Cable Update (GBPUSD)

up because there were more buyers than sellers...

Amazing, well done

S: 1.5663 R:1.5798

Good evening fellow traders.....just stopping by to say hi as I took a week off from posting - as I found it was getting in the way of my trading concentration. Just sitting here after hours and wanted to point out a post that I made back on February 5th - here is the link http://www.forexfactory.com/showthre...63#post5357063 and below I will post the chart from the post and I will post and updated chart so you can see how things developed from my analysis.

Hope everyone is doing well!

Cheers,

Faller

I think it's time to try to go up. Long at 1.5714

When you lose, Do not lose your lesson.

Look forward price moving down to test 200MA ( 1.5670 ) on the H4 tf.

it is on the way, hold on to your hats folks!!!

+60 pips right now, close partial position and moved stop

perhaps we may get 5500 area?

GBP/USD's fall from 1.5928 extends further today and intraday bias remains on the downside. As note before, a short term top is formed at 1.5928 on bearish divergence condition in 4 hours MACD

GBPUSD plan for the week or two to come. I studied the wave cycle over the weekend and it looks like trend is within a barrier triangle in a falling channel. lets get into some details here, trend now is within the last wave (D) within the triangle and going into its final (E) targeting 1.66550. The triangle started with minimum price of 1.35230 on Jan 24, 2009 and hits the max of 1.67600 on August 2009. Since then price kept ranging in this area until this date. Anyways with today chart, I do see an expanded flat going into wave II at approximate 1.56480 or at 1.618 Fib level with a falling diagonal ended with zigzag (e) (Shown in Green). However, I am a Bullish now with a stop lose at 1.54500 and open target waiting for the pattern to get completed. Good Luck on your trade

mornin' guys, I attached a scenario I think might happen today since the cpi numbers are expected to keep the pound going south maybe it's a good time to short? what do you guys think?

I think it's good. 1st target 4hr 200ema, 2nd target daily 60sma

it just won't go down

i think if GU today candlestick can close below level 1.5700, it definitely will add more bearish presure for the pair & might even change the trend from bullish recently to bearish...

Alright guys,

Cable traded as low as 1.5686 but seems to be finding some support

I'm closing the short position here @ 1.5710 and taking 100 pips profit


My Position Is Now F L A T.

Bearish daily candle results yeszterday after the pullback to 5826 from Friday's 5729 lo, this a follow thru on Friday's bearish and last week's bearish inverted hammer candles.

5683 the current daily lo (61.8% 5528-5927/85.4% 5640-5927.) @/under this low to the immediate downside;

5694-83 prev 1hr sw lo zone incl 5683/81 = 2 x fibs
5678 Weekly S1 @/around
5663-5640 prev dly/4hr sw hi/prev 4hr sw lo zone incl 5663 = 38.2% 5234-5927 and 5642 = Daily S3 @/around
5623/22 2 x fibs
5604 Weekly S2 @/around
5598 Monthly Pivot @/around
5586/80 2 x fibs
5551 61.8% 5318-5927
5542-5528 prev 4hr sw lo zone

Uk Inflation data at 0930am gmt.

G/L

Uk inflation data might have an impact at 0930am gmt ? Are the bulls aiming for at least 50% of the last 4hr swing down ? ie yeststerday's hi - today's current lo 5826-5683 which is @ 5755.

Time will tell.

G/L

Retesting last weeks low?

price is already below last week's low ? you mean the week before that ?

G/L