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Cable Update (GBPUSD)

  • #289,001
  • Sep 19, 2011 6:22am Sep 19, 2011 6:22am
Quoting wiz001
hi there
could someone give me some advice please. i am currently 566 points down on cable at 3/1 pound per point £2000 and i am thinking on buying £1 per point now?? should i hang on? when will it come bvack up to 6300
based on the daily RSI - GU looks quite oversold - might possibly drop up to 400 Pips before any major bounce to the upside - think u should start looking for buying opportunities on lower timeframes within the next 2-3 weeks

instead of £1 per point u could start buying below 1.57 with 3/1 pound per point and add every time GU drops 65-100 Pips ...emergency SL 1.53
  • #289,002
  • Sep 19, 2011 6:29am Sep 19, 2011 6:29am
Quoting Flatfish
Not really too much in cable today. Eur/gbp seems to be providing some support. Will try intraday trade of buying a dip during London and look to close at 12GMT and try short from there. Expecting a small range for rest of the day with 1.5740-60 area providing resistence and 1.57 acting as a pivot. S/l will be small and not too keen on chasing market lower form here.
London played out as expected - Very much a Monday morning. I expect US to be more up and down if they follow their normal routine, but still prefer to enter a short, but will buy a bottom keeping a small s/l and milk the pips.
  • #289,003
  • Sep 19, 2011 7:29am Sep 19, 2011 7:29am
Quoting Flatfish
London played out as expected - Very much a Monday morning. I expect US to be more up and down if they follow their normal routine, but still prefer to enter a short, but will buy a bottom keeping a small s/l and milk the pips.
dow futures are triple digit down.
ftse, cac, and dax are down.
I am standing aside looking for set ups.
  • #289,004
  • Sep 19, 2011 7:42am Sep 19, 2011 7:42am
Hello, Just popped into say hello.

New lo on the 4hr/daily downtrend this morning - 5683. Bounce from there finding fresh sell the rally supply at the previous 1hr/4hr swing lo zone (prev support zone) co-existant with 38.2% 5868- said 5683.

1hr in a bit of a range at the moment, price remains below the mthly, wkly and daily pivots and 100sma on 1hr and 4hr remains below the 200sma's on those t/f's..- ie generally bearish. It remains above on the Daily but pointing down and converging on it's 200sma.

1hr near-term current screenshot as below, and below the obevious 1hr swing hi zone being challenged now, (and not including daily pivots

5699 Wkly S1 @/around
5693-83 previous 1hr /minor 4hr swing lo zone
5674 76.4% 5343-6746
5646-5598 prev (non-immed) dly swing hi zone with 5612 = Weekly S2 @/around
5530 Mthly S3 @/around
5519 Weekly S3 @/around
5485 50% 4225-6746
5444-5405 prev minor dly swing lo zone
5360-5343 prev dly/weekly/minor mthly swing lo zone
5188 61.8% 4225-6746
4819 76.4% 4225-6746

G/L
Attached Image
ex member
  • #289,005
  • Sep 19, 2011 7:52am Sep 19, 2011 7:52am
i pulled the trigger on a sell order with this set up
Attached Image (click to enlarge)
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  • #289,006
  • Sep 19, 2011 7:54am Sep 19, 2011 7:54am
booked quick profits until the next set up
  • #289,007
  • Sep 19, 2011 7:54am Sep 19, 2011 7:54am
Hello guys

GU weekly
Attached Image(s) (click to enlarge)
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  • #289,008
  • Sep 19, 2011 7:59am Sep 19, 2011 7:59am
cad is getting hammered and aud is down. Risk is off for now.
  • #289,009
  • Sep 19, 2011 8:04am Sep 19, 2011 8:04am
Have seen some commentray in recent days all discussing when not if greece defaults now, and Deutsche Bank etc talking of Eurusd in the low 1.30's on the initial reaction to that...- likely a risk off move in other pairings too like cable in such a scenario ?

G/L

Quoting ovaforty
cad is getting hammered and aud is down. Risk is off for now.
ex member
  • #289,010
  • Sep 19, 2011 8:07am Sep 19, 2011 8:07am
Quoting bbmac
Have seen some commentray in recent days all discussing when not if greece defaults now, and Deutsche Bank etc talking of Eurusd in the low 1.30's on the initial reaction to that...- likely a risk off move in other pairings too like cable in such a scenario ?

G/L
It is logical to assume that today. Tomorrow is another story.
  • #289,011
  • Sep 19, 2011 8:17am Sep 19, 2011 8:17am
After short time obama speech , might gu move up, and then 16:00 gmt greek finance minister negotiations with imf etc on conf call. Result could cause usd strong against gbp and euro.

So mates be careful for next two hours .

Gl

zero-level
  • #289,012
  • Sep 19, 2011 8:28am Sep 19, 2011 8:28am
pulled the trigger on another set up. Trading very cautiously and keeping risk to a minimum so far.
Attached Image (click to enlarge)
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  • #289,013
  • Sep 19, 2011 8:29am Sep 19, 2011 8:29am
Quoting Zero-level
After short time obama speech , might gu move up, and then 16:00 gmt greek finance minister negotiations with imf etc on conf call. Result could cause usd strong against gbp and euro.

So mates be careful for next two hours .

Gl

zero-level

u have just covered both scenero in 1 statement

EU need to gain for cable to increase which will happen if usd get weak..
  • #289,014
  • Sep 19, 2011 8:31am Sep 19, 2011 8:31am
Quoting wormboy
This downmove came as a no surprise at all. There was never going to be a 600-800 pips jump back up without any confirmation, the HTF last week printed a black marubozu, which indicates sellers are in full control & that continuation is always a likelihood. Our job, was to pick the best possible trade level to short from.
Nearest support now lies at 5640. And like you said, apart from scalping, buying is very risky & only a weekly reversal pattern will make me change my bearish view.

Good luck to you.
Bingo.

If this level holds, all you hopefuls will get your bounce, if it doesn't then the next major support is @5500.

Good luck.
Thank You
  • #289,015
  • Sep 19, 2011 8:34am Sep 19, 2011 8:34am
Quoting ovaforty
pulled the trigger on another set up. Trading very cautiously and keeping risk to a minimum so far.
Brilliant
I took the same break more or less
Attached Image (click to enlarge)
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Thank You
  • #289,016
  • Sep 19, 2011 8:42am Sep 19, 2011 8:42am
+1 pip stop loss targeting 1.5650
Attached Image (click to enlarge)
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  • #289,017
  • Sep 19, 2011 8:44am Sep 19, 2011 8:44am
Took a small long at 1.5657- more out of frustration that I had closed my short early- Maybe a bit too early 15 pip stop but may make it 20. Below that and I'll have to rethink things.
  • #289,018
  • Sep 19, 2011 8:49am Sep 19, 2011 8:49am
Quoting Flatfish
Took a small long at 1.5657- more out of frustration that I had closed my short early- Maybe a bit too early 15 pip stop but may make it 20. Below that and I'll have to rethink things.
took one too at the same price - just couldn't hold back my triggerfinger - what a gambler i am, hehe...
  • #289,019
  • Sep 19, 2011 8:51am Sep 19, 2011 8:51am
pulled the trigger on short eur/usd and aud/usd. gbp/usd hit my tp
Attached Image (click to enlarge)
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  • #289,020
  • Sep 19, 2011 8:52am Sep 19, 2011 8:52am
76.4% of 5343-6746 @ 5674 gets breeched to the downside as does daily S2. '...5646-5598 prev (non-immed) dly swing hi zone with 5612 = Weekly S2 @/around...' is where price has arrived at....seen below

G/L
Attached Image (click to enlarge)
Click to Enlarge Name: z.jpg Size: 124 KB
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