @ 15944?
Attached Image (click to enlarge)
Click to Enlarge Name: wo.jpg Size: 78 KB
  • #269,637
  • Jan 24, 2011 1:59am Jan 24, 2011 1:59am
Quoting wormboy
Lovely.
Did we catch the turn & sold from the top of the mountain? We'll know in a week. Leaving the remaining trade to work. Have a lovely weekend everyone.
Ta!
Welp, too soon.

My position is now flat. Will trade the break or bounce of the dp & the w1 pvp @5963 at LO.

Good luck everyone
Thank You
  • #269,638
  • Jan 24, 2011 2:03am Jan 24, 2011 2:03am
Quoting wormboy
Welp, too soon.

My position is now flat. Will trade the break or bounce of the dp & the w1 pvp @5963 at LO.

Good luck everyone
you closed 2nd part @ BE?
  • #269,639
  • Jan 24, 2011 2:04am Jan 24, 2011 2:04am
Quoting chazzle
Perhaps another test of the week open @ 15987 - before minor support @ 15944?
counter trading this 15944
  • #269,640
  • Jan 24, 2011 2:05am Jan 24, 2011 2:05am
Quoting wormboy
Welp, too soon.

My position is now flat. Will trade the break or bounce of the dp & the w1 pvp @5963 at LO.

Good luck everyone
sorry, chart.
Attached Image (click to enlarge)
Click to Enlarge Name: gu1.GIF Size: 26 KB
Thank You
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