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Cable Update (GBPUSD)

  • #282,181
  • Jun 23, 2011 1:44am Jun 23, 2011 1:44am

G/M

Yesterday's Daily candle engulfed the bodies of the previous 4 and the selling continues from that close into the new day...the 50% of longer term 5290-6746 @/around 6020 and the Weekly S1 pivot @/around 6031 have both been breeched to the downside. Below here Daily S1 @/around 5995, a previous daily/weekly swing lo running from about the 76.4% of the 5745-same 6746 @ 5980-5934. Then, Daily S2 is @/around 5927.

Yesterday's pullback from 6092 found resistance at the broken 1hr/4hr ascending trend line 6148 which resulted in a further sell-off to the yesterday's 6059 area Daily lo.

Price has breeched the 100sma and 200sma on the daily chart to the downside although 100 remains above 200, unlike 100 where it and price is below both and on 4hr price is below both with 100 bearing down on it's 200 for a potential cross down.

Upsidse fibs are drawn from the 6746, 6546, 6470,6441,6262 and on 1hr the 6148 swing to the current daily lo.

1hr/4hr are in a classic opa downtrend, a LL being printed at the current Daily lo.

Current near-term 1hr screenshot is below.

G/L

Attached Image
ex member
  • #282,182
  • Jun 23, 2011 1:50am Jun 23, 2011 1:50am
are we breaking .6000? the recent candlestick looks exhausted on 1h
  • #282,183
  • Jun 23, 2011 1:52am Jun 23, 2011 1:52am
Thanks for the chart bbmac. That 38.2 fib was traded off pretty strongly. It was also the May low. Wish I had added there. I'm not sure if we will revisit? By the way, what does opa mean?
Gone to a better place
  • #282,184
  • Jun 23, 2011 1:52am Jun 23, 2011 1:52am
a picture is worth a thousand words

i still hope it could revert back to 6100 level. but then hope is a useless factor in forex.. may be luck
Attached Image (click to enlarge)
Click to Enlarge Name: gudaily5.gif Size: 12 KB
  • #282,185
  • Jun 23, 2011 1:52am Jun 23, 2011 1:52am
The Daily current near-term screenshot is below.

G/L
Attached Image
ex member
  • #282,186
  • Jun 23, 2011 1:55am Jun 23, 2011 1:55am
opa is overall price action ie an analysis of the peaks/valleys (fractal swing hi and lo's) to assess price action conditions on each t/f, ie ranging or trending.

G/L

Quoting smikester
Thanks for the chart bbmac. That 38.2 fib was traded off pretty strongly. It was also the May low. Wish I had added there. I'm not sure if we will revisit? By the way, what does opa mean?
ex member
  • #282,187
  • Jun 23, 2011 1:56am Jun 23, 2011 1:56am
Quoting smikester
1.6056 is the May low. It was a "hanging man" candle.
Was a hammer ( although not a great looking one ) on H4 that came after a 1 month downtrend and immediately preceded a 70% retrace over the following week ...
  • #282,188
  • Jun 23, 2011 1:58am Jun 23, 2011 1:58am
2nd LL at the current Daily lo on Daily t/f, this follows 3rd LH...looking at character of that downtrend on that t/f, a big bearish candle is followed by a pullback to a LH !?

G/L
ex member
  • #282,189
  • Jun 23, 2011 2:01am Jun 23, 2011 2:01am
6000 being decsribed as a 'psychological' level in some reports I have read.

G/L
ex member
  • #282,190
  • Jun 23, 2011 2:04am Jun 23, 2011 2:04am
Quoting chazzle
Was a hammer ( although not a great looking one ) on H4 that came after a 1 month downtrend and immediately preceded a 70% retrace over the following week ...
Not sure what you're saying there, mate. Is it just a comment or is it worth posting a chart with a bit more detail?
Gone to a better place
  • #282,191
  • Jun 23, 2011 2:06am Jun 23, 2011 2:06am
Looking at Dow futures (falling) gives a more dollar bullish feeling even though we have big news in 3 + hours.
Gone to a better place
  • #282,192
  • Jun 23, 2011 2:12am Jun 23, 2011 2:12am
Quoting smikester
Not sure what you're saying there, mate. Is it just a comment or is it worth posting a chart with a bit more detail?
Here's a chart - a hammer because it's at the bottom of a down-trend and can signal reversal , rather than a hang-man ( the same candle seen at the top of an up-trend ) the reason why I said it's not a very good one is because it's black and is a bit "wicky" at the top
Attached Image(s) (click to enlarge)
Click to Enlarge Name: HAM.jpg Size: 75 KB
Click to Enlarge Name: HAM2.jpg Size: 62 KB
  • #282,193
  • Jun 23, 2011 2:15am Jun 23, 2011 2:15am
Quoting chazzle
Here's a chart - a hammer because it's at the bottom of a down-trend and can signal reversal , rather than a hang-man ( the same candle seen at the top of an up-trend ) the reason why I said it's not a very good one is because it's black and is a bit "wicky" at the top
Thanks chazzle. I think you misunderstood my post. The May candle was a hanging man.
Gone to a better place
  • #282,194
  • Jun 23, 2011 2:18am Jun 23, 2011 2:18am
Dropping like a stone to 1.5985 without support in sight. At least till 1.5910 I think.
  • #282,195
  • Jun 23, 2011 2:21am Jun 23, 2011 2:21am
from a long term point of view, it was said here few month (may) around 1.67 level, that we will drop to 1.60 (1.59) now? and than reversal again to 1.67?
well so far true, lets just hope it will revers next week
  • #282,196
  • Jun 23, 2011 2:23am Jun 23, 2011 2:23am
Hit 1.5984, very strong support.
  • #282,197
  • Jun 23, 2011 2:29am Jun 23, 2011 2:29am
Quoting smikester
Thanks chazzle. I think you misunderstood my post. The May candle was a hanging man.
Ah - didn't know you were talking about the Monthly chart - yes I see it
  • #282,198
  • Jun 23, 2011 2:29am Jun 23, 2011 2:29am
Hi

why do you think 5984 is '..very strong...?' Thanks

G/L

Quoting GoldMan.
Hit 1.5984, very strong support.
ex member
  • #282,199
  • Jun 23, 2011 2:30am Jun 23, 2011 2:30am
are those the word of someone who is long ?

Quoting sphinx8
from a long term point of view, it was said here few month (may) around 1.67 level, that we will drop to 1.60 (1.59) now? and than reversal again to 1.67?
well so far true, lets just hope it will revers next week
ex member
  • #282,200
  • Jun 23, 2011 2:32am Jun 23, 2011 2:32am
Now testing top of that previous daily/weekly swing lo zone 5980-34 at the 76.4% of 5745-6746.

G/L
ex member
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