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Cable Update (GBPUSD)

  • #284,921
  • Jul 25, 2011 1:03am Jul 25, 2011 1:03am
seems like USD has survived a selloff after non-agreement on sunday.. but only upside for USD this week? (as we have till 1 Aug)
  • #284,922
  • Jul 25, 2011 1:46am Jul 25, 2011 1:46am
Quoting MarcPeanut
1.63 turning into resistance? break pivot lvl to go down to 1.626?
seems like pivots don't mean anything today.. european currencies bid up by frankie as usual.. let's see if it's a head fake or not. i think it is.
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  • #284,923
  • Jul 25, 2011 2:13am Jul 25, 2011 2:13am
morning all...the UK GDP tmrw expected at 0.2% which is dire...so a) if the GDP is gonna be better than that then cable will rise, so today its gotta drop to lower levels first...b) if GDP gonna be dire, then a rise today would maybe be expected...before sinking quicker than the titanic...i expect scenario A as it also ties in with risk off scenario for a day or two till the US debt ceiling issue is resolved
  • #284,924
  • Edited 2:36am Jul 25, 2011 2:19am | Edited 2:36am
Quoting MaryJane
seems like pivots don't mean anything today.. european currencies bid up by frankie as usual.. let's see if it's a head fake or not. i think it is.
usdx supports this , bull in bear now to limit level , breaks for bull in correction more or bear continue again .so if done by London then to care most as main movement is not bear perhaps . stay safe and care to short without much greed , following it .
fontu
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  • #284,925
  • Jul 25, 2011 2:29am Jul 25, 2011 2:29am
Quoting MaryJane
Cheers. Don't mind it, just keep them small and don't let your decisions be influenced with it. Loss is a loss no matter when it happens.

I've got a loss a while ago. I was scalping short since open, then took a short entry at 6302 with a tiny sl, stopped out by a sudden spike.

Re-entered short @6307, sl 6315, targeting 6262.
Seem like it hit your SL and continue go down after that.

I had 3 losses in a row now thanks to SL, need to rest for a while
  • #284,926
  • Jul 25, 2011 2:38am Jul 25, 2011 2:38am
good morning/evening
i would like say something about tomorrow's GDP:

value must be anyway above 0%. also 0,1% would be a great data, because after all economic data comming out negative in UK since may or so, seeing a 0% or 0,1% would be good.

below 0% i wouldn't buy gbp for some days..
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  • #284,927
  • Jul 25, 2011 2:45am Jul 25, 2011 2:45am
in h1 chart im planning to trade reaction at those levels.
i expect a reaction near trendline to build up a channel with a wave up to 6360-80

if closes below the line, will give time to get short position after a back test.
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  • #284,928
  • Jul 25, 2011 3:09am Jul 25, 2011 3:09am
nice up n down moves into range area
hope you all are doing good
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  • #284,929
  • Jul 25, 2011 3:28am Jul 25, 2011 3:28am
Quoting _BBKing_
in h1 chart im planning to trade reaction at those levels.
i expect a reaction near trendline to build up a channel with a wave up to 6360-80
if closes below the line, will give time to get short position after a back test.
Good plan but let's see if we get that high..
Quoting _BBKing_
nice up n down moves into range area
If there was a market with a constant ever-lasting range, who would want to trade a trend?!

Quoting Hoang Long
Seem like it hit your SL and continue go down after that.

I had 3 losses in a row now thanks to SL, need to rest for a while
that 6307 sell - half pos closed +12p other half stopped out @be
had a loss in eu but recovered already
re-sold cable @6303 after london open but already cashed in at 6278, didn't like the PA on 5min, take a look at H1 how the 6300 level gets hammered from both sides. Perhaps we will get nothing but chop until NY and i'll try one more short ride, but would like to get in a bit higher than 630x

That TL below is a bit out of order (subjective) but did great work for me last week, I will try a long entry towards 637x/6400 on nice PA.
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  • #284,930
  • Jul 25, 2011 3:44am Jul 25, 2011 3:44am
G/M Cable trapped between Friday's 6938 Hi and it's pullback Lo 6263...the previous 1hr/4hr swing hi zones above current price are shown on 1hr screenshot below, above here:

6366 76.4% 6546-5779
6376 61.8% 6746-5779
6387 Monthly R1 @/around
6420 Weekly R1 @/around
6425-42 previous 4hr/daily swing hi zone
6452-71 previous 4hr/daily swing hi zone
6480-96 previous 4hr swing hi zone
6520-46 previous 4hr/daily swing hi zone inc 76.4% 6746-5779 @ 6516 @ Weekly R2 @/around 6546

(Daily range was only 62pips on Friday so have not included the Daily Pivots above)

4hr remains in an uptrend as does daily with a HH above a HL printed on that t/f..100sma remains above 200sma on 1hr and daily and although still below on 4hr it is pointing up.

Technically overall risk probably remains to the upside.

G/L
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ex member
  • #284,931
  • Jul 25, 2011 3:50am Jul 25, 2011 3:50am
The 1hr range consolidation between 6939 and 6263 can be seen on 1hr sceenshot below.

Downside fibs are plotted from the 5779, 6003, 6068 and 6119 swings to that 6339 swing hi.

Anyone looking to play a range b/o ? or indeed wait for the b/o and pullback and play that ?

Will see what develops.

G/L
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  • #284,932
  • Jul 25, 2011 3:58am Jul 25, 2011 3:58am
Downward Side movement mighty continue uptill 6220
Keep the Lights on then you can catch the rise from the dark.
  • #284,933
  • Jul 25, 2011 4:03am Jul 25, 2011 4:03am
23.6% 6003-6339 the current lo/daily S1 @/around too...demand right at the top of that previous 4hr/daily swing hi zone to 6262

G/L
ex member
  • #284,934
  • Jul 25, 2011 4:04am Jul 25, 2011 4:04am
Quoting bbmac
The 1hr range consolidation between 6939 and 6263 can be seen on 1hr sceenshot below.

Downside fibs are plotted from the 5779, 6003, 6068 and 6119 swings to that 6339 swing hi.

Anyone looking to play a range b/o ? or indeed wait for the b/o and pullback and play that ?

Will see what develops.

G/L
morning bbmac
actually im in 1m+5m chart and trading up down moves..
i notice that market has a bit preference on shorts despite good mortgage data
6300-6340 range still resistance area and 6250-6260 line giving pullbacks.
so, im waiting the b/o of this range but meanwhile scalping looks good
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  • #284,935
  • Jul 25, 2011 4:13am Jul 25, 2011 4:13am
Hi BB, G/M to you too...sounds like a plan...short trem shorts seem to have been preferred but I think overall risks remain to the upside although not sure effect if U.s debt deal is announced, will it be a knee-jerk $ boost or risk apetite boost ?

Time will tell.

G/L

Quoting _BBKing_
morning bbmac
actually im in 1m+5m chart and trading up down moves..
i notice that market has a bit preference on shorts despite good mortgage data
6300-6340 range still resistance area and 6250-6260 line giving pullbacks.
so, im waiting the b/o of this range but meanwhile scalping looks good
ex member
  • #284,936
  • Jul 25, 2011 4:23am Jul 25, 2011 4:23am
6250 can be a very nice support for bulls to come back in. Am short till e gets there. I just wait to confirm pa reaction on it.
Keep the Lights on then you can catch the rise from the dark.
  • #284,937
  • Edited 4:48am Jul 25, 2011 4:26am | Edited 4:48am
To the immediate downside (Daily Pivots not included.)

6262-39 previous 4hr/daily swing hi zone with 6262=23.6% 6003-6339, 6236 = 38.2% 6068-6339
6229 50% 6119-6339
6212-07 38.2% 6003-639 and Weekly Pivot @/around, 6207 = 23.6% 5779
6204/03 50% 6068-6339, 61.8% 6119-6339
6195-82 previous 1hr/4hr swing hi zone
6171-72 50% 6003-6339, 61.8% 6068-6339, 76.4% 6119-6339
6148 Monthly Pivot @/around
6132-18 previous 1hr/4hr swing lo zone, 6132 = 61.8% 6003-6339 and 76.4% 6068-6339. 6127 = 38.2% 5779-6339
6118-12 previous 1hr swing lo zone
6085-68 previous 1hr/4hr swing lo zone, 6085 = Weekly S1 @/around, 6083 = 76.4% 6003-6339
6060 50% 5779-6339

G/L
ex member
  • #284,938
  • Jul 25, 2011 4:27am Jul 25, 2011 4:27am
yes 6360-80 can be possible only after a strong breake up of actual range
maybe that trend line in h1-h4 can give some reaction

hard to predict for the moment market is a bit choppy
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  • #284,939
  • Jul 25, 2011 4:28am Jul 25, 2011 4:28am
Quoting bbmac
Hi BB, G/M to you too...sounds like a plan...short trem shorts seem to have been preferred but I think overall risks remain to the upside although not sure effect if U.s debt deal is announced, will it be a knee-jerk $ boost or risk apetite boost ?

Time will tell.

G/L
uhm.. have you an idea about when it will happen?
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  • #284,940
  • Jul 25, 2011 4:33am Jul 25, 2011 4:33am
No idea, all deadlines keep getting missed, latest was that a deal would be announced for open of markets today ? but last week Friday was suupposed to be final day so that legislation could get thru senate before August 2nd deadline...that date slipped and they backed off it all week as imprtnat...so who knows. At least in Europe they got 14 sovereign states to agree a deal (whatever you think of it) in the U.s they can't get 2 x parties to agree from the same country - Lol !!

Quoting _BBKing_
uhm.. have you an idea about when it will happen?
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