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Cable Update (GBPUSD)

  • #277,281
  • Apr 24, 2011 4:58pm Apr 24, 2011 4:58pm
  • #277,282
  • Apr 24, 2011 5:11pm Apr 24, 2011 5:11pm
Good day all,

GU is in a prep phase to pull back/retrace. We have entered a period of shakes. Longs will be lured, uncertain shorts will be lured. So let us think about this - where will be the area of reversal?

With 1.6600 briefly breached just last week, I believe a final re-test is very likely. Even a new high. But I will be looking to short in that final move up past 1.6600.

Too early to tell how far we will retrace, but that is my trade plan. So - short from 1.6610 to 1.6650 with a preference for the latter. A move lower to 1.6470 is also quite possible before the final push north.

All the best to you

Regards
Attached Image (click to enlarge)
Click to Enlarge Name: gu25411.gif Size: 31 KB
  • #277,283
  • Apr 24, 2011 5:29pm Apr 24, 2011 5:29pm
Quoting GBP Trader
Good evening Tau Trader

I do not see if you have responded to my question. I am grateful for your response. Why did you recently have never even analysis GU rarely comment you back? I am every day looking for your analysis, would Where GU today because it is much bounce? I estimate GU will go down slightly but in how and when that's what I'm less good at analyzing it. Please you help me analyze. Is it true my understanding that GU will go down? And Where?


Thank you
Good day to you,

Sorry for the late reply - was away for a couple of days with the family. It is good that you did not follow the last attempt

I am entering a busy period work wise - so I will not be scalping. I plan on doing 2 to 3 trades per month for the remainder of the year. So will not be analyzing often. I will however post every trade I take on GU here. Other pairs I will post in a new journal for myself I plan to start. There we could discuss some stuff if you feel inclined.

As far as GU is concerned, I have posted my thoughts for the next day or 2.

All the best

Regards
  • #277,284
  • Apr 24, 2011 6:32pm Apr 24, 2011 6:32pm
Finally Bear is controlling the game. Then The Question is for How long ?
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  • #277,285
  • Apr 24, 2011 6:39pm Apr 24, 2011 6:39pm
Quoting Mrleeforex
Finally Bear is controlling the game. Then The Question is for How long ?
Hi,

Careful of 1.6495 - 1.6480. We may see price bounce here for a final run up.

Regards
  • #277,286
  • Apr 24, 2011 6:40pm Apr 24, 2011 6:40pm
Hi all,
I've often heard people say that pictures tell a thousand words ..... hmmmmnnnn
this one simply yells SEEEEEEEEEELLLLLL!!!
Find chart attached.
Happy trading!
Meshach.

NOTE: Please don't take the little arrows into cognizance, they are just there for "ornamental" purpose. I'm selling already and there's yet to be a sell arrow.
Attached Image (click to enlarge)
Click to Enlarge Name: simply beautiful_gbpusd.gif Size: 21 KB
  • #277,287
  • Apr 24, 2011 6:44pm Apr 24, 2011 6:44pm
Quoting TauTrader
Hi,

Careful of 1.6495 - 1.6480. We may see price bounce here for a final run up.

Regards
Hi bro,
the one I highly regard. I see support at 1.5428 that's previous horizontal resistance which could possibly hold as support. 1.5437 is my TP on this short.
Happy trading bro!
Meshach.
  • #277,288
  • Apr 24, 2011 6:55pm Apr 24, 2011 6:55pm
Quoting forexcompoun
Hi bro,
the one I highly regard. I see support at 1.5428 that's previous horizontal resistance which could possibly hold as support. 1.5437 is my TP on this short.
Happy trading bro!
Meshach.
Good day to you, M



You did mean 1.64xx? not 1.54xx?

In all honesty - trend has not turned for me - yet. Typical behaviour in my opinion, will be enticing shorts now with a false break - then back up to catch new longs. More sustained drop coming later...killing longs again.

Good luck with your trade!

Regards
  • #277,289
  • Apr 24, 2011 7:00pm Apr 24, 2011 7:00pm
1.6427 is historical support while 1.639x is psychological (okay, I hear lots of you say 1.6400 is the psych level. Nice, we are still on the same page). We can expect a slight bounce around this region : 1.6427-1.6393 Happy trading! Meshach.
  • #277,290
  • Apr 24, 2011 7:01pm Apr 24, 2011 7:01pm
Quoting TauTrader
Good day to you, M



You did mean 1.64xx? not 1.54xx?

In all honesty - trend has not turned for me - yet. Typical behaviour in my opinion, will be enticing shorts now with a false break - then back up to catch new longs. More sustained drop coming later...killing longs again.

Good luck with your trade!

Regards
don't worry I have buckled up. Put My Trailing Stop on the Go. In Case Bull strike Bear Back so I won't fall while riding the Bear
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  • #277,291
  • Apr 24, 2011 7:03pm Apr 24, 2011 7:03pm
Quoting TauTrader
Good day to you, M



You did mean 1.64xx? not 1.54xx?

In all honesty - trend has not turned for me - yet. Typical behaviour in my opinion, will be enticing shorts now with a false break - then back up to catch new longs. More sustained drop coming later...killing longs again.

Good luck with your trade!

Regards
A thousand apologies sir. I meant 1.6427 not 1.54xx amazingly its 1,000 pip typo I made so I offer a thousand apologies lol. Meshach
  • #277,292
  • Apr 24, 2011 7:04pm Apr 24, 2011 7:04pm
Quoting TauTrader
Good day to you, M



You did mean 1.64xx? not 1.54xx?

In all honesty - trend has not turned for me - yet. Typical behaviour in my opinion, will be enticing shorts now with a false break - then back up to catch new longs. More sustained drop coming later...killing longs again.

Good luck with your trade!

Regards
I'm gonna look for a long here... SL @ 1.6460 area

Regards
  • #277,293
  • Apr 24, 2011 7:12pm Apr 24, 2011 7:12pm
Quoting TauTrader
I'm gonna look for a long here... SL @ 1.6460 area

Regards
There is probability that Bull will strike back during London Session. but as for now Bear owns Bull. I will sleep now and see the result later. and USD index is trending up right now. so be cautious mate.

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  • #277,294
  • Apr 24, 2011 7:14pm Apr 24, 2011 7:14pm
About 2 months ago, I gave a GBPUSD bear call on this thread and Malc's VSA thread. 1.666x is the level from which I expect the drop to begin. Its gonna be a huge drop. For those that trade harmonic patterns, try to find the point C (88.6% fib retrace level) of a probable bullish butterfly on weekly time frame. We've already had XA leg and then point B which was a 78.6% retrace of the XA leg. I suggest that traders dig out the 7-page MS Word comprehensive study that I did and then add the little modification that came 2wks after. Happy trading! Meshach
  • #277,295
  • Apr 24, 2011 7:19pm Apr 24, 2011 7:19pm
Quoting forexcompoun
About 2 months ago, I gave a GBPUSD bear call on this thread and Malc's VSA thread. 1.666x is the level from which I expect the drop to begin. Its gonna be a huge drop. For those that trade harmonic patterns, try to find the point C (88.6% fib retrace level) of a probable bullish butterfly on weekly time frame. We've already had XA leg and then point B which was a 78.6% retrace of the XA leg. I suggest that traders dig out the 7-page MS Word comprehensive study that I did and then add the little modification that came 2wks after. Happy trading!...
so you are saying that currently you are doing weekly trading ? that sounds interesting to me cause looking at chart every hour makes me sick .
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  • #277,296
  • Apr 24, 2011 7:22pm Apr 24, 2011 7:22pm
Quoting forexcompoun
About 2 months ago, I gave a GBPUSD bear call on this thread and Malc's VSA thread. 1.666x is the level from which I expect the drop to begin. Its gonna be a huge drop. For those that trade harmonic patterns, try to find the point C (88.6% fib retrace level) of a probable bullish butterfly on weekly time frame. We've already had XA leg and then point B which was a 78.6% retrace of the XA leg. I suggest that traders dig out the 7-page MS Word comprehensive study that I did and then add the little modification that came 2wks after. Happy trading!...
Bro,

I believe you. I am also looking at shorting. posted my chart. Just saying there will probably be a last run up coming first. So I am looking to ride it back up first over the next day or so - and then get in if all still alligned.

All good

Regards
  • #277,297
  • Apr 24, 2011 7:32pm Apr 24, 2011 7:32pm
Quoting Mrleeforex
so you are saying that currently you are doing weekly trading ? that sounds interesting to me cause looking at chart every hour makes me sick .
I don't do weekly tf trading bro. Why would I wanna await say a 1,000pip move on weekly tf when I can pick 100pips daily with over 80% win rate? That's food for thought bro. As regards the trailing stop you set, please ensure it is up to 70pips because GU moves in 'energy levels' or 'packet sizes' of about 64pips. Happy trading. Meshach
  • #277,298
  • Apr 24, 2011 9:42pm Apr 24, 2011 9:42pm
im set long at 1.65025..accdentialy click trade...
be patient, self-belief and discipline... stay focus...
  • #277,299
  • Apr 24, 2011 10:31pm Apr 24, 2011 10:31pm
Good day guys, hope that you enjoy your easter celebration for those celebrating it. London session hasn't begin, so it's still uncertainty for me. Expect to SHORT when GBP becomes weaker.
  • #277,300
  • Apr 24, 2011 10:41pm Apr 24, 2011 10:41pm
Since we broke out of the 6044-6426 channel and were rejected off the top of the 6596 channel we can expect now that the 6426 will hold as extremely strong support on the journey to 7048.... that is the last stronghold... If 7048 is taken out expect another 2000 pips before anything substantial gets in the way
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