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Cable Update (GBPUSD)

Quoting SystemFX2011
WTF happened there
GDP news
Quoting ricmaj
My Chart tells me that GU continues in an Up Channel.

Channel range is 6275/ 6381

Near Resistance is at 6373 break thru it, can develop a move to 6441.

For now am holding a short sentiment with a sell limit at 6358 targeting 6295. Just want to see how it plays out.

my sell limit now on 6441.
Keep the Lights on then you can catch the rise from the dark.
Quoting SystemFX2011
WTF happened there

sorry I should of told you guys I put a bid on at 63213

Quoting ricmaj
my sell limit now on 6441.

mine's 1.642..of course discrepancies on drawing the lines..
No Great surprise on the data then with +0.2% as forecast consens, rumours were wrong...still not a great number as only +0.7% y/y and it means Uk economy has only grown +0.2% in 3 qtr's...still enough for a relief rally -vs- the rumours and 'with trend.' O/b now on lower t/f's and reacting accordingly as price enters the bottom of a previous 4hr/daily swing hi zone at it's current post data daily hi.

Above here:

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
------------------------------------------------

G/L
ex member
This is what I am see-ing on 1hr (other fibs moved to 4hr.)

Will they buy the dip ?

G/L
Attached Image
ex member
LOL, cable is still the funniest one when it comes to news. Didn't play it, congrats to those who did

i sold that spike @6404 sl 6444 tp open (half size).. let's see
MarginTrader All Time Return: na
Quoting MaryJane
LOL, cable is still the funniest one when it comes to news. Didn't play it, congrats to those who did

i sold that spike @6404 sl 6444 tp open (half size).. let's see

yeh very o/b on the lower t/f's as it enterted bottom half of that prev 4hr/daily swing hi zone - My 1min shown below - wide red dotted channel contains 99% of PA so when breeched it can be a good counter trend signal with the CCi hook (bottom oscillator) and other 2 x oscillators at extremes as bearish entry candle closed..

G/L
Attached Image (click to enlarge)
Click to Enlarge Name: z.jpg Size: 100 KB
ex member
fuhhhh wth... almost 100 pips spike..mmm enter small short 3976 with 10 TS...it ok for scalping for fun
Daily chart showes the current hi at that previous 4hr/daily swing hi zone leading up to 6442 with confluence = underside of breeched ascending t/line.
---------------------

I'd be interested in buying this dip if something sets-up

G/L
Attached Image (click to enlarge)
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ex member
today's current lo-hi covers 115% of the 20day atr.

G/L
ex member
Patterns of bearish regular divergence on 15min to 4hr at the current hi...but would be surprised if there isn't at least an attempt to go higher.

15min shown below

G/L
Attached Image (click to enlarge)
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ex member
Quoting iqyu5an
Hi Brother...
Long time no see
How're things going with u ?

Just close my long and change to short ( set SL at b/e already ) for a while ...

rgds
all good here
i have last n this week very busy in some matters..
anyway still trading something here n something there.
'lucky' bought 6270... but only a small one coz i couldnt follow PA.
lolz
Yesterday was the past
on daily chart price actually at top of supply area @6412
covered a forgot old candle
testing again main uptrend line (double green)

if goes up i will short near 6500.
also below 6400 possible short but bit too early now imho.

anyway, on lower area there are a lot of reasons to see price in 6200 6060 etc.
Attached Image (click to enlarge)
Click to Enlarge Name: gusdd1.gif Size: 34 KB
Yesterday was the past
6330 (dotted blue line) was previous 'wall' coming from 6270.
in m15 (also m5 n m30) pre-GDP data, price was unable to close below 6330 and all ema were going up......
Attached Image
Yesterday was the past
Finishing here for session/day

This previous 4hr/daily swing hi zone where current post data react daily hi is runs to 6442. To the immediate upside of this I see the following:


6420 Weekly R1 @/around

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


G/L all
ex member
Quoting _BBKing_
also below 6400 possible short but bit too early now imho..
agree. stops would have to be wide, size small and even then it's catching a knife - strong bull across all timeframes and with those unresolved US issues, some gossip talk can spike us another 100 pips up in blink of an eye (not probable but completely possible)..

closed my short.. buy? where.. i'd need a pullback first (6350/65?). perhaps i'm off for today, maybe later in us session.. best of luck to you and everybody here.

@bbmac --thanks for charts and ideas, they are great!
MarginTrader All Time Return: na
[quote=MaryJane;4810431]agree. stops would have to be wide, size small and even then it's catching a knife - strong .................)..

closed my short.. buy? where.. i'd need a pullback first (6350/65?). perhaps..
................

usually when i pick too late a move, i use emas for entry
ema60 is good for bounce
in m1-m5 good for at least 10 pips
in m15 for more
best is in h1 but need larger stops
on picture below im waitin to see price touch ema60 (white) in m5
usually in this kind of move it will happen near a fibo or near an hourly support .
it is not best strategy ever... but very helpful
Attached Image
Yesterday was the past
[quote=_BBKing_;4810640]
Quoting MaryJane
agree. stops would have to be wide, size small and even then it's catching a knife - strong .................)..

closed my short.. buy? where.. i'd need a pullback first (6350/65?). perhaps..
................

usually when i pick too late a move, i use emas for entry
ema60 is good for bounce
in m1-m5 good for at least 10 pips
in m15 for more
best is in h1 but need larger stops
on picture below im waitin to see price touch ema60 (white) in m5
usually in this kind of move it will happen near a fibo or...
besides MA.. what other reasons confirm to open a long position??
Please explain strategy agian.
Quoting _BBKing_
it is not best strategy ever... but very helpful
thanks BB, i will check this; i like MAs, usually i have the 50 on my chart in some form.

Look at this: (M5) channel respected despite news bar from the very beginning of the move until now:

possibilities:

  1. long entry around lower TL
  2. break down and consolidation
  3. break down and selloff
  4. break up and even more acceleration to the upside

Attached Image (click to enlarge)
Click to Enlarge Name: Trade_033 2011-07-26, 13_37_36.png Size: 24 KB
MarginTrader All Time Return: na
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