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Cable Update (GBPUSD)

  • #269,681
  • Jan 24, 2011 3:58am Jan 24, 2011 3:58am
Got to be cautious scalping - cable making moves like this for past 2 weeks , then breaking previous highs
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  • #269,682
  • Jan 24, 2011 4:00am Jan 24, 2011 4:00am
Quoting PoundTrader
still long at 1.5959, t/p 1.6108. upside is looking good.
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  • #269,683
  • Jan 24, 2011 4:02am Jan 24, 2011 4:02am
There was a 5min regular bullish divergence play supporting the 1min set-up at the current lows.

I wonder if bulls can build from here ? Certainly 1hr hidden div is still there.

G/L
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ex member
  • #269,684
  • Jan 24, 2011 4:03am Jan 24, 2011 4:03am
Hey guys, we've been ranging at the same prices for a while now because of the support level that we have right around 1.5940 area. I did take a quick trade when i saw the opportunity for a nice 15 pips. But at this point i really don't see any clear signal as we need more pressure towards the upward trend, or a break of these support levels and have a nice reversal. Sometimes you just have to stay out of the market and not give all your profits back JUST BECAUSE YOU HAVE TO BE IN A TRADE. Good luck everyone
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  • #269,685
  • Jan 24, 2011 4:04am Jan 24, 2011 4:04am
Quoting PoundTrader
If you carefully notice this chart, you can find that it is making lower lows in every attempt and seeming turning bearish and just need a catalyst to push it down all the way back to 5350 area
  • #269,686
  • Jan 24, 2011 4:08am Jan 24, 2011 4:08am
Quoting veer2010
If you carefully notice this chart, you can find that it is making lower lows in every attempt and seeming turning bearish and just need a catalyst to push it down all the way back to 5350 area
did you go short?
  • #269,687
  • Jan 24, 2011 4:09am Jan 24, 2011 4:09am
Quoting chazzle
Got to be cautious scalping - cable making moves like this for past 2 weeks , then breaking previous highs
Well said.

I think its time for me to test my 'new toy on demo account.
After all, its Monday
  • #269,688
  • Jan 24, 2011 4:13am Jan 24, 2011 4:13am
Quoting PoundTrader
did you go short?
I don;t trade one way..I trade mix positions where in I have few longs and few shorts. But, my bias is bearish and i have 40% more positions which are short.
  • #269,689
  • Jan 24, 2011 4:14am Jan 24, 2011 4:14am
Quoting veer2010
If you carefully notice this chart, you can find that it is making lower lows in every attempt and seeming turning bearish and just need a catalyst to push it down all the way back to 5350 area
going long might be a little more risky then going short at the moment
  • #269,690
  • Jan 24, 2011 4:17am Jan 24, 2011 4:17am
Quoting veer2010
I don;t trade one way..I trade mix positions where in I have few longs and few shorts. But, my bias is bearish and i have 40% more positions which are short.
yeah short is still in play but at the moment there's no clear signals.
  • #269,691
  • Jan 24, 2011 4:18am Jan 24, 2011 4:18am
Quoting PoundTrader
going long might be a little more risky then going short at the moment
I agree with you, but there are few banks which just wanna trigger retailers stops like what happened on last friday..whopping rally in GU all the way to 1.6013 damn... thats why we need to be careful... no fundamentals doesn;t mean no trade, these banks can trigger a rally at any time..
  • #269,692
  • Jan 24, 2011 4:21am Jan 24, 2011 4:21am
Quoting PoundTrader
yeah short is still in play but at the moment there's no clear signals.
GDP and MPC meetings are the main catalyst which will decide the near term fate of GU. I need to be careful now and see how the market is shaping up..
  • #269,693
  • Jan 24, 2011 4:29am Jan 24, 2011 4:29am
5min keeps giving on the pullbacks-but for how long ?

4hr wedge/pennant thing developing ?

G/L
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ex member
  • #269,694
  • Jan 24, 2011 4:32am Jan 24, 2011 4:32am
I took a short trade for 25 pips, my target is 1.5909 =]
  • #269,695
  • Jan 24, 2011 4:33am Jan 24, 2011 4:33am
Price now in the area of 4hr ascending trend line and 61.8% Friday's Lo-hi 5865-6017....selling through the previous 1hr swing hi x 3 zone (previous resistance potential support, where it had a couple of dead cat bounces as buyers attempted to move it higher.)

G/L
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ex member
  • #269,696
  • Jan 24, 2011 4:34am Jan 24, 2011 4:34am
Quoting Forextrader4
I took a short trade for 25 pips, my target is 1.5909 =]
Good luck and green pips to you bro
  • #269,697
  • Jan 24, 2011 4:37am Jan 24, 2011 4:37am
Quoting bbmac
Price now in the area of 4hr ascending trend line and 61.8% Friday's Lo-hi 5865-6017....selling through the previous 1hr swing hi x 3 zone (previous resistance potential support, where it had a couple of dead cat bounces as buyers attempted to move it higher.)

G/L
ooh careful - you almost make me wanna go long BB
  • #269,698
  • Jan 24, 2011 4:39am Jan 24, 2011 4:39am
Quoting TauTrader
Good day to you,

A test of levels lower than where we are right now,(1.5950 area) is very possible over the next day or 2. I'm thinking 1.5900/10 or even 1.5880/90. Topside may be limited to 1.6000 for now.

I will clear all shorts at the lower levels. Will then see where we are - but at this point - will then load long for run towards new highs.

All the best
Good day to you,

Plan in play. We are at an area for possible retrace back up - but top should be limited to 1.5960/70. Then lower towards published targets.

Regards
  • #269,699
  • Jan 24, 2011 4:41am Jan 24, 2011 4:41am
Quoting veer2010
i went long at 5950... i have no clue yet but think it can retest 6000 again?

Just closed my shorts at 5925, no need to be greedy, and as previously discussed, there is no clear sign of direction right now. Better to stay sidelined at the moment for me.
  • #269,700
  • Jan 24, 2011 4:56am Jan 24, 2011 4:56am
Quoting MidasFX
Just closed my shorts at 5925, no need to be greedy, and as previously discussed, there is no clear sign of direction right now. Better to stay sidelined at the moment for me.
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