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Cable Update (GBPUSD)

  • #309,061
  • Apr 20, 2012 2:04am Apr 20, 2012 2:04am
Daily remains bullish with 4 consecutive up days and 2 x HL's and a H above last LH now.

G/L
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ex member
  • #309,062
  • Apr 20, 2012 2:08am Apr 20, 2012 2:08am
Quoting cambridge
We have all been in this. Don't panic.

We are in a bull market but the market always corrects it self.

My advise to you is, if your account is safe then take another sell position now and break even at 16010.

However allow for the market to continue up, and if it hits 16170 take another short - to close all positions at 16050.
Completely barmy.
Gone to a better place
  • #309,063
  • Apr 20, 2012 2:08am Apr 20, 2012 2:08am
Retail Sales m/m due at 4.30am
Hoping negative outlook.I am short.Even if its positive without Euro support pound won't go far and could drop significantly.
In trading, you have to be defensive and aggressive at the same time
  • #309,064
  • Apr 20, 2012 2:10am Apr 20, 2012 2:10am
Quoting bbmac
Longer term it seems that an up or downside breech of the Monthly wedgy triangle thingy is what to watch for ? Is the upside breech of the steepest descending trend line on this t/f a clue that an upside breech is more probable ?

G/L
Exactly, the only diff I have on my chart is no triangle touch on this years low. This suggests to me we could fly longer term with a new ascending TL forming, but that is only my idea nothing more.
Come with me if you want to live....
  • #309,065
  • Apr 20, 2012 2:33am Apr 20, 2012 2:33am
...for those here that have been selling all the way up (averaging in) - was this based on fundie analysis ? It can't have been tech analysis beacuse the scenario was clearly increacsingly technically bullish to the Daily t/f. So if it was fundie anlysis - when price action was not confirming your bearish analysis - why did you carry on selling ? is it beacuse your analysis holds good to a certain upside price level (your stop ?) and I suppose the supplemntary question is - why did you not just buy ?
----------------------------------

Price has peeked above yesterday's hi and found some supply there.
----------------------------------

Uk retails sales in just less than 1hr now.

G/L
ex member
  • #309,066
  • Apr 20, 2012 2:36am Apr 20, 2012 2:36am
http://www.forexlive.com/blog/category/techs/ is one guy's view
ex member
  • #309,067
  • Apr 20, 2012 2:37am Apr 20, 2012 2:37am
time to relax....

Inserted Video
not euphoria follower
  • #309,068
  • Apr 20, 2012 2:38am Apr 20, 2012 2:38am
Quoting Flatfish
Here is always an interesting chart. Notice how as the numbers of shorts grow the price climbs higher. Normally I would expect to see this number start to fall for a reversal as the shorts finally get stopped out. Anyway no short signal yet on the charts but possibly close. Will see what happens Friday.

http://fxtrade.oanda.co.uk/analysis/...cal-positions#

It is clear enough, MAJORITY ALWAYS WILL BE KILLID......
With leverage up to 1 : 500, majority position mean huge profit have to be paid if they win.....

So don't be part of slaughtered majority......

Good luck guys ---Just trust your self
  • #309,069
  • Apr 20, 2012 2:39am Apr 20, 2012 2:39am
Quoting iqyu5an
can we go there ?


I like that chart. 1.6165 is also an important weekly resistance level (October 2011) and it corresponds to your rising wedge. Definitely a mark to look for for bears.

Currently we seem to be retesting 1.6050 before probably continuing higher.
Gone to a better place
  • #309,070
  • Apr 20, 2012 2:41am Apr 20, 2012 2:41am
iqyu5an? Are those Murrey math levels on your chart?
Gone to a better place
  • #309,071
  • Apr 20, 2012 2:45am Apr 20, 2012 2:45am
hopefully ....

and about 6050 : can u see horizontal line from 2010-2012 brother ?
http://www.forexfactory.com/attachme...1&d=1334895255


murrey math ? sorry, which chart... ? i use fibo only on my charts

especially for intraday to monthly there is auto fibo indi that u can find here. just simple indi to make easier to see the chart. the purpose : no need to draw regular fib manually
Quoting smikester
I like that chart. 1.6165 is also an important weekly resistance level (October 2011) and it corresponds to your rising wedge. Definitely a mark to look for for bears.

Currently we seem to be retesting 1.6050 before probably continuing higher.
not euphoria follower
  • #309,072
  • Apr 20, 2012 2:49am Apr 20, 2012 2:49am
Quoting smikester
iqyu5an? Are those Murrey math levels on your chart?
It will clear up 4.30 am
If figures look negative It will drop.If positive then I'll jump on the train North.
In trading, you have to be defensive and aggressive at the same time
  • #309,073
  • Apr 20, 2012 2:58am Apr 20, 2012 2:58am
currently looks like market not prepared to push higher than yesterday's hi until retail sales are known ?
--------------------------

Weekly candle could indeed close as a master bullish engulfing/thrust candle if a close above wednesday's open.
---------------------------

G/L
ex member
  • #309,074
  • Apr 20, 2012 3:02am Apr 20, 2012 3:02am
Quoting bbmac
...for those here that have been selling all the way up (averaging in) - was this based on fundie analysis ? It can't have been tech analysis beacuse the scenario was clearly increacsingly technically bullish to the Daily t/f. So if it was fundie anlysis - when price action was not confirming your bearish analysis - why did you carry on selling ? is it beacuse your analysis holds good to a certain upside price level (your stop ?) and I suppose the supplemntary question is - why did you not just buy ?
----------------------------------

Price has...

Hi mate, is this question for me?.......the chart and reason posted already.....
http://www.forexfactory.com/showthre...378&page=20604

By the way, you make very nice analysis, keep share with us....

Why not just buy...?
Because for me todays consolidation is not simple just like what you thought...we have different assumption....but, You look reasonable anyway....i trust my own position,
Goodluck
  • #309,075
  • Apr 20, 2012 3:03am Apr 20, 2012 3:03am
bounces from steepest asc 1hr trend line on follow thru reaction to german ifo data...testing deeper into previous daily swing hi zone to 6092.

G/L
ex member
  • #309,076
  • Apr 20, 2012 3:04am Apr 20, 2012 3:04am
Quoting iqyu5an

and about 6050 : can u see horizontal line from 2010-2012 brother ?
1.6060 - 1.6050 is this month's high. 2nd April. That is what we have been testing at the moment . Thanks for the link, by the way.
Gone to a better place
  • #309,077
  • Apr 20, 2012 3:06am Apr 20, 2012 3:06am
thanks for the answer I was just interested - G/L with it.

Quoting Red Alert
Hi mate, is this question for me?.......the chart and reason posted already.....
http://www.forexfactory.com/showthre...378&page=20604

By the way, you make very nice analysis, keep share with us....

Why not just buy...?
Because for me todays consolidation is not simple just like what you thought...we have different assumption....but, You look reasonable anyway....i trust my own position,
Goodluck
ex member
  • #309,078
  • Apr 20, 2012 3:06am Apr 20, 2012 3:06am
talk about IF word...

If gold jumps... how about GU ?
not euphoria follower
  • #309,079
  • Apr 20, 2012 3:10am Apr 20, 2012 3:10am
Quoting iqyu5an
talk about IF word...

If gold jumps... how about GU ?
all these people short on pound holding below 1.58..are in for a shock of there life..pound strength cannot be touched once it kicks..even gold falling hasnt made it fall..

euro is starting to kick
gold will soon and USD will get creamed..


we are going to fly i think if it breaks 1.61 will are going 500 pips north at least based on a projection but i will hold the horseS at 1.65, need to be safe than sorry..LOL

1.67 i have in mind..longer term if 1.65 goes
  • #309,080
  • Apr 20, 2012 3:15am Apr 20, 2012 3:15am
they're warming up .........hmmm just a thought ...


Quoting nAVIN2007
all these people short on pound holding below 1.58..are in for a shock of there life..pound strength cannot be touched once it kicks..even gold falling hasnt made it fall..

euro is starting to kick
gold will soon and USD will get creamed..


we are going to fly i think if it breaks 1.61 will are going 500 pips north at least
not euphoria follower
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