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Cable Update (GBPUSD)

  • #314,641
  • May 24, 2012 11:32pm May 24, 2012 11:32pm
Quoting oathbreaker
I will not change my bias until there is change in weekly trend...This week it is down so my bias is down for next week too...

It is my bias.My 10 legs on GBP/USD are still making money...I want to add some more legs...lol
even i am bearish but short term staying away.
  • #314,642
  • May 24, 2012 11:32pm May 24, 2012 11:32pm
Quoting Nachiket
even i am bearish but short term staying away.
bought gbp/jpy for a change today.
  • #314,643
  • May 25, 2012 1:19am May 25, 2012 1:19am
Morning , same views with eu & even gold now , waitng breaks here 5601 breaks `to go next level 5448,5314 & 5265.
lets see
http://www.forexfactory.com/showthre...83#post5699383
fontu
Attached Image (click to enlarge)
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #314,644
  • May 25, 2012 1:27am May 25, 2012 1:27am
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
While I share the same views with everyone here as to the bearish nature of the GU. I do think however levels as low as 54 & 52 are a bit of a stretch on a Friday when many institutional traders will be kicked back with their mind on their money & their money on their minds.

After the week we've had...its just too much. I'm looking for choppy price moves up and down in a consolidation pattern. Next week could begin a grinding retrace. A weak retrace no doubt. THEN we should see another strong leg down.

Good luck to everyone
  • #314,645
  • May 25, 2012 1:52am May 25, 2012 1:52am
Quoting eggs
While I share the same views with everyone here as to the bearish nature of the GU. I do think however levels as low as 54 & 52 are a bit of a stretch on a Friday when many institutional traders will be kicked back with their mind on their money & their money on their minds.

After the week we've had...its just too much. I'm looking for choppy price moves up and down in a consolidation pattern. Next week could begin a grinding retrace. A weak retrace no doubt. THEN we should see another strong leg down.

Good luck to everyone
Good views , likely while strong down maintained will like it breaks min 5600 to keep alignment with the bear market without much protest . perhaps in this friday chopping as you says.
fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #314,646
  • May 25, 2012 2:02am May 25, 2012 2:02am
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
WEEKLY SUPPORT 1 is about 50 points south of price right now @ .5608

Could be a nice parking spot for the holiday weekend.
  • #314,647
  • May 25, 2012 2:05am May 25, 2012 2:05am
Quoting oathbreaker
Hey A-speculator

Let the big boys play there game and we will follow them.
I think 1.52 will be breached with in one month.Let us be patient
Very nice statement.
But..........can you please explain where you base this on.
Show a chart e.g so..............i can LEARN too!!!!!!
Thanks for your support
  • #314,648
  • May 25, 2012 2:28am May 25, 2012 2:28am
Quoting at2au
Very nice statement.
But..........can you please explain where you base this on.
Show a chart e.g so..............i can LEARN too!!!!!!
Thanks for your support
Hey at2au

Right now...i can't post any chart...I am in office

I will post it after i come back from office...
I am a hunter...i kill both bulls and bears...
  • #314,649
  • May 25, 2012 2:34am May 25, 2012 2:34am
Quoting Ill-b-back
Just wanted to share.
My baby girl wants to fly..

is she telling us cable is going to fly?
  • #314,650
  • May 25, 2012 2:57am May 25, 2012 2:57am
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
A. Traders are lacking conviction

OR

B. Low liquidity

OR

C. BOTH A & B
  • #314,651
  • May 25, 2012 3:02am May 25, 2012 3:02am
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
Ohhh. Come on now. This is an easy one.

Tell you what. First one to get it right gets a FREE copy of my e-book "Why Bad Things Happen To Good Traders"
  • #314,652
  • May 25, 2012 3:06am May 25, 2012 3:06am
Quoting eggs
Ohhh. Come on now. This is an easy one.

Tell you what. First one to get it right gets a FREE copy of my e-book "Why Bad Things Happen To Good Traders"
i also wrote a book called " Why Good Things Happen To Bad Traders"
  • #314,653
  • May 25, 2012 3:08am May 25, 2012 3:08am
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
Quoting PoundTrader
i also wrote a book called " Why Good Things Happen To Bad Traders"
let me guess. #1 reason is they spent too much time fuc*in around in ForexFactoy
  • #314,654
  • May 25, 2012 3:22am May 25, 2012 3:22am
Quoting eggs
let me guess. #1 reason is they spent too much time fuc*in around in ForexFactoy
thats right.agree 100%

"away watching porno"
patient is my attitude, rushing is a dog
  • #314,655
  • Edited 3:58am May 25, 2012 3:29am | Edited 3:58am
G/M

61.8% 5234-6300 and a previous Daily/4hr swing lo zone at yesterday's low and this has held when tested earlier today...the pullback rally finding supply at the steepest 4hr descending trend line so far.

Below current price:

[ 5648-36 prev minor 4hr/1hr sw lo zone
[ 5645-32 prev Daily/4hr sw lo zone incl 5642 = 61.8% 5234-6300
5631-18 prev 4hr sw lo zone incl 5626 = Daily S1 @/around, and 5616 = Monthly S2 @/around
5617-01 prev Daily/4hr sw lo zone
5588 Daily S2 @/around
5538 Daily S3 @/around
5502-5487 prev Daily sw hi zone (non immed) incl 5499 = Weekly S2 @/around, and 5487=76.4% 5234-6300
5455-50 Weekly ascending t/line coming thru on present daily candle
5428 Monthly S3 @/around
5392 85.4% 5234-6300

Daily is below.

G/L
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ex member
  • #314,656
  • May 25, 2012 3:59am May 25, 2012 3:59am
seems to me that price is knocking too much against this steep downtrend.
i'm out of any position for the moment.

reason: if breakes up can give a fast move. if goes down there is a lot of "support" levels just below here.

i don't like this kind of scenario.
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90% of traders use TA, indicators and prediction
  • #314,657
  • May 25, 2012 4:10am May 25, 2012 4:10am
Certainly Daily/4hr remain in a general opa downtrend but 1hr and below rangy at the moment. That previous weekly/daily swinmg lo ewxtends down to 5601 so could be support under this 61.8% mentioned in post above and yesterday's low.

G/L
ex member
  • #314,658
  • May 25, 2012 4:10am May 25, 2012 4:10am
Long, with a very small trade (1€ per pip), at 1.56546, a S/L of 10 pips and a t/p of 1.5740.

The low of 1.5640 hit yesterday was at the lower extremity of the 1.5655 +/- 15 pip S/R line, which proved very strong between late Jan through to mid March. It is possible that the three-week decline from the recent high of 1.6300 is over. Also, EUR, which has been tracking GBP, appears to have ended its sharp decline as well.

EUR & GBP economies not in great shape; not that convinced that Uncle Sam is much better!!
  • #314,659
  • May 25, 2012 4:16am May 25, 2012 4:16am
Quoting 16Nov16
Long, with a very small trade (1€ per pip), at 1.56546, a S/L of 10 pips and a t/p of 1.5740.

The low of 1.5640 hit yesterday was at the lower extremity of the 1.5655 +/- 15 pip S/R line, which proved very strong between late Jan through to mid March. It is possible that the three-week decline from the recent high of 1.6300 is over. Also, EUR, which has been tracking GBP, appears to have ended its sharp decline as well.
Have now moved S/L to B/E and will exit at the end of the day if the T/P not hit.

I don't like having positions open over the weekend, and particularly not when there is a bank holiday in London on the Monday, which tends to lead to "funny" days trading.

Best of luck to one and all.
  • #314,660
  • May 25, 2012 4:20am May 25, 2012 4:20am
nice tweezer bottom and 2 x PB candle combo trigger on 15min for some pip gain to the long side...still trangy though on 1hr and below.

G/L

Quoting 16Nov16
Long, with a very small trade (1€ per pip), at 1.56546, a S/L of 10 pips and a t/p of 1.5740.

The low of 1.5640 hit yesterday was at the lower extremity of the 1.5655 +/- 15 pip S/R line, which proved very strong between late Jan through to mid March. It is possible that the three-week decline from the recent high of 1.6300 is over. Also, EUR, which has been tracking GBP, appears to have ended its sharp decline as well.

EUR & GBP economies not in great shape; not that convinced that Uncle Sam is much better!!
Attached Image (click to enlarge)
Click to Enlarge Name: z.jpg Size: 71 KB
ex member
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