Cable Update (GBPUSD)

6125 seems a solid resistance........ will add one more short if it breaks below sterday low. lets see.

GL, but why 6077 sl, any significance?

6078 was yesterday low. breaks there will give pedal to south thats why.

very important h1 candle.
lets see where closes in 30 minutes!

Cable breaks below the previous 1hr swing lo zone running to 6000 and into top 1/2 of the previous 1hr/4hr swing lo zone leadinbg down to yesterday's 6077 Lo where it has found some demand.

Subdued/choppy/consolidating market atm....generally bearish so far today and 1hr remains in a general downtrend (100sma below 200sma and pointing down) and 4hr remains in a classic opa downtrend with a LL yesterday's Lo and 2 x LH before it.

G/L

Looking forward a bearish friday today on gbpusd . :-)

Subdued so far intraday @ 55% of 20day atr, and so far on this last trading day of the week @ 117% of the 20week atr.

G/L

Long.....6B 1.6089 futures - 2 contracts.......bounce of 1.0675 support from yesterday - first small target 1.6120 second target 1.6140 final target 1.6150.......s/l - 1.6075

That's what I want to hear

playing the bounce... following downtrend

I went short yestarday at 1.6085, then locked position in 1.6157 (the worst posible moment, I know).....
any ideea how to get out from this situation? i'm not aiming for profit in this trade, but at least to minimise the lost.....
thanks for any advise....
I'm the newbee, and still got caught on the wrong foot, and have some panic desisions also, when the trade not go my way....
and now, I just don't see what to do next... charts are not clear for me at all.....

Since breaking key support at 1.6280-6310 last Friday Cable has been fairly volatile. We saw a reversal on Monday as risk-on trades took preference across all asset classes but this proved to be short lived as Tuesday and Wednesday saw the equities markets sell off again and the Dollar strengthen. This has caused Cable to sell off back down to close to May’s lows with short term support coming in at 1.6060. Below here are the series of lows created in February and March’s trading range with the key support area being 1.5930-70.
If in the coming days we can hold the 1.6060 level then expect another test back up to the 1.6280-6310 area. Price action around these levels is key as it appears to be a turning point for the market whenever it has been here. The short term momentum is definitely to the downside however. A trend line drawn from March’s low through the low made on 24 May today comes in at 1.6110. We spiked through the line yesterday but could not close below it. A close below it today and a subsequent move below 1.6060 would attract more sellers into the market and March’s lows would be the next target.
The Dollar has remained relatively strong in the face of poor data coming out of the US in recent weeks but this seems to be mainly due to the safe haven bid in recent session across all asset classes. The key test of it’s strength could come next week with the meeting of FOMC. We don’t expect anything major to come out of the meeting but there has been growing talk in recent weeks of the possibility of QE3 from the Fed and should any such measures be announced or even hinted at, then the Dollar could see some big moves.

will see how this 1hr candle closes but could be a false downside break of the recent 5/15min congestion 6000-6030 into 1hr/4hr support and a possible upside break of it ?

G/L

looking forward for a test on the support 1.6075

failure to break the 6123, am out on +16pips going on short term short for 10pips 6105 targeting 6095, need to close on 100pips already made 46pips in total

Still staying long.....just broke downtrend line from Tuesday this week.....

First target hit...1.6120

waiting for second target of 1.6140

unless you had good stop loss....looks like you gave all the pips back......

i use stops and limits so am not perturb, was kind of skeptical about upward movement wen the price failed to close higher than 6123 any dats forex just need to locate some few entry point now after the hour

Finishing trading session here for day/week...nice 1hr bullish thrust candle close up from the previous 1hr/4hr swing lo zone around yeterdays lo, and an upside break of recent 6000-6030 5/15min congestion following a false downside break to said potential support zone with an upside breech of steepest 1hr descending trend line...

Final look @ current Near-term 1hr screenshot below.

G/L