Cable Update (GBPUSD)

Quoting _BBKing_

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everybody scared by market?

yes me too!

but c'mon!!!! this thing is out of a strong daily downtrend line tested duing asia 1.56485.

who have balls to short it? we couold see 20-30 pips down and a push up of 100 then 20-30 down then push up again. no lines no resistances.
main is near 5730-50.

just my idea..
maybe im crazy! lets see

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Quoting Ill-b-back

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Maybe everyone took your earlier advice and decided to do something else personally I'm long.

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Quoting Fudomyo

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EU once below the DP 3046 area, 2900 looks good. Should carry us along.

the 4H 3100 support needs to go first.

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Quoting _BBKing_

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everybody scared by market?

yes me too!

but c'mon!!!! this thing is out of a strong daily downtrend line tested duing asia 1.56485.

who have balls to short it? we couold see 20-30 pips down and a push up of 100 then 20-30 down then push up again. no lines no resistances.
main is near 5730-50.

just my idea..
maybe im crazy! lets see

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Quoting _BBKing_

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uhm, you mean when i said i stay out whole day?
ok, i did coz i was busy. also true that these levels are very hard to trade, looking charts this move today not easy.
i now wait flat and ready to open a short near 5730 with large stop loss.
lets see

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Quoting fontu

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Ok , actually with usdx broken it's key levels & got no any good support yet rather the channel bottom to play someor 79.35 another channel if works as thought before to try pullack now before further tank towards the good support previous weekly/monthly ltl 78.77 eu expecting 2966/70 only without breakout or if towards 2933 stop perhaps to bounce more , 3428 or nearer not reached as of previous analysis there as per MM .but if bychance this 2933 broken the full correction possible before further up to there . still not in the scene .

progress...

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Quoting Fudomyo

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USDX is at an interesting spot. I was looking lower too, but the thrust candle breakout on December 12 had to take out this last resistance area. (where price stopped) so is a valid area for reversal too.

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Quoting fontu

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Wavewise it lost great key levels & now only save channel as 79.35 stays one now or below , ltl prevous 78.77 or 76.** levels , may be in use for bull continue otherwise bear & bear continuation usd to follow through below all time great reccession us 70 or 68 low .
lets see if any time the last leg bull in big bear set up come success to develop real bull to run , certainly may think at more lower levels or not , totally failed currency for 2012 , greatest surprise .
fontu

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Quoting buleud

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which one fit for newbie like me...scalp or daily trade?please give me some advice?

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Quoting zarach

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yes these past two days were crazy days
another lesson to learn for me in situation like this better to stay off..
btw if mr. smikester n bbaker is here thank you for your advice n the link it help me a lot

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Quoting fontu

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Wavewise it lost great key levels & now only save channel as 79.35 stays one now or below , ltl prevous 78.77 or 76.** levels , may be in use for bull continue otherwise bear & bear continuation usd to follow through below all time great reccession us 70 or 68 low .
lets see if any time the last leg bull in big bear set up come success to develop real bull to run , certainly may think at more lower levels or not , totally failed currency for 2012 , greatest surprise .

anyway sl at be eu , gu & tp set conservative & go for the day .
fontu

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Quoting Fudomyo

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days like this not much to talk about. we ran up to the weekly resistance and covered the W ATR yesterday so personally working smaller TF 20-30 pip trades today, (which demand more focus and aren't worth posting about).

but this has been a great week for me, especially on the Aussie pairs.

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Quoting Faller

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Here is a weekly chart of Cable....

Another reason I put my short on today is that we have a DEATH CROSS http://www.smartinvestingdaily.com/a...ng-081911.html

The 50 ema has crossed below the 200 ema and price action is below all moving averages.

This is a weekly chart - so after a multi day run up...

Notice how -

Stochs did not follow price up
Macd was not able to cross over
We are hitting the upper trend line of a down channel
And we have a death cross formation
And Britian has a negative GDP
And Britian...

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Quoting _BBKing_

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hello,
in my charts that weekly TL is already broken. i mean price went out of it with the move to 5730 today. but as you maybe already know, in mt4 weekly TL are really confused!!

about the stochastic in weekly i agree that is not following price but doesn't it need candle to be closed to updated its value?
what i mean is: ok for supply area but imo we will visit 5750 before see any strong correction down. 5750 area (+20-20pips) in weekly should be a strong turning level....
below i drawn in daily also some strong fibo confluence.
5630 and 5750...

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Quoting Faller

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All well said....

I don't disagree with you at all.......but if you look at my post....I was not calling for a major crash for this pair.....to me a 30 to 70 pip corrective move is not that big at all.....a little retrace back down down to trend line would be healthy.....or maybe price will just consolidate sideways until moving averages catch up with price......my second post of the weekly chart was just showing further confirmation for my entry.

Cheers and thanks for the banter!

Faller

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Quoting Ill-b-back

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From what I have observed and understand about trendlines in the traditional sense, a double touch on one line (by the correct timeframe candle - in this case weekly) without a touch on the opposite PARRALLEL line, signals a future break of that line??

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