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Cable Update (GBPUSD)

  • #285,421
  • Aug 1, 2011 9:43am Aug 1, 2011 9:43am
It seems 1.6260-70 has considerable support for GBP/USD. i set a pending sell order at 1.6240, stop 1.6270. I know it may not break it today but i assume once it broken, GBP/USD should have a big fall for a while.
  • #285,422
  • Aug 1, 2011 9:54am Aug 1, 2011 9:54am
Quoting Yuchen
It seems 1.6260-70 has considerable support for GBP/USD. i set a pending sell order at 1.6240, stop 1.6270. I know it may not break it today but i assume once it broken, GBP/USD should have a big fall for a while.

i would adjust that..u need a stop above 1.63..1.6270 isnt support it just the stop get triggered and it looks like 1.6270

1.63 would likely be tested again and again..so u need to adjust that i feel
  • #285,423
  • Aug 1, 2011 10:11am Aug 1, 2011 10:11am
Quoting nAVIN2007
i would adjust that..u need a stop above 1.63..1.6270 isnt support it just the stop get triggered and it looks like 1.6270

1.63 would likely be tested again and again..so u need to adjust that i feel
That sounds like a wise advice.
I'd be wary of what can possibly happen overnight.
  • #285,424
  • Aug 1, 2011 10:21am Aug 1, 2011 10:21am
Quoting Maikel
That sounds like a wise advice.
I'd be wary of what can possibly happen overnight.
its just that price is attracted to round numbers ..
  • #285,425
  • Aug 1, 2011 10:41am Aug 1, 2011 10:41am
so my 1.6316 closed at last week missed weekly pivot.
my 1.64 short is still open, still figuring a good target profit.

I want to see if is going to trade in the bearish channel that it is producing now:
lower lows, lower highs.

what do you guys think of that
  • #285,426
  • Aug 1, 2011 10:42am Aug 1, 2011 10:42am
Quoting nAVIN2007
i would adjust that..u need a stop above 1.63..1.6270 isnt support it just the stop get triggered and it looks like 1.6270

1.63 would likely be tested again and again..so u need to adjust that i feel
Thank you very much for your suggestion. I just read this message and it is too late that my order was stopped. However, i am still appreciate for your kindly and wise suggestion and would like to learn more from you!
  • #285,427
  • Aug 1, 2011 10:46am Aug 1, 2011 10:46am
I think now when US made very positive things for they economy we should see 1,58 zone. Anyone agree???
  • #285,428
  • Aug 1, 2011 10:49am Aug 1, 2011 10:49am
Quoting Praga
so my 1.6316 closed at last week missed weekly pivot.
my 1.64 short is still open, still figuring a good target profit.

I want to see if is going to trade in the bearish channel that it is producing now:
lower lows, lower highs.

what do you guys think of that
I would def go short on this one.
If I trust my graphs, the next lower should break 1.62 comfortably.
However if I'd have open my game on a pre-US bailout, I'd say it's tame to take profit (and the rest of the week off!).
  • #285,429
  • Aug 1, 2011 10:54am Aug 1, 2011 10:54am
Quoting yorkie
I think now when US made very positive things for they economy we should see 1,58 zone. Anyone agree???
I can only wish on that.

We might see again 1.59 as we did a few weeks ago. Specially considering how the Eurozone is doing.
  • #285,430
  • Aug 1, 2011 11:24am Aug 1, 2011 11:24am
Quoting Yuchen
Thank you very much for your suggestion. I just read this message and it is too late that my order was stopped. However, i am still appreciate for your kindly and wise suggestion and would like to learn more from you!

u are welcome..take note of round numbers they form the support and resistance..and price is attracted to these area..this can come in handy for scalps

spend some time in wormhole..
  • #285,431
  • Aug 1, 2011 11:46am Aug 1, 2011 11:46am
Cable falls off the edge of a cliff after testing the previous 1hr/4hr zone around Friday's 6474 Hi...today's current hi - 6465....and @ 178% of it's 20day atr a base has been found around: 6252-39 prev 4hr/daily swing hi zone, 6238 50% 6003-6474, ....6235 the current daily lo.

Overall price action on 1hr is mixed-bearish now, bearish intraday and 4hr too has seen a LH and a L printed.

U.s Debt Ceiling/defecit reduction bill due for a vote in both chambers of congress around 7pm London time - could see some movement on result of that, particularly if it gets voted down in either Senate or the House, - the latter the more likely for such a scenario.

Immediately below current daily lo I see the following potential support/rbs factors

6222 Monthly Pivot @/around
6209 38.2% 5779-6474
6195-83 prev 1hr sw hi x 2 zone with 6184 = 61.8% 6003-6474
6174 Weekly S2/Daily S2 @/around
6130-19 prev 1hr/4hr sw lo zone with 6127 = 50% 5779-6474
6119-12 prev 1hr sw lo zone with 6115 = 76.4% 6003-6474
6088 Weekly S3/Daily S3 @/around
6085-68 prev 1hr/4hr sw lo zone
6062-54 prev minor 1hr sw lo zone
6045 61.8% 5779-6474
6032-15-03 prev daily/4hr/1hr sw lo zone
5976 Monthly S1 @/around
5944 76.4% 5779-6474
5914-04 prev minor 4hr swing lo zone
5875-50-20 prev daily/4hr swing lo zone

To the immediate upside of current price, the potential sbr/resistance factors are shown on 1hr chart below.

G/L



　
　
　
Attached Image
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  • #285,432
  • Aug 1, 2011 11:49am Aug 1, 2011 11:49am
Attached
Attached Image (click to enlarge)
Click to Enlarge Name: GU.png Size: 21 KB
  • #285,433
  • Aug 1, 2011 7:58pm Aug 1, 2011 7:58pm
Hi

I see a support to resistance level immediately above from the H1 and H4 and D1 lining up with the 38.2 fib of the last H4 swing down, all at about 1.6326, which would make a nice fib + support to resistance swing point for the right shoulder of a H4 H&S.
  • #285,434
  • Aug 1, 2011 8:07pm Aug 1, 2011 8:07pm
please post a chart ..much appreciated if prvt msg..



Quoting Mowman
Hi

I see a support to resistance level immediately above from the H1 and H4 and D1 lining up with the 38.2 fib of the last H4 swing down, all at about 1.6326, which would make a nice fib + support to resistance swing point for the right shoulder of a H4 H&S.
We cannot direct the winds but we can adjust our sail.
  • #285,435
  • Aug 2, 2011 12:30am Aug 2, 2011 12:30am
all so quiet after such a move....
nobody have an idea if up or down imho.

im waiting to see a good setup to get a good position.
meanwhile im on m1 chart for some scalps.
90% of traders use TA, indicators and prediction
  • #285,436
  • Aug 2, 2011 12:41am Aug 2, 2011 12:41am
m30 shows a familiar pattern.
too easy, there must be something cooking out there

anyway once broke n candle closing out of it will give reasons to pick a position for some pips.
yesterday bears triggered the 6250 but no significant candles closing below. bulls came @6230 to contain the fall.

a stronger dollar or another bad data in uk and we will be in 6140 n 6080 before day ends.

still unable to understand why preliminar GDP went out +0.2% while all economic data are so bad in UK!
any idea guys?
Attached Image (click to enlarge)
Click to Enlarge Name: gusdm30.gif Size: 25 KB
90% of traders use TA, indicators and prediction
  • #285,437
  • Aug 2, 2011 12:45am Aug 2, 2011 12:45am
Stay away from GU for a while since there do not have much reaction, AUDUSD falls after AU data released, ride on it
  • #285,438
  • Aug 2, 2011 12:55am Aug 2, 2011 12:55am
Quoting Hoang Long
Stay away from GU for a while since there do not have much reaction, AUDUSD falls after AU data released, ride on it
tks
but im focused on GU
some trades on EU by my own...

all other currencies give me too much distractions, there are too much things to know
90% of traders use TA, indicators and prediction
  • #285,439
  • Aug 2, 2011 1:16am Aug 2, 2011 1:16am

shorted after the touch near fibo.
good R/R
lets see
Attached Image (click to enlarge)
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90% of traders use TA, indicators and prediction
  • #285,440
  • Aug 2, 2011 1:17am Aug 2, 2011 1:17am
Quoting _BBKing_
m30 shows a familiar pattern.
too easy, there must be something cooking out there

anyway once broke n candle closing out of it will give reasons to pick a position for some pips.
yesterday bears triggered the 6250 but no significant candles closing below. bulls came @6230 to contain the fall.

a stronger dollar or another bad data in uk and we will be in 6140 n 6080 before day ends.

still unable to understand why preliminar GDP went out +0.2% while all economic data are so bad in UK!
any idea guys?
Just now broken the bearish flag pattern in downside. waiting for the candle to close below to take position
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