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Cable Update (GBPUSD)

  • #312,621
  • May 10, 2012 5:19pm May 10, 2012 5:19pm
Quoting Faller
If anyone was listening to my posts from the past hour or so.....the ones that said hint hint hint.....and watch your charts etc.......well - I just closed my position......

Will watch again as we approach the next news time -

Take care -

Faller

Results posted from late day hint - and total daily.

Going to relax now.

Faller
Attached Image (click to enlarge)
Click to Enlarge Name: Hint Hint Hint.png Size: 102 KB
I don't trust any move - when you have profit...take it.
  • #312,622
  • May 10, 2012 5:33pm May 10, 2012 5:33pm
Well that was a piss weak close, I still think we
can get to 6050
Come with me if you want to live....
  • #312,623
  • May 10, 2012 6:14pm May 10, 2012 6:14pm
Quoting Ill-b-back
Well that was a piss weak close, I still think we
can get to 6050
Had a good go at 62 but failed miserably, closing below yesterday's close. My daily momentum indi is still widening to the downside despite persistent bullish pressure. I also noticed we did not quite reach 50 retrace the other day and have not reached significant support yet at 6050-6000.
Come with me if you want to live....
  • #312,624
  • May 10, 2012 7:37pm May 10, 2012 7:37pm
Quoting Ill-b-back
Had a good go at 62 but failed miserably, closing below yesterday's close. My daily momentum indi is still widening to the downside despite persistent bullish pressure. I also noticed we did not quite reach 50 retrace the other day and have not reached significant support yet at 6050-6000.
We got higher daily low yesterday at 1.6095 compared with 1.6065 the previous day, we also have higher peak yesterday 1.6186, based on this, bullish has more chance...maybe next resistance level at 1.6200 will be tested. ....
  • #312,625
  • May 10, 2012 8:43pm May 10, 2012 8:43pm
Quoting Red Alert
We got higher daily low yesterday at 1.6095 compared with 1.6065 the previous day, we also have higher peak yesterday 1.6186, based on this, bullish has more chance...maybe next resistance level at 1.6200 will be tested. ....
Hey Red how are you bro? Do you believe this bull is now looking at bearish prices We could do Red, but yesterday's news spike caused the new high and is a common trap. Seems to be a false one since we closed lower today than yesterday. If we'd closed above yesterday it might have been on. I am very new to Daily PA trading so i am just feeling my way with this, but it just seems the market is not ready to go higher yet. But like I said, I am new to this strategy. Normally I swing trade but waiting for a set up can be very boring so just looking for a daily method. My daily momentum indi is not losing any bearish momentum either. Anyway, I'd love to see 6050-6000 for a buy depending on PA at those points. How's your trading going?
Come with me if you want to live....
  • #312,626
  • May 10, 2012 8:47pm May 10, 2012 8:47pm
Quoting Red Alert
We got higher daily low yesterday at 1.6095 compared with 1.6065 the previous day, we also have higher peak yesterday 1.6186, based on this, bullish has more chance...maybe next resistance level at 1.6200 will be tested. ....
I kind of think that higher low is false since we still haven't really tested support at 6050 yet. But just my thoughts. Down momentum on my indi is still very strong.
Come with me if you want to live....
  • #312,627
  • May 10, 2012 8:55pm May 10, 2012 8:55pm
Quoting Ill-b-back
Hey Red how are you bro? Do you believe this bull is now looking at bearish prices We could do Red, but yesterday's news spike caused the new high and is a common trap. Seems to be a false one since we closed lower today than yesterday. If we'd closed above yesterday it might have been on. I am very new to Daily PA trading so i am just feeling my way with this, but it just seems the market is not ready to go higher yet. But like I said, I am new to this strategy. Normally I swing trade but waiting for a set up can be very boring so just looking...
Hi bro....i like your opinion about what you named common trap...., let see how low today low will be......thank you for remindme about the trap bro.....
  • #312,628
  • May 10, 2012 8:56pm May 10, 2012 8:56pm
Quoting Ill-b-back
I kind of think that higher low is false since we still haven't really tested support at 6050 yet. But just my thoughts. Down momentum on my indi is still very strong.
You are very correct to think this way...
the shot up is a fakeout, why??
well according to the ichimoku indicator, any sudden move that blasts through both Red and Blue line will result in a downwards move, for a VALID upwards move, the red line has to cross the blueline upwards first before the price does....

when the red line crosses a blue line thats called a conversion, meaning a possible trend change occuring, and as you can see red line was still below blue when that thing shot up....
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdh4.11052012.0252.gif Size: 19 KB
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #312,629
  • May 10, 2012 9:03pm May 10, 2012 9:03pm
Quoting Red Alert
Hi bro....i like your opinion about what you named common trap...., let see how low today low will be......thank you for remindme about the trap bro.....
I am on my phone so can't post chart, but look across at the weekly chart to I think it is late 09, early 2010. We moved bullish for weeks and weeks, then retrace and went bullish again to form a sort of bowl at the top. This sluggish bullish/bearish PA we are experiencing now reminds me very much of that bowl. I remember trading it back then and just kept shorting down against the bullish news spikes (they gave great entries) from the 4hr 55ema until we got near the bottom of the bowl which was the 31.8 retrace before it started going north again.
Come with me if you want to live....
  • #312,630
  • May 10, 2012 9:15pm May 10, 2012 9:15pm
Quoting Ill-b-back
I am on my phone so can't post chart, but look across at the weekly chart to I think it is late 09, early 2010. We moved bullish for weeks and weeks, then retrace and went bullish again to form a sort of bowl at the top. This sluggish bullish/bearish PA we are experiencing now reminds me very much of that bowl. I remember trading it back then and just kept shorting down against the bullish news spikes (they gave great entries) from the 4hr 55ema until we got near the bottom of the bowl which was the 31.8 retrace before it started going north again....
Yes...i see the weekly chart already, technically logic, but try to compare seeing the chart at the higher time frame...specially 4H and higher.....solid bullish trend line still there....

both of us must be very carefull, you know how this bitch playing with full of trap...SL is the solution in case it is going to the other side of we expecting for....
  • #312,631
  • May 10, 2012 9:19pm May 10, 2012 9:19pm
Quoting bguguen
You are very correct to think this way...
the shot up is a fakeout, why??
well according to the ichimoku indicator, any sudden move that blasts through both Red and Blue line will result in a downwards move, for a VALID upwards move, the red line has to cross the blueline upwards first before the price does....

when the red line crosses a blue line thats called a conversion, meaning a possible trend change occuring, and as you can see red line was still below blue when that thing shot up....
Attachment
Yep, this strong daily rejection despite the higher low makes me feel we are going to 6000 before a possible reaction. GU searches out levels like a blood hound.
Come with me if you want to live....
  • #312,632
  • May 10, 2012 9:19pm May 10, 2012 9:19pm
Quoting Red Alert
Hi bro....i like your opinion about what you named common trap...., let see how low today low will be......thank you for remindme about the trap bro.....
i'm sorry as i may sound foolish as what i want to say may contradict of the bearish view.

imho, fake out means that the price retreat very fast back into the previous trend/channel which suppose to be a breakout price.

whatever the price prints tell us something. For me, i think there's might be the end of the retracement to the downside when the price reached ~6060 price area. line in the sand atm imho is about 6115 and bullish confirmation is above the 6200 price area.

i agree with your previous post regarding higher low and higher high since cable touched the 6060 price area, i don't think cable will get below the 6115, and as i said, to me 6115 is the turning point if the price able to closed below that in 4h then maybe we might see 6060 again if not, we may get above 6200 price area.

atm, candy is almost at the previous high and i think candy might not able to close above the 1.0040 price area. if candy able to clear the price level, then maybe we will see more pressure on cable but if candy retreat, i think we will see more upside on cable.

now, comparing the aussie and the kiwi, i think both of the pairs is consolidating on daily and have completed the 261 run down and might retrace back upside. until the 261 support broken down, then only i think cable will move downside. (i have posted the chart for both pairs in my previous post)

i never try to think of any fake outs, i always think that whatever the pattern prints in the chart is the real thing and i believe charts never lie.

well, thats my 2 cents.

happy trading mate, have a nice day.
  • #312,633
  • May 10, 2012 9:21pm May 10, 2012 9:21pm
Quoting Red Alert
Yes...i see the weekly chart already, technically logic, but try to compare seeing the chart at the higher time frame...specially 4H and higher.....solid bullish trend line still there....

both of us must be very carefull, you know how this bitch playing with full of trap...SL is the solution in case it is going to the other side of we expecting for....
Yep. I got that TL, 4hr steeper than daily, steeper than weekly, so price should be rocketing up big time, but it's not, which tells me it is listening to the bearsh TL from 63.
Come with me if you want to live....
  • #312,634
  • May 10, 2012 9:37pm May 10, 2012 9:37pm
Quoting A-speculator
i'm sorry as i may sound foolish as what i want to say may contradict of the bearish view.

imho, fake out means that the price retreat very fast back into the previous trend/channel which suppose to be a breakout price.

whatever the price prints tell us something. For me, i think there's might be the end of the retracement to the downside when the price reached ~6060 price area. line in the sand atm imho is about 6115 and bullish confirmation is above the 6200 price area.

i agree with your previous post regarding higher low and higher high...
Ah Crikey Specs, I can't believe how different our price forecasting had been lately, it's hilarious I'll BET my hat we reach 6000 or very near to it (stuff 6050). I'm just not prepared to EAT my hat just yet
Come with me if you want to live....
  • #312,635
  • May 10, 2012 9:48pm May 10, 2012 9:48pm
Quoting Ill-b-back
Ah Crikey Specs, I can't believe how different our price forecasting had been lately, it's hilarious I'll BET my hat we reach 6000 or very near to it (stuff 6050). I'm just not prepared to EAT my hat just yet
For whatever reason, I think this pair is very bad lately. The only winning party here is scalpers . Someone needs to spank this pair on the ass so HARD...
  • #312,636
  • May 10, 2012 10:09pm May 10, 2012 10:09pm
Quoting Ill-b-back
Ah Crikey Specs, I can't believe how different our price forecasting had been lately, it's hilarious I'll BET my hat we reach 6000 or very near to it (stuff 6050). I'm just not prepared to EAT my hat just yet
im glad we're on the same page here....
hes got to realise, that shot up was a news event that caused it.... and very often market likes to disagree with a candle dictated by news movement, well atleast thats how the GBPUSD is acting lately...
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #312,637
  • May 10, 2012 10:10pm May 10, 2012 10:10pm
Quoting 0rPhioZ
For whatever reason, I think this pair is very bad lately. The only winning party here is scalpers . Someone needs to spank this pair on the ass so HARD...
I agree,fundie wise its been illogical this year. It's kind of strange you know. When I look at TF's daily and above, it seems to me to be by far the most perfectly structured pair, it seems to have a very nice rhythm not seen on other pairs. It consistently just seems to stick to its structured path regardless of what I'd happening in the world. That is my observation anyway. Tech wise, it is my favorite.
Come with me if you want to live....
  • #312,638
  • Edited 11:09pm May 10, 2012 10:16pm | Edited 11:09pm
Quoting bguguen
im glad we're on the same page here....
hes got to realise, that shot up was a news event that caused it.... and very often market likes to disagree with a candle dictated by news movement, well atleast thats how the GBPUSD is acting lately...
Yeah I agree. There is still bullish momentum in the market when zoomed out on higher TF, but the sellers keep overcoming it, so I don't think we have not bottomed out yet. It just keeps squeezing the #%^* out of the bulls
Come with me if you want to live....
  • #312,639
  • May 10, 2012 11:03pm May 10, 2012 11:03pm
Quoting Ill-b-back
Ah Crikey Specs, I can't believe how different our price forecasting had been lately, it's hilarious I'll BET my hat we reach 6000 or very near to it (stuff 6050). I'm just not prepared to EAT my hat just yet


don't forget to mail me your hat if price unable to go to 6050..
  • #312,640
  • May 10, 2012 11:30pm May 10, 2012 11:30pm
Will it touch 6112? Or just smell it?

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