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Cable Update (GBPUSD)

  • #269,761
  • Jan 24, 2011 9:22am Jan 24, 2011 9:22am
We are starting to look top heavy and I think TT/Chaz have pointed out the key bit's of info.

Here's my view
Attached Image (click to enlarge)
Click to Enlarge Name: Market Read GU_12411.jpg Size: 178 KB
  • #269,762
  • Jan 24, 2011 9:27am Jan 24, 2011 9:27am
Evening star/Two crows forming on D1

Today in GBPUSD: shorted 1.60 on Asia open, went sleep, woke up and saw 60 green pips in the account history.
  • #269,763
  • Jan 24, 2011 9:27am Jan 24, 2011 9:27am
Quoting kaspopsicle
I would follow your advice but i have my own time schedule , mm and rr.
Later.... concentrate...


Oh you are getting sharp... and confident. Like that.

If the accounts go, we can always open a little bamboo bar on an island - serving pineapples filled with JaggerBombs and little paper umbrellas.

And Ice.. do not forget the ice...

Oh - and sunscreen. Factor 40.

Surf's up, dudette
  • #269,764
  • Jan 24, 2011 9:36am Jan 24, 2011 9:36am
Quoting TauTrader
good day to you,

Argghh.. now you bail on me. Gotta then have your stop tomorrow.

Regards
How's it going tau

Tomorrow is another story, I intend to get paid tonight
All the best to you my friend!
Thank You
  • #269,765
  • Jan 24, 2011 9:40am Jan 24, 2011 9:40am
Now it is testing the H1 UTL again, will it able to break or another retest to the lower H4 channel. Another 20 minutes to see if the candle can close above the line. A clear break of the line would mean long is in play.

Attached Image (click to enlarge)
Click to Enlarge Name: GU_H1_2.JPG Size: 115 KB
  • #269,766
  • Jan 24, 2011 9:42am Jan 24, 2011 9:42am
Quoting wormboy
How's it going tau

Tomorrow is another story, I intend to get paid tonight
All the best to you my friend!
Good day to you,

Always held in the highest regard. Really. how's junior?

Hope you got him a little Ferrari on your trip.

You are probably right. Gain a couple and give the rest to me? OK?

People - read this - one of the best traders you will ever meet. Period.

Regards to you
  • #269,767
  • Jan 24, 2011 9:43am Jan 24, 2011 9:43am
Quoting TauTrader


Oh you are getting sharp... and confident. Like that.

If the accounts go, we can always open a little bamboo bar on an island - serving pineapples filled with JaggerBombs and little paper umbrellas.

And Ice.. do not forget the ice...

Oh - and sunscreen. Factor 40.

Surf's up, dudette
Cant wait..as usual. ...
Gotta go ..back soon. Jabooms..to you Tau.... and sand , need more sand in the playpen..lol
All systems of divination, like music itself,work through patterns.
  • #269,768
  • Jan 24, 2011 9:44am Jan 24, 2011 9:44am
The Cable is currently forming the left shoulder of H&S on the weekly chart. A set-up which I identified when price was around 1.53500. As long as 1.61000 is not broken this set-up is still valid.

The daily is currently consolidating between 1.58821 and 1.60247, while the concrete zone is 1.60550 and 1.58300 (about 220 pips). Until a daily candle opens and closes outside the box, this zone is still valid.

How do you trade the current set-up? My view is the cable is primed for a fall. In this case follow H4 chart and short anywhere close to the top of the concrete zone, using M15 chart for entry.

Note that it is the big players that determine where they want to take the price. However, the concrete zone trading strategy will expose their intention. The first signal is that daily candle rise or fall within the concrete zone and lose outside it. The next signal is that a daily candle will open and close outside the zone. Then you will know the direction of the big boys.


I attach herewith the weekly, daily, h4 and m15 charts in support of the above analyses.

It is always useful to have an helicopter view of the market and plan ahead.


Enjoy your trading!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd - head and shoulder2.gif Size: 21 KB
Click to Enlarge Name: gpbusd - daily.gif Size: 17 KB
Click to Enlarge Name: gpbusd - h4.gif Size: 16 KB
Click to Enlarge Name: gpbusd - m15.gif Size: 21 KB
  • #269,769
  • Jan 24, 2011 9:52am Jan 24, 2011 9:52am
Quoting kaspopsicle
Cant wait..as usual. ...
Gotta go ..back soon. Jabooms..to you Tau.... and sand , need more sand in the playpen..lol
Good day to you,

Go well.

Sh*t been squeezed out of GU - like an orange.

I need to shut my trap. Looks like I am on the wrong side again. Like always.

What am I doing wrong? (wink wink)

I think I will go and wash cars....

Regards to you
  • #269,770
  • Jan 24, 2011 9:54am Jan 24, 2011 9:54am
IH stochastics pointing higher quite nicely. 55 day MA acted as support(blue line). Parabolic sar also broken to the upside.

Will remain in trade until the TL (blue arrow) is reached or when the stochastics start pointing down OR when the parabolic sar is broken to the downside. Not fully decided yet, see what happens.

Attached Image (click to enlarge)
Click to Enlarge Name: ScreenShot001.jpg Size: 336 KB
You've got to be IN IT to WIN IT!
  • #269,771
  • Jan 24, 2011 10:01am Jan 24, 2011 10:01am
Quoting Articulate
The Cable is currently forming the left shoulder of H&S on the weekly chart. A set-up which I identified when price was around 1.53500. As long as 1.61000 is not broken this set-up is still valid.

The daily is currently consolidating between 1.58821 and 1.60247, while the concrete zone is 1.60550 and 1.58300 (about 220 pips). Until a daily candle opens and closes outside the box, this zone is still valid.

How do you trade the current set-up? My view is the cable is primed for a fall. In this case follow H4 chart and short anywhere close...
I read Kathy Lien had also pointed out the possible H&S forming. I personally think it's dangerous to trade the pattern before the neckline break. Anyway, seems like most are hell bent on the possibility of the H&S forming, I'd like to remind those that are interested of the presence of a bullish pattern forming on the H4 & to a certain extent the D1. There is at the moment a bullish pennant forming & testing the descencing utl off the 6051 hi.

Stay nimble. Good luck.
Attached Image (click to enlarge)
Click to Enlarge Name: gu4.gif Size: 21 KB
Thank You
  • #269,772
  • Jan 24, 2011 10:03am Jan 24, 2011 10:03am
Quoting wormboy
I personally think it's dangerous to trade the pattern before the neckline break. Anyway, seems like most are hell bent on the possibility of the H&S forming.....
My thoughts exactly.
  • #269,773
  • Jan 24, 2011 10:05am Jan 24, 2011 10:05am
Quoting TauTrader
Good day to you,

Always held in the highest regard. Really. how's junior?

Hope you got him a little Ferrari on your trip.

You are probably right. Gain a couple and give the rest to me? OK?

People - read this - one of the best traders you will ever meet. Period.

Regards to you
You overrate me my friend
But, I will leave you some, that's a promise

Junior has a hummer now, cramping up my space, driving me up the wall lol.
Hope the family is in great health my friend.

Have a good one!
Thank You
  • #269,774
  • Jan 24, 2011 10:05am Jan 24, 2011 10:05am
Quoting wormboy
nope. closed the short, took the loss & paid 22 pips. Had reversed & bought off 5972 with stop placed @5905.
Let's see how this goes.
What's your target for this one, WB ?

Regards
  • #269,775
  • Jan 24, 2011 10:16am Jan 24, 2011 10:16am
Quoting gsantri
What's your target for this one, WB ?

Regards
hi gs

I had closed half of my position @6003 to cover the earlier loss. Currently leaving the remainder of this trade open to see how the D1 close later. No hard target in mind yet

Have a good one
Thank You
  • #269,776
  • Jan 24, 2011 10:18am Jan 24, 2011 10:18am
A lot of us (including me LOL) are dying to short GU to 1.50 - 1.47 etc etc but presently we should not ignore the weekly which is BULLISH. There is resistance at the black TL (1.6180) then 1.63 and even 1.65 seems to be possible. Stochastics are UP as well as the parabolic sar which is also UP. Felt important to point this out incase we get caught out. Be careful and don't trade without a SL.

Attached Image (click to enlarge)
Click to Enlarge Name: ScreenShot002.jpg Size: 339 KB
You've got to be IN IT to WIN IT!
  • #269,777
  • Jan 24, 2011 10:21am Jan 24, 2011 10:21am
Quoting wormboy
You overrate me my friend
But, I will leave you some, that's a promise

Junior has a hummer now, cramping up my space, driving me up the wall lol.
Hope the family is in great health my friend.

Have a good one!
Good day to you,

Never overrated... Highest respect.

I have learned from you one thing. Patience. For the Hummer issue - you need a long rope. Tied to the back of your bike. nice and easy. You will never forget the smile on his face.

All the best

Regards
  • #269,778
  • Jan 24, 2011 10:31am Jan 24, 2011 10:31am
Quoting wormboy
You overrate me my friend
But, I will leave you some, that's a promise

Junior has a hummer now, cramping up my space, driving me up the wall lol.
Hope the family is in great health my friend.

Have a good one!
The only thing I am worried about is your taste in PINK cars Azim .

http://t0.gstatic.com/images?q=tbn:A...UnHubFDEvA5nUg
You've got to be IN IT to WIN IT!
  • #269,779
  • Jan 24, 2011 10:41am Jan 24, 2011 10:41am
Quoting wormboy
hi gs

I had closed half of my position @6003 to cover the earlier loss. Currently leaving the remainder of this trade open to see how the D1 close later. No hard target in mind yet

Have a good one
Thanks, you too wise man.

That choppy move has confuse us as well, though she didn't break 'the fitty on H1 tf.

Regards.
  • #269,780
  • Jan 24, 2011 11:53am Jan 24, 2011 11:53am
Quoting wormboy
I read Kathy Lien had also pointed out the possible H&S forming. I personally think it's dangerous to trade the pattern before the neckline break. Anyway, seems like most are hell bent on the possibility of the H&S forming, I'd like to remind those that are interested of the presence of a bullish pattern forming on the H4 & to a certain extent the D1. There is at the moment a bullish pennant forming & testing the descencing utl off the 6051 hi.

Stay nimble. Good luck.
Thanks for your observation. The insurance policy for my analysis is the concrete zone. Once a concrete zone is identified, it is easier to trap price within the zone and observe it closely like a monkey in a cage. For the monkey to escape it has to leave the cage. The monkey can raise its arm, leg, tail outside the cage, but until the head and the shoulder come out of the cage, the monkey is still trapped.

Whenever a daily candle opens within the zone and closes outside it, this is a signal that our monkey (price) is attempting an escape. Furthermore, when a daily candle opens and closes outside zone, then our monkey (price) has totally escaped.

The above is the explanation for my view.
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