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Cable Update (GBPUSD)

  • #277,781
  • Apr 28, 2011 3:52am Apr 28, 2011 3:52am
G/M,

Rise up from yesterday's lo of 6434 has seen a trend high of 6745 so far today, the rise aided by reaction to Uk GDP yesterday and then the Bernanke comments later yesterday. A pullback from that current 6745 daily hi, so far to the 61.8% 6617-6745 / 23.6% 6340-6745 has seen some buy the dip demand at time of writing.

Current Daily/trend Hi has just touched the previous weekly swing hi zone leading to 6884 hi where more supply could be waiting if tested?

Event Risk: U.s GDP etc later.

G/L
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ex member
  • #277,782
  • Apr 28, 2011 4:03am Apr 28, 2011 4:03am
Morning bbmac. Thank you for the charts. If I were to place a trade today, I might be looking at a retrace to 6630 first. What do you think?
Gone to a better place
  • #277,783
  • Apr 28, 2011 4:06am Apr 28, 2011 4:06am
Good day to you,

Will be looking at the 1.6645 - 1.6635 area for a long.

Regards
  • #277,784
  • Apr 28, 2011 4:10am Apr 28, 2011 4:10am
Quoting smikester
Morning bbmac. Thank you for the charts. If I were to place a trade today, I might be looking at a retrace to 6630 first. What do you think?
Hi mate

Certainly at the Hi price was extended from it's atr's 20week being 104% and 20month 109%, and 103% of it's 20 day atr so a pullback was getting to be a greater probability in this respect.

As for how far the pullback/retarce/more will be I have no idea I just play my edge if it sets-up....I have levels and favoured levels identified where I may consider getting in long and will see what develops there in terms of PA etc if/when price reaches them.

G/L
ex member
  • #277,785
  • Apr 28, 2011 4:10am Apr 28, 2011 4:10am
Quoting deryworlds
Well I'm not expert on FOREX perhaps in this case for little suggest keep your eyes on 30TF and watch if 1.6671 could break then we will see a bit lower again but if not we will see 1.6771 should break for 100% weekly FIBO into 1.6965. before 1.7200( still to far for 2.xxx need 2-3 month)
well its happen and we looking forward to Buy 6625-6580
  • #277,786
  • Apr 28, 2011 4:16am Apr 28, 2011 4:16am
steepest ascending 1hr trend line and 38.2% 6498-6745 is where the current pullback Lo is.

G/L
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  • #277,787
  • Apr 28, 2011 4:17am Apr 28, 2011 4:17am
oh yeah! i got 14pips for scalping..
  • #277,788
  • Apr 28, 2011 4:17am Apr 28, 2011 4:17am
Quoting sphinx8
redbeben.... you are so quiet it makes me nervous .....
what it your idea about today?
morning

bad night sleep

aaa...and I am a bit sad as I totally blew the calculation

I mean I posted weeks ago the time span to reach 1.67
it did last night when I gave another week to do so.I mean the calculation was accurate with the time span but the last part where I really wanted to be pin point accurate did not happen.this is the second time in 2 months
Not that I should care much as long as the TP is hit in the time span but it helps a lot when you know from start when will you have your paycheck

anyway the market is going down now as I closed some longs (if you remember this was my target and I posted it several times)
so...as the EU went up when I bought with the jar of pennies now I sell a jar of pennies

I am still on that short now since last night(damn it) and this is why I said better take the 17 pips profit instead of baddreaming that the trade will be stuck on minus up to 1.70 ..brrrrr

I hope to close it today as tmr bank holiday,weekend is comming,riding the bike on winding roads and no need to think of it while doing it.

for now if we brake the 1.658 level we should go down 200 pips but this cross should be in max 5 hours from now on

if not it's a no go for me.

anyway news day..again,banksters are busy with the royal weeding and probably printing money with the royal couple for this event...so they are trading like chaos today ...and why not I have to shave and dress a suite for the biggest event in my life ''the royal wedding''
  • #277,789
  • Apr 28, 2011 4:19am Apr 28, 2011 4:19am
OMG just realised 200 pips down from 1.6580 line ...1.6380 my precious

anyway if I see anything I will post it..with chart even
  • #277,790
  • Apr 28, 2011 4:22am Apr 28, 2011 4:22am
hi all..

GBP/JPY is in support area / resistance area???
  • #277,791
  • Apr 28, 2011 4:23am Apr 28, 2011 4:23am
On any deeper pullback/retracement I would not be surprised to see some buy orders in the circled zone ?

G/L
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  • #277,792
  • Apr 28, 2011 4:29am Apr 28, 2011 4:29am
Quoting nsrajesh
hi all..

GBP/JPY is in support area / resistance area???
Maybe resistance becomes support?
  • #277,793
  • Apr 28, 2011 4:33am Apr 28, 2011 4:33am
Hello all , im new in forex, im try to learn.

Red why you think 1.6580 is a suport line?
  • #277,794
  • Apr 28, 2011 4:34am Apr 28, 2011 4:34am
Quoting bbmac
On any deeper pullback/retracement I would not be surprised to see some buy orders in the circled zone ?

G/L

Yes. This is gradually dawning on me. London is closed tomorrow as so eloquently pointed out by redbeben. So, for cable this could be like a Friday. If there are lots of TP's it could go deep.

In any case, as I said earlier, too much movement already today for me to trade confidently off levels. Leave it to the scalpers. Lots of news out of USA, later, though so I will be keeping an eye on things.

Hey redbeben, don't let this ruin your sleep. Your posts revived this thread and you have made some stunningly accurate calls. Just, like, keep it simple. If you don't mind advice.
Gone to a better place
  • #277,795
  • Apr 28, 2011 4:38am Apr 28, 2011 4:38am
Quoting nsrajesh
hi all..

GBP/JPY is in support area / resistance area???
Here we have to concentrate. Try here: http://www.forexfactory.com/showthread.php?t=288354
Gone to a better place
  • #277,796
  • Apr 28, 2011 4:42am Apr 28, 2011 4:42am
Quoting redbeben
OMG just realised 200 pips down from 1.6580 line ...1.6380 my precious

anyway if I see anything I will post it..with chart even

Good evening,


Redbeben Hi, I am impressed with your spirit. You look very aggressive and vigorous, jumping to and fro with a very lively perhaps because a young age. It seems you wait with the spirit of 1.638x. But the price was flying to 1.6754. Do you stay healthy today friend and still Okey ? Stay spirit I support you.


Best wishes and keep the spirit

San
  • #277,797
  • Apr 28, 2011 5:06am Apr 28, 2011 5:06am
Quoting redbeben
so.....for now I was right.now I just buy the dips on the way down to 1.62-1.61.I reckon a bear week to come but GU should reach 1.67 in max 4 weeks from now on.

at least acc to my calculations
ok this was sent on the 8th of april

from that day passed only 3 weeks.Ok ok you will say I said 'max 4 weeks'' meaning that it could have reached it anytime during this time span.
This is true.
the only thing that I hate now is that me might not hit the rate in may

I mean with a pullback to 1.6380 or less a rate in may would have been justified and 1.67 would have been sweeter for me.

now I'm back to ground 0 in terms of fundies...I I tried so much to understand them

for me this uptrend worked perfectly.I bought when all were selling as I trusted my system and I was right.

Next up move in my opinion should come after a decent pullback.

Next up target will be 1.72XX target but I preffer to see a selloff of 600 pips from 1.67 and another 300 more and another 300 before buying anything big.I repeat I trade long term for big money and intraday for a living.

so....for now I wait and see what happens as I'm done already since last night as my TP was hit

the only thing I can see now is my bed aaa and a buy on GJ if price brakes 136.47 level in the next 5.25 h max but as I don't have even 50% confirmation on this one I will use again the device so called ''butt''


p.s. don't think the GU will drop like a rock now as we will have a pullback for some pips in order to cross on M30....remember one step at a time.first we had M1 then M5 then M15 and now about to cross M30.
  • #277,798
  • Apr 28, 2011 5:24am Apr 28, 2011 5:24am
hi REDBEDEN, i do smth like you do, buy when others sell and sell when others buy, on GU if max at 1.67xx will stay i have target 1.626x. i'd like to ask you about EU my target if max 1.488x stay 1.452x, what you think about that. Only difference i don't know when the target will be hit. Thanks. Like all your posts very much,thanks for post them.

Quoting redbeben
ok this was sent on the 8th of april

from that day passed only 3 weeks.Ok ok you will say I said 'max 4 weeks'' meaning that it could have reached it anytime during this time span.
This is true.
the only thing that I hate now is that me might not hit the rate in may

I mean with a pullback to 1.6380 or less a rate in may would have been justified and 1.67 would have been sweeter for me.

now I'm back to ground...
  • #277,799
  • Apr 28, 2011 5:28am Apr 28, 2011 5:28am
until that trendline holds....
next h1 can tell
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  • #277,800
  • Apr 28, 2011 5:47am Apr 28, 2011 5:47am
Quoting redbeben
Hi again

I have 1.55 but only after 1.67

so GU short story as I see it :

gu goes down now for this week and next week up to 1.67 and then the big drop to 1.55

EU will go down if we brake 1.44 to 1.4150 and then resume uptrend to touch 1.50-51 during the next 4 weeks and then down to 1.36...

Maybe go short here to 1.55? Or is the next target 1.72?
Gone to a better place
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