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Cable Update (GBPUSD)

  • #281,641
  • Jun 16, 2011 1:39am Jun 16, 2011 1:39am
hello Smikester will the cable news regards the retail sales seems to positive. if it does the london session will take this more up? 6243 is today pivot level....
  • #281,642
  • Jun 16, 2011 1:41am Jun 16, 2011 1:41am
Quoting bchbch
weekly trend line breach today give us a clue where is the market is facing this week. i am shorting this baby.
Hi,

I am following this thread for the past 6 months. After loosing my initial account balances, I learned something in trading and I am bit confident now. Hopefully I can do better now.

took short entry @6167 targeting 6060 SL 6230
  • #281,643
  • Jun 16, 2011 1:42am Jun 16, 2011 1:42am
I am now reading that the same British Taxpayer will bail out HMV stores, a struggling high street record shop. Nobody buys records now. Anybody knows that. I download music or buy DVD's on line.

Why are we bailing out HMV? Because it's owned by the bankrupt banks that the British taxpayer owns.

Oh, that's £200 million. by the way...

(Sorry for the rants. I'll shut up now)
Gone to a better place
  • #281,644
  • Jun 16, 2011 1:49am Jun 16, 2011 1:49am
Quoting bchbch
hello Smikester will the cable news regards the retail sales seems to positive. if it does the london session will take this more up? 6243 is today pivot level....
Not sure mate. I would expect some kind of retracement of these levels anyway, but as I said earlier, yesterday's move seems very firm. Trade carefully today.

I'll have small stop orders set lower with high stop losses. I wouldn't trade long at all, even if retail sales are up. That's what my plan is.
Gone to a better place
  • #281,645
  • Jun 16, 2011 1:55am Jun 16, 2011 1:55am
Quoting smikester
Not sure mate. I would expect some kind of retracement of these levels anyway, but as I said earlier, yesterday's move seems very firm. Trade carefully today.

I'll have small stop orders set lower with high stop losses. I wouldn't trade long at all, even if retail sales are up. That's what my plan is.
Thank you mate. i hope it will retest the 6220 to give us short chance. lets see.
  • #281,646
  • Jun 16, 2011 1:56am Jun 16, 2011 1:56am
Quoting vvkkrish
Hi,

I am following this thread for the past 6 months. After loosing my initial account balances, I learned something in trading and I am bit confident now. Hopefully I can do better now.

took short entry @6167 targeting 6060 SL 6230
good luck krish.
  • #281,647
  • Jun 16, 2011 2:00am Jun 16, 2011 2:00am
Quoting bchbch
good luck krish.
Thanks Mate
  • #281,648
  • Jun 16, 2011 2:12am Jun 16, 2011 2:12am
G/M

Yesterday's bearish thrust b/o candle (of the last Daily L )was formed by the precipitous 240pip drop that breeched the 4hr/daily ascending trend lines and Weekly Pivot to the downside. This has resulted in a A LL printed now on the Daily that follows 2 x LH on that t/f, and a co-existing L on the Weekly below the last HL in it's uptrend, this following a LH.

The pullback from yesterday's Lo (6168) was sold as support became resistance at the previous 4hr/daily swing lo resulting in a pullback hi of 6225

1hr remains in a classic opa downtrend and indeed a general downtrend it's 100sma remaining below it's 200sma. 4hr is looking very bearish printing a LL off that 6441 Hi then a LH at the 6225 pullback hi and now another LL at today's current Lo, it's 100sma crossing up though just through it's 200sma.

Price remains below the Weekly and Monthly Pivots. Yesterday's 6168 Lo came @/around the 76.4% of the then 6057-6546 move, and below here the further leg down off the 6225 pullback hi has found some demand in the previous 4hr swing lo zone extends to 6131 with Weekly S1 in/around there @ 6137 area. Daily S1 is @/around 6103. Below that a previous 4hr/daily swing lo zone extending down to that 6057 swing Lo and in here Monthly S1 @/around 6091. Weekly S2 is just below this zone @/around 6045, Daily S2 @/around 6028 and below there a previous 4hr swing lo zone running down to 5970.

Current near-term 4hr screenshot is below.

G/L
Attached Image (click to enlarge)
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ex member
  • #281,649
  • Jun 16, 2011 2:13am Jun 16, 2011 2:13am
I am holding shorts from 1.6356 and I would have had substantially more but widened spreads during yesterday's news stopped me out. I was upset by that. I missed making a killing and had a go at a broker. Not my style at all.
Gone to a better place
  • #281,650
  • Jun 16, 2011 2:24am Jun 16, 2011 2:24am
good mornig/evening people
90% of traders use TA, indicators and prediction
  • #281,651
  • Jun 16, 2011 2:27am Jun 16, 2011 2:27am
Upcoming Event Risk: Uk Retail Sales data at 0930am Uk time.

Looking to the upside, the main fibs are plotted top the current 6145 from 6546, 6470 and 6441, however there are swings tyoo on the 1hr t/f below that 6441, 6429, 6377, 6329 and 6225 seem to be the most obvious ones, but of these I don't know how importnat they may or may not be ?

Anyways, these fibbs are plotted on the current near-term 1hr chart below...(others on 4hr)..

Could it be a double / tweezer bottom developing on 1hr ? Time will tell.

G/L
Attached Image (click to enlarge)
Click to Enlarge Name: z.jpg Size: 74 KB
ex member
  • #281,652
  • Jun 16, 2011 2:28am Jun 16, 2011 2:28am
Hey BB, good day yesterday from reading your posts ! Well done...G/L again today, and to all.

Quoting _BBKing_
good mornig/evening people
ex member
  • #281,653
  • Jun 16, 2011 2:29am Jun 16, 2011 2:29am
i have not yet checked past posts...
i see a clear bullish divergence in m30 macd
also appears in faster TF m15

missing in h1 for the moment

i think we are building a kind of support area here in 61's
lets see.

i stay out for a while from trading
yesterday has been crazy today is dangerous dont give back to market your money.
Attached Image (click to enlarge)
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90% of traders use TA, indicators and prediction
  • #281,654
  • Jun 16, 2011 2:31am Jun 16, 2011 2:31am
Quoting bbmac
Hey BB, good day yesterday from reading your posts ! Well done...G/L again today, and to all.

yes have been a great day
i hope also you and all other people!
90% of traders use TA, indicators and prediction
  • #281,655
  • Jun 16, 2011 2:32am Jun 16, 2011 2:32am
Quoting smikester
I am holding shorts from 1.6356 and I would have had substantially more but widened spreads during yesterday's news stopped me out. I was upset by that. I missed making a killing and had a go at a broker. Not my style at all.

damn brokers! kill them
Attached Image
90% of traders use TA, indicators and prediction
  • #281,656
  • Jun 16, 2011 2:35am Jun 16, 2011 2:35am
Quoting bchbch
Thank you mate. i hope it will retest the 6220 to give us short chance. lets see.
hello
i agree on the short mode
anyway i will be very careful today.

6220 n 6250 are two levels of 'max respect'!
one day or the other they will be tested imo

...also 6280...
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  • #281,657
  • Jun 16, 2011 2:36am Jun 16, 2011 2:36am
Yeh, there are bullish regular divergence patterns to the the 1hr t/f at current daily lo - 6144...Time will tell how significant they are.
--------------------------------------------

Uk Retail sales data due in just less than 1hr may see some knee-jerk market reaction (s)..forecast is for -0.5% against +1.1% previous, if comes in any lower most probable market knee-jerk is £ weakness, conversely any positive pring ie 0% or above could see the opposite ? It's data so anything can happen.

G/L

Quoting _BBKing_
...
i see a clear bullish divergence in m30 macd
also appears in faster TF m15...
ex member
  • #281,658
  • Jun 16, 2011 2:40am Jun 16, 2011 2:40am
Quoting bbmac
Yeh, there are bullish regular divergence patterns to the the 1hr t/f at current daily lo - 6144...Time will tell how significant they are.
--------------------------------------------

Uk Retail sales data due in just less than 1hr may see some knee-jerk market reaction (s)..forecast is for -0.5% against +1.1% previous, if comes in any lower most probable market knee-jerk is £ weakness, conversely any positive pring ie 0% or above could see the opposite ? It's data so anything can happen.

G/L
yes i agree, anyway markets looks very interested to retail sales data.
there is also a possible divergence bullish in h4 but it is too much early for that......

as we know divergences are not such important thing, but after a crash like these days, could mean at least a slow down. lets see data in 1hour.
i stay out until i see something clear
90% of traders use TA, indicators and prediction
  • #281,659
  • Jun 16, 2011 2:40am Jun 16, 2011 2:40am
Near-term I think 6088-6057 may be an obstacle for the bears, if tested, a near-term previous imbalance of demand/supply leaves a fractal swing lo on 4hr/daily visible..there are arguably a couple of daily t/f ascending trend lines above that joining that 6057 lo to others before it ? Daily looks a bit H&S ish ?

Continues to look very bearish at the moment.

G/L
Attached Image (click to enlarge)
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ex member
  • #281,660
  • Jun 16, 2011 2:43am Jun 16, 2011 2:43am
if anyone interested there is a kind of H&S in gbpchf h1...
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