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Cable Update (GBPUSD)

  • #292,741
  • Nov 17, 2011 4:52am Nov 17, 2011 4:52am
Cable is deadly boring today...
  • #292,742
  • Nov 17, 2011 5:07am Nov 17, 2011 5:07am
Quoting kratun
So where is the update ? All I can see is some sluggish lines on our chart and some useless indicators.
GU update
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  • #292,743
  • Nov 17, 2011 5:29am Nov 17, 2011 5:29am
G/M

Subdued pip range yesterday under the 20day atr. 5690 the current daily lo - @/around Daily S1 , 76.4% 5541-6165 in a previous 4hr swing lo zone. The pullback has reached 23.6% 6128-5690 @/around Daily R1.

@/below the current lo

[ 5696-90 prev 1hr/4hr swing lo zone
[ 5704-5681 prev 4hr sw lo zone incl 5689 = 76.4% 5541-6165 and Daily S2 @/around 5688

5660-53-5629 prev daily/4hr sw lo zone and prev dly sw hi zone incl 5657 = Weekly S3 @/around, 5652 = Daily S2 @/around, and 5632 = 85.4% 5541-6165

5613 61.8% 5270-6165
5586 Daily S3 @/around
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
5194 61.8% 4225-6746

To the immediate upside per the near-term 1hr screenshot below. Not shown are the unbreeched fibs of the swings down from 6165, 6029 and 6092 to current 5690 lo (all on 4hr chart)...also not there are the Daily Resistance pivots , ie Daily R1 = 5791, Dly R2 = 5858, Dly R3 = 5894

G/L
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ex member
  • #292,744
  • Nov 17, 2011 6:01am Nov 17, 2011 6:01am
Quoting iqyu5an
u use gartley indi... don't u ? take a look at daily TF, we will find same patern there.... but the question.... still no strong rejection at higher TF,say daily. once we get that........may be that will be the PRZ

time will tell
Yes you need to wait for valid entry on these- as you see the prz has moved itself 70 pips lower and on higher timeframes cable still looks bearish. Saw Oanda sending out emails advising clients to stay away from the market and watch. The market making you work for the money these days.
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  • #292,745
  • Nov 17, 2011 6:13am Nov 17, 2011 6:13am
I'm usually a lurker here trying to pick up the tricks and as far as patterns go, I'm trading this one on the 5m.

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A man is not defeated when he is beaten, he is defeated when he quits.
  • #292,746
  • Nov 17, 2011 6:31am Nov 17, 2011 6:31am
Good day to you,

Yesterdays attempt failed and again had to cut the trade. That was 2 in a row for me - ouch.

Confidence a little shaken - but that is a good thing, sometimes.

I currently have weekly and 4hr possible direction in agreement (for me), but daily against. So what to do? I am looking to buy dips (scalping) in the short term and looking to see if we can move a bit higher from the current levels...(1.5720 area)

I believe we will see another push lower in the next few days - but that will show itself when the time comes and from which level. Not going to pre-empt that.

All the best to you
  • #292,747
  • Nov 17, 2011 6:45am Nov 17, 2011 6:45am
undoubtedly 4hr is in a classic (opa) overall price action-peak/valley analysis downtrend..1hr is in a general downtrend with 100sma below it's 200sma and both pointing down...Daily may just be going into an opa downtrend with a 2nd LL and downside b/o of the recent range. Weekly still ranging with a LH now that follows the L at 5270.

100sma remains below the 200sma on daily and weekly in addition to 1hr mentioned above - only on 4hr (and monthly) does it remain above.

G/L
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ex member
  • #292,748
  • Nov 17, 2011 6:54am Nov 17, 2011 6:54am
5783-99 a 5 fib cluster of the unbreeched fibs of major 4hr swings down to 5690 (from 6165, 6129 and 6092) and some 1hr swings too down to same lo. Daily R1 @/around 5791

Current near-term 1hnr screenshot as below. Fibs on that t/f from the 5931, 5899, 5845 and 5815 1hr swings down to 5690, that 5815 being the last previous 1hr/albeit minor 4hr swing hi.
Attached Image
ex member
  • #292,749
  • Nov 17, 2011 7:02am Nov 17, 2011 7:02am
near-term current 4hr is below...you will see that 76.4% 5541-6165 in the previous 4hr swing lo zone where the current daily lo is. (5690)

intraday looks mixed-bullish atm.

G/L
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ex member
  • #292,750
  • Edited 7:14am Nov 17, 2011 7:06am | Edited 7:14am
nice upside follow thru on the 1hr bullish hammer master engulfing x 2 that just closed....a new current daily hi - challenging this fib cluster and prev 1hr swing hi zone now/Daily R1.

G/L
ex member
  • #292,751
  • Nov 17, 2011 7:21am Nov 17, 2011 7:21am
met supply at that previous 1hr swing hi zone/5 fib cluster and Daily R1...1min bearish div play led the way.

G/L
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ex member
  • #292,752
  • Nov 17, 2011 7:24am Nov 17, 2011 7:24am
1hr a little clearer here

you gotta love the principle of confluence !

G/L
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ex member
  • #292,753
  • Nov 17, 2011 7:32am Nov 17, 2011 7:32am
Quoting josef
Cable is deadly boring today...
180 pips profit aint boring......................
  • #292,754
  • Nov 17, 2011 7:39am Nov 17, 2011 7:39am
GU update
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  • #292,755
  • Nov 17, 2011 7:41am Nov 17, 2011 7:41am
price pulls back to the 38.2% of the a-b move up at the previous 5min swing hi and finds fresh demand...1min hidden div play there.

How strong are the bulls now ?

Outa here


G/L
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ex member
  • #292,756
  • Nov 17, 2011 8:12am Nov 17, 2011 8:12am
Quoting TauTrader
Good day to you,

Yesterdays attempt failed and again had to cut the trade. That was 2 in a row for me - ouch.

Confidence a little shaken - but that is a good thing, sometimes.

I currently have weekly and 4hr possible direction in agreement (for me), but daily against. So what to do? I am looking to buy dips (scalping) in the short term and looking to see if we can move a bit higher from the current levels...(1.5720 area)

I believe we will see another push lower in the next few days - but that will show itself when the time comes and from...
Good day to you,

Closing here @ Tuesday's low - will now wait

Regards
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  • #292,757
  • Nov 17, 2011 8:12am Nov 17, 2011 8:12am
GU makes me laugh.

on the hourly fib, hi low virtually 400 pips to the pip. what odds we see a 50% retrace to 5890 region on this before a fall tomorrow.
  • #292,758
  • Nov 17, 2011 8:38am Nov 17, 2011 8:38am
Quoting TauTrader
Good day to you,

Closing here @ Tuesday's low - will now wait

Regards
Hello, We are all waiting. . .

Josef
  • #292,759
  • Nov 17, 2011 8:48am Nov 17, 2011 8:48am
I hate these ping pong days. Seeing as Oanda has advised its clients not to trade I had a look at their stats for you Euro 75% of their most profitable traders were short and of the biggest losers 75% were also short- whipsaws collecting your stops.
  • #292,760
  • Nov 17, 2011 8:49am Nov 17, 2011 8:49am
just wait till daily close first for sure ....... ref to your gartley indi at daily TF
Quoting Flatfish
I hate these ping pong days. Seeing as Oanda has advised its clients not to trade I had a look at their stats for you Euro 75% of their most profitable traders were short and of the biggest losers 75% were also short- whipsaws collecting your stops.
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