Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

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#317,201
Jun 22, 2012 10:24am Jun 22, 2012 10:24am

fontu
Joined Mar 2008 | Status: Name real with real own way | 23,413 Posts

so apparently the bear starts , a dwarf eneded or more to come next .limits watching for next 5634 or 5555 breaks . 5567 may up correction towards 5616 or so .
fontu

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Not understand?better not follow my analyses!doubt clearer first, risks ++

#317,202
Jun 22, 2012 10:45am Jun 22, 2012 10:45am

_BBKing_
Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts

Quoting redbeben

Disliked

too late on that ,already bought there and not gonna touch it anymore.

I have decided that GOLD is the hardest thing to trade.
why ?

well.....al the shmucks trade it.if you pick one dude from the street and ask him what he would trade he would say ''oil and gold coz the profit is big ''

so...being traded by so many non-traders that have no idea of trendlines nor clouds nor S and R it is unpredictable ....I guess....

one opens the newspaper and reads font 22-The only safeheaven gold ....so he buys....then he dumps it coz he needs...

Ignored

it's the same thing with EURO: you listen to the radio-tv-newspapers, seems like eu is going to 0.5 next week and meanwhile europeans will not have money to buy bread and water. then you open charts on sunday evening and find the stupid euro up 150 pips since friday closing price.

at least in gold when it takes a direction in daily, it respects for more than 2 days.

recently currencies are bouncing up-down and they will keep doing until things will calm down. some more 2 week IMO. just in time to give another slap. not enough buyers to go down. market must trap in some more...

look UJ move recently... down down down down down .... up.... sideway... then BOOM, down to lower levels again, but not a double bottom. hell no... would be too easy!! they clicked buttons in the middle and BOOM again, this time up without looking back even 30 damn pips.

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#317,203
Jun 22, 2012 11:40am Jun 22, 2012 11:40am

Hardstart
| Joined Jun 2012 | Status: Trader | 39 Posts

Hi guys. I am new here. I have been reading your posts for awhile and found them very useful particular BBking and Navin.
What do you think next week opening would look like? I believe there will be a gap.

Cheers and have a good weekend all.

#317,204
Jun 22, 2012 12:26pm Jun 22, 2012 12:26pm

redbeben
| Commercial User | Joined Feb 2010 | 2,739 Posts

Quoting Hardstart

Disliked

Hi guys. I am new here. I have been reading your posts for awhile and found them very useful particular BBking and Navin.
What do you think next week opening would look like? I believe there will be a gap.

Cheers and have a good weekend all.

Ignored

if you don't have a trade don't open one now

next week will start Thursday the EU summit....summit where it is supposed to be decided wether EFSF will buy Spanish and Italian bonds.....meaning market will rally ahead of that and price the market just in case they say YES.

Look at the charts from yesterday before Moody's downgrades.Market already priced itself ahead of the downgrades just to be sure they get a chunk of the profit.

Same thing might happen to EU next Monday and Tuesday and Wednesday....just to get a piece of pie.

Maybe it's gonna be a buy the rumour sell the fact scenario and Thursday EU will say no bond buyng yet and market will plounge....but we never know as maybe it will continue to rally to 1.5900 area and above ....as I dream

So,my advice,never open a trade Friday unless you scalp or never leave a trade with no SL during weekend in this efervescent market

#317,205
Jun 22, 2012 12:38pm Jun 22, 2012 12:38pm

Prodix86
| Joined May 2012 | Status: Trader | 135 Posts

Are we going to see 1.5616 before market close?

#317,206
Jun 22, 2012 1:05pm Jun 22, 2012 1:05pm

Hardstart
| Joined Jun 2012 | Status: Trader | 39 Posts

Quoting redbeben

Disliked

if you don't have a trade don't open one now

next week will start Thursday the EU summit....summit where it is supposed to be decided wether EFSF will buy Spanish and Italian bonds.....meaning market will rally ahead of that and price the market just in case they say YES.

Look at the charts from yesterday before Moody's downgrades.Market already priced itself ahead of the downgrades just to be sure they get a chunk of the profit.

Same thing might happen to EU next Monday and Tuesday and Wednesday....just to get a piece of pie.

Maybe...

Ignored

Wow, redbeben. Thank you for the informative response. Let us see next week. Have a good week end.

#317,207
Jun 23, 2012 3:37am Jun 23, 2012 3:37am

Niranj
| Joined Jun 2012 | Status: Trader | 205 Posts

Posting my analysis. everyone views and opinions are welcome.

1.5655 is holding. If the market opens above 1.56 level next week, this pair should continue with its bulls rally.

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#317,208
Jun 23, 2012 6:42am Jun 23, 2012 6:42am

Niranj
| Joined Jun 2012 | Status: Trader | 205 Posts

Last week GBP/USD retraced over 200 pips. GBP looks bullish technically and is holding well over 1.5555.

On Fibonacci lines between 1.5260-1.5780, GBP/USD retraced back to 61.8 level i.e 1.5580, next possible level is 50 level which is 1.5522, where there is strong support.

If market opens above 1.56 resistance level then GBP/USD will be bullish, if it retrace back to 1.5522 level then i will add another lot to my long position from 1.5660.

My overall views are bullish on GBP/USD. I will close my long positions if it dips below phycholigical resistance level of 1.5500.

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#317,209
Jun 23, 2012 11:23am Jun 23, 2012 11:23am

redbeben
| Commercial User | Joined Feb 2010 | 2,739 Posts

Quoting Niranj

Disliked

Last week GBP/USD retraced over 200 pips. GBP looks bullish technically and is holding well over 1.5555.

On Fibonacci lines between 1.5260-1.5780, GBP/USD retraced back to 61.8 level i.e 1.5580, next possible level is 50 level which is 1.5522, where there is strong support.

If market opens above 1.56 resistance level then GBP/USD will be bullish, if it retrace back to 1.5522 level then i will add another lot to my long position from 1.5660.

My overall views are bullish on GBP/USD. I will close my long positions if it dips below phycholigical...

Ignored

hi there Niranj,

interesting view but I just have to comment here

the fibo's you traced are the other way around.GU retraced to the 38.2 not 61.8

here is a guide on how to use fibo's

http://www.swing-trade-stocks.com/fi...racements.html

I'll post some charts with examples for you to fully understand how to use it

don't get me wrong...the price is still the same as you stated it is just diff numbers of fibo.

#317,210
Jun 23, 2012 2:16pm Jun 23, 2012 2:16pm

bbmac
Joined Jul 2007 | Status: Trader | 5,392 Posts

(truncated version)

With a few more trading days left in June so far last month's bearish thrust candle has been faded off that 5267 low. Looks like the 2nd LH on this t/f at 6300 will become a fractal swing on close of this month's candle and this will leave this t/f in an opa range. Price has travelled 83% of the 20 month atr so far in June.

The weekly t/f too remains in an opa range with a pullback off the L at 5267 and a bearish candle just closed. Price travelled 91% of the 20 week atr.

Friday's daily candle closed neutral (spinning top/doji ish) with a small bearish body and this after Thursday's bearish thrust candle. This t/f remains in a general opa uptrend but no HH as yet despite the 5 xHL's before the H at 5776, this week's 5556 being a L (although not fractal) below the highest mentioned HL. 61% only travelled of the 20 day atr by price on Friday.

Looking at the immediate downside of Friday's closing price inclusive of next week's weekly, and Monday's daily pivots:

5563-56 prev 4hr/1hr sw hi/lo zone (minor 4hr sw lo zone)
5549 Daily s1 @/around
5548-46 4 x fibs
[ 5530-20 ascending 4hr candle on 1st 4hr candle on the new week
[ 5529 76.4% 5453-5776
[ 5524-09 prev 1hr sw lo zone incl 5520=50% main 5267-5776move, 5514 = Daily S2 @/around, and 5518 = 85.4% 5473-5776
5501 85.4% 5453-5776 and Weekly S1 @/around
5495 61.8% 5320-5776
5492-76-72 prev Dly/4hr/1hr sw lo zone, incl 5491=76.4% 5402-5776
5465-52 prev Dly/4hr/1hr sw lo zone, incl 5460=61.8% main 5267-5776 move, and 5457=85.4% 5402-5776
5437 Daily S3 @/around
5427 76.4% 5320-5776
5418 Weekly S2 @/around
5412-02 prev minor 4hr sw hi x2 & Dly/4hr sw lo zone
5387/86 85.4% 5320-5776/76.4% main 5276-5776 move
5360 Daily S3 @/around
5340 85.4% main5267-5776 move
5332-19 prev Dly/4hr sw lo zone
5300-5290 ascending weekly trend line on current daily candle
5281-67 (-34) Prev Wkly/Dly/4hr sw lo zone

NB: 'fibs' refers to fibs of the moves up to 5776 from major 4hr/daily swings from and including 5267-where not individually named

G/L

ex member

#317,211
Jun 23, 2012 3:18pm Jun 23, 2012 3:18pm

Niranj
| Joined Jun 2012 | Status: Trader | 205 Posts

Quoting redbeben

Disliked

hi there Niranj,

interesting view but I just have to comment here the fibo's you traced are the other way around.GU retraced to the 38.2 not 61.8

here is a guide on how to use fibo's

http://www.swing-trade-stocks.com/fi...racements.html

I'll post some charts with examples for you to fully understand how to use it

don't get me wrong...the price is still the same as you stated it is just diff numbers of fibo.

Ignored

Redbeben
Thanks a lot. i Really appreciate your help and advice. I have updated the and edited the changes you suggested. I would welcome your suggestions and opinion. I have been through the link you posted and was really very useful. What other indicators your recommend to use and please send me the link if you suggest reading about any of the indicators.

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