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Cable Update (GBPUSD)

  • #279,341
  • May 17, 2011 8:30am May 17, 2011 8:30am
Quoting TauTrader
Good day to you,

Was out today - my 3 sell limits triggered. Hoping to get to 1.6200 and then 1.6175.

sold @ 1.6241 , 1.6260 and 1.6275.

Trend still down.

Regards
Closing my positions here. Think I am going to start building a long towards 1.6500 - but on the daily chart. So will look at buy opportunity now.

Will keep you posted

Regards
  • #279,342
  • May 17, 2011 8:36am May 17, 2011 8:36am
Quoting rullyforex
if the trend still down, what is your prediction about the max GBP price?? will it till 1.59xx???? please share...

I think to buy position: start at morning (my country time) and sell at afternoon...

to sell: sell at afternoon and close at night
Good day to you,

Not sure how low we will go. But I will buy from 1.6150 - 1.6130 area - if we get there. We are at a bottom extreme on daily chart - so will be looking for buy opportunity @ the levels mentioned.

Regards
  • #279,343
  • May 17, 2011 8:47am May 17, 2011 8:47am
i am going for a buy . 1.64 looks good this week? may go down not much tho a bit but going up look good for me.
  • #279,344
  • May 17, 2011 8:51am May 17, 2011 8:51am
Quoting TauTrader
Good day to you,

Not sure how low we will go. But I will buy from 1.6150 - 1.6130 area - if we get there. We are at a bottom extreme on daily chart - so will be looking for buy opportunity @ the levels mentioned.

Regards
Agreed

But it looks like harder to get to 1.6150...since it still quite @ 1.6205 area...

any ideas?
"sharing knowledge make us more rich"
  • #279,345
  • May 17, 2011 9:09am May 17, 2011 9:09am
Quoting rullyforex
Agreed

But it looks like harder to get to 1.6150...since it still quite @ 1.6205 area...

any ideas?
Good day to you,

The extreme level on 4hr currently sits @ 1.6140 - this area is also a stronger SR level - they may just want to break this level briefly to lure late shorts and hit current long stops before turning - so quite possible - in my opinion to reach.

Weekly low extreme still way down @ 1.5500 currently - so also possible. But I believe a move up first on the cards. Since I will be taking this trade off the daily - I will break down entries into 3 smaller longs and enter at least 50 pips apart.

But looking at 1.6150 as a start. If I miss - then all good.

Regards
  • #279,346
  • May 17, 2011 9:16am May 17, 2011 9:16am
if the pound break 1.6185 area, so likely to continue to fall to 1.6150 or lower...

qqq... quite volatile today
  • #279,347
  • May 17, 2011 9:30am May 17, 2011 9:30am
Hi all

Guys, don't know if you saw my post yesterday, (I'm sure the pros here know about this already) but if you are trading the 4 hour charts and you really want to get an edge on the market, you have to have platforms on different time zones. Doesn't matter of course on the lower time frames but makes a BIG difference when it comes to 4 hr or daily chart. It certainly did today - my goodness!!

If you don't know what I'm talking about, just PM me and I'll fill you in.

P.S. : if you want some very fascinating and enlightening reading have a look at this: http://www.investopedia.com/articles...topHunting.asp
  • #279,348
  • May 17, 2011 9:56am May 17, 2011 9:56am
m15 TF
hidden bullish divergence macd
price reject 74% fibo
im thinkin on buy positions

if loose red trendlines will see again lower area or new low.

bybye
Attached Image (click to enlarge)
Click to Enlarge Name: gusdm15.jpg Size: 123 KB
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  • #279,349
  • May 17, 2011 10:11am May 17, 2011 10:11am
Hi BB

Doesn't look very bullish right now. In fact looks like we might see a re-test of 16150 sooner rather then later


My 1 hour chart attached. (green 30 sma (smoothed), blue 50 sma, red 100 sma, black 200 sma)
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 1 hour chart.gif Size: 18 KB
  • #279,350
  • May 17, 2011 10:16am May 17, 2011 10:16am
Quoting jmtini
Hi BB

Doesn't look very bullish right now. In fact looks like we might see a re-test of 16150 sooner rather then later


My 1 hour chart attached. (green 30 sma (smoothed), blue 50 sma, red 100 sma, black 200 sma)
I'm long then
  • #279,351
  • May 17, 2011 10:19am May 17, 2011 10:19am
I hope it closes below 1.6189,then i have something to do..else is still in BUY mode
  • #279,352
  • May 17, 2011 10:19am May 17, 2011 10:19am
Good day to you,

Yip - we are in the region of strong S/R. Am standing on the side looking to see where we will be going. A move lower just seems the right thing to expect right now.

there must be plenty of stops sitting under 1.6200 - we can see the defence of this level.

Just one strong player to push price to 1.6180 and we will see stops tripping and momentum gained to a lower level.

Dangerous area to trade.

Regards
  • #279,353
  • May 17, 2011 10:20am May 17, 2011 10:20am
Low volume test, smaller tf trendline test, in demand. Background buying, currently in oversold conditions.Only buying.
Attached Image (click to enlarge)
Click to Enlarge Name: buy.gif Size: 93 KB
  • #279,354
  • May 17, 2011 10:25am May 17, 2011 10:25am
Quoting TauTrader
Good day to you,

Yip - we are in the region of strong S/R. Am standing on the side looking to see where we will be going. A move lower just seems the right thing to expect right now.

there must be plenty of stops sitting under 1.6200 - we can see the defence of this level.

Just one strong player to push price to 1.6180 and we will see stops tripping and momentum gained to a lower level.

Dangerous area to trade.

Regards
Yeah, could easily go both ways. usdchf at resistance and aususd at support. Sooo.... I think todays close shoud give us a good indication.
  • #279,355
  • May 17, 2011 10:28am May 17, 2011 10:28am
Quoting Shadip
Yeah, could easily go both ways. usdchf at resistance and aususd at support. Sooo.... I think todays close shoud give us a good indication.
good day,

I think next 8 to 12 hours - lower.

Sell entered in prep for later long.
entered short @ 1.6208

Will reverse lower

Regards
  • #279,356
  • May 17, 2011 10:35am May 17, 2011 10:35am
Quoting TauTrader
good day,

I think next 8 to 12 hours - lower.

Sell entered in prep for later long.
entered short @ 1.6208

Will reverse lower

Regards
I guess I'm going to have too relook over my charts :/
  • #279,357
  • May 17, 2011 10:51am May 17, 2011 10:51am
Quoting Shadip
I guess I'm going to have too relook over my charts :/
No need.

I am just looking to see if we will test lower extremes before a run up. This extreme, as per my personal view - is sitting @ 1.6140 for now. So I do expect a possible test of this area - 1.6140 - 1.6100.

from there - we will see.

BUT - we could just stop here and move back up.

It would be weird though...

regards
  • #279,358
  • May 17, 2011 11:07am May 17, 2011 11:07am
come on!

One last move lower to 1.6140 -1.6100. You can do it!!
Attached Image
  • #279,359
  • May 17, 2011 11:09am May 17, 2011 11:09am
uhm
not so clear direction on GU

mixed data on charts
i let it alone for a while
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  • #279,360
  • May 17, 2011 11:10am May 17, 2011 11:10am
Quoting TauTrader
come on!

One last move lower to 1.6140 -1.6100. You can do it!!

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