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Cable Update (GBPUSD)

  • #290,441
  • Oct 13, 2011 6:11am Oct 13, 2011 6:11am
Quoting gsantri
Double bottom ?
.
Quoting smikester
Here's a chart. For those of you with only half a brain it shows a double bottom formation, with a break at 1.5680, which is now being retested. Good luck with your trading.
Attachment
Hi Smikester, I agree about double bottom as chart posted few pages back.

Price bounced at around daily 50 fib. While the DB's neckline capped by daily and monthly pivot. A jump needed to pass yesterday's high, and that might be the data from US later.

With the rising value of the dollar during the month of September the US certainly get more out of imports than exports. So I think they will report the trade balance (more) negative.

Just a thought
.
Attached Image (click to enlarge)
Click to Enlarge Name: gu-buy-1013.gif Size: 18 KB
  • #290,442
  • Oct 13, 2011 6:45am Oct 13, 2011 6:45am
Flatfish actually predicted this double bottom some time ago.

Yes, I was wondering if we were waiting for the news. I agree with your theory and I was looking at some Swissy analysis earlier - we could be seeing a dollar correction at least for a few days
Gone to a better place
  • #290,443
  • Oct 13, 2011 7:59am Oct 13, 2011 7:59am
Quoting gsantri
..
With the rising value of the dollar during the month of September the US certainly get more out of imports than exports. So I think they will report the trade balance (more) negative..
My mistake the trade balance which were reported is for August
  • #290,444
  • Oct 13, 2011 8:18am Oct 13, 2011 8:18am
Everything being equal from a trader's point of view not very interesting news figures out of the USA.

Deficit deficit, time to stop pretending we are wealthy.
Gone to a better place
  • #290,445
  • Oct 13, 2011 8:22am Oct 13, 2011 8:22am
Today is a good day to look at the calendar because there are 4 sets of trade balances. If you click on "chart" and go to "max" the result is quite scary.
Gone to a better place
  • #290,446
  • Oct 13, 2011 8:23am Oct 13, 2011 8:23am
Market Sentiment has turned from Risk On to Slight Risk Aversion.

I am seeing profit taking as the 4 hour chart has rolled over with a 5 sma crossover, and is currently testing the support of the green 22 sma and the blue 14 sma.

Stocks are down in europe and dow is set to open slightly negative.

We have a consolidation situation here, after a good run up.

I am standing aside today.
Attached Image (click to enlarge)
Click to Enlarge Name: cable 4 hour.gif Size: 27 KB
  • #290,447
  • Oct 13, 2011 8:29am Oct 13, 2011 8:29am
hello
im holding a long @5680 while i closed previous positions @BE-5 on that move to 5660.

whole this area looks like acting as support and price still not closing candle out of its ema60 in h1 which in my plan is my entry long.

pattern suggest me a bull flag formation. will be confirmed if closing above 5730.40

my problem is macd still pointing down. wee shall see another move little below 5700 before any further up. for this reason mine is a weak position, will add later oif confirmed.
anyway until price into that uptrend channel/wedge, i will prefere longs
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 36 KB
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  • #290,448
  • Oct 13, 2011 8:35am Oct 13, 2011 8:35am
Quoting smikester
Today is a good day to look at the calendar because there are 4 sets of trade balances. If you click on "chart" and go to "max" the result is quite scary.
what do you mean? i dont understand very well... are you referring at possible daily max extensions on USD pairs?
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  • #290,449
  • Oct 13, 2011 8:45am Oct 13, 2011 8:45am
Quoting _BBKing_
what do you mean? i dont understand very well... are you referring at possible daily max extensions on USD pairs?
OK, sorry I didn't explain very well. This is what I mean:

Attached Image (click to enlarge)
Click to Enlarge Name: gbp deficit.gif Size: 152 KB
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  • #290,450
  • Oct 13, 2011 8:50am Oct 13, 2011 8:50am
Quoting _BBKing_
what do you mean? i dont understand very well... are you referring at possible daily max extensions on USD pairs?
I think smikester mean is the chart on FF calendar, right side of data numbers.
  • #290,451
  • Oct 13, 2011 8:53am Oct 13, 2011 8:53am
Quoting smikester
OK, sorry I didn't explain very well. This is what I mean:

Attachment
lol

thanks
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  • #290,452
  • Oct 13, 2011 8:56am Oct 13, 2011 8:56am
Quoting gsantri
I think smikester mean is the chart on FF calendar, right side of data numbers.
yes noticed
tks
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  • #290,453
  • Oct 13, 2011 9:00am Oct 13, 2011 9:00am
i dont really like the rejection @5708 on previous m30 candle.
happened exactly at its ema60.

im holding my position only because its 1/3 than normal but unitl i see again price above its ema60 i will be bit worried about
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 37 KB
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  • #290,454
  • Oct 13, 2011 9:16am Oct 13, 2011 9:16am
Quoting _BBKing_
i dont really like the rejection @5708 on previous m30 candle.
happened exactly at its ema60.

im holding my position only because its 1/3 than normal but unitl i see again price above its ema60 i will be bit worried about

uhm i let it go there is nothing else left to do for me.
5715 providing resistance now.
if broken will be good entry to add more

im not used to take care of pair correlations but... sincerely i see EU and GOLD dropping.... not good for my long!
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  • #290,455
  • Oct 13, 2011 9:35am Oct 13, 2011 9:35am
tightened SL and bought EU @3690
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  • #290,456
  • Oct 13, 2011 9:57am Oct 13, 2011 9:57am
broken already brother king...

re test high today and yesterday and 588x ..... ?
Quoting _BBKing_
uhm i let it go there is nothing else left to do for me.
5715 providing resistance now.
if broken will be good entry to add more

im not used to take care of pair correlations but... sincerely i see EU and GOLD dropping.... not good for my long!
not euphoria follower
  • #290,457
  • Oct 13, 2011 10:02am Oct 13, 2011 10:02am
Quoting iqyu5an
broken already brother king...

re test high today and yesterday and 588x ..... ?
possible
lets see if cross 5750 daily open first
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  • #290,458
  • Oct 13, 2011 10:05am Oct 13, 2011 10:05am
so lovely to see 3 things happening same time:
breaking out of bull flag
triggering a 65pips trailing stop
macd kissing up in h1

Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 36 KB
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  • #290,459
  • Oct 13, 2011 10:07am Oct 13, 2011 10:07am
Quoting _BBKing_
so lovely to see 3 things happening same time:
breaking out of bull flag
triggering a 65pips trailing stop
macd kissing up in h1

Congratulations BBKing
  • #290,460
  • Oct 13, 2011 10:27am Oct 13, 2011 10:27am
Quoting Chelost
Congratulations BBKing
tks!
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