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Cable Update (GBPUSD)

  • #270,641
  • Jan 31, 2011 7:36pm Jan 31, 2011 7:36pm
Quoting Exsilium
15M MACD Bearish Divergence
my 15m MACD line is crossing.if the trend keep going south. then thing will go according to plan.
  • #270,642
  • Jan 31, 2011 7:44pm Jan 31, 2011 7:44pm
Quoting WengOn
It is a best entry point EVER.
n the fall is QUICK!

due to EMOTION DISTURB, i did not enter...
PITY,
Experienced a GreatLoST yesterday,
now headache Still...

Missout 2 Opportunities Today...
Stay Out of FOREX Today, but addicted n watching CHART.
I'm REALLY REALLY SICK
thanks Wengon...

be patient in trading..

make sure strict MM and keep as good as possible our Capital..

u should read this.. Im still keep my postions.. i knew my limit

http://www.forexfactory.com/showthre...49#post4335649
  • #270,643
  • Jan 31, 2011 7:46pm Jan 31, 2011 7:46pm
Quoting Ctic
You know, when you are short biased, days like this make it difficult to support your position. This is the spot 6065 where I have a monthly resistance. We break here we go up a long way. I still feel we don't break, but I will not go short until I have confirmation of it.
Hi C,

I have new monthly R1 @6245 with the pivot @5825 (GMT+2 broker time)
  • #270,644
  • Jan 31, 2011 7:53pm Jan 31, 2011 7:53pm
Quoting gsantri
Hi C,

I have new monthly R1 @6245 with the pivot @5825 (GMT+2 broker time)
Hi GS,

Those are limits, but look at October and November candles. 6065 roughly was the close of the October candle and open of the November candle. Consider too that November's candle is an inside bar for all practical purposes, that should be taken into account. I am not saying it is a strong resistance, just a resistence. And of note, this is also the spot where the PA is intersecting the 34 SMA on the monthly chart, which it hasn't done since August 2008.

C.
  • #270,645
  • Jan 31, 2011 8:17pm Jan 31, 2011 8:17pm
H4 chart. 6095 R1 and previous support zone. If it breaks 6165 will give further resistance. Long term TL, R2 and source of previous fall.
Besides we also got the test of the black ascendong channel's upper TL.
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  • #270,646
  • Jan 31, 2011 8:19pm Jan 31, 2011 8:19pm
I heard that yesterday's move in cable was due to the month end fixing done by few banks by selling EUR/GBP which in turn let the cable spike higher back to level 1.6
I wonder how do we trade these insights? I am sure no indicator can help when this kinda scenarios take place.. any idea guys?
  • #270,647
  • Jan 31, 2011 8:20pm Jan 31, 2011 8:20pm
Quoting Ctic
Hi GS,

Those are limits, but look at October and November candles. 6065 roughly was the close of the October candle and open of the November candle. Consider too that November's candle is an inside bar for all practical purposes, that should be taken into account. I am not saying it is a strong resistance, just a resistence. And of note, this is also the spot where the PA is intersecting the 34 SMA on the monthly chart, which it hasn't done since August 2008.

C.
I see your point.

But I wonder what if that become a support..
Like everyone talking about HS on daily tf, but how about inverse HS?
with head at Dec low and left shoulder Nov low? if that valid imo she just finished her right shoulder.. at least its heading to 6250.

Correct me if I'm wrong.

Regards
  • #270,648
  • Jan 31, 2011 8:30pm Jan 31, 2011 8:30pm
Quoting gsantri
I see your point.

But I wonder what if that become a support..
Like everyone talking about HS on daily tf, but how about inverse HS?
with head at Dec low and left shoulder Nov low? if that valid imo she just finished her right shoulder.. at least its heading to 6250.

Correct me if I'm wrong.

Regards
GS,

From my point of view, if that does become support, the dollar can bend over and kiss it's own ass goodbye. But bottom line is like I have been saying, no one can really be sure which way it's going. It could very well head to 6250. It could very well head back to 5350. Look at this daily chart. The two horizontal red lines are (roughly) the side ways channel we have been in since July 2010. We broke out a couple times but nothing really to speak of. Until we get a clear break of this channel, who can say for sure which way it's going. When I say I have a short bias, it is because I feel we can't really tell which way it's going yet thus won't break. But I could be wrong. Hence why I have been saying I am not really willing to place a large short trade until we break the 5350 or long until we break the 6200 mark.

At this point it really is a crap shoot. If you look at Dr. D's compression charts, he has been showing explosions of the lower tf's to the upside. But I bet if he posts the longer tf's you will see them compressing more.

C.
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  • #270,649
  • Jan 31, 2011 8:38pm Jan 31, 2011 8:38pm
Quoting Ctic
GS,

From my point of view, if that does become support, the dollar can bend over and kiss it's own ass goodbye. But bottom line is like I have been saying, no one can really be sure which way it's going. It could very well head to 6250. It could very well head back to 5350. Look at this daily chart. The two horizontal red lines are (roughly) the side ways channel we have been in since July 2010. We broke out a couple times but nothing really to speak of. Until we get a clear break of this channel, who can say for sure which way it's going. When...
On the other hand though, I noticed there has been absolutely zero interest since the first hour of the weekly open to bring this chart to the south. So like I said... A crap shoot.
  • #270,650
  • Jan 31, 2011 8:39pm Jan 31, 2011 8:39pm
wave 1 complete (5750-6072), down move for wave 2 could (maybe) happen..,stay cool dude...,
I will be the number one Manager.
  • #270,651
  • Jan 31, 2011 8:43pm Jan 31, 2011 8:43pm
Quoting javapips
wave 1 complete (5750-6072), down move for wave 2 could (maybe) happen..,stay cool dude...,
Hey mate, what's your down move target?
  • #270,652
  • Jan 31, 2011 8:47pm Jan 31, 2011 8:47pm
Quoting Ctic
GS,

From my point of view, if that does become support, the dollar can bend over and kiss it's own ass goodbye. But bottom line is like I have been saying, no one can really be sure which way it's going. It could very well head to 6250. It could very well head back to 5350. Look at this daily chart. The two horizontal red lines are (roughly) the side ways channel we have been in since July 2010. We broke out a couple times but nothing really to speak of. Until we get a clear break of this channel, who can say for sure which way it's going. When...
I like your logic. will save it

Btw, from 6 major am watching now no pair meet my criteria. usually I get some 'breakfast pips lol. UJ tempted to short but hell I have no gut do that.
Maybe will follow AUD reactions, RBA rate in 40 min.

How 'bout you C..

Regards
  • #270,653
  • Jan 31, 2011 9:04pm Jan 31, 2011 9:04pm
Quoting gsantri
I like your logic. will save it

Btw, from 6 major am watching now no pair meet my criteria. usually I get some 'breakfast pips lol. UJ tempted to short but hell I have no gut do that.
Maybe will follow AUD reactions, RBA rate in 40 min.

How 'bout you C..

Regards
As of right now I am fairly flat. I have a very small G/U short in for a speculation trade (not risking much on that one). I have a long A/U that I placed about 17 weeks ago or so. G/J I like short, but waiting for confirmation (kind of same situation as G/U). The Swissy I have a feeling will head north, but it is very hard to go against the short side action that has dominated over the past 40 weeks give or take. N/U I like for longs only, that has been in a nice upwar channel on the daily. As for U/J, that has been sideways for 20 weeks or so, I have no opinion on that.

C.
  • #270,654
  • Jan 31, 2011 9:20pm Jan 31, 2011 9:20pm
Quoting veer2010
Hey mate, what's your down move target?
today only (if down) my target is around (little above) last night doji (1 hour chart)..,
(again, 'if' this morning not break last high)
don't say that i teach to counter trend. this is a retracement only.


ps: and forget senior talking about H&S, the head is not forming yet..,
I will be the number one Manager.
  • #270,655
  • Jan 31, 2011 9:24pm Jan 31, 2011 9:24pm
Quoting Ctic
As of right now I am fairly flat. I have a very small G/U short in for a speculation trade (not risking much on that one). I have a long A/U that I placed about 17 weeks ago or so. G/J I like short, but waiting for confirmation (kind of same situation as G/U). The Swissy I have a feeling will head north, but it is very hard to go against the short side action that has dominated over the past 40 weeks give or take. N/U I like for longs only, that has been in a nice upwar channel on the daily. As for U/J, that has been sideways for 20 weeks...
For me, its JPY pair that I like for longs only.
That BOJ scares me, its owl eyes watching every chance to lowered theirs lol..

Thanks C, its nice to have a chat with you.
Have a good one my friend.

Regards,
GS
  • #270,656
  • Jan 31, 2011 9:37pm Jan 31, 2011 9:37pm
forget something, in my counting, this is wave 5 of 5 from 1.4229, so becefull if taking short, it could be so wild.
I will be the number one Manager.
  • #270,657
  • Jan 31, 2011 9:58pm Jan 31, 2011 9:58pm
Now the big picture. I posted my entries on the previous post on this thread. Comments are more than welcome, this actual PA is killing me of boredom!!!
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  • #270,658
  • Jan 31, 2011 10:03pm Jan 31, 2011 10:03pm
Quoting gsantri
For me, its JPY pair that I like for longs only.
That BOJ scares me, its owl eyes watching every chance to lowered theirs lol..

Thanks C, its nice to have a chat with you.
Have a good one my friend.

Regards,
GS
You too GS, It is always nice chatting with you. Yeah BOJ scares me too, but so does the BOE.
  • #270,659
  • Jan 31, 2011 11:20pm Jan 31, 2011 11:20pm
I think Ive identified a strong resistance point at about 16063 marked with the red line. I believe this is also the high of a couple weeks ago isnt it? Trend lines ive put in orange. Thoughts?
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  • #270,660
  • Jan 31, 2011 11:25pm Jan 31, 2011 11:25pm
Quoting Exsilium
I think Ive identified a strong resistance point at about 16063 marked with the red line. I believe this is also the high of a couple weeks ago isnt it? Trend lines ive put in orange. Thoughts?

After seeing your chart, first thing that came to mind is... I definitely need a much bigger monitor, if not two.
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