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Cable Update (GBPUSD)

  • #281,141
  • Jun 11, 2011 7:31am Jun 11, 2011 7:31am
that yellow line is not a random one
we find it in daily chart
supported price in 53 area
test again few time ago when in 6060.
price slipped below it on daily but closed above.

now we are again here after the peak in 65 area and the bearish flag range 6290-6460

MACD show weak and crossed downward near zero.

this would at least explain the big buy orders found on that 6211 which is also ema100 (red dotted).

so, we are in a support area but, as i said in my previous post, PA dont let me think on a recover from here.
also looking here is possible a move near 6260-6270 where price will find daily pivot, ema60 daily (blue) and a lot of other things.

finally, my plan is to find short if goes in 6250-70 range, or find a short if goes below yellow line. no buy setup for the moment unless scalps and/or unless things completely change at start of the week.

comments are very very very welcome and needed
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90% of traders use TA, indicators and prediction
  • #281,142
  • Jun 11, 2011 10:06am Jun 11, 2011 10:06am
http://lcchong.files.wordpress.com/2...ng?w=877&h=397

http://lcchong.files.wordpress.com/2...ng?w=877&h=397
  • #281,143
  • Jun 11, 2011 10:36am Jun 11, 2011 10:36am
the gbp/usd has finally taken a clear trend direction. this pair is obviously on the down side. No matter what your indicator will tell you, you will have to short this pair next week...

follow my journal
http://www.forexfactory.com/showthre...254704&page=45
  • #281,144
  • Edited 11:45am Jun 11, 2011 11:28am | Edited 11:45am
This is how it is, the technical analysis of this Gbpusd pairing on Weekly/Daily/4hr t/f...no predictions, no definates, no scenarios - just how it is from which we can or cannot guauge what the greater probability of price discovery may be (or not) and when we can and the case is overwhelming - that is our technical trading edge and we can act to profit.

The Weekly t/f has now printed a fractal LH this after a 3rd HL and a 2nd HH in it's uptrend...Classic opa uptrend still intact on this t/f although it's 100sma remains below the 200sma. Similarly on the Daily t/f and this time the L below the last HL following a LH and this t/f turns from bullish -to- mixed-bearish, although unlike the Weekly t/f it's 100sma remains above it's 200sma.

Both Friday's Daily candle and the Weekly candle close are very bearish with Friday's close and therefore the Weekly Close close to the Weekly Lo established on Friday @ 6212.

Looking closer in to the downside and the previous 1hr swing lo zone to Friday's 6212 Lo seems to have contained some demand...below here and there exists a weekly and some daily ascending trend lines as well as a previous 4hr swing hi (previous resistance,) a previous 4hr swing lo to 6130 and then a previous 4hr/Daily/Minor weekly swing lo to 6057. There remains 1 x unbreeched fib between Friday's 6212 Lo and that 6057 swing lo - that of the 76.4% 6057-6546 @ 6173. Monthly S1 is @/around 6094 area.

Like the Weekly t/f, 4hr's 100sma remains below it's 200 and this t/f has printed 2 x LH's now and a L so looking bearish too.

G/L
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ex member
  • #281,145
  • Jun 11, 2011 12:46pm Jun 11, 2011 12:46pm
Homing into 1hr and you can see the previous 1hr swing lo zone created around the 6212 Friday Lo, price pulled back from this Lo and the zone has been tested at points 1 2 and finally point 3 on Friday, closing around 6225/30 area...How much demand in this zone ? [Starting with The Friday Lo prints on this t/f have been a LL, LH, HL, LH]

Quick look at the Daily Eurusd and it is testing the 50% of the LL-HH move on the daily - this coinciding with the previous daily swing hi x 2 zone shown in screenshot below...Will any demand and rise here influence cable ?

G/L
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ex member
  • #281,146
  • Jun 11, 2011 2:10pm Jun 11, 2011 2:10pm
Hi all
I see some consolidation taking place. perhaps up to 16250/80 before another test of the strong resistance at 16215. Have no idea what's goint to happen after that! But I think that bbmac has a valid point about EURUSD Definately see a reversal upwards or consolidation without a doubt taking place on this pair. Please note 4hr RSI so more then likely cable will follow in sympathy.

rgds
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  • #281,147
  • Jun 12, 2011 7:56am Jun 12, 2011 7:56am
The scenario you outline could well play out - anything can happen, but I start the new week flat and will judge PA etc at the start of the new week as to what type of position I take.

Certainly overall to the 4hr t/f (if not the Daily) the technicals looked bearish at Friday's close.

G/L

Quoting jmtini
Hi all
I see some consolidation taking place. perhaps up to 16250/80 before another test of the strong resistance at 16215. Have no idea what's goint to happen after that! But I think that bbmac has a valid point about EURUSD Definately see a reversal upwards or consolidation without a doubt taking place on this pair. Please note 4hr RSI so more then likely cable will follow in sympathy.

rgds
ex member
  • #281,148
  • Jun 12, 2011 8:04am Jun 12, 2011 8:04am
GBP economy is not doing good. USD is strenthening. Medium term GU will keep going down, until we hear anything about QE3. What do you guys think?
  • #281,149
  • Edited 9:24am Jun 12, 2011 9:03am | Edited 9:24am
You summarise a medium term fundie/global macro analysis and there are many oscillations in price over such a time horizon.Personally I am a tech trader and have no need to figure out the effects of the fundamentals.

G/L

Quoting NeverSayDie
GBP economy is not doing good. USD is strenthening. Medium term GU will keep going down, until we hear anything about QE3. What do you guys think?
ex member
  • #281,150
  • Jun 12, 2011 9:16am Jun 12, 2011 9:16am
Quoting bbmac
You summarise a medium term fundie/global macro analysis and there are many oscillations in price over such a time horizon.Personally I am a tech trader and have need to figure out the effects of the fundamentals.

G/L
Thanks! I see this pair is sitting on a strong support line now and tried twice to break through. I trade trends, but I am confident trading a trend which supports the fundamental analysis, in this case bearish. I will keep looking for shorting opportunities.
  • #281,151
  • Jun 12, 2011 3:26pm Jun 12, 2011 3:26pm
hello all
i think will watch very interested to 6160 - 6110 - 6060 - 6000 levels as possible bottom of an upmove.
those are key levels looking in weekly chart.
this weekly candle could give clear direction also for monthly candle.

lets see what will happen
90% of traders use TA, indicators and prediction
  • #281,152
  • Jun 12, 2011 3:40pm Jun 12, 2011 3:40pm
Quoting _BBKing_
hello all
i think will watch very interested to 6160 - 6110 - 6060 - 6000 levels as possible bottom of an upmove.
those are key levels looking in weekly chart.
this weekly candle could give clear direction also for monthly candle.

lets see what will happen
Hi
U will watch this levels and will buy@ one of them?
OR
Sell from somewhere up target one of them?
  • #281,153
  • Jun 12, 2011 11:10pm Jun 12, 2011 11:10pm
Hi good day to every one. Today the Eu bank holiday let the euro low volume trading leads the cable to move slow.... Cause the market boring today. I have short open to 6170 tp. any one on the short side?
  • #281,154
  • Jun 13, 2011 12:52am Jun 13, 2011 12:52am
Quoting dailyking
the gbp/usd has finally taken a clear trend direction. this pair is obviously on the down side. No matter what your indicator will tell you, you will have to short this pair next week...

follow my journal
http://www.forexfactory.com/showthre...254704&page=45

If we have a clear defination of trend then everybody will be a winner. I go Long from your analysis.....Laffs anyway Safe Trendsss
Keep the Lights on then you can catch the rise from the dark.
  • #281,155
  • Jun 13, 2011 12:55am Jun 13, 2011 12:55am
Quoting dailyking
the gbp/usd has finally taken a clear trend direction. this pair is obviously on the down side. No matter what your indicator will tell you, you will have to short this pair next week...

follow my journal
http://www.forexfactory.com/showthre...254704&page=45
short cable and your short gold...urhm.
Not conviced myself
rat
  • #281,156
  • Jun 13, 2011 12:59am Jun 13, 2011 12:59am
you get a bit of a correction on the indices which was well needed. Gold has been ranging consolidating for a few weeks same with Crude.
Dollar Index has made a small retrace.
rat
  • #281,157
  • Jun 13, 2011 1:02am Jun 13, 2011 1:02am
im looking to add new short if this baby goes up to Resistance to get that bear level ....

now just waiting

http://www.forexfactory.com/showthre...41#post4680341

Quoting bchbch
Hi good day to every one. Today the Eu bank holiday let the euro low volume trading leads the cable to move slow.... Cause the market boring today. I have short open to 6170 tp. any one on the short side?
not euphoria follower
  • #281,158
  • Jun 13, 2011 1:30am Jun 13, 2011 1:30am
Quoting iqyu5an
im looking to add new short if this baby goes up to Resistance to get that bear level ....

now just waiting

http://www.forexfactory.com/showthre...41#post4680341


Am Longing today even if all likely indicator says short.
Keep the Lights on then you can catch the rise from the dark.
  • #281,159
  • Jun 13, 2011 1:30am Jun 13, 2011 1:30am
got signal short UCad on 1H TF




Quoting iqyu5an
im looking to add new short if this baby goes up to Resistance to get that bear level ....

now just waiting

http://www.forexfactory.com/showthre...41#post4680341
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not euphoria follower
  • #281,160
  • Jun 13, 2011 1:33am Jun 13, 2011 1:33am
both long and short get PIP in fx trade bro...depends on our strategy...
at the end ... profit is our target... right ?


Quoting ricmaj
Am Longing today even if all likely indicator says short.
not euphoria follower
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