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Cable Update (GBPUSD)

  • #282,161
  • Jun 23, 2011 2:10am Jun 23, 2011 2:10am
Quoting Geene
Wait..
90% of traders use TA, indicators and prediction
  • #282,162
  • Jun 23, 2011 2:15am Jun 23, 2011 2:15am
Quoting _BBKing_
i did few minutes ago what i have been unable to do since huge time....
i picked a short on gold.
I know, scary. I'm to afraid to do it.
  • #282,163
  • Jun 23, 2011 2:29am Jun 23, 2011 2:29am
guys are we going to see a deep fundamental week?
one of that kind where all indicators does not help and price brake levels?
90% of traders use TA, indicators and prediction
  • #282,164
  • Jun 23, 2011 2:34am Jun 23, 2011 2:34am
Quoting Praga
I know, scary. I'm to afraid to do it.

uhm.... i put very small stop loss!
90% of traders use TA, indicators and prediction
  • #282,165
  • Jun 23, 2011 2:35am Jun 23, 2011 2:35am
Quoting _BBKing_
guys are we going to see a deep fundamental week?
one of that kind where all indicators does not help and price brake levels?
I　see a potential down to deep bottom in near future, but question is where to take bites ? Why am I　afraid ? Maybe it's because too many of us are shorting gbp?
Believe what you see instead of what you think!
  • #282,166
  • Jun 23, 2011 2:42am Jun 23, 2011 2:42am
Morning everyone. I was exhausted by travelling but had a deep sleep last night. The sleep of a wounded warrior...

This is my bearish view of cable. The head and shoulders (which was pointed out to me by Forex Street's excellent analyst) has now completed and we are headed for 1.6. Price will test 1.6 and bounce up to 1.61 or higher to test that lower trend line. Then it's downhill. Next support of significance I see as 1.59. Then 1.54. I'm still holding shorts and if the above is true, and not a fairy story, I will be very happy. Don't forget, every time you don't believe in fairies, a kitten dies. Or is it a fairy? Anyway. here is a chart:

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd110623d1.gif Size: 24 KB
Gone to a better place
  • #282,167
  • Jun 23, 2011 2:43am Jun 23, 2011 2:43am
Quoting JasmineQu
I　see a potential down to deep bottom in near future, but question is where to take bites ? Why am I　afraid ? Maybe it's because too many of us are shorting gbp?

hi,
same here mate!!
i am not picking positions on gbp.
yesterday got a good run. today i switch 5m charts n get some 15pis here and 10pips there.
90% of traders use TA, indicators and prediction
  • #282,168
  • Jun 23, 2011 2:43am Jun 23, 2011 2:43am
I don't believe... GU can't even break 1.6072...
cut my long from 1.6022 ... this is so frightening...
  • #282,169
  • Jun 23, 2011 2:46am Jun 23, 2011 2:46am
Quoting smikester
Morning everyone. I was exhausted by travelling but had a deep sleep last night. The sleep of a wounded warrior...

This is my bearish view of cable. The head and shoulders (which was pointed out to me by Forex Street's excellent analyst) has now completed and we are headed for 1.6. Price will test 1.6 and bounce up to 1.61 or higher to test that lower trend line. Then it's downhill. Next support of significance I see as 1.59. Then 1.54. I'm still holding shorts and if the above is true, and not a fairy story, I will be very happy. Don't forget,...
mornin mate,
i also noticed that fxstreet's analyze.
a question:
left shoulder, shouldn't it be higher than right shoulder?
anyway.... i agree with your post.
until price goes to 1.61 again i will get some 'scalps'
90% of traders use TA, indicators and prediction
  • #282,170
  • Jun 23, 2011 2:57am Jun 23, 2011 2:57am
Quoting _BBKing_
left shoulder, shouldn't it be higher than right shoulder?
anyway....
Not sure. The lower trend line is the one to work with, though. If we come back up to test that and 1.61 area, I'm looking for price action to add to shorts. If I see a good H4 bar down, or a good H1 bar, I'll be looking for bars to trade off, and add to my shorts. I'm not very good at scalping.
Gone to a better place
  • #282,171
  • Jun 23, 2011 3:04am Jun 23, 2011 3:04am
Let's try to scalp some pips.

Long at 1.6025.
  • #282,172
  • Jun 23, 2011 3:06am Jun 23, 2011 3:06am
Quoting smikester
Not sure. The lower trend line is the one to work with, though. If we come back up to test that and 1.61 area, I'm looking for price action to add to shorts. If I see a good H4 bar down, or a good H1 bar, I'll be looking for bars to trade off, and add to my shorts. I'm not very good at scalping.

ok,
thank you!

i notice fxpro enlarged spreads few minutes ago. now GU is 2,8 pips! huge.... damn brokers!
anyway, i think we see 1.59 area very soon! lets see
90% of traders use TA, indicators and prediction
  • #282,173
  • Jun 23, 2011 3:08am Jun 23, 2011 3:08am
Also I refer you to this chart which is a pretty good rendition of a 4 month rising wedge.

http://www.forexfactory.com/attachme...6&d=1307631416

We dropped out of the lower trend line yesterday. A 4 month rising wedge. What do you think the target will be?
Gone to a better place
  • #282,174
  • Jun 23, 2011 3:13am Jun 23, 2011 3:13am
Quoting _BBKing_
ok,
thank you!

i notice fxpro enlarged spreads few minutes ago. now GU is 2,8 pips! huge.... damn brokers!
anyway, i think we see 1.59 area very soon! lets see
If (or when) your account is large enough go with xtrader on Fxpro. It's ECN. Spread is 1.2 pips at the moment and no requotes or slippage - so far.
Gone to a better place
  • #282,175
  • Jun 23, 2011 3:14am Jun 23, 2011 3:14am
Quoting smikester
Also I refer you to this chart which is a pretty good rendition of a 4 month rising wedge.

http://www.forexfactory.com/attachme...6&d=1307631416

We dropped out of the lower trend line yesterday. A 4 month rising wedge. What do you think the target will be?
yes,
for me a med term target will be near 1.50
at least something near 1.55-1.53

we need also stronger dollar
90% of traders use TA, indicators and prediction
  • #282,176
  • Jun 23, 2011 3:16am Jun 23, 2011 3:16am
Quoting smikester
If (or when) your account is large enough go with xtrader on Fxpro. It's ECN. Spread is 1.2 pips at the moment and no requotes or slippage - so far.
going in this way will be ready for that at the end of the summer

meanwhile an unbelievable short 6025 is going good with a trailing stop of 10 pips!!!!!!!!!!!!!!!
90% of traders use TA, indicators and prediction
  • #282,177
  • Jun 23, 2011 3:21am Jun 23, 2011 3:21am
Quoting _BBKing_
going in this way will be ready for that at the end of the summer

meanwhile an unbelievable short 6025 is going good with a trailing stop of 10 pips!!!!!!!!!!!!!!!

ok out +1
90% of traders use TA, indicators and prediction
  • #282,178
  • Jun 23, 2011 3:24am Jun 23, 2011 3:24am
better i leave market!
i dont feel it....
will come back later after NY opening.

good luck guys!
90% of traders use TA, indicators and prediction
  • #282,179
  • Jun 23, 2011 3:25am Jun 23, 2011 3:25am
1.6056 is the May low. It was a "hanging man" candle.
Gone to a better place
  • #282,180
  • Jun 23, 2011 3:31am Jun 23, 2011 3:31am
Quoting _BBKing_
yes,
for me a med term target will be near 1.50
at least something near 1.55-1.53

we need also stronger dollar
Could you give me a nice chart or other idea to let me see why did you think of 1.55 or 1.53 near.

Thanks mate.
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