Cable Update (GBPUSD)

well the friday close left many guessing now,and yes it may go up,but revisit to 1.55 is still on the chart to come,only question is will it reverse after 100pips or at 1.60

The plan of buying dips.

if SL hit I might follow the bears before continuing upmove.
or whatever the market wants, plan is just a plan.
.

why not , do the correct before or after that level reach , short cut is before & go break again & again all great levels as there gross usdx weakness for the timebeing if manage somehow not providing enough correction there to continue bear .that is lumsum correction at the arrest of current gu bull at top or nearer towards 1.55 before 1.60** to 1.61** & UP or last leg up bull continue now towards 1.60** with usdx to back at bottom to correct gu down great & usdx up also before next thrust to breaks 1.61** & up but with less strong thrust than other mode . little tough but possible & if very transient spike only as per usdx seeing also 2nd option up before correct down .

gu chart scenerios , the more direct up , 2nd option above , the more more chance it down great to even failure as see the real bo, pullback level .so bigger the crazy run the bigger the swing /ranges possible or even bull failure at short cut also . do it .

fontu .

Pointed out a couple of other 3 soldiers on your small chart.....look what happened after them....lower lows....and lower highs.......we will have to wait and see......but waiting and not trading does not lose you money.

watching for a reaction at 5990

Dear Tsar,

would you please advice how can I work with FPI line to make some PIPS.

Thanks.

uhm ok so 10G = 10.000$

thank you guys, i didn't know!

i don't think brokers have limitations if you profit more than 10G or 20G x week.
why should a broker have limitations in this?!

Global context

1.US economy seems to be turning the corner with last Friday’s NFP figures confirming the recovery (good news for the global economy).
2.USD Index is going up, even though there was some weakness during the last three hours of trading on last Friday (profit taking?)
3.Stock indexes are also up in the US and Europe.
4.Overall, the sentiment on last Friday was “risk-on”.
5.Greece continue to be a worry and nobody seems to know which way that is going to develop. (A Greek exit from the Euro would be an big inflection point and may cause massive ripple effects in the financial markets).
6.Situation in the middle-east is continuing to deteriorate.

GBP/USD daily charts (see chart below)

1.Continued to trend up last week, despite two down days.
2.Price is still within the channel (red lines).
3.Price went above the channel once and fell back quickly.
4.Price went up above the 200EMA (blue line) but finished almost at the trend line.
5.Price closed at 61.8% of the high printed on 31 October 2011.
6.MACD is heading up.
7.RSI is showing “over-bought” conditions with a value of circa 74 (come down from 81).
8.The initial reaction of the NFP figures on last Friday was bearish but prices recovered on the last three hours of trading which could be due to profit taking.
9.The Friday’s candle is a spinning top which may be an indication of a minor correction ahead (see tan arrows).


My trading plan for next week, assuming status quo

1.Looking at the hourly charts, the price is somewhat in the middle.
2.I will be buying in the region of 1.5720 – 1.5760 area (stop loss in the region of 200EMA – 20 pips below).
3.I will be selling in the region of 1.5890 (stop loss in the region of 1.5930 – 50% Fibo).


Please note that this is not a recommendation to anyone as I am still in learning mode and my trades are relatively short term (no trade is held for more than 3 days). I am posting this on the hope that some of the experienced/senior traders would be kind enough to take a look at it and correct me the things that I have missed.

Good luck with your trading everyone.

if 10 G is 1% imo the main question should 'how do you trust a broker to deposit your 1 million..

hello,
yes i also noticed those weekly soldiers yesterday while looking at Gu charts.
im very curious and have not a lot of memory so i went in h1 TF to see PA when price was in previous 3soldiers in weekly. what came out is that whole situation was completely different from actual.
or better, last swing was a "retrace" after a big fall from 1.66
the previous 3soldiers were similar whne price was retracing from 1.67 going re-test a main daily trendline.
actually ....IMHO.... we are at the beginning of a strong reversal. price bounced at the so much advertised weekly trendline, and eating ALL previous resistance factors (hourly-daily and also weekly), going above 50% daily fibo of last swing down, and closing 3candles above it.
i agree on a possible ranging near here, or else a possible "small" retrace this week, but overall i think we will visit 1.60 very soon (at least 1.5915). earlier than lower 1.57 area.
lets see today if pricfe opens bit lower, could be a good start

1 million in a trading account?
naa.... me will never fund an account with such a big amount of money. also if i had 100millions.

10k-20k account is WELL enough and maybe too much.....

Imo,if someone has larger account then 200k $ then your broker gonna be somekind of large bank,like goldman sachs or direct access to trading floor but not trading through fxopen or other some kind bucket shop.

and im sticking to this chart until proven otherwise,if we have a close above 5860 -(+) 20 pips then no point in shorting.

It does not apply if you have just resigned (fired?) from the central bank chief.
everything should be completely confidential. 10-20G profit a week ?


moneeeeey... f**k the rece$$ion I'm spending..

ahahahha

is that a flag or a diamond?

imo is a flag!

Very creative, it's a bit of both

very less resemble a diamond or aborting one in smaller tf & so more likely a bullflag .
similar one in usdx also , posted earlier bullflag there also but pressure to bear continuation can be ok too before act & here in eu too bull may act some before the last leg down of the flag . from the 2 bullflags only one to survive at the end & activate .
usdx has good reason to activate at the end .eu at weekly resistance now .

so swing through 3226 to 3080 now to decide for next swing 2900-3400 to next swing 3600 limit up & down previous low .

fontu
http://www.forexfactory.com/showthre...22#post5355822

yes correct! bit of both!
lets see next moves....

hello fontu,
interesting the scenario with a possible move near 1.29 -1.30 again.
1.32 definetly hard to be broken.
i will let it go for a while until gives something clear... actually possible a brake into 1.32 (or more) or else a brake into 1.30 (or more).
hopefully will give a re-test of this level to let me pick some 100-200 pips.
up or down no matter

Heavy talk about further extending QE this month which could heavily pressure cable in the coming months, but first we should see more fresh yearly highs to be able to go much lower later.