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Cable Update (GBPUSD)

  • #279,961
  • May 25, 2011 5:33am May 25, 2011 5:33am
itchy to short now, but will wait for US to open I think to see if they push her over R1 first
  • #279,962
  • May 25, 2011 5:35am May 25, 2011 5:35am
Price has breeched yesterday's hi and the 4hr descending trend line to the upside...encountering 38.2% 6517-6057 at the current hi....looking bullish at the moment ?..although no 4hr close above the trend line yet (on my feed anyway.)

Price is still only 73% of it's 20day atr so far today...feels like more ?

G/L
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  • #279,963
  • May 25, 2011 5:36am May 25, 2011 5:36am
Quoting sphinx8
itchy to short now, but will wait for US to open I think to see if they push her over R1 first
That area up near your target, probably 6289-6303 - being a previous 1hr x 3/4hr x 3/daily x 2 swing hi zone could hold some sellers ? Daily R2 is at/around 6300....Weekly R1 is just above the zone at/around 6314, and just below is the 50% of the 6517-6057 swing @ 6287 area.

G/L
ex member
  • #279,964
  • May 25, 2011 5:37am May 25, 2011 5:37am
anyone can explain why gu up
Just Newbie Need Guidance From The Expert
  • #279,965
  • May 25, 2011 5:39am May 25, 2011 5:39am
Quoting bbmac
That area up near your target, probably 6289-6303 - being a previous 1hr x 3/4hr x 3/daily x 2 swing hi zone could hold some sellers ? Daily R2 is at/around 6300....Weekly R1 is just above the zone at/around 6314.

G/L
so with some smell of gamble lets go short at 1.6290
  • #279,966
  • May 25, 2011 5:42am May 25, 2011 5:42am
Quoting NoviceInd
anyone can explain why gu up

Beacuse there are more buyers/buying volume than sellers/selling volume thus the imbalance is consuming the supply and the demand keeps prices rising to the next level of supply to get filled...this is all I need to know as a technical trader.

G/L
ex member
  • #279,967
  • May 25, 2011 5:43am May 25, 2011 5:43am
Quoting sphinx8
so with some smell of gamble lets go short at 1.6290
Lol - I'm finishing for day in a few mins but if I was still around and price tested the area I would judge PA etc when it go there as to whether to short or not.

G/L
ex member
  • #279,968
  • May 25, 2011 5:47am May 25, 2011 5:47am
Quoting NoviceInd
anyone can explain why gu up
from a fundie point of view a general increase in risk apetite across most asset classes, and, £ specific - Uk Q1 Gdp remained unaltered @ +0.5% in the revision earlier - this has probably helped cable apetite today.

G/L
ex member
  • #279,969
  • May 25, 2011 6:39am May 25, 2011 6:39am
Quoting TauTrader
Good day to you,

Will be looking for 1.6220 - 1.6240 area to short. Back down to 1.6140 - 1.6100 area. Then long again towards a new possible high. This is my trading plan for the remainder of the week, in a nutshell.

Follow your own path.

All the best to you
Good day to you,

Have now entered a 2/3 short @ 1.6228. Will add 1/3 if we reach 1.6250 - SL @ 1.6285. Will however move SL in as soon as I can. Follow your own plan.

Regards
  • #279,970
  • May 25, 2011 6:42am May 25, 2011 6:42am
Quoting TauTrader
Good day to you,

Have now entered a 2/3 short @ 1.6228. Will add 1/3 if we reach 1.6250 - SL @ 1.6285. Will however move SL in as soon as I can. Follow your own plan.

Regards

have the same numbers at mind, just thinking with US news coming out very very soon and these being expected bad don't you it will spike more up for a while of course.

(bad morning GU data had only minimum efect thou)
  • #279,971
  • May 25, 2011 6:49am May 25, 2011 6:49am
rising wedge to 1.7 supply.good trading
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  • #279,972
  • May 25, 2011 6:54am May 25, 2011 6:54am
big chance for a big short. what do u think about that?
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Price Action + KISS + PIE = Forex-Entourage
  • #279,973
  • May 25, 2011 7:02am May 25, 2011 7:02am
Quoting pipsane
big chance for a big short. what do u think about that?
I agree
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  • #279,974
  • May 25, 2011 7:06am May 25, 2011 7:06am
GU can be shorted, however first needs to trigger that PRZ @ 60-70 and see how that works out with RSI BAMM convergence, if it does shorting GU sounds like a good plan actually. meanwhile Im long from 90 and looking to exit @ 60
  • #279,975
  • May 25, 2011 7:16am May 25, 2011 7:16am
got 2 shorts @ 6214 and 6233. I think it`ll hit 6175 today. Whats your target?
  • #279,976
  • May 25, 2011 7:20am May 25, 2011 7:20am
This pairs hasnt truly break upside yet,there is still downtrend sign
  • #279,977
  • May 25, 2011 7:26am May 25, 2011 7:26am
It's really tough now days to know the importance of positive or negative data reports from the US. U never know where the trend will go.
  • #279,978
  • May 25, 2011 7:43am May 25, 2011 7:43am
Quoting ruffryders
GU can be shorted, however first needs to trigger that PRZ @ 60-70 and see how that works out with RSI BAMM convergence, if it does shorting GU sounds like a good plan actually. meanwhile Im long from 90 and looking to exit @ 60
interesting, but why do you have PRZ at 60-70?. all i can see is sup/dem between 70-90 and s/r on 70... besides gartley and 1:1
Price Action + KISS + PIE = Forex-Entourage
  • #279,979
  • May 25, 2011 8:03am May 25, 2011 8:03am
will go down now ?, or moves up to 1.6270/1.6300 then fell down..?
  • #279,980
  • May 25, 2011 8:08am May 25, 2011 8:08am
Quoting sphinx8
have the same numbers at mind, just thinking with US news coming out very very soon and these being expected bad don't you it will spike more up for a while of course.

(bad morning GU data had only minimum efect thou)
Good day to you,

I actually prefer longing GU at the moment - just looking for a pullback to see. Will keep an eye on PA and the next 8 hours or so. Will then decide whereto I will go next.

Regards
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