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Cable Update (GBPUSD)

  • #293,141
  • Nov 24, 2011 4:58am Nov 24, 2011 4:58am
Price action is occuring within a pronounced downward channel

I am looking for some discount preferrably after weak longs shakes in the bottom half to reenter...
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Hear the music before the song is over ...
  • #293,142
  • Nov 24, 2011 5:12am Nov 24, 2011 5:12am
Another trendline break for cable, still no buyers in strength but will have to see what plays out with US missing. Would expect the fib below to be a reasonable place to try a long at around 1.5485 as would expect a few shorts to book profits.
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  • #293,143
  • Nov 24, 2011 7:58am Nov 24, 2011 7:58am
Although we are in a downward channel, I believe we may be in line for a long awaited up move and looking at the hourly, 1.5646 could be on the cards (38.2% fib on the hourly chart from 1.5880 to 1.5485
  • #293,144
  • Nov 24, 2011 8:56am Nov 24, 2011 8:56am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Hey GM,

I reckon time to shout...

SALE SALE SALE....

Pound is on sale...grab it and hold it for few hundred pip drawdown and get 20% ROI in few days/weeks if wallet allows


Quoting GlobalMacro
Price action is occuring within a pronounced downward channel

I am looking for some discount preferrably after weak longs shakes in the bottom half to reenter...
  • #293,145
  • Nov 24, 2011 9:00am Nov 24, 2011 9:00am
Just back at desk updating charts.

Volumes likely thinner this London p.m re U.s Bank Hol and this could well hang over into tomorrow.

Price has breeched yeterday's 5493 to the downside and is testing 76.4% 5270-6165, @ / below here:

5481 76.4% 5270-6165
5462 Daily S1 @/around
5459 Weekly S2 @/around
5398 Daily S2 @/around
5386 85.4% 5270-6165
5336-5319-5270 prev weekly/daily/4hr swing lo zone incl 5303=Daily S3 @/around
5231 Weekly S3 @/around
5194 61.8% 4225-6746


G/L
ex member
  • #293,146
  • Nov 24, 2011 9:02am Nov 24, 2011 9:02am
on stage now : BELGIUM. 10 yr bond yield continues to rise.


while the US enjoying turkeys..
Attached Image
  • #293,147
  • Nov 24, 2011 9:04am Nov 24, 2011 9:04am
Heavy pressure following Merkozy comments and final rejection of 1.5560

Not only these levels are no discounts that I was looking for but comments like these
suggest selling risk premium --- don't really like breakouts but under these circumstances a better option and no shakeout of those longs yet either and until that occurs
can't go against Breakaway price action for the time being!

I'm short @ break of 1.5495
Hear the music before the song is over ...
  • #293,148
  • Nov 24, 2011 9:06am Nov 24, 2011 9:06am
Quoting ams
Hey GM,

I reckon time to shout...

SALE SALE SALE....

Pound is on sale...grab it and hold it for few hundred pip drawdown and get 20% ROI in few days/weeks if wallet allows
Hi AMS,

that's right is a better option for the time being...also see my post above regarding this
Cheers
Hear the music before the song is over ...
  • #293,149
  • Nov 24, 2011 9:10am Nov 24, 2011 9:10am
Going back to May 10 on the daily we are now on the 50% retrace from 1.423ish to 1.674ish (April 11) (can't draw accurately on ForexPros, but close enough.

Time for a bit of a bounce up to draw some ammo for the next down move?
  • #293,150
  • Nov 24, 2011 9:11am Nov 24, 2011 9:11am
Quoting Mr_H
http://my.jetscreenshot.com/6252/m_2...xkvr-111kb.jpg

swing ...target area 1.5444
hope today take profit....
  • #293,151
  • Nov 24, 2011 9:12am Nov 24, 2011 9:12am
100sma is converged on the 200sma on 4hr and pointing down - more price downside and could see a crfoss below on close of this 4hr candle...already on this t/f 50sma is below the 100sma and on 1hr/4hr 50sma is below 100sma and that below 200sma, so 4hr could well follow. Price is below these sma's on all t/f's. The current situation remains bearish at the moment. I would imagine that we would need to see an upside break clear and 1hr close above today's current Hi @ 5566 to relieve some of this underlying bearishness ? That said there are plenty of fibs/potential 1hr/4hr res/sbr areas overhead and in a such a market the ' sell the rally ' participants are usually strong looking to enter at a discount.

G/L
ex member
  • #293,152
  • Nov 24, 2011 9:13am Nov 24, 2011 9:13am
Quoting Mr_H
hope today take profit....
Hi,

your charts are horrible, they are barely legible -very difficult to see.

Edit: I just found a way to enlarge them Lol

G/L
ex member
  • #293,153
  • Nov 24, 2011 9:14am Nov 24, 2011 9:14am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
month is almost over and we are down 650 pip on pound , 560 on euro , 900 on aussie, 720 on kiw...we outta shake some shorts now
I reckon this was false move...
BOND market is always right! I do not see any T bills buying only gilt and eurobond buying , cannot understand this dodgy selling...we might recover today's selling before close or tomorrow.
I did expect 5450 first, not happening yet..

Quoting GlobalMacro
Hi AMS,

that's right is a better option for the time being...also see my post above regarding this
Cheers
  • #293,154
  • Nov 24, 2011 9:18am Nov 24, 2011 9:18am
Quoting bbmac
Hi,

your charts are horrible, they are barely legible -very difficult to see.

Edit: I just found a way to enlarge them Lol

G/L
n.p sir.. thanks..

i swing......
  • #293,155
  • Nov 24, 2011 9:18am Nov 24, 2011 9:18am
Quoting Flatfish
Another trendline break for cable, still no buyers in strength but will have to see what plays out with US missing. Would expect the fib below to be a reasonable place to try a long at around 1.5485 as would expect a few shorts to book profits.

Picked up a small long at 1.5488 stop already at b/e. I usually expect a reversal sometime on a late Wednesday. don't think there is any point jumping in long as price will range once London goes home. Better option to wait for tomorrow.
  • #293,156
  • Nov 24, 2011 9:21am Nov 24, 2011 9:21am
It's Thursday Lol.. anyways - what an interesting statement !

Repeating patterns of bullish osc div 1min -1hr at the lo...3min shown as an eg..

Outa here

G/L

Quoting Flatfish
Picked up a small long at 1.5488 stop already at b/e. I usually expect a reversal sometime on a late Wednesday. don't think there is any point jumping in long as price will range once London goes home. Better option to wait for tomorrow.
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ex member
  • #293,157
  • Nov 24, 2011 9:35am Nov 24, 2011 9:35am
getting so confused with the all the ups and downs forget what day it is- well the trade has worked ok so maybe I should forget what day it is and just trade what the chart shows. Resistance up ahread so will watch how price acts.
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  • #293,158
  • Nov 24, 2011 10:40am Nov 24, 2011 10:40am
Good day,

Acknowledge that I am confused at present and thus staying out of GU until things clear up.
Entered 1st long on EU on this current dip @ 1.33248. Will only be buying dips for the next few sessions. Manage them as we go.

Trade well

Regards
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  • #293,159
  • Nov 24, 2011 10:48am Nov 24, 2011 10:48am
Quoting GlobalMacro
Heavy pressure following Merkozy comments and final rejection of 1.5560

Not only these levels are no discounts that I was looking for but comments like these
suggest selling risk premium --- don't really like breakouts but under these circumstances a better option and no shakeout of those longs yet either and until that occurs
can't go against Breakaway price action for the time being!

I'm short @ break of 1.5495
Good day to you!

Nice to see you around the thread... your comment on shakeouts is exactly it. One would normally see a strong push to clear on possible reversal - but it just is not happening... this makes me to wait.

Will scalp EU in the interim.

All success to you

Regards
  • #293,160
  • Nov 24, 2011 11:13am Nov 24, 2011 11:13am
Quoting TauTrader
Good day to you!

Nice to see you around the thread... your comment on shakeouts is exactly it. One would normally see a strong push to clear on possible reversal - but it just is not happening... this makes me to wait.

Will scalp EU in the interim.

All success to you

Regards
Hi Tau,

Nice to see you too

Really don't like breakouts and even less late in the LDN session...but that's what the market indicated for my swing positions and those stubborn longs are still in the market and until those are flushed out, medium term, cable's probably moving down

Now, having said that, there are plenty of good opportunities to profit from moves intraday albeit all of them were on the bearish side as well but profits in the order of 30 or so pips were taken immediately

Have a great day!
Hear the music before the song is over ...
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