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Cable Update (GBPUSD)

  • #280,661
  • Jun 6, 2011 4:25am Jun 6, 2011 4:25am
Quoting smikester
Where are the charts, instead of trade calls and "I hope this will happen" etc? Might as well talk about what we had for breakfast. I would post a chart if anyone would be interested.
NO
  • #280,662
  • Jun 6, 2011 4:33am Jun 6, 2011 4:33am
Quoting PoundTrader
NO
OK. Didn't you get any breakfast this morning?
Gone to a better place
  • #280,663
  • Jun 6, 2011 4:34am Jun 6, 2011 4:34am
Quoting fendi
hi, i think it would go down below daily pivot to test b4 rising. 4 now no long entry confirmed yet even though all indicators in the long term points to uptrend. I am waiting to enter between 1.6379 or less 1.6354 at the most. watching if breached.excepcet it decides to move b4 then.
market will not break d 64xx lower range, so I have my buy limit on 64xx looking at 6486
Keep the Lights on then you can catch the rise from the dark.
  • #280,664
  • Jun 6, 2011 4:35am Jun 6, 2011 4:35am
Quoting smikester
Where are the charts, instead of trade calls and "I hope this will happen" etc? Might as well talk about what we had for breakfast. I would post a chart if anyone would be interested.
yes
Come with me if you want to live....
  • #280,665
  • Jun 6, 2011 4:48am Jun 6, 2011 4:48am
This chart shows a strong daily close above 1.64 on Friday, After the uptrend resumed, bounced off 61.8, then 38.2, classic uptrend. Today might be ranging, but personally I would not be looking for shorts here, unless a strong daily close under 1.64

Here's a chart:

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd110606d1.gif Size: 28 KB
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  • #280,666
  • Jun 6, 2011 5:03am Jun 6, 2011 5:03am
Here's a M15 chart. We can see how price tested 1.63 last week and NFP figures shot us through 1.64.

Retracement and now we retest 1.64. This is important and next strong hourly bar now confirms either way for me?

What have I missed?

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd110606m15.gif Size: 31 KB
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  • #280,667
  • Jun 6, 2011 5:05am Jun 6, 2011 5:05am
what does this chart imply?? your trading technique with your chart could be interpreted by so many in different ways. i don't where we differ, ( classic uptrend. Today might be ranging,). While you belive stronly in fibo, i dont, why because it hurts when you look at those regions as support and see it toyed with by price movement, so even though i use pivot, i explained my area of support been DAILY PIVOT @ 1.6381. I use pivot just to see likely area's were price would bounce and for me until pivot b4 a bounce. Might be wrong. On my 30mins chart i dont see any room yet to long though, 4hrs and daily tends to confirm long. I wait until my region is tested and further confirmation i enter my long in peace.


Quoting smikester
This chart shows a strong daily close above 1.64 on Friday, After the uptrend resumed, bounced off 61.8, then 38.2, classic uptrend. Today might be ranging, but personally I would not be looking for shorts here, unless a strong daily close under 1.64

Here's a chart:

Attachment
  • #280,668
  • Jun 6, 2011 5:09am Jun 6, 2011 5:09am
Quoting fendi
what does this chart imply?? your trading technique with your chart could be interpreted by so many in different ways. i don't where we differ, ( classic uptrend. Today might be ranging,). While you belive stronly in fibo, i dont, why because it hurts when you look at those regions as support and see it toyed with by price movement, so even though i use pivot, i explained my area of support been DAILY PIVOT @ 1.6381. I use pivot just to see likely area's were price would bounce and for me until pivot b4 a bounce. Might be wrong. On my 30mins chart...
Thank you. The M15 chart in my next post shows better what I mean. I have no conclusion other than 1.64 is being tested. I take on board your constructive points. If you want numbers, I would only trade off today's high, if NY shows good momentum.
Gone to a better place
  • #280,669
  • Jun 6, 2011 5:26am Jun 6, 2011 5:26am
Quoting fendi
. While you belive stronly in fibo, i dont, why because it hurts when you look at those regions as support and see it toyed with by price movement
I don't believe strongly in fibo. Lots of others do, though, and I do believe these levels are important when trading cable. So I look for price action off these levels.
Gone to a better place
  • #280,670
  • Jun 6, 2011 5:27am Jun 6, 2011 5:27am
I think it's short opportunities and first target 16370.
  • #280,671
  • Jun 6, 2011 5:38am Jun 6, 2011 5:38am
Long @ 1.64
SL @ 1.6385
  • #280,672
  • Jun 6, 2011 5:40am Jun 6, 2011 5:40am
Quoting smikester
Thank you. The M15 chart in my next post shows better what I mean. I have no conclusion other than 1.64 is being tested. I take on board your constructive points. If you want numbers, I would only trade off today's high, if NY shows good momentum.
I agree, we have come down from the weekly 200ema (high) and bounced up from the daily 200ema (high). We are wedged in tight on trendlines also. US news has been all bad but momentum maybe difficult at the moment. If we break down below trendline we may complete a weekly H&S of sorts. Otherwise, I will prob wait until we break the highs of 6746, get the retest of the weekly 200ema high and aim for the monthly 200ema high coinciding with resistance at 7180. It is difficult for GU at the moment I'm not sure it really knows which way to go. Any thoughts?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: daily 200ema.gif Size: 18 KB
Click to Enlarge Name: weekly 200ema.gif Size: 16 KB
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  • #280,673
  • Jun 6, 2011 5:40am Jun 6, 2011 5:40am
ok, i understand you clearly now, its just that charting varies thats what i was tryng to say, i may not use a short time chart to determine my entries ad may not see what you see in the short term, but we both agree we are looking for trades off todays high. Nice one, i would try to follow your details with a more open mind, that way i can understand your idea's and thought.



Quoting smikester
Thank you. The M15 chart in my next post shows better what I mean. I have no conclusion other than 1.64 is being tested. I take on board your constructive points. If you want numbers, I would only trade off today's high, if NY shows good momentum.
  • #280,674
  • Jun 6, 2011 5:41am Jun 6, 2011 5:41am
1.63 has been tested as support on 4 occassions, so if it goes down there i expect it to break thru and cable to drop....right now im looking at 1.6380 as minor support, then 1.63.
  • #280,675
  • Jun 6, 2011 5:49am Jun 6, 2011 5:49am
Strong hidden divergence on the Trix.
Attached Image (click to enlarge)
Click to Enlarge Name: hidden divergence.gif Size: 22 KB
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  • #280,676
  • Jun 6, 2011 6:07am Jun 6, 2011 6:07am
Patience is the key to success in this business... emotions, trigger happy fingers e.t.c stay cool, opputunities for entry wld approach soon. looking at u.s open, since london brought us down to pivot level. Good luck
  • #280,677
  • Jun 6, 2011 6:33am Jun 6, 2011 6:33am
until above 6380-90 should go up into 65 area.
im long SL 6350
would have been good thing waiting the breake above ema60 (blue) in m15 and green trendline downward.

good luck
Attached Image (click to enlarge)
Click to Enlarge Name: gusdm15.gif Size: 28 KB
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  • #280,678
  • Jun 6, 2011 6:48am Jun 6, 2011 6:48am
i'm from 63977, got a 2Ma cross 5Ma, TDI sell signal, as well as s 7Ma cross 6Ma (shift 1).
Attached Image (click to enlarge)
Click to Enlarge Name: gu short.png Size: 57 KB
  • #280,679
  • Jun 6, 2011 7:06am Jun 6, 2011 7:06am
going long 6460 trailing stop with Top Trend (14) 1 hr
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  • #280,680
  • Jun 6, 2011 7:11am Jun 6, 2011 7:11am
Quoting _BBKing_
until above 6380-90 should go up into 65 area.
im long SL 6350
would have been good thing waiting the breake above ema60 (blue) in m15 and green trendline downward.

good luck
I also want to go LONG, reason because I see one hammer candlestick from daily chart last NFP day (Correct me if I am wrong), but it's currently ranging with very slow movement and testing new lows several times so not safe to enter. I don't think this will be a reversal because we already see how it pierced from 6300 to 6400 breaking H4 channel. Time will tell us, but I doubt that it will be today due to banks holiday . Good luck for today, though .
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