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Cable Update (GBPUSD)

  • #273,621
  • Edited 8:37am Mar 7, 2011 8:23am | Edited 8:37am
I'm back to my assesment of last night ...that 16246 is pivotal short term . Obviously, to me, the overall trend is bullish but the push through 16340 will require a serious number of sellers being taken out before sufficient volume is reached. Redsword11 used a name for these sort of conditions..hang about... shaking out. Or, better still, go see his thread he posted what cable is doing a few hours ago.
.........price now hovering on price at LO 16257
Attached Image
All systems of divination, like music itself,work through patterns.
  • #273,622
  • Mar 7, 2011 8:52am Mar 7, 2011 8:52am
I will take a sell here with a TP at 1.6215-20
  • #273,623
  • Mar 7, 2011 8:54am Mar 7, 2011 8:54am
Quoting bbakker
So between now and Thursday morning when the Services PMI numbers are released at 09:30 (GMT), I see sideway action, probably between 1.6220-1.6350. When the numbers are released watch the price action to see where price is heading. The trend is up, but we are in overbought territory and we have hit weekly supply. Saying that the indicators can stay in overbought (or oversold) territory for a long time, especially on the higher timeframes! Targets for any longs would be 1.6450, but it does look like a bigger retrace is imminent.

Quoting bbakker
Yup... still in the range!
Still here are we

Which is going to give in first... it could set the tone and watch out for any fakeys!
  • #273,624
  • Mar 7, 2011 8:58am Mar 7, 2011 8:58am
Found support on weekly pp 6237?
  • #273,625
  • Mar 7, 2011 8:58am Mar 7, 2011 8:58am
Quoting redbeben
I will take a sell here with a TP at 1.6215-20
I will move the TP to 1.6180
greedy again
  • #273,626
  • Mar 7, 2011 9:08am Mar 7, 2011 9:08am
Quoting chazzle
got in too early @ 16320 so took it for 5 pips only .... got a pending limit order at 305 ... would consider giving this one 40 pips each way though (SL/TP)
Just got back in front of a screen and ...
  • #273,627
  • Mar 7, 2011 9:12am Mar 7, 2011 9:12am
Quoting ndsouz
closed just now at 1.6325... maybe it will retrace now.. then again can get into a buy
Great! It retraced pretty well... Loading longs again now. 1.6250 SL 1.6219 TP-Open
To Your Success!!
  • #273,628
  • Mar 7, 2011 10:41am Mar 7, 2011 10:41am
Quoting ndsouz
Great! It retraced pretty well... Loading longs again now. 1.6250 SL 1.6219 TP-Open
Got Stopped. Guess i should have waited for atleast one bull candle before entering. Anyways i did make 60pips for the day so i am okay.

Maybe the dust will settle and GBPUSD will start moving up .. but maybe it may go until Asian session tommorrow for that.
To Your Success!!
  • #273,629
  • Mar 7, 2011 10:44am Mar 7, 2011 10:44am
50% of FEB25 swing low to MAR02 swing high is 16186 give or take a pip - decent S/R level also ... could try a long from there - although not much stopping her at the moment
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  • #273,630
  • Mar 7, 2011 10:55am Mar 7, 2011 10:55am
Quoting chazzle
50% of FEB25 swing low to MAR02 swing high is 16186 give or take a pip - decent S/R level also ... could try a long from there - although not much stopping her at the moment
Close enough I suppose long 16195 SL 16175 TP open
  • #273,631
  • Mar 7, 2011 11:05am Mar 7, 2011 11:05am
These are working out now... got stopped out , 1 posistion earlier...

any one thats trading to the downside GU, have any TP projections? much appreciated..

cheers
RS
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  • #273,632
  • Mar 7, 2011 11:10am Mar 7, 2011 11:10am
didn't trigger my long at 1.6190...missed by few pips...might retrace up to 1.6250
  • #273,633
  • Mar 7, 2011 11:28am Mar 7, 2011 11:28am
there is something unusual 4me in this market.
these moves are a bit too much.

looks like going straigt 6160.
no reasons to buy yet.

my think.
90% of traders use TA, indicators and prediction
  • #273,634
  • Mar 7, 2011 11:30am Mar 7, 2011 11:30am
DX has had enough of a retrace from that dble bottom hasnt it? I'm looking for a second bounce off 7648/50 before i go long cable....doing as i speak
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All systems of divination, like music itself,work through patterns.
  • #273,635
  • Mar 7, 2011 11:31am Mar 7, 2011 11:31am
.61500 tp? maybe by tomoz
  • #273,636
  • Mar 7, 2011 11:48am Mar 7, 2011 11:48am
Quoting chazzle
Close enough I suppose long 16195 SL 16175 TP open
we are in the same boat . good luck .
A chart helps those who can read it.
  • #273,637
  • Mar 7, 2011 12:07pm Mar 7, 2011 12:07pm
Quoting geniusztc
we are in the same boat . good luck .
close now or go for a bigger stop?....16186 looks like gonna go
  • #273,638
  • Mar 7, 2011 12:09pm Mar 7, 2011 12:09pm
something to look at

Quoting chazzle
close now or go for a bigger stop?....16186 looks like gonna go
  • #273,639
  • Mar 7, 2011 12:10pm Mar 7, 2011 12:10pm
http://www.forexfactory.com/showpost...ostcount=11613
Quoting hkkhanus
something to look at
  • #273,640
  • Mar 7, 2011 12:27pm Mar 7, 2011 12:27pm
Quoting chazzle
close now or go for a bigger stop?....16186 looks like gonna go
looks like shes still dancing in tune to the dollar. I've got a line drawn at 16174 ...could be well wrong but i dont think dllar going up any more till asia or 7659 where i think will be retrace to downside for dollar. Long boring walking the dog tho'...
All systems of divination, like music itself,work through patterns.
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