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Cable Update (GBPUSD)

  • #306,921
  • Apr 9, 2012 5:59am Apr 9, 2012 5:59am
http://www.forexfactory.com/attachme...1&d=1333969093
Attached Image (click to enlarge)
Click to Enlarge Name: ddd.png Size: 146 KB
  • #306,922
  • Apr 9, 2012 6:34am Apr 9, 2012 6:34am
Quoting Avinash87
Yes indeed I am glad to discuss this, I will attach the chart so that youll be able to understand, note that you can use 4h only if you are holding for a reasonable number of pips.

http://i44.tinypic.com/2cdwpia.png

From the chart you will come to know from 1 month it has been moving in a channel uptrend creating higher highs and higher lows
well let's concentrate on swing that i have circled, as you can see, we have already break the uptrend channel and in the larger TF, yes, we are indeed have not break the trendline yet, that is the trendline the price rebounce last week which is also at the 50% fibo.

looking close on the swing that i circled, in that swing, we still has not make any higher high or higher low, in fact we are still making lower high and lower low.. as long as the swing stays like that, it still has not invalidated the down move.. imho.

Further downside pressure will be seen if we break the 5800 level, imho.

what i'm waiting for right now is ucad to close above 1.0 level.. if ucad manage to close above the 1.0 price level, i think we will see more pressure to cable..
Attached Image (click to enlarge)
Click to Enlarge Name: cable..png Size: 65 KB
  • #306,923
  • Apr 9, 2012 6:45am Apr 9, 2012 6:45am
Quoting A-speculator
well let's concentrate on swing that i have circled, as you can see, we have already break the uptrend channel and in the larger TF, yes, we are indeed have not break the trendline yet, that is the trendline the price rebounce last week which is also at the 50% fibo.

looking close on the swing that i circled, in that swing, we still has not make any higher high or higher low, in fact we are still making lower high and lower low.. as long as the swing stays like that, it still has not invalidated the down move.. imho.

Further downside pressure...
Yes you are partly correct but im focusing more on a confirmation for downtrend which according to me in a H4 has not started... I dont look in a gap of 3-4 candles in a H4 chart...i look for more stronger points for confirmation so traders could trade it comfortably and look at it...Now it had created higher lows in an uptrend channel which would indicate it still up until the support of uptrend is broken.
  • #306,924
  • Apr 9, 2012 6:47am Apr 9, 2012 6:47am
But in a H1 chart, it has created lower highs and higher lows...where it is creating a consolidated range as the cable has formed a triangular pattern...
  • #306,925
  • Apr 9, 2012 6:50am Apr 9, 2012 6:50am
Quoting Avinash87
Yes you are partly correct but im focusing more on a confirmation for downtrend which according to me in a H4 has not started... I dont look in a gap of 3-4 candles in a H4 chart...i look for more stronger points for confirmation so traders could trade it comfortably and look at it...Now it had created higher lows in an uptrend channel which would indicate it still up until the support of uptrend is broken.
i cannot see the higher low that you're referring to mate, atm the price is forming the third lower high as in your chart..

first minor confirmation is the breakout of 5850.. then 5750-5800 area.. then only 5600..
  • #306,926
  • Apr 9, 2012 6:56am Apr 9, 2012 6:56am
Quoting A-speculator
i cannot see the higher low that you're referring to mate, atm the price is forming the third lower high as in your chart..

first minor confirmation is the breakout of 5850.. then 5750-5800 area.. then only 5600..
Uptrend channel with Higher low- 12th March low 1.5600 approx then 15th March low 1.5640 then 5th April low 1.5800...as of today low also 1.5835...so the higher lows in order 1.5600,1.5640, 1.5800 and 1.5835....

The more number of times it bounces from the uptrend base line the more strong the support it is...

I hope you got it
  • #306,927
  • Apr 9, 2012 7:10am Apr 9, 2012 7:10am
Quoting Avinash87
Uptrend channel with Higher low- 12th March low 1.5600 approx then 15th March low 1.5640 then 5th April low 1.5800...as of today low also 1.5835...so the higher lows in order 1.5600,1.5640, 1.5800 and 1.5835....

The more number of times it bounces from the uptrend base line the more strong the support it is...

I hope you got it
i see.. you are looking at the larger scale.. i'm only concentrate on the swing that i circle.. as i see it, the price has broken 1 uptrend swing, waiting for the other swing to break the support to further confirms the bearish view.. which i think it will..
  • #306,928
  • Apr 9, 2012 7:11am Apr 9, 2012 7:11am
  •  duca
  • | Joined Dec 2011 | Status: Investing is simple, but not easy | 409 Posts
wally is open today?
who of large traders trade today?
tks
give 1 and get 100
  • #306,929
  • Apr 9, 2012 7:23am Apr 9, 2012 7:23am
  •  duca
  • | Joined Dec 2011 | Status: Investing is simple, but not easy | 409 Posts
Quoting duca
wally is open today?
who of large traders trade today?
tks
yes
Berny speak in asia at what time? gmt
give 1 and get 100
  • #306,930
  • Apr 9, 2012 7:55am Apr 9, 2012 7:55am
cleared and reversed my position..
  • #306,931
  • Apr 9, 2012 7:59am Apr 9, 2012 7:59am
my position is based on the previous fibo level. the entry is based on 1h chart.. i'm trading against the support.

later guys..
Attached Image (click to enlarge)
Click to Enlarge Name: cable.gif Size: 39 KB
  • #306,932
  • Apr 9, 2012 8:06am Apr 9, 2012 8:06am
it looks like we are breaking down the resistance.

https://www.tradingview.com/i/X7jiv3oj

https://www.tradingview.com/e/ntksJqQy/
  • #306,933
  • Apr 9, 2012 8:08am Apr 9, 2012 8:08am
Quoting A-speculator
my position is based on the previous fibo level. the entry is based on 1h chart.. i'm trading against the support.

later guys..

why with the sudden change bro?
anyway scalper like me really cannot stand this length of consolidation...
I trade to live
  • #306,934
  • Apr 9, 2012 8:13am Apr 9, 2012 8:13am
Quoting UbuFamily
why with the sudden change bro?
anyway scalper like me really cannot stand this length of consolidation...
because it's impossible to swing with PA like this to the downside.. so i think perhaps better if i just scalp.. lol.
  • #306,935
  • Apr 9, 2012 8:19am Apr 9, 2012 8:19am
Quoting A-speculator
because it's impossible to swing with PA like this to the downside.. so i think perhaps better if i just scalp.. lol.

cantik la beb! hehe
I trade to live
  • #306,936
  • Apr 9, 2012 8:25am Apr 9, 2012 8:25am
Quoting A-speculator
because it's impossible to swing with PA like this to the downside.. so i think perhaps better if i just scalp.. lol.

r u long or short now? and form what level....do you have targets...

thanks...
I don't trust any move - when you have profit...take it.
  • #306,937
  • Apr 9, 2012 8:34am Apr 9, 2012 8:34am
Quoting Faller
r u long or short now? and form what level....do you have targets...

thanks...
i'm just scalp in 15min chart.. lol. depends on the PA.. 20-30 pips target maybe..

currently i still long on cable..
  • #306,938
  • Apr 9, 2012 8:42am Apr 9, 2012 8:42am
Quoting A-speculator
i'm just scalp in 15min chart.. lol. depends on the PA.. 20-30 pips target maybe..

currently i still long on cable..

I don't trust any move - when you have profit...take it.
  • #306,939
  • Apr 9, 2012 8:51am Apr 9, 2012 8:51am
Quoting Faller
i think price will not be able to break the 5850 support in volume like this, that is why i play around at about the support.. if price gets to 5844, it will hit my SL and i will call it a day..

later mate..
  • #306,940
  • Apr 9, 2012 9:09am Apr 9, 2012 9:09am
we have to be very careful around this area as ucad currently at its critical resistance and if ucad unable to close above 1.0 and have significant rejection at 1.0 area, i think i might hold my position for a bit longer, along with fiber..

green pips guys.
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