Cable Update (GBPUSD)

NP.

Could have been priced-in earlier. Can not guarantee China's data not leaked.

Decided to leave GU again for now. EU is better aligned for me - GU may follow? Looking to long - so will focus there. Will catch you later.

Regards

short GU 56, target 52

First target of the week - 1.56900

Good day,

Will enter long here on this last dip.

Regards

Good morning,

So bored waiting for this support zone on EU to give way for my short to start looking in some way reasonable, that I have busied myself this morning with the Google Doodle. First time I have messed around with one; yes, fun was had.

Hope all are in the green come the close of play today... considering the US Thanksgiving, and market thinning out for the next few days.

The wind still blow to the US side.
China PMI data and 10-year eurozone government bonds doesn't make for happy reading.

Italy..... +10 bps to 6.92 %
Spain.... +5 bps to 6.66 %
France.. +9 bps to 3.63 %
Belgium. +10 bps to 5.17 %
Austria.. +6 bps to 3.56 %
Germany +4 bps to 2.17 %

http://my.jetscreenshot.com/6252/m_2...xkvr-111kb.jpg

swing ...target area 1.5444

TRADE UPDATE:

We're seeing downside cross pressure but the lower DTL (yellow line) holding again -- SO FAR -- on another assault...

Staying with the long position for now

Cable trading @ 1.5560 -ve 0.0080

3 x LH's and 3 x LL's now on daily t/f - with today's (Tuesday's) current lo @ 5581. 4hr too is in an overall price action downtrend. 50sma remains below it's 100sma - which in turn is below it's 200sma on daily and 1hr. On the 4hr - whilst the 50sma is below the 100sma, the 100sma remains above the 200sma. Got that ? Lol ! Price remains below all the sma's mentioned (200, 100 and 50) on daily, 4hr and 1hr.

4hr too is in a classic opa downtrend , and 1hr broke the consolidation to the downside - current daily lo 5552.

The main 4hr and 4hr/daily and 4hr/daily/weekly swings down to current 5581 lo are from 6165, 6128, 6092, and 5690 and I have fibs drawn from these swing hi's to that current 5552 lo on the 4hr chart.

To the immediate upside - per the 1hr near-term current screenshot below. Fibs on the 1hr drawn from 5806, 5766 and yesterday's 5691 hi to said 5552 current daily lo . The upside confluences of potential resistance/sbr factors are easy to spot/work out given the info above.


At the current lo and below :

5554-5549-5540 prev daily/4hr sw lo zone
5529 Daily S2 @/around
5504-5490 prev dly/4hr sw hi zone incl 5501 = Monthly S1 @/around
5481 76.4% 5270-6165
5479 Daily S3 @/around
5459 Weekly S2 @/around
5386 85.4% 5270-6165
5336-5319-5270 prev weekly/daily/4hr swing lo zone
5231 Weekly S3 @/around
5194 61.8% 4225-6746

G/L

A 4hr descending wedge has developed inside the 4hr descending channel..I have no idea what this means Lol !

G/L

Plain chart with one extension based on what I take to be the last significant swing for recent PA.

I'm not sure that Cable can uncouple itself from the woes of Europe at present, and on my charts price is currently trying to break a extension level at the 1.55 region. If this goes, I would be looking at the 1.52 region as perhaps providing the next significant level of support, but the next major extension level that I see is down in the 1.50 region. Of course, now that I have said that, it will rocket north...

Had wanted to try to long cable, but no signs of a bottom yet. Decided to play pound strength by being short eur/gbp which was an easy trade. Still room for more decent downside on the cross if you want to back the pound. 1.55 aarea may try long- till then keeping away from longs.

Yes Sir ! Loud and Clear !


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Daily below shows the 3 x LH's and LL's on this t/f now...also shown the previous minor daily swing lo (previous 4hr swing lo also) at today's current lo, the unbreeched fibs of the 5270-6165 move and of course the weekly/daily/4hr swing lo zone leading down to said 5270. Descending trend lines also shown on this t/f.

G/L

time frame m30 gbpusd


http://my.jetscreenshot.com/6252/m_2...-twgs-92kb.jpg

As we can see for the chart,GU is attempting to maintain and stay BELOW Yesterday Low.Therefore, we might expect the Market a Down Trend.

However,if it able to break and stay above Yesterday Low and Daily Pivot,we might expect an Up Trend.Keep on eye on few potencial SR Level:

1) Resistance - 1.5701 (1st Resistance)
2) Support - 1.5466 (1st Support-Fib Level)

As long as GU BELOW the Trend Line,GU is still Valid for Bearish


Twinsummit

Expecting at least that, will watch PA tomorrow and Friday, fact that there was virtually no retrace after Mondays long bearish day candle broke through its trendline, tells me a 61.8 retrace is in order, but will monitor

A trade for the newbie's...long cable to 1.56900..that means eur should follow or lead the way up..at the moment the trade is over 100 pips from the target.

I use a 200 pip stop from entry point 1.55640..chance of target being hit is 97% If you take this trade make sure you have enough free margin no more than 10% risk of your account if the stop is hit...try it on demo.

bought @ 1.55645


aiming for 20 points



manual stop