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Cable Update (GBPUSD)

  • #287,141
  • Aug 23, 2011 6:34pm Aug 23, 2011 6:34pm
Only thing im sure now, is that i have no idea!

I was short on monday, but manage to escape from the market with 30 pips before prices went up again. Now i' am out of this, looking for a break from consolidation. In my opinion, as today we again failed to breach 1,65445, outlook is bearish, but only strong 4h closure under 1,6455 will send a sell signal for me. It seems like a strong resistance zone, which you can see on the chart.

anyway good luck and trade save!
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  • #287,142
  • Aug 23, 2011 6:43pm Aug 23, 2011 6:43pm
.
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not euphoria follower
  • #287,143
  • Aug 23, 2011 7:30pm Aug 23, 2011 7:30pm
My analysis:

GU has been ranging between 6450-6520 this week. Still no clear signal of a trend continuation or retracement. I will wait for a clear break above 6520 for a bullish continuation and break below 6420 for a retracement. Until then, I will attempt to scalp with bearish biased and keep the stops tight.

In USDX, prices is still respecting the downtrend channel. So, we can safely assume that GU is still in an up trend.

I would say that the probability of bear vs bull is 50:50. We will see how things turn out. Only time can tell.

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  • #287,144
  • Aug 23, 2011 7:43pm Aug 23, 2011 7:43pm
On the verge of breaking out the triangle ....

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  • #287,145
  • Aug 23, 2011 10:33pm Aug 23, 2011 10:33pm
My view over the weekend was cable would swing around 1.65 this week. 4hr chart still shows me price trapped between the horizontal bollie bands and I don't see it breaking above or below those unless Bernanke surprises the market, but since he did that only a couple of weeks ago unlikely to act in such a short time and that won't be till late Friday and I doubt I'll be trading then.
My view is to fade breaks above/below the bands, and not follow any breakouts- that is I won't chase any move. Test of the downside more likely first with the 100ema sitting around 100 pips lower as strong support on first test and with 1.6350 below it.
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  • #287,146
  • Aug 23, 2011 10:50pm Aug 23, 2011 10:50pm
gold
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not euphoria follower
  • #287,147
  • Aug 24, 2011 12:43am Aug 24, 2011 12:43am
continue down.
GBPUSD Short at 1.6490
TP=1.6470

Let's see

http://i53.tinypic.com/288359v.gif
  • #287,148
  • Aug 24, 2011 12:46am Aug 24, 2011 12:46am
1.6629
  • #287,149
  • Aug 24, 2011 1:00am Aug 24, 2011 1:00am

Quoting PoundTrader
1.6629
not euphoria follower
  • #287,150
  • Aug 24, 2011 1:08am Aug 24, 2011 1:08am
Quoting iqyu5an
  • #287,151
  • Aug 24, 2011 1:13am Aug 24, 2011 1:13am
Quoting _BBKing_
working on a believable plan...

here is still 38° ..i won't sleep a lot! i put on some alarms if happens something.

m30 shows that pattern formation (what is it called...?), better seen in m15 with some zoom out.

i wait the breaking of it (up or down doesnt matter) and then wait reaction at nearest sup/res to decide my next move.
lower double blue dotted is 'simply' a 50% fibofan coming from 6110 wich i deleted coz there were too much lines on charts.
more down i find 6425-6390 fibo confluence + some h1 emas on the way.

above first...
i respected my plan.,...
nice start of day
90% of traders use TA, indicators and prediction
  • #287,152
  • Aug 24, 2011 1:36am Aug 24, 2011 1:36am

Quoting PoundTrader
not euphoria follower
  • #287,153
  • Aug 24, 2011 1:50am Aug 24, 2011 1:50am
TF 15 minutes shooting star?
  • #287,154
  • Aug 24, 2011 2:51am Aug 24, 2011 2:51am
Come on. Please break 6470
  • #287,155
  • Aug 24, 2011 2:54am Aug 24, 2011 2:54am
i take a day off.
maybe whole week.

good luck you all
90% of traders use TA, indicators and prediction
  • #287,156
  • Aug 24, 2011 2:54am Aug 24, 2011 2:54am
im flat..this thing is now now not respecting technicals...trendline breaks and still nothing happens
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  • #287,157
  • Aug 24, 2011 3:05am Aug 24, 2011 3:05am
although this week was a 'waste of time' due to lack of direction it still was an opportunity to collect some pips along the way since the basics of support/res were always being kept,

watch the small moves not only the large ones people!

anyone agrees with me? who was collecting pips this week?
  • #287,158
  • Aug 24, 2011 3:08am Aug 24, 2011 3:08am
Quoting _BBKing_
i take a day off.
maybe whole week.

good luck you all
I wish I did same thing yesterday, it will save me from big loss

Rest well
  • #287,159
  • Aug 24, 2011 3:11am Aug 24, 2011 3:11am
Quoting _BBKing_
i take a day off.
maybe whole week.

good luck you all
Good idea. Im kinda tired of waiting for her to break out...
  • #287,160
  • Aug 24, 2011 3:18am Aug 24, 2011 3:18am
before i leave i would only let you know where found support this thing few minutes ago...
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90% of traders use TA, indicators and prediction
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Ahsan