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Cable Update (GBPUSD)

  • #313,261
  • May 15, 2012 7:54pm May 15, 2012 7:54pm
I keep my hat
I wonder if the retailers will change from long to short when this ascending TL goes? That would be funny.
Come with me if you want to live....
  • #313,262
  • May 15, 2012 7:58pm May 15, 2012 7:58pm
Know your price levels......don't trade blind - things can turn on a dime.
I don't trust any move - when you have profit...take it.
  • #313,263
  • May 15, 2012 8:01pm May 15, 2012 8:01pm
Quoting Ill-b-back
I keep my hat
I wonder if the retailers will change from long to short when this ascending TL goes? That would be funny.
congrats, im giving you a vouch... BTW... interesting key area 1.6 became resistance once again....
the day just go interesting.... with asia already int he mood to sell... i wonder what london has up its sleeve that so that US can make GBPUSD tank further...
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #313,264
  • May 15, 2012 8:01pm May 15, 2012 8:01pm
can i see g/u 6060 today ???
  • #313,265
  • May 15, 2012 8:12pm May 15, 2012 8:12pm
If GBPUSD keeps this rate and stays below 1.60
this is my next target i'll be eyeing....

around 1.5750 is the next bearish target

Trendline and 50% fib confluence zone

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdd1.16052012.0204.gif Size: 13 KB


Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdw1.16052012.0205.gif Size: 17 KB
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #313,266
  • May 15, 2012 8:28pm May 15, 2012 8:28pm
For newbies..avoid reading whatever they wrote here..trust your own chart.
  • #313,267
  • May 15, 2012 8:31pm May 15, 2012 8:31pm
Quoting Nisda_
For newbies..avoid reading whatever they wrote here..trust your own chart.
  • #313,268
  • May 15, 2012 8:32pm May 15, 2012 8:32pm
Quoting bguguen
If GBPUSD keeps this rate and stays below 1.60
this is my next target i'll be eyeing....

around 1.5750 is the next bearish target

Trendline and 50% fib confluence zone

Attachment

Attachment
  • #313,269
  • Edited 8:35pm May 15, 2012 8:34pm | Edited 8:35pm
Quoting bguguen
already killing the GBPUSD off so early???

For me....GBP futures opened up at 6pm est at 1.6095 -- currently trading at 1.6080......that is only 15 pips down......is that what killing it means for Asia?


Anyway - nice to see you are a little more clam the past days.....I have taken you off ignore......

Remember.....don't get cocky.......know your levels.....trade your trade not someone else's trade...
I don't trust any move - when you have profit...take it.
  • #313,270
  • May 15, 2012 8:45pm May 15, 2012 8:45pm
Quoting Faller
For me....GBP futures opened up at 6pm est at 1.6095 -- currently trading at 1.6080......that is only 15 pips down......is that what killing it means for Asia?


Anyway - nice to see you are a little more clam the past days.....I have taken you off ignore......

Remember.....don't get cocky.......know your levels.....trade your trade not someone else's trade...
i know my levels and yes ive posted my reasoning why if GBPUSD cannot get back above 1.60 next level we shall be seeing is around 1.5750 as thats where a trendline lies and 50% fib retracement
couple posts back i posted something with 2 charts and the reasoning too...

And yes Given the fact that i say Asia's already up to killing it... GBPUSD normally has a 10 or so pip range during illiquid asian period... the fact that GBPUSD HAS broken below 1.60 and reaching for 1.5975, the Deeper Asia manages to drive GBPUSD below 1.6 the harder it will be for london open to get back above 1.60

1.60 support of yesterday will become Today's Resistance and i myself an a big fan specailly in these conditions to Sell on pullbacks....
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #313,271
  • May 15, 2012 8:51pm May 15, 2012 8:51pm
Quoting bguguen
i know my levels and yes ive posted my reasoning why if GBPUSD cannot get back above 1.60 next level we shall be seeing is around 1.5750 as thats where a trendline lies and 50% fib retracement
couple posts back i posted something with 2 charts and the reasoning too...

And yes Given the fact that i say Asia's already up to killing it... GBPUSD normally has a 10 or so pip range during illiquid asian period... the fact that GBPUSD HAS broken below 1.60 and reaching for 1.5975, the Deeper Asia manages to drive GBPUSD below 1.6 the harder it will be...
  • #313,272
  • May 15, 2012 8:52pm May 15, 2012 8:52pm
Quoting Mr.4season

i wonder if your thumbs down is towards my analysis or the direction the GBPUSD is headed...
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #313,273
  • May 15, 2012 9:18pm May 15, 2012 9:18pm
Took a long @5971
  • #313,274
  • May 15, 2012 10:01pm May 15, 2012 10:01pm
Quoting GSGill
Took a long @5971
Tp?? Sl??
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #313,275
  • May 15, 2012 10:03pm May 15, 2012 10:03pm
I have taken 2 trades one on monday and 2nd trade today.

Monday trade +100 pips(i forgot to move it to b/e)
today trade +15 pips(will wait till tomorrow morning to move it to b/e if it is a loss then i will take loss)

All the best guys.

Cheers
Prakash
I am a hunter...i kill both bulls and bears...
  • #313,276
  • May 15, 2012 10:04pm May 15, 2012 10:04pm
Quoting oathbreaker
I have taken 2 trades one on monday and 2nd trade today.

Monday trade +100 pips(i forgot to move it to b/e)
today trade +15 pips(will wait till tomorrow morning to move it to b/e if it is a loss then i will take loss)

All the best guys.

Cheers
Prakash
sorry missed a line.Both trades are open.
I am a hunter...i kill both bulls and bears...
  • #313,277
  • Edited 10:21pm May 15, 2012 10:18pm | Edited 10:21pm
Quoting bguguen
Tp?? Sl??
SL 25pips TP 1 25pips TP2 50pips TP3 75 Pips SL moved to BE+3 as TP1 is hit.
  • #313,278
  • May 15, 2012 10:54pm May 15, 2012 10:54pm
Quoting bguguen
i know my levels and yes ive posted my reasoning why if GBPUSD cannot get back above 1.60 next level we shall be seeing is around 1.5750 as thats where a trendline lies and 50% fib retracement
couple posts back i posted something with 2 charts and the reasoning too...

And yes Given the fact that i say Asia's already up to killing it... GBPUSD normally has a 10 or so pip range during illiquid asian period... the fact that GBPUSD HAS broken below 1.60 and reaching for 1.5975, the Deeper Asia manages to drive GBPUSD below 1.6 the harder it will be...
I agree with you.As long as Euro is falling Cable will continue along with however reversal on Euro is also same for cable.
I have been short and only short on Cable.
I closed my positions and waiting for London.There could be retrace to 1.60 and back down harder.
$$ trading
In trading, you have to be defensive and aggressive at the same time
  • #313,279
  • Edited May 16, 2012 12:14am May 15, 2012 11:32pm | Edited May 16, 2012 12:14am
Sell the pound.

Pity I do not have even one mini lot short from 1.6300 area...

Update: -6% on account balance
  • #313,280
  • May 15, 2012 11:52pm May 15, 2012 11:52pm
There is Bullish Gartley Harmonic pattern on GBPUSD on H1 TF.

Ideal entry level is @ 1.5921 - 1.529.

Significant fibo cluster in PRZ is @ 1.5947 - 1.5952.

Those two areas looks good for a long position in a corrective move up. That view can be supported by my Elliott wave count, however H1 Gartley long is good for 1.6000 test from downside and I would not expect price to make the new highs above 1.6300. But this is forex and anything can happen.

And there is another harmonic pattern - Bearish Butterfly on D1 TF thaht looks more valid to me for a larger move down then this H1 Gartley.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbp_butterfly.jpg Size: 120 KB
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