Cable Update (GBPUSD)

6474-6222 recent 4hr/daily congestion finallly breaks - to the downside, 6197 the current dail lo...sustained break/false 1st break/false break period or pullpabck to channel and 2nd b/o ?

You decide.

G/L

TIme to short... @1.6236 (1.0)

Closed @ 180.. just for taking back my money.

Awesomeness! Account +10%. Now I can take a break.

Good luck all. Stay cautious. May the pips be with you

4hr shows the recent 6474-6222 congestion break (in white rectangle)....nice downside follow thru on the close of the 1hr bearish thrust candle that broke out of it....price arriving at a previous 1hr swing hi zone at 157% of the 20day atr hi-lo so far today.

G/L

I've been on AUD all day so haven't been watching cable > break down to 1600 on the cards? (monthly play)
I expect to short cable when i've sorted out my chart > lost all my levels.

For FOMC, another 100 pips reasonable?

i bought a 5 times near 6200
dont follow me!

im only trying to give back to market some money

lolz

anyway already closed 4 times on those crazy pullbacks
i let last trade to go with stops @BEp

ok got out @6242

what a day guys!

Got it on the pike +45p, not bad for the day I guess,

Good night everyone, 2:50am so late

Well,Now I cant see any clear direction.Stay aside for a while in this mess situation

Damn.... its so quiet...

Lets rock out the pips from cable!

G/M

Strong bounce up from the previous 4hr/daily swing hi zone (6175 yesterday's Lo) following a downside break of the recent 6474-6222 4hr/daily congestion zone, created a bullish spinning top candle on the daily t/f...That strong bounce found supply 6335 pullback hi at the previous 1hr swing lo zone and has seen price fall to today's currnet daily lo.

1hr is in a general downtrend (100sma below 200sma) and 4hr probably in an opa downtrend with daily mixed opa, on these 2 x higher t/f's their 100sma's remain their 200sma's.

Below current price:

6236 61.8% 6175-6335
6213 76.4% 6175-6335
6207-6198 minor 1hr swing lo zone with 6200 = Daily S1 @/around
6198-6189-75 prev 1hr/4hr swing lo zone with 6184 61.8% 6003-6474
6164 76.4% 6067-6474
6130-19 prev 4hr sw lo zone with 6127 = 50% 5779-6474
6115 76.4% 6003-6474
6107 Weekly S2 @/around
6085-68 prev 4hr sw lo zone with 6068 = Daily S2 @/around
6045 61.8% 5779-6474
6032-13-03 prev daily/4hr sw lo zone
5998 Weekly S3 @/around
5976 Monthly S1 @/around
5963 Daily S3 @/around
5944 76.4% 5779-6474
5914-04 prev minor 4hr swing lo zone
5875-20-5779 prev daily/4hr swing lo zone


　
Current near-term 1hr chart below shows the immediate potential upside obstacles with 6305 = Daily Pivot @/around, and Daily R1 @/around 6435.

Event Risk: 1030am London : Boe Qtrly Inflation report and Mervyn King statement and press conf.

G/L

　
　

Price is back inside that recent 6474-6222 4hr/daily congestion zone following yesterday's downside break to 6175 and strong pullback to a 6335 pullback Hi.

G/L

Daily shows where yesterday's Lo was found, at the previous 4hr/daily swing hi zone with 61.8% 6003-6474.

G/L

I hope for short, near yesterday low....
let's see

Things could get interesting with Boe press conference later, particularly if King hints @ more Qe.

G/L

My daily view....

Red channel shows where the main 4hr/daily congestion area is...the recent fractal swings on this daily showing us that market has been and probably still is undecided about direction overall.

Will we get a decisive 2nd downside b/o of the channel ?
Those shorting the 1st b/o will likely have been burned by 6175-6335 pullback unless stop was above the channel ?

G/L

http://i56.tinypic.com/35buowm.gif

cable has a false breakout since 14 july.the break has not been supported as yet.once support comes in on this chart.a great swing long

It's not widely known but Mervyn King's Grandfather won the world Gurning championship 3 years in a row in the 1930's...his brother is an architect and is reponsible for the design of the modern portaloo that has replaced the victorian public conveniences in most Uk cities/towns. I should imagine he'll be doing some world class gurning if inflation goes any higher.

Uk Boe Qtrly inflation report/statement and press conference due 1030am London.

G/L