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Cable Update (GBPUSD)

  • #291,781
  • Nov 3, 2011 3:28am Nov 3, 2011 3:28am
G/M

5875 the overnight/current daily lo @/around Daily S1 - demand there has seen price rise to challenge the previous 1hr minor swing lo zone in 1hr screenshot below.

Uk Data @ 0930am gmt.

G/L
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ex member
  • #291,782
  • Nov 3, 2011 3:33am Nov 3, 2011 3:33am
Quoting nAVIN2007
to be honest ..i had a vision of cable going up 3 months ago..break of monthly trendline..thats why i bought the fact the price dropped to 1.52 which actually was the extreme (monthly breakout retest area) which i totally messed up

because i have got it so wrong i didnt add to a losing position, purely cause there nothing to say it maybe right..i still see 1.65 - 1.70 especially now monthly close was bullish

euro is the problem and this is giving strength to USD
IF fed announced QE i have been finished as in the short term dollar would...
yes i agree bro,
i completely missed that line seen also in weekly.
went long near 5280 but closed too early....
will be very interesting to see where will close actual candle.
dont you expect a possible move to that lower black lines before go 1.70?
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  • #291,783
  • Nov 3, 2011 3:33am Nov 3, 2011 3:33am
Busy old week re data releases/speeches etc and all as the ongoing Eu/Greek drama continues to unfold. Tomorrow @ 0930am gmt Uk Services Pmi...Construction Pmi surprised to the upside today and yesterdau manufacturing pmi surprised to the downside. Services account for 80% of the Uk economy.

This is how forexcrunch.com see it: http://www.forexcrunch.com/gbpusd-tr...-services-pmi/

5 Scenarios

  1. Within expectations: 51.2 to 52.7: In this case, GBP/USD may fluctuate slightly within range, with a small chance of breaking higher.
  2. Above expectations: 52.8 to 53.5: An unexpected higher reading can send the pair well above one resistance line.
  3. Well above expectations: Above 53.5 points: The chances of such an outcome are low. Such a scenario would push GBP/USD upwards, and a second resistance level might be broken as a result.
  4. Below expectations: 50.4 to 51.1: A smaller than forecast gain would create pressure on the pound and one support level could be broken.
  5. Well below expectations: Below 50.4 points: A reading close to or below the critical 50 level cannot be ruled out in the current economic climate. In this case, GBP/USD could drop below two or more support lines.

Whatever happens,

G/L

ex member
  • #291,784
  • Nov 3, 2011 3:38am Nov 3, 2011 3:38am
i deleted my sell limit order near DP.
better wait.
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  • #291,785
  • Nov 3, 2011 3:42am Nov 3, 2011 3:42am
Quoting _BBKing_
yes i agree bro,
i completely missed that line seen also in weekly.
went long near 5280 but closed too early....
will be very interesting to see where will close actual candle.
dont you expect a possible move to that lower black lines before go 1.70?

No im expecting a new wave forming an uptrend 1.52 - 1.6140 now is the pullback (i hope ) to form the extended wave giving 1.65 to 1.70

1.57 would be approx 50% fib line..good area to try a long back to 1.59

1.59 holding as support is key to this uptrend..quarterly bearish pin is still in play and that is now formed temporary support (we are above the the trigger)..this needs to remain, if it holds 1.65 will be seen

thats also the range on the monthly chart..
  • #291,786
  • Nov 3, 2011 3:47am Nov 3, 2011 3:47am
in the bedrock then

before : here


Quoting iqyu5an
Deal but let them kiss 50 monthly ( oct ) fibo first and pull back from these level to 1.65 next month ...

just my 2 cent dream ....
Quoting nAVIN2007
No im expecting a new wave forming an uptrend 1.52 - 1.6140 now is the pullback (i hope ) to form the extended wave giving 1.65 to 1.70

1.57 would be approx 50% fib line..good area to try a long back to 1.59

1.59 holding as support is key to this uptrend..quarterly pin is still in play and that is now formed temporary support ..this needs to remain, if it holds 1.65 will be seen

thats also the range on the monthly chart..
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not euphoria follower
  • #291,787
  • Nov 3, 2011 3:58am Nov 3, 2011 3:58am
Quoting iqyu5an
in the bedrock then

before : here

yip ..we always on the same page..thats my second scenero thou..much prefer to see 1.59 hold as support after the initial break..if it form resistance then 1.57 is basically saving grace

I see u use Elliot wave analysis..good stuff bro

orderflow coming in here is a good sign
  • #291,788
  • Nov 3, 2011 4:00am Nov 3, 2011 4:00am
just trying and still learning always mate ...
Quoting nAVIN2007
yip ..we always on the same page..thats my second scenero thou..much prefer to see 1.59 hold as support after the initial break..if it form resistance then 1.57 is basically saving grace

I see u use Elliot wave analysis..good stuff bro
not euphoria follower
  • #291,789
  • Nov 3, 2011 4:03am Nov 3, 2011 4:03am
Quoting nAVIN2007
No im expecting a new wave forming an uptrend 1.52 - 1.6140 now is the pullback (i hope ) to form the extended wave giving 1.65 to 1.70

1.57 would be approx 50% fib line..good area to try a long back to 1.59

1.59 holding as support is key to this uptrend..quarterly bearish pin is still in play and that is now formed temporary support (we are above the the trigger)..this needs to remain, if it holds 1.65 will be seen

thats also the range on the monthly chart..
ok i just reloaded daily study to correct it up with recent moves.
drawing here a channel bottom on today's lowest, it appears perfect.
forgettin for a while fibos, euro, and other hourly techs (like possibe HS) and adding your long term study, this can really be a simple tech retrace for a new move up to meet near 63 this week or start of new week.
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  • #291,790
  • Nov 3, 2011 4:03am Nov 3, 2011 4:03am
Quoting iqyu5an
my imho... big investor is just waiting for cheaper price for euro and invest for longterm.

all euro issue made euro zone lower and lower coz their leader is so foolish last week.

if greece is kicked out AND euro zone cut their interest NOT HAIRCUT ( these will make their intrinsic value higher than their market value ) , investor really loves the situation.

just 0.2 cent

i agree..either way it is euro bullish
either new plan, market will see this as very bullish, or kick them out..will take away debt issue..euro will fly

but once again i know nothing abt this stuff..i dont trade using news
  • #291,791
  • Nov 3, 2011 4:09am Nov 3, 2011 4:09am
Quoting PoundTrader
im long 1.5926, t/p 1.6064, s/l 1.5859
OK this trade got closed yesterday at 1.5999, now im long again 1.5893 with take profit at 1.6023. good luck
  • #291,792
  • Nov 3, 2011 4:12am Nov 3, 2011 4:12am
recently i found an "old school" way to draw fibos.
it pick closing price instead of tops n bottoms.
funny to see price stopped above 38% fibofan! ...
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90% of traders use TA, indicators and prediction
  • #291,793
  • Nov 3, 2011 4:12am Nov 3, 2011 4:12am
becareful guys, this is not a strong bull, there is a chance it could drop, watch the news results and play your cards
  • #291,794
  • Nov 3, 2011 4:14am Nov 3, 2011 4:14am
Quoting PoundTrader
OK this trade got closed yesterday at 1.5999, now im long again 1.5893 with take profit at 1.6023. good luck
which is 23% fibofan retest and many other things!
good one! i hope you will get it!
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  • #291,795
  • Nov 3, 2011 4:14am Nov 3, 2011 4:14am
Quoting PoundTrader
im long 1.5926, t/p 1.6064, s/l 1.5859
ok this trade was close yesterday at 1.5999, now im long again at 1.5893 take profit 1.6023 good luck to all
  • #291,796
  • Nov 3, 2011 4:16am Nov 3, 2011 4:16am
Quoting _BBKing_
which is 23% fibofan retest and many other things!
good one! i hope you will get it!
thanks, il be watching the big news thats comming our way, like always anything can happen
  • #291,797
  • Nov 3, 2011 4:19am Nov 3, 2011 4:19am
some supply then at area of overnight/asian hi and 50% 6037-5875, Daily Pivot @/around 5964 is overhead.

Uk data in 10mins

G/L
ex member
  • #291,798
  • Nov 3, 2011 4:20am Nov 3, 2011 4:20am
i go for my coffee.
i dont want to waste time in this news
90% of traders use TA, indicators and prediction
  • #291,799
  • Nov 3, 2011 4:29am Nov 3, 2011 4:29am
Uk Data T-1 (Drum Roll)

Hope it doesn't disappoint Lol !
ex member
  • #291,800
  • Nov 3, 2011 4:34am Nov 3, 2011 4:34am
Quoting _BBKing_
ok i just reloaded daily study to correct it up with recent moves.
drawing here a channel bottom on today's lowest, it appears perfect.
forgettin for a while fibos, euro, and other hourly techs (like possibe HS) and adding your long term study, this can really be a simple tech retrace for a new move up to meet near 63 this week or start of new week.

channel is symetrical..always a good start
i do see 1.65 on the cards..lets see
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