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Cable Update (GBPUSD)

  • #270,041
  • Jan 26, 2011 2:20am Jan 26, 2011 2:20am
100sma remains above 200sma on 4hr/daily but has dipped below on 1hr.

G/L
ex member
  • #270,042
  • Jan 26, 2011 2:34am Jan 26, 2011 2:34am
the H1 looks suspiciously like a bearish flag???
which is a supposedly continuation pattern...

so maybe more downside coming at some stage?
  • #270,043
  • Edited 2:40am Jan 26, 2011 2:37am | Edited 2:40am
Daily is in a down trend which is a corrective swing against the previous daily uptrend, previous resistance becomes support at 1.5674 ish.
The 4 hour shows the downtrend with 3 swings and the last swing down having subdivided again into 4 swings with the current swing being a retracement(old support becomes new resistance at 1.5835 ish) so we drop down to the 60 minute to look for a continuation pattern to go short down to 1.5674ish



pipfarm
Follow The Markets Structure - Patience and Discipline
  • #270,044
  • Jan 26, 2011 2:37am Jan 26, 2011 2:37am
World Economic Forum meeting today???

world leaders sitting around comparing the size of their d---s...
debts that is.

  • #270,045
  • Edited 3:03am Jan 26, 2011 2:46am | Edited 3:03am
Quoting pipfarm
Daily is in a down trend which is a corrective swing against the previous daily uptrend, previous resistance becomes support at 1.5674 ish.
The 4 hour shows the downtrend with 3 swings and the last swing down having subdivided again into 4 swings with the current swing being a retracement(old support becomes new resistance at 1.5835 ish) so we drop down to the 60 minute to look for a continuation pattern to go short down to 1.5674ish



pipfarm
I doubt very much whether daily is in a downtrend yet, from that 6059 Hi it has printed that as a HH, then a HL, LH and now a L -vwhen it is fractally formed...100sma remains above 200sma on this t/f, this does not constitute a downtrend.

G/L
ex member
  • #270,046
  • Jan 26, 2011 2:52am Jan 26, 2011 2:52am
Yesterday's Lo was right on the 100sma on daily t/f, which remains above the 200sma on that t/f

Trend and sentiment can be different.

G/L
ex member
  • #270,047
  • Jan 26, 2011 2:57am Jan 26, 2011 2:57am
Your opinion is respected bbmac,


this is how i see it, Daily - 1.6059 High - 1.5836 Low - 1.6016 Lower high and the current lower low which makes a downtrend which is moving against the previous uptrend swing.


Lets see what happens


pipfarm
Follow The Markets Structure - Patience and Discipline
  • #270,048
  • Jan 26, 2011 3:02am Jan 26, 2011 3:02am
My call....1.5920 before a bounce.

i wish i could post my chart like you guys do but i dont know how. i will try to attach it tho.

hi Chazz. TT! hows today shaping up? i saw a post from Cloggie early this morning. was surprised. always nice getting his opinion when he isnt bashing someone. lol
[IMG]file:///C:/Users/chidi/AppData/Local/Temp/moz-screenshot.png[/IMG][IMG]file:///C:/Users/chidi/AppData/Local/Temp/moz-screenshot-1.png[/IMG]
Attached File(s)
File Type: csv GBPUSD240.csv   175 KB | 441 downloads
  • #270,049
  • Jan 26, 2011 3:03am Jan 26, 2011 3:03am
Quoting veer2010
Buy GBP/USD TP:1.7500 SL:1.4100

How about this?
  • #270,050
  • Jan 26, 2011 3:05am Jan 26, 2011 3:05am
Quoting pipfarm
Your opinion is respected bbmac,


this is how i see it, Daily - 1.6059 High - 1.5836 Low - 1.6016 Lower high and the current lower low which makes a downtrend which is moving against the previous uptrend swing.


Lets see what happens


pipfarm
6059 was a HH in it's uptrend up starting from 5343, 5836 a HL, then 6016 a LH, making current low a L not a LL on that daily t/f .
Your opinion is equally respected .
G/L
Attached Image (click to enlarge)
Click to Enlarge Name: z.jpg Size: 60 KB
ex member
  • #270,051
  • Jan 26, 2011 3:13am Jan 26, 2011 3:13am
Quoting lechidi
My call....1.5920 before a bounce.

i wish i could post my chart like you guys do but i dont know how. i will try to attach it tho.

hi Chazz. TT! hows today shaping up? i saw a post from Cloggie early this morning. was surprised. always nice getting his opinion when he isnt bashing someone. lol
[IMG]file:///C:/Users/chidi/AppData/Local/Temp/moz-screenshot.png[/IMG][IMG]file:///C:/Users/chidi/AppData/Local/Temp/moz-screenshot-1.png[/IMG]
Good day to you,

Not in a trade on GU at present. Looking at EU. Just waiting for the right time to make my move.

Are you using MT4? If so, posting your charts should be a breeze.

Hope you have a good one

Regards
  • #270,052
  • Jan 26, 2011 3:22am Jan 26, 2011 3:22am
Going short at 1.57672 if the 15 minute swing down holds as a lower high, some minor support at 1.5717 but should be ok down to 1.5835.



pipfarm
Follow The Markets Structure - Patience and Discipline
  • #270,053
  • Jan 26, 2011 3:28am Jan 26, 2011 3:28am
Uk/Boe Mpc minutes in less than 2mins

1hr as below:

G/L
Attached Image
ex member
  • #270,054
  • Jan 26, 2011 3:38am Jan 26, 2011 3:38am
Common these guys at the meeting never knew the GDP, i am gonna sell these cable at the next resistance
  • #270,055
  • Jan 26, 2011 3:39am Jan 26, 2011 3:39am
post data high at that 1hr/4hr previous swing lo zone confluence with daily pivot and 38.2% 6059-5750.
...supply found there as vote switches from 1-0-8 to 2-0-7.

G/L
ex member
  • #270,056
  • Jan 26, 2011 3:42am Jan 26, 2011 3:42am
Quoting bbakker
If it gets past 1.5827, there is not much holding it going back to 1.59 and that is where I will be shorting it!
Quoting iqyu5an
r u really sure buddy ? hehehehehehehe
1.5871... not quite 1.59, but we will get there! hehehehehehehe

So much for the bearish flag formation!

You can read the MoM here - http://www.bankofengland.co.uk/publi...11/mpc1101.pdf
  • #270,057
  • Jan 26, 2011 3:44am Jan 26, 2011 3:44am
wonder if those H1 bear flag operators saw that news spike move as a
chance to load up for a run down?
  • #270,058
  • Jan 26, 2011 3:44am Jan 26, 2011 3:44am
Quoting bbmac
post data high at that 1hr/4hr previous swing lo zone confluence with daily pivot and 38.2% 6059-5750.
...supply found there as vote switches from 1-0-8 to 2-0-7.

G/L
It should be 2-1-6. Remember Posen still want to add £50bn to QE program to make it £250bn total. QE is in effect cutting interest rates...
  • #270,059
  • Jan 26, 2011 3:45am Jan 26, 2011 3:45am
  •  damo
  • | Joined Aug 2010 | Status: Chart Pattern & Trend Trader | 217 Posts
So very very quiet in the GBP front......................
Trade what you see, not what you think.
  • #270,060
  • Jan 26, 2011 3:46am Jan 26, 2011 3:46am
scary post data 5min candle for the bulls ?

Lol

G/L
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