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Cable Update (GBPUSD)

  • #314,041
  • May 21, 2012 3:35am May 21, 2012 3:35am
Quoting Ranke Ali
i think it will go down again
I guess the question is: Is this 1hr strength with the HL's and HH's just a poullback in the 4hr/Daily downtrend or does it poinnt to more upside/pullback in said trends and a break above current hi ?

G/L
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ex member
  • #314,042
  • May 21, 2012 3:38am May 21, 2012 3:38am
Waiting for the ten o clock Monday morning push up.
  • #314,043
  • May 21, 2012 3:38am May 21, 2012 3:38am
Quoting bbmac
I guess the question is: Is this 1hr strength with the HL's and HH's just a poullback in the 4hr/Daily downtrend or does it poinnt to more upside/pullback in said trends and a break above current hi ?

G/L
imho no one can actually knows that, until the resistance breaks..
  • #314,044
  • May 21, 2012 3:39am May 21, 2012 3:39am
Quoting Ranke Ali
i think it will go down again
After 4 or 5 touches, I'd say this zone is much less likely to hold. The more the touches, the less reliable a zone becomes. I'm favouring the break
  • #314,045
  • May 21, 2012 3:43am May 21, 2012 3:43am
Quoting Pedini89
After 4 or 5 touches, I'd say this zone is much less likely to hold. The more the touches, the less reliable a zone becomes. I'm favouring the break
oh, is that true? i thought the other way round..
  • #314,046
  • May 21, 2012 3:48am May 21, 2012 3:48am
Quoting A-speculator
oh, is that true? i thought the other way round..
A lot of people think that a lot of action at a zone means it is much stronger. Most of these zones are created from a supply and demand imbalance, each time they are hit orders are absorbed, moving price away. The more times these zones are hit, the more orders are absorbed until there are no orders left giving price a chance to move through freely.
  • #314,047
  • May 21, 2012 3:52am May 21, 2012 3:52am
Quoting A-speculator
oh, is that true? i thought the other way round..
if it were the other way round price would never move above/below 2 given zones ?...good explanation from Pedini89 above.

G/L
ex member
  • #314,048
  • May 21, 2012 3:53am May 21, 2012 3:53am
Quoting Pedini89
A lot of people think that a lot of action at a zone means it is much stronger. Most of these zones are created from a supply and demand imbalance, each time they are hit orders are absorbed, moving price away. The more times these zones are hit, the more orders are absorbed until there are no orders left giving price a chance to move through freely.
well sounds logical.. but what does it mean if the price stays at a zone for a long time? does orders being absorbed? but the price does not move away..
  • #314,049
  • May 21, 2012 3:53am May 21, 2012 3:53am
Bull flag at the top of this range
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  • #314,050
  • May 21, 2012 3:54am May 21, 2012 3:54am
I think it's gone, finish of the fight
  • #314,051
  • May 21, 2012 3:54am May 21, 2012 3:54am
Quoting A-speculator
i got in at 5830 (PO triggered with SL at 5845).
Nice... I got in 5831, SL also 5845, now on BE, looking for a 1.58 retest
  • #314,052
  • May 21, 2012 3:55am May 21, 2012 3:55am
4 hour candle almost complete.. i think it's time to go down..
  • #314,053
  • May 21, 2012 3:57am May 21, 2012 3:57am
Quoting chazzle
Bull flag at the top of this range
would say that's a downside break
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  • #314,054
  • May 21, 2012 3:57am May 21, 2012 3:57am
Quoting Chika Kure
Nice... I got in 5831, SL also 5845, now on BE, looking for a 1.58 retest
you follow my trade blindly eh.. you naughty2.. i have reason why i choose 5845 mate, please do your homework.. hopefully you will gain something from it.
  • #314,055
  • May 21, 2012 3:58am May 21, 2012 3:58am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
seems indeed, short from 5830 for a quick 30..done for the day
could be a lot more to come though...56ishhh but this is cable and it can screw..

Quoting chazzle
would say that's a downside break
  • #314,056
  • May 21, 2012 4:02am May 21, 2012 4:02am
Quoting chazzle
would say that's a downside break
shorting the pullback
  • #314,057
  • May 21, 2012 4:04am May 21, 2012 4:04am
Quoting ams
seems indeed, short from 5830 for a quick 30..done for the day
could be a lot more to come though...56ishhh but this is cable and it can screw..
ams buddy , how are ya --- looking for 785ish
  • #314,058
  • May 21, 2012 4:04am May 21, 2012 4:04am
Quoting A-speculator
you follow my trade blindly eh.. you naughty2.. i have reason why i choose 5845 mate, please do your homework.. hopefully you will gain something from it.
Nope, I do not follow - I have my own charts, I got 5830 level from weeks ago, good S/R level.
My standard SL for quick trades is 15 pips... As far as entry goes, we saw the same, which was not so difficult to see.
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  • #314,059
  • May 21, 2012 4:11am May 21, 2012 4:11am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
Hey Chaz, good mate...

Once we break Asia low, we might tank easily and I know why you are looking at that level

Cable has been really strong and it has been tanking for absolutely no reason given current climate I expected 58 to hold but it didn't so all weak longs are clear and shorts are on-board I reckon.

Equities have long way to go still dow jones 12000ish and S&P around 1250 . Aussie needs 95 and euro 25...so we might range till then..


Quoting chazzle
ams buddy , how are ya --- looking for 785ish
  • #314,060
  • May 21, 2012 4:12am May 21, 2012 4:12am
Quoting Pedini89
A lot of people think that a lot of action at a zone means it is much stronger. Most of these zones are created from a supply and demand imbalance, each time they are hit orders are absorbed, moving price away. The more times these zones are hit, the more orders are absorbed until there are no orders left giving price a chance to move through freely.
I agree with you but to do that it need more power so it should go down to get alot of power then start to up again with more bayers
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