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Cable Update (GBPUSD)

  • #278,981
  • May 12, 2011 2:43am May 12, 2011 2:43am
Quoting KyoOishi
Does anyone see this H&S pattern too?
I see it KyoOishi I see it. Being very new here I wasn't sure if I was seeing things. I hope I'm not. I find Cable loves Fibs and Moving average harmonic patterns more than any other pair. I need to change my username, my real name sucks
  • #278,982
  • May 12, 2011 2:49am May 12, 2011 2:49am
daily closed below 6380
opened below 6380
went up to find supply
rejection down till 6300 (-80pips)

from here, looking daily there are 3 only possible things to do in my trading method:

1 buy above 6380
2 try the buy near 6290 (need balls coz if goes again there.... danger!)
3 short below 6290 (h4 chart) to tgt the 6230 lower trendline green

good luck
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90% of traders use TA, indicators and prediction
  • #278,983
  • May 12, 2011 2:54am May 12, 2011 2:54am
Quoting KyoOishi
Does anyone see this H&S pattern too?
i think HS better in h4... neckline would be 6330
need a candle closing below 6330 to confirm it...
possible but looking how much refuses price there i think only if news goes out bad today...
90% of traders use TA, indicators and prediction
  • #278,984
  • May 12, 2011 2:56am May 12, 2011 2:56am
Quoting _BBKing_
i think HS better in h4... neckline would be 6330
need a candle closing below 6330 to confirm it...
possible but looking how much refuses price there i think only if news goes out bad today...
yup, It reject 6300. Let's see 35 minutes from now before making any decision.
Life is about choosing... Long or Short... Discipline and consistency
  • #278,985
  • May 12, 2011 3:16am May 12, 2011 3:16am
following this last candle till it closes entered 1.6342. Let me see how far down it closes then decide next move.


Quoting _BBKing_
i think HS better in h4... neckline would be 6330
need a candle closing below 6330 to confirm it...
possible but looking how much refuses price there i think only if news goes out bad today...
  • #278,986
  • May 12, 2011 3:21am May 12, 2011 3:21am
I av 1.6293 and 1.6260, first target sure secound would watch.....
  • #278,987
  • May 12, 2011 3:31am May 12, 2011 3:31am
H&S it is
Life is about choosing... Long or Short... Discipline and consistency
  • #278,988
  • May 12, 2011 3:36am May 12, 2011 3:36am
Quoting KyoOishi
H&S it is
We still need to see 6270 broken to sit through this SHORT day...
  • #278,989
  • May 12, 2011 3:41am May 12, 2011 3:41am
Quoting KyoOishi
H&S it is
at h1.....
  • #278,990
  • May 12, 2011 3:45am May 12, 2011 3:45am
Bearish news paired with bearish trend, I think this will need some time before pullback...
  • #278,991
  • May 12, 2011 3:45am May 12, 2011 3:45am
Target reached, if a retrace happens i wait to strike target would be 1.6261 btw 2day and tomorrow. anu close today would be breached tomorrow, b4 any rise, so for now i trade all swing highs booking between 30-70pips. see ya all. i hope all yhose theories you guys trade with aint hurting because they would enslave you. the guru's knows this, they would give you rules indicator lines to believe in abd before you know it bumm, they change. i trade strictly g/u with success.this is my life forex is all i do. Good luck yall
  • #278,992
  • May 12, 2011 3:58am May 12, 2011 3:58am
worse than forecast Uk manuf and Ind Prod data adds to the pressure on £ following the fall from yesterday's 6517 Hi. 4hr ascending trend line is breeched to the downside as is daily S1 and the weekly lo (monday.) Price now testing the daily ascending trend line/channel bottom.

Below current Lo is the 61.8% of 5935-6746 swing up @ 6745 (also 50% 5745-6746 @ 6744) with weekly S1 @ 6232 area.

38.2% of the 5343-6746 swing up is @ 6207 and falls in a previous 4hr/daily swing lo zone extending down to 6164 with 23.6% of the 4225-6746 swing @ 6161 area too.

G/L
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ex member
  • #278,993
  • May 12, 2011 3:58am May 12, 2011 3:58am
Already reach my target, I'll go out for a stroll and then probably continue with EUR during NY session. Good luck guys...
  • #278,994
  • May 12, 2011 4:00am May 12, 2011 4:00am
Quoting wormboy
The weekly had produced the bearish engulfer - a top reversal pattern. And price had stayed below both the weekly & monthly pivot. These are not bullish indications.

Good luck on the longs if you have any. I'd rather look for sells unless the mentioned levels are taken out.
HTF is boss. 6154 is support.
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  • #278,995
  • May 12, 2011 4:14am May 12, 2011 4:14am
Waoohh i like g/u set up. I see g/u going back to daily open, if that happens i would re-load again afresh, tonight gonna b a good night, and tonight gonna b a good good night


Quoting _BBKing_
i think HS better in h4... neckline would be 6330
need a candle closing below 6330 to confirm it...
possible but looking how much refuses price there i think only if news goes out bad today...
  • #278,996
  • May 12, 2011 4:34am May 12, 2011 4:34am
Current near-term 1hr screenshot is below...not shown on here are the unbreeched fibs of the swings down from 6746 and 6737. The overnight pullback from 6321 - y/day's Lo found supply at the breeched 1hr trend line and the further leg down resulted - aided by reaction to that Uk data earlier.

As Wormboy poiunted out eatrlier last weekj's bearish engulfing seesxm to have been the indicator of more downside this week with price staying below weekly and monthly pivot.

It is data like this (Uk data this a.m ) that makes it difficult for the Boe/Mpc to consider a near-term rate rise ?

Tone remains generally bearish in this pairing.

G/L
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ex member
  • #278,997
  • May 12, 2011 4:37am May 12, 2011 4:37am
dicey, but i launched long g/u 1.6288 t.p 1.6393.If this happens, then coming down again is sure, we would have a close just around our low today or lesser b4 tomorrows open.
  • #278,998
  • May 12, 2011 5:09am May 12, 2011 5:09am
dear RedB. what does the salad says today?

went long last night and more longs now... tanking now. hope US is $hit in 2 hrs time
  • #278,999
  • May 12, 2011 5:19am May 12, 2011 5:19am
Place another long 1.6273 waoohhhh, the issue is see us reaching 1.6162 in a day to come. Patience is the key to every success

Quoting fendi
dicey, but i launched long g/u 1.6288 t.p 1.6393.If this happens, then coming down again is sure, we would have a close just around our low today or lesser b4 tomorrows open.
  • #279,000
  • May 12, 2011 5:27am May 12, 2011 5:27am
Quoting amarfx
Short signal in place with support zone eyed at 1.6280 and 1.6169 levels
Expected level met
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