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Cable Update (GBPUSD)

  • #286,481
  • Edited 5:21am Aug 17, 2011 5:07am | Edited 5:21am
Based on longer term TA there seems to be a clearer picture of what the market is really doing. For the longer term TA such as the weekly and monthly H1 charts are like M5. Lots of random noise but once you get the overall picture you know what to look for on the lower TFs.

Weekly TA suggest in this case that long opportunities are the better bet after that solid break and clean retest.

While there are short opportunities to be made as you approach resistance imo the better bet is to remain consistent with the trend.

If your extremely conservative we would ideally however need a break above 1.65500 to signify that the trend is up on the longer TF as only then would it have taken out the last swing high.
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  • #286,482
  • Aug 17, 2011 5:08am Aug 17, 2011 5:08am
ah ok you mean S&P500!!
thank you
90% of traders use TA, indicators and prediction
  • #286,483
  • Aug 17, 2011 5:15am Aug 17, 2011 5:15am
Quoting fork-forex
Based on longer term TA there seems to be a clearer picture of what the market is really doing. For the longer term TA such as the weekly and monthly H1 charts are like M5. Lots of random noise but once you get the overall picture you know what to look for on the lower TFs.

Weekly TA suggest in this case that long opportunities are the better bet after that solid break and clean retest.

While there are short opportunities to be made as you approach resistance imo the better bet is to remain consistent with the trend.
Quoting fork-forex
Short term correction seems to have been complete.

Overall trend of the cable has been up.

Going long on this.

Buy Entry: 1.61626
Stop Loss: 1.61074
TP1: 1.63398
TP2: 1.66960
TP3: 1.70ish ( I don't think I'm crazy but hey if it works out, I could build my own mental hospital)

once in a while someone post a golden nugget
  • #286,484
  • Aug 17, 2011 5:18am Aug 17, 2011 5:18am
Quoting fork-forex
Based on longer term TA there seems to be a clearer picture of what the market is really doing. For the longer term TA such as the weekly and monthly H1 charts are like M5. Lots of random noise but once you get the overall picture you know what to look for on the lower TFs.

Weekly TA suggest in this case that long opportunities are the better bet after that solid break and clean retest.

While there are short opportunities to be made as you approach resistance imo the better bet is to remain consistent with the trend.
Your graph says a thousand words, thank you!: Haven't posted for a while, but if the UK data didn't pound the pound today then in my humble opinion then it can only go up. Agree Cable needs to break through the resistance. I managed to get in for a wee long 1.6375
May the forex be with you |
  • #286,485
  • Aug 17, 2011 5:22am Aug 17, 2011 5:22am
Quoting fork-forex
Based on longer term TA there seems to be a clearer picture of what the market is really doing. For the longer term TA such as the weekly and monthly H1 charts are like M5. Lots of random noise but once you get the overall picture you know what to look for on the lower TFs.

Weekly TA suggest in this case that long opportunities are the better bet after that solid break and clean retest.

While there are short opportunities to be made as you approach resistance imo the better bet is to remain consistent with the trend.
hello
i noticed that 'backtest' near 6100
maybe one day i will have nerves to hold a position for long term.
im still unable to do that after some loss taken last year.

i agree with momentum up, my statement is full of longs.
today i forgot it for a while, after i seen that data
thanks for the chart
90% of traders use TA, indicators and prediction
  • #286,486
  • Aug 17, 2011 5:29am Aug 17, 2011 5:29am
http://img38.imageshack.us/img38/3415/guh317aug11.png

Here's the H3 GU chart. The H3 long wicked reversal candle meaning that bears are unable to push the prices lower. GU seems to be hadnling the strong SR zone of 6400-6440 pretty well. Once 6470-90 area is cleared its a green light for 6660-6680 area, once reached a sizeable correction should be expected, due to confluence of a few HTF lines and monthly resistances.

trading strategy: looking to go long, once the resistance is cleared out of the way.
  • #286,487
  • Aug 17, 2011 5:30am Aug 17, 2011 5:30am
Yeah this climb puts me off the shorts idea for a while. Still not really interested in tsking a long though.
  • #286,488
  • Aug 17, 2011 5:31am Aug 17, 2011 5:31am
Quoting Endrju
hi!
Didn't you guys expect more down movement after this bad data. I'm stuck with short at 1.6383, and can't figure out what to do, kind of think that at some point it should go lower but don't want a too wide SL. Any ideas about upcoming direction?
i was thinking to short @6370, then @6390 but i didn't.
was 1second near to short @6408.
but i went long......

sincerely it looks impossible imho to predict now if price will cover again below 6400!
90% of traders use TA, indicators and prediction
  • #286,489
  • Aug 17, 2011 5:33am Aug 17, 2011 5:33am
No problems at all. I'm really liking this thread for mainly the reasons of activity between you guys especially BBKing and navin and couple of others.

Spotted the congestion a while back. I love to see charts with it actually. One day up next day down next day up. It looks like nonsense on the shorter TF's but on the longer term it usually means that market gearing up to make another move.

The key thing about holding trades longer is all about scaling imo, is as you approach resistance for longs and support for shorts you really want to be taking off pieces of that trade. As you take off more and more you want to move up your stop loss such that no matter what the outcome is, you still made some cash. Obviously the markets isn't going to follow my charts because I want it to but I can be a bit smart if things should decide to change.
  • #286,490
  • Aug 17, 2011 5:36am Aug 17, 2011 5:36am
While 73.80 holds on the dollar index its building a base there. Currently 73.89 if it breaks I expect one of the big up moves in cable. So thats what I'm still watching.
  • #286,491
  • Aug 17, 2011 5:36am Aug 17, 2011 5:36am
she is trying hard to stay above the "gap" on august 5.

GAP :http://www.forexfactory.com/attachme...2&d=1313504266
not euphoria follower
  • #286,492
  • Aug 17, 2011 5:40am Aug 17, 2011 5:40am
Brokers get you broke! Hide your money under your mattress like the smart people. >>>>

that's why i never let lot of money in broker..........w/d every day and keep it in e-currency.
broker is our enemy ( at least.. my enemy hehehhehe )


Quoting fork-forex
No problems at all. I'm really liking this thread for mainly the reasons of activity between you guys especially BBKing and navin and couple of others.

Spotted the congestion a while back. I love to see charts with it actually. One day up next day down next day up. It looks like nonsense on the shorter TF's but on the longer term it usually means that market gearing up to make another move.

The key thing about holding trades longer is all about scaling imo, is as you approach resistance for longs and support for shorts you really want to be...
not euphoria follower
  • #286,493
  • Aug 17, 2011 5:44am Aug 17, 2011 5:44am
Quoting fork-forex
No problems at all. I'm really liking this thread for mainly the reasons of activity between you guys especially BBKing and navin and couple of others.

Spotted the congestion a while back. I love to see charts with it actually. One day up next day down next day up. It looks like nonsense on the shorter TF's but on the longer term it usually means that market gearing up to make another move.

The key thing about holding trades longer is all about scaling imo, is as you approach resistance for longs and support for shorts you really want to be taking...

keep doing what yur doing..u will a trader being noticed, u already think differently
  • #286,494
  • Aug 17, 2011 5:50am Aug 17, 2011 5:50am
Quoting iqyu5an
Brokers get you broke! Hide your money under your mattress like the smart people. >>>>

that's why i never let lot of money in broker..........w/d every day and keep it in e-currency.
broker is our enemy ( at least.. my enemy hehehhehe )

LOL indeed.

When they start giving me their money to mess around with then I will change my story
  • #286,495
  • Aug 17, 2011 5:50am Aug 17, 2011 5:50am
totally agree
Quoting nAVIN2007
keep doing what yur doing..u will a trader being noticed, u already think differently
not euphoria follower
  • #286,496
  • Aug 17, 2011 5:51am Aug 17, 2011 5:51am
wkakakkak.........
Quoting fork-forex
LOL indeed.

When they start giving me their money to mess around with then I will change my story
not euphoria follower
  • #286,497
  • Aug 17, 2011 5:53am Aug 17, 2011 5:53am
Quoting iqyu5an
Brokers get you broke! Hide your money under your mattress like the smart people. >>>>

that's why i never let lot of money in broker..........w/d every day and keep it in e-currency.
broker is our enemy ( at least.. my enemy hehehhehe )
Agreed, don't hate the market, hate the broker. They're no charity organization and they never will be.
  • #286,498
  • Aug 17, 2011 5:55am Aug 17, 2011 5:55am
Quoting Flatfish
While 73.80 holds on the dollar index its building a base there. Currently 73.89 if it breaks I expect one of the big up moves in cable. So thats what I'm still watching.
It broke. Kind of looks pretty depressing for the Dollar if it can't regain it.
  • #286,499
  • Aug 17, 2011 5:57am Aug 17, 2011 5:57am
Cable imminently starting to test key resistance with secondary historic resistance around 6550 from late May.
  • #286,500
  • Aug 17, 2011 5:58am Aug 17, 2011 5:58am
although USDX did edge lower, GU ADR is almost out, so I'd pretty much stay out for today, unless there is a miracle.
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