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Cable Update (GBPUSD)

  • #281,741
  • Jun 17, 2011 12:25am Jun 17, 2011 12:25am
bought 6117, target 62, it is counter trend but like the late Asian retrace to 61.8 fib. Also good divergence on 1 hr and 15min
Come with me if you want to live....
  • #281,742
  • Jun 17, 2011 1:00am Jun 17, 2011 1:00am
90% of traders use TA, indicators and prediction
  • #281,743
  • Jun 17, 2011 1:14am Jun 17, 2011 1:14am
Quoting Ill-b-back
bought 6117, target 62, it is counter trend but like the late Asian retrace to 61.8 fib. Also good divergence on 1 hr and 15min

hello
do you mean 6162 or 6200?
90% of traders use TA, indicators and prediction
  • #281,744
  • Jun 17, 2011 1:31am Jun 17, 2011 1:31am
G'morning everybiddlyboddly.

It's Friday!

I won't be doing much today. I noticed cable retreated to a 61.8% fib during the night, which coincided with an April low spike - it's a "down" day and now sits on support which may give way eventually. So I don't need to shepherd my shorts. Famous last words...

Have a good weekend everyone.
Gone to a better place
  • #281,745
  • Jun 17, 2011 1:43am Jun 17, 2011 1:43am
Quoting _BBKing_
hello
do you mean 6162 or 6200?
No, 62. 15 pips short of major resistance and exactly 38.2 retrace
Come with me if you want to live....
  • #281,746
  • Jun 17, 2011 1:44am Jun 17, 2011 1:44am
Attached Image (click to enlarge)
Click to Enlarge Name: gusdm15.gif Size: 51 KB
90% of traders use TA, indicators and prediction
  • #281,747
  • Jun 17, 2011 1:46am Jun 17, 2011 1:46am
Quoting smikester
G'morning everybiddlyboddly.

It's Friday!

I won't be doing much today. I noticed cable retreated to a 61.8% fib during the night, which coincided with an April low spike - it's a "down" day and now sits on support which may give way eventually. So I don't need to shepherd my shorts. Famous last words...

Have a good weekend everyone.
i don't know why the reason, but i feel like today market will move big.
have a good weekend bro
90% of traders use TA, indicators and prediction
  • #281,748
  • Jun 17, 2011 1:46am Jun 17, 2011 1:46am
daily


Quoting iqyu5an
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 (click to enlarge)
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Attached Image
not euphoria follower
  • #281,749
  • Jun 17, 2011 1:49am Jun 17, 2011 1:49am
Quoting PipPipPip
What do you guys think of this area as a good area to see a big move?

I attached a chart with a box circled at background around may. it was here for almost a week. I am looking for this area to either break or reject. critical area.
I don't know how you can work with such a compressed chart. The ranging behaviour is emphasised too much. I do see what you are saying, though.
Gone to a better place
  • #281,750
  • Jun 17, 2011 1:54am Jun 17, 2011 1:54am
G/M,

Yesterday's further fall to the previous 4hr/daily swing lo zone down to 6057 and subsequent pullback led to a PB Daily candle being printed, price breeching the Daily ascending trend lines on it's way. 61.8% of yesterday's 6225-6077 fall / 23.6% of longer 6470-same 6077 lo is where the overnight resistance came in sending price back down to the previous 1hr swing lo zone shown on current near-term screenshot below.

Looking below current price and there is that previous 1hr swinmg lo zone leading to 6077 within the larger said previous 4hr/daily swing lo zone down to 6057. Below here I am looking @

Weekly S2 is just below this zone @/around 6045, with 50% 5343-6746 @ 6043

50% 5290-6746 @ 6020

Daily S2 @/around 6010

Previous 4hr swing lo zone running down to 5970 with 76.4% 5745-6746 @ 5980

Previous Daily/Weekly Swing Lo to 5935 with Daily S2 @/around 5942.
-------------------------

4hr remains in a classic downtrend wand 1hr has printed a HL then a H above it's last LH. 1hr 100sma remains below it's 200, but 4hr and Daily are above.

G/L
Attached Image (click to enlarge)
Click to Enlarge Name: z.jpg Size: 111 KB
ex member
  • #281,751
  • Jun 17, 2011 1:54am Jun 17, 2011 1:54am
Quoting _BBKing_
about that area in my charts looks a bit different, maybe due to different broker.
anyway, i think it is a different pattern. previous was a 'usual' move downward, while now price went very steep from 64's.

its also true that 6280 and 6250 and 6220 need a 'confirmation'.
i thought to find price above 6180 this morning, while it came fast again in 6110.
from here price need to breake hourly steep momentum before get into 62 area, and things are not sayin this will happen soon.

but as always its impossible to predict so, lets stay with...
I traded it with ES on demand (its bottom at 1258) at the same time w/ euro/usd . THEN, I saw cable continued to drop faster and the next hour bar kicked back up to 6160 and back down again. One thing i knew was that I knew I should've waited for another test.

I am already -100pip in on cable. My stop point is another 100 below. NY open will be more clear. I still do not think cable will go down any further from here, as ES has made its bottom. But, it is friday, so market can be tricky. Ya, lets stick with the market.
  • #281,752
  • Jun 17, 2011 1:59am Jun 17, 2011 1:59am
Quoting iqyu5an
daily

hello,
on your daily chart do you mean still possible price to reach 64's ?
isn't it counter all major fundamental reasons which crashed price from there?

just a question... im tryin to build up whole picture
90% of traders use TA, indicators and prediction
  • #281,753
  • Jun 17, 2011 2:01am Jun 17, 2011 2:01am
weekly close below 6070 and we r good for 6000 and more lows.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.jpg Size: 161 KB
Hero calls followed by margin calls...
  • #281,754
  • Jun 17, 2011 2:01am Jun 17, 2011 2:01am
To the upside, current near-term 1hr screenshot is below...Daily Pivot is @/around 6156 and Daily R1 @/around 6235. Not shown here are the fibs from 6546, 6470, 6441 to 6077 which are on the 4hr chart.

G/L
Attached Image (click to enlarge)
Click to Enlarge Name: z.jpg Size: 62 KB
ex member
  • #281,755
  • Jun 17, 2011 2:03am Jun 17, 2011 2:03am
Quoting smikester
I don't know how you can work with such a compressed chart. The ranging behaviour is emphasised too much. I do see what you are saying, though.
Hi smikester,

Cool man, I am glad you see what I am saying.

Well, as a result, i took a trade off this previous demand zone, which hidden supply was distributed. I took a weak long and am still holding it.
After i took the long, i said, damn i should've waited for another test. Old habits....

Sorry about my awesome tiny chart. lol. I am a bum, and I currently trade off my macbook. Since I work with just one screen, I am use to switching charts from one to another.
  • #281,756
  • Jun 17, 2011 2:04am Jun 17, 2011 2:04am
anyone looking for some follow thru to the upside following yesterday's pinbar daily candle (and eurusd bullish hammer ?)

G/L
ex member
  • #281,757
  • Jun 17, 2011 2:05am Jun 17, 2011 2:05am
Quoting bbmac
anyone looking for some follow thru to the upside following yesterday's pinbar daily candle (and eurusd bullish hammer ?)

G/L
I sir.
  • #281,758
  • Jun 17, 2011 2:10am Jun 17, 2011 2:10am
Good morning all, it looks like its going to go down to 76.4 (6103) or 100% (6100) of daily; if so we might see a drop to 6080
  • #281,759
  • Jun 17, 2011 2:14am Jun 17, 2011 2:14am
Quoting bbmac
anyone looking for some follow thru to the upside following yesterday's pinbar daily candle (and eurusd bullish hammer ?)

G/L
? http://www.forexfactory.com/attachme...4&d=1308293042
not euphoria follower
  • #281,760
  • Jun 17, 2011 2:15am Jun 17, 2011 2:15am
Expecting a reversal Friday before closing ... been weeks we didn't seen a reversal Friday might today will be one of those Friday ...
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