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Cable Update (GBPUSD)

  • #292,501
  • Nov 14, 2011 9:57am Nov 14, 2011 9:57am
Quoting _BBKing_
  • #292,502
  • Nov 14, 2011 10:09am Nov 14, 2011 10:09am
Quoting A-speculator
alright, i put a line there mate..

I see you are expecting it to retest it's old resistance.. seems right also.
what i exactly mean is shown in h1
previous move from 61 to here shown good bounce adn good consolidations and kind of reversal pattern.

i agree with everyone that here is demand area but.... will it hold again?
PA is saying something different than last moves near here.

imho demand is being absorbed
could be completely wrong what i say, indeed i have already closed shorts. but personally going long looking at this chart looks also crazy!
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  • #292,503
  • Nov 14, 2011 10:14am Nov 14, 2011 10:14am
Quoting _BBKing_
could be completely wrong what i say, indeed i have already closed shorts. but personally going long looking at this chart looks also crazy!
I think just the opposite... not going long at these levels is completely crazy. I love these sorts of trades and I take them 100% of the time. The risk/reward at this level is amazing. I'll know within 20-30 pips if my longs are good or not. Why wouldn't I take that trade? I caught the move on Friday for the same reason and I'm not about to let a potential opportunity get away from me here! 20-30 pips penalty for being wrong? That's an extremely cheap price to pay.
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  • #292,504
  • Nov 14, 2011 10:19am Nov 14, 2011 10:19am
Quoting _BBKing_
what i exactly mean is shown in h1
previous move from 61 to here shown good bounce adn good consolidations and kind of reversal pattern.

i agree with everyone that here is demand area but.... will it hold again?
PA is saying something different than last moves near here.

imho demand is being absorbed
could be completely wrong what i say, indeed i have already closed shorts. but personally going long looking at this chart looks also crazy!
yeah, I know, cable weekly shouted to go down, fiber shouted to go up. Perhaps the swissy will show some light regarding this. my limit for swissy is PA at about 9085. if that break, i will rethink my strategy.
  • #292,505
  • Nov 14, 2011 10:19am Nov 14, 2011 10:19am
Just back at desk updating charts

Comlplete reversal of Friday's gains and more so far today in this gbpusd pairing...this or more downside and daily candle could well close as a master bearish engulfing ? Price just skirting the 4hr part of that previous 1hr/4hr swing lo zone listed below of potential supp factors to the immediate downside of current lo:

5889-78-67 prev 4hr/1hr sw lo zone incl 5868 = 61.8% 5681-6165
5853 50% 5541-6165
5855-5823-5818 prev 4hr/daily sw hi zone incl 5835= 61.8% 5629-6165, 5833 = Monthly Pivot @/around, 5824=38.2% 5270-6165
5820 Daily S2 @/around
5794 76.4% 5681-6165
5781-5752 prev 4hr sw lo zone incl 5781=61.8% 5541-6165, 5762 = Weekly S2 @/around and 5757 = 76.4% 5629-6165
5750 85.4% 5681-6165
5746 Daily S3 @/around
5718 50% 5270-6165
5708 85.4% 5629-5165
5704-5681 prev 4hr sw lo zone incl 5689 = 76.4% 5541-6165
5660-5629 prev daily/4hr sw lo zone and prev dly sw hi zone incl 5657 = Weekly S3 @/around, and 5632 = 85.4% 5541-6165
5613 61.8% 5270-6165
5554-5541 prev daily/4hr sw lo zone
5504-5490 prev 4hr sw hi zone incl 5501 = Monthly S1 @/around
5481 76.4% 5270-6165
5386 85.4% 5270-6165
5336-5319-5270 prev weekly/daily/4hr swing lo zone

To the immediate upside - as hr chart below.

G/L
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ex member
  • #292,506
  • Nov 14, 2011 10:21am Nov 14, 2011 10:21am
There's a weekly level just below expected demand at around 5830-34. Could be..
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  • #292,507
  • Nov 14, 2011 10:22am Nov 14, 2011 10:22am
Quoting _BBKing_
spot on mate..

see spain's spagna 35 is the highest drop today -2.36%


Quoting gsantri
Now its shifted to spain, and tomorrow could be germany enter the negative teritory. and the list goes on. never ending story.
...
  • #292,508
  • Nov 14, 2011 10:24am Nov 14, 2011 10:24am
Here is another 2 cents into this madness. I think a good place for a long is 5865, tp at 6050, sl 5825. As the real support is seen at 5835 to 5850. Even though 5870 has held. If 5870 is broken I do not think it will tank unless it closes below the 5800 area.
  • #292,509
  • Nov 14, 2011 10:24am Nov 14, 2011 10:24am
Quoting Geppy
I think just the opposite... not going long at these levels is completely crazy. I love these sorts of trades and I take them 100% of the time. The risk/reward at this level is amazing. I'll know within 20-30 pips if my longs are good or not. Why wouldn't I take that trade? I caught the move on Friday for the same reason and I'm not about to let a potential opportunity get away from me here! 20-30 pips penalty for being wrong? That's an extremely cheap price to pay.
this is market
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  • #292,510
  • Nov 14, 2011 10:32am Nov 14, 2011 10:32am
I have a plan to long GU and set s/l at 1.5840. But it is just a plan, not now, i will wait for either price drop close to 1.5870 or maybe after 4-6 hours (I use MACD and it seems the divergence of MACD and MA will be confirmed after 4-6 hours on the 1H chart).
  • #292,511
  • Nov 14, 2011 10:32am Nov 14, 2011 10:32am
Quoting _BBKing_
this is market
What hell does that even mean?
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  • #292,512
  • Nov 14, 2011 10:34am Nov 14, 2011 10:34am
Quoting Geppy
I think just the opposite... not going long at these levels is completely crazy. I love these sorts of trades and I take them 100% of the time. The risk/reward at this level is amazing. I'll know within 20-30 pips if my longs are good or not. Why wouldn't I take that trade? I caught the move on Friday for the same reason and I'm not about to let a potential opportunity get away from me here! 20-30 pips penalty for being wrong? That's an extremely cheap price to pay.

thats just the problem, u never quite know, unless for example it tries to go down and does but get rejected (big pin)..right now i reckon its in a range 1.61 - 1.59 and appears to be consolidating..

if it tries to break 1.59 producing a pin. wick rejecting the lows..then up otherwise down

we can never control the spike if there is one

i have found this type of control yur looking for in trade can come from above monthly if it possible..just my 2 cents
  • #292,513
  • Nov 14, 2011 10:38am Nov 14, 2011 10:38am
Quoting Geppy
What hell does that even mean?
It means you're getting over excited.
Gone to a better place
  • #292,514
  • Nov 14, 2011 10:42am Nov 14, 2011 10:42am
Quoting Geppy
What hell does that even mean?
i mean that at every level some one buy some one short and some other wait for another level.

i wait for another level!
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  • #292,515
  • Nov 14, 2011 10:43am Nov 14, 2011 10:43am
Quoting smikester
It means you're getting over excited.
yeah... I don't think so.
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  • #292,516
  • Nov 14, 2011 10:43am Nov 14, 2011 10:43am
GU breakout TL and Psycho Level.If the market able to BO previous support then we should expect a Minor down trend.Our next level we should care bout is Monthly Pivot,our next support.Or else it bounce back to previous resistance.Lets wait and see.

Twinsummit
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  • #292,517
  • Nov 14, 2011 10:45am Nov 14, 2011 10:45am
The R:R is not very good here IMHO. It's New York and equities are down again. New York is going to short the dollar?

In any case, if 1.5900/1.5880 holds again it's going to blunder into resistance at 1.5923, as I see it. After that, up, maybe. I wouldn't add or cover this at the moment:

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Gone to a better place
  • #292,518
  • Nov 14, 2011 10:59am Nov 14, 2011 10:59am
Think this will take the 1.5865ish level and then back up to 1.594ish level.

Let's see.....................
  • #292,519
  • Nov 14, 2011 11:05am Nov 14, 2011 11:05am
i let it go.
i need a rest.

good luck you all
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  • #292,520
  • Edited 12:44pm Nov 14, 2011 11:54am | Edited 12:44pm
Hi all,

Scalped Cable @ 5885 SL 10, descending wedge into support. First TP 5908, if it hits, I'm leaving some to run for 5940.

Manual closed 2/3 1 pip short, as the trend line is coming into play, rest left to run @ BE.
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