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Cable Update (GBPUSD)

  • #270,061
  • Jan 26, 2011 3:47am Jan 26, 2011 3:47am
Quoting Exsilium
My two cents

Im long at 15769 short term. No target, will close with next wave. Reasons:

1. History shows that anytime RSI(14) goes below 20 it always (as far back as i cared to look) retraces significantly. In addition, RSI(3) is at 1.xx.
2. Stoch(8,3,3) at 2.xx 2.xx.
3. CCI(14) -255 or so.

1H Chart

On another note, I did pull out 117 pips out of the short I entered yesterday.
Still long to 15890 at which point I have an sell limit.

I will review at 15875
  • #270,062
  • Jan 26, 2011 3:51am Jan 26, 2011 3:51am
I think it's going back to 5750 and if it breaks...lower.


here's my view...but I'm off to bed for 1.5 hrs then off to work!

See you in NY.
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  • #270,063
  • Jan 26, 2011 3:51am Jan 26, 2011 3:51am
Quoting bbmac
scary post data 5min candle for the bulls ?

Lol

G/L
i took a stab there too. Look at where it got rejected. Textbook stuff so far

Have a good one my friend
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Thank You
  • #270,064
  • Jan 26, 2011 3:51am Jan 26, 2011 3:51am
Quoting bbakker
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
yes sir .... m15 gu
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not euphoria follower
  • #270,065
  • Jan 26, 2011 3:53am Jan 26, 2011 3:53am
Daily shows where previous swing lo on that t/f -previous support (co-existant on 4hr and 1hr) is acting as resistance now.

How strong are the recovery bulls from here? Can they overcome it ?

G/L
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ex member
  • #270,066
  • Jan 26, 2011 3:58am Jan 26, 2011 3:58am
Quoting wormboy
i took a stab there too. Look at where it got rejected. Textbook stuff so far

Have a good one my friend
Nice one WM, I took the 1min Bearish div based set-up and great candle trigger - a whole reversal candle closes outside 20 bol (white) and added on close of 5min...flat again now...

Have a good one too.

G/L
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ex member
  • #270,067
  • Jan 26, 2011 4:02am Jan 26, 2011 4:02am
Quoting iqyu5an
yes sir .... m15 gu
That is indeed a mighty bearish candle. You also have to remember that you have to take the prelim GDP figure yesterday with a pinch of salt or the lack of gritting salt this country had during the month of December. Maybe you should read the MoM in more detail to get a truer picture of the UK economy.

We are entering a period of brief stagflation, but interest rates will be rising this year!
  • #270,068
  • Jan 26, 2011 4:05am Jan 26, 2011 4:05am
Finishing here for day with final look at near-term current 1hr screenshot...50% of move up so far today has been given back following immediate post data fall from current daily hi.

G/L
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ex member
  • #270,069
  • Jan 26, 2011 4:09am Jan 26, 2011 4:09am
Like I said on Sunday.... both GBP and USD are weak, but it seems at the moment that USD is weaker. I prefer the short play on the other GBP pairs of the higher timeframes against the stronger currencies. GBPUSD is for intraday play only!

1.59... here we come

Have a great day and I wish you success with your trading!
  • #270,070
  • Jan 26, 2011 4:19am Jan 26, 2011 4:19am
Quoting bbakker
Like I said on Sunday.... both GBP and USD are weak, but it seems at the moment that USD is weaker. I prefer the short play on the other GBP pairs of the higher timeframes against the stronger currencies. GBPUSD is for intraday play only!

1.59... here we come

Have a great day and I wish you success with your trading!
  • #270,071
  • Jan 26, 2011 4:28am Jan 26, 2011 4:28am
U know - for an economy which just posted a surprising -0.5% growth (contraction), the GBP actually isn't doing too badly. Rising against the USD and CAD as I type. I know part of it is a result of USD weakness, but something doesn't really add up.
  • #270,072
  • Jan 26, 2011 4:42am Jan 26, 2011 4:42am
Attached Image (click to enlarge)
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Hero calls followed by margin calls...
  • #270,073
  • Jan 26, 2011 4:45am Jan 26, 2011 4:45am
Quoting Amanda2
U know - for an economy which just posted a surprising -0.5% growth (contraction), the GBP actually isn't doing too badly. Rising against the USD and CAD as I type. I know part of it is a result of USD weakness, but something doesn't really add up.

1.6260 will convince u ?

Put your hands in the air , Give me all your money ! !
  • #270,074
  • Jan 26, 2011 4:48am Jan 26, 2011 4:48am
hello guys
i believe a flag has been formed in 4h and it leads market to the down trend if it can break it pleas give me your point of view about it .
thanx
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  • #270,075
  • Jan 26, 2011 4:50am Jan 26, 2011 4:50am
Quoting Amanda2
U know - for an economy which just posted a surprising -0.5% growth (contraction), the GBP actually isn't doing too badly. Rising against the USD and CAD as I type. I know part of it is a result of USD weakness, but something doesn't really add up.

i disagree it adds up..look at the monthly chart that is why it is heading up..we just at a point where we dont actually know what the hell is going on with usd..its so low that..it can recover or get dumped

i just dont know which

4hr chart still looking good for up..i might take a chance at 61.8 fibo if it can get there..
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  • #270,076
  • Jan 26, 2011 4:51am Jan 26, 2011 4:51am
Quoting yasi
hello guys
i believe a flag has been formed in 4h and it leads market to the down trend if it can break it pleas give me your point of view about it .
thanx
hmm quiet nice point of view.

cant rate it,
ill give you one of my charts :

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Hero calls followed by margin calls...
  • #270,077
  • Jan 26, 2011 4:52am Jan 26, 2011 4:52am
Quoting yasi
hello guys
i believe a flag has been formed in 4h and it leads market to the down trend if it can break it pleas give me your point of view about it .
thanx

the flag broke to the upside..unfortunately for shorters
next 4hr will give a indication
  • #270,078
  • Jan 26, 2011 4:53am Jan 26, 2011 4:53am
Quoting yasi
hello guys
i believe a flag has been formed in 4h and it leads market to the down trend if it can break it pleas give me your point of view about it .
thanx
No, no, no, no and no!
  • #270,079
  • Edited 5:23am Jan 26, 2011 4:55am | Edited 5:23am
Quoting nAVIN2007

4hr chart still looking good for up..i might take a chance at 61.8 fibo if it can get there..

& what about 78.6 fibo...!?

Attached Image (click to enlarge)
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Put your hands in the air , Give me all your money ! !
  • #270,080
  • Jan 26, 2011 4:58am Jan 26, 2011 4:58am
Quoting yasi
hello guys
i believe a flag has been formed in 4h and it leads market to the down trend if it can break it pleas give me your point of view about it .
thanx
your point of view with regards to the flag is to much "making it fit"
look at my chart less noise, the lines u have are breached to a point where it aint gonna make things easy..
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