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Cable Update (GBPUSD)

  • #281,061
  • Jun 10, 2011 12:15am Jun 10, 2011 12:15am
Gbp/Usd Buy 1.6310/15 then 1.6285/90 then 1.6215/20, sell 1.6460/65 then 1.6505/10 then 1.6540/45
Take Note that these signals are for short term, each signal TP is 10 to 30 pips despite it might gain you much more than that sometimes

Medium Term Strategy(Daily):

Gbp/Usd This pair is starting a downtrend movement today, after basing below retracement at 1.6390/00, but I'll stay cautious because this pair is moving sideways from past days up and down.
1.6310/15 is an important support area(break here & base would extend weakness to the above short term buy signals), so traders who sold around 1.6390/00 or above are safe to hold their sell orders till said support prices are penetrated or can take profit if they wish at that price, while only above resistance at 1.6400 would change our downside view to target 1.6460/70 first.
This pair might keep moving sideways till next UK Meeting Minutes in around 2 weeks time, ofcourse unless some surprise news hit the market like BOE official talks...
  • #281,062
  • Jun 10, 2011 12:59am Jun 10, 2011 12:59am
Quoting _tlk_

My guts tells me UP but the charts says DOWN!!

WTF!!
Nice saying
  • #281,063
  • Jun 10, 2011 1:13am Jun 10, 2011 1:13am
Hi, we are now at strong support level! I don't think that the price will bounce up. Already lost 10 pips with last price movement.
  • #281,064
  • Jun 10, 2011 1:17am Jun 10, 2011 1:17am
Quoting josef
Hi, we are now at strong support level! I don't think that the price will bounce up. Already lost 10 pips with last price movement.

Morning Sir

Do you think the momentum is strong enough to break the support?
  • #281,065
  • Jun 10, 2011 1:21am Jun 10, 2011 1:21am
Quoting josef
Hi, we are now at strong support level! I don't think that the price will bounce up. Already lost 10 pips with last price movement.
Hi josef good morning. I agree with you. Even if it bounce the 6360 will be a strong resistance now. I am holding a short with a first target 6228 second target 6158 both wont happen today but will wait. What you say. Untill it broken the 6150 the cable is in uptrend in weekly tf. Today the daily uptrend broken. Pls review this so that i can learn.
  • #281,066
  • Jun 10, 2011 1:34am Jun 10, 2011 1:34am
Quoting bchbch
Hi josef good morning. I agree with you. Even if it bounce the 6360 will be a strong resistance now. I am holding a short with a first target 6228 second target 6158 both wont happen today but will wait. What you say. Untill it broken the 6150 the cable is in uptrend in weekly tf. Today the daily uptrend broken. Pls review this so that i can learn.
I missed good entry for shot. What do you think about going short right now?
  • #281,067
  • Jun 10, 2011 1:42am Jun 10, 2011 1:42am
Quoting josef
I missed good entry for shot. What do you think about going short right now?
What do we think now that G/U as got to this Key Support area(with the sideways price movement)...Break Downside to where?.........Bounce Upside to where?
The GBP News as not been helpful this June Save Trends
Keep the Lights on then you can catch the rise from the dark.
  • #281,068
  • Jun 10, 2011 1:56am Jun 10, 2011 1:56am
Quoting josef
I missed good entry for shot. What do you think about going short right now?
I will hold my fingers tight to push the short button for the 6350 area to test, because the on coming news flows for cable seems to be negative so before the news the cable will go up to retest the strong 6360 area and collapse from there to downside. At that time will be push the button to have a good entry for 100 pips tp........... Any way i have the little short position at 6328.
  • #281,069
  • Jun 10, 2011 2:01am Jun 10, 2011 2:01am
G/M

Strong move down in the overnight asian session after some consolidation in late London/New york session this after the move down from the 6465 Hi yesterday....a decisive break and clear of the 1hr and 4hr ascending trend line.

Price has arrived @ the previous 1hr/4hr/Daily swing lo zone co-existanjt with 61.8% 6131-6546, Daily S2 and Weekly S1 pivot and has already travelled 72% of the 20day atr so far today - this early...59% of the 20week atr so far this last day of the trading week.

4hr tells the story below current Daily lo and added to this are Daily S3 @ 6321, Weekly S2 6157 area, Monthly S1 6094 area.

Definate opa downtrend on 1hr and it's 100sma remains below it's 200sma, as it does on 4hr which has begun to look very bearish at the moment.

Some demand emerging then at the current lo (6288,) how strong are the bears now - can they puish through this swing lo down to 6286, or will further demand emerge ?

Event Risk: Uk Manuf and Ind Prod data etc @ 0830am gmt.

G/L
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ex member
  • #281,070
  • Jun 10, 2011 2:15am Jun 10, 2011 2:15am
Hi - Low Daily Candle Prev : 108 pip
Hi- Low Heiken Ashi Candle Daily Smoothed : 60 pip
Ratio : +/- 1.8
ATR Daily when daily close : 112

Potential Down Movement : 1.8*112= +/- 200 pip

Daily close at 6371
Est TP = 6371-200 = 6171. ( within next 4-5 days , if not hit within this period range. better close all short position at b/e )
Money Management : set by our own risk
SL at yesterday high + spread ( around 647x )

time will tell

rgds,iqyu
just my imho
Attached Image
not euphoria follower
  • #281,071
  • Jun 10, 2011 2:23am Jun 10, 2011 2:23am
I wouldn't be surprised if some demand didn't emerge deeper in the previous daily swimng hi zone ? bearish at the moment though.


G/L
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ex member
  • #281,072
  • Jun 10, 2011 2:37am Jun 10, 2011 2:37am
Uk manufacturing and industrial Production numbers, Consumer inflation expectations, and PPI (the old factory gate prices) at 0930am London time. Manuf and Ind prod should be the focus and any weakness in these numbers could see some knee-jerk £ weakness..PPi will be keenly watched to see any further signs of inflation in manufactured goods that may creep down into the cpi/rpi numbers. Conversely any well above last month/forecast manuf/ind prod numbers could spark a knee-jerk £ recovery rally ? These multiple releases can be messy particularly if numbers/releases apparently contradict each other...but let's hope for some volatility caused by the releases..'with volatility comes opportunity.'

G/L
ex member
  • #281,073
  • Jun 10, 2011 3:01am Jun 10, 2011 3:01am
Price remains well below it's Daily, Weekly and Monthly Pivots now and on the daily a L below the last HL, this after a LH has been printed...so a little bearish on there too.

Demand seems to have emerged at 6360. Why ? no idea Lol...

Anyone holding a position through the Uk data at 0930am London?

G/L
ex member
  • #281,074
  • Jun 10, 2011 3:15am Jun 10, 2011 3:15am
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90% of traders use TA, indicators and prediction
  • #281,075
  • Jun 10, 2011 3:21am Jun 10, 2011 3:21am
Quoting bchbch
Hi bbking the last chance will be 6140-6150. The weekly chart bottom trendline spot.

hello
i mean last chance of support before the 61 area
90% of traders use TA, indicators and prediction
  • #281,076
  • Jun 10, 2011 3:22am Jun 10, 2011 3:22am
Hi!
I'm holding short from 6280. This last few minute fall could there be some leakage of data???
  • #281,077
  • Jun 10, 2011 3:24am Jun 10, 2011 3:24am
Quoting bbmac
Price remains well below it's Daily, Weekly and Monthly Pivots now and on the daily a L below the last HL, this after a LH has been printed...so a little bearish on there too.

Demand seems to have emerged at 6360. Why ? no idea Lol...

Anyone holding a position through the Uk data at 0930am London?

G/L
Sure, looks like a massive sell-out to me. Entered this one with a minilot while it looked like late entry but now riding free, will leave it open because bottom seams open...
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Don't get mad, get even!
  • #281,078
  • Jun 10, 2011 3:25am Jun 10, 2011 3:25am
Quoting Endrju
Hi!
I'm holding short from 6280. This last few minute fall could there be some leakage of data???
this thought crossed my mind as well.
  • #281,079
  • Jun 10, 2011 3:29am Jun 10, 2011 3:29am
I love to see this baby to fly after the news to the 6340 area to reload the short
  • #281,080
  • Jun 10, 2011 3:31am Jun 10, 2011 3:31am
Target met @ 6228 from 6328 just before the news.
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