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Cable Update (GBPUSD)

  • #318,661
  • Jul 12, 2012 3:38pm Jul 12, 2012 3:38pm
So today's move for me confirmed we're back in a downtrend. The daily retested the lower TL of our June bull trend as resistance yesterday. It got rejected. We've now broken through the neckline of the double-headed Ghost/H&S pattern and a close below it, which looks probable at this point, will be good confirmation.

I'm looking for a retest of 1.5460 where I'm putting a short entry order. Target 1.5400. We bounced off there today. Not sure if it breaks tomorrow or not. Will have to wait and see. If it does then we could see 1.5340 as the next major support level.
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  • #318,662
  • Jul 12, 2012 4:05pm Jul 12, 2012 4:05pm
the cretical playing , the more down there before more up & actually expecting this last chance up again for the great failure before the further more or great down start at last.
fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #318,663
  • Jul 12, 2012 5:10pm Jul 12, 2012 5:10pm
  •  eggs
  • | Joined Nov 2011 | Status: Everybodys A Central Banker Here... | 819 Posts
Quoting thegunslinger
So today's move for me confirmed we're back in a downtrend. The daily retested the lower TL of our June bull trend as resistance yesterday. It got rejected. We've now broken through the neckline of the double-headed Ghost/H&S pattern and a close below it, which looks probable at this point, will be good confirmation.

I'm looking for a retest of 1.5460 where I'm putting a short entry order. Target 1.5400. We bounced off there today. Not sure if it breaks tomorrow or not. Will have to wait and see. If it does then we could see 1.5340 as...
I always like the clean charts you post gs. Thanks.
  • #318,664
  • Jul 12, 2012 9:10pm Jul 12, 2012 9:10pm
I don't think GU can get by the supply zone..It's trying though..lol -
so am guessing 1.53XXX's close tomorrow..

Peace ...
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  • #318,665
  • Jul 12, 2012 9:24pm Jul 12, 2012 9:24pm
i'm standing by my conviction...but i've been wrong the last 12 trades.
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  • #318,666
  • Edited 11:27pm Jul 12, 2012 11:06pm | Edited 11:27pm
G/M,

Can't sleep so v.early start lol.

Upside breech of the steepest descending 1hr trend line off yesterday's 5392 low. A couple of minor 1hr swing lo's below the current price then:

[ 5400-5392 prev minor 4hr/1hr sw lo zone, 5392 = yesterday's lo.
[ 5395 area ascending 4hr trend line on present 4hr candle
5392-86: 5392=Weekly S1 @/around,5389=Monthly S1 @/around, 5388= Monthly S1 @/around, 5387=85.4% 5320-5776, and 5386=76.4% main 5276-5776 move
5373 Daily S1 @/around
[ 5350-33-19 prev Dly/4hr sw lo zone incl 5321= Daily S2 @/around incl 5340 85.4% main 5267-5776 move
[ 5325 area ascending weekly trend line on current daily candle
5305-5281-66-34 Prev Wkly/Dly/4hr sw lo zone (Wkly/Dly only to 5234) incl 5295= Weekly S2 @/around
5250 Daily S3 @/around
5189 61.8% 4225-6746
5131 Weekly S3 @/around
5074 Monthly S2 @/around

Daily looks like it could easily develop into a general opa downtrend and 4hr/1hr are in general opa downtrends correct at time of writing. Yesterday's daily candle was bearish at a 2nd LL on that t/f (though not a fractal swing there yet...it had quite a long wick at the bottom of it.

G/L
ex member
  • #318,667
  • Jul 12, 2012 11:30pm Jul 12, 2012 11:30pm
not much had changed accept my pivots and im not as negative in pips.
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  • #318,668
  • Jul 13, 2012 12:04am Jul 13, 2012 12:04am
Quoting sdcasper
not much had changed accept my pivots and im not as negative in pips.

are you holding an unrealised losing position (s) at the moment ? are you long or short ?

G/L
ex member
  • #318,669
  • Jul 13, 2012 12:08am Jul 13, 2012 12:08am
zones in soon time...
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  • #318,670
  • Jul 13, 2012 12:45am Jul 13, 2012 12:45am
Quoting big_pipin
Triangle pattern with measured move analysis
If this triangle proves right, market will continue downward.
  • #318,671
  • Jul 13, 2012 12:49am Jul 13, 2012 12:49am
Quoting Julexo
zones in soon time...
Nice trade dude
Come with me if you want to live....
  • #318,672
  • Jul 13, 2012 12:53am Jul 13, 2012 12:53am
Quoting Ill-b-back
Nice trade dude
  • #318,673
  • Jul 13, 2012 12:57am Jul 13, 2012 12:57am
no. dropped out at -1.9 pips. i was looking to get a run up to the confluence i posted earlier and then jump short. unfort. the market is relatively slow these hours. and not much movement outside the triangle. my bias is still short. just looking to jump in bearish after a retrace of yesterdays and todays high and low..
  • #318,674
  • Jul 13, 2012 1:06am Jul 13, 2012 1:06am
changing conviction due to time lapse to hit bullish target.
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  • #318,675
  • Jul 13, 2012 1:08am Jul 13, 2012 1:08am
Every go?
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  • #318,676
  • Jul 13, 2012 1:10am Jul 13, 2012 1:10am
Daily Pivot and previous 1hr minor swing hi zone where the supply was...price remains off yesterday's 5392 lo with a current pullback hi of 5443.

Current near-term 1hr as below

G/L
Attached Image
ex member
  • #318,677
  • Jul 13, 2012 1:17am Jul 13, 2012 1:17am
nice bearish engulfing at a support zone on the m30
  • #318,678
  • Jul 13, 2012 1:28am Jul 13, 2012 1:28am
Quoting sdcasper
nice bearish engulfing at a support zone on the m30
I think you mean a resistance zone ?
-----------------------------------------

Bullish sentiment so far today as price remains off the Thursday 5392 lo.

Is this a pullback or more ?

G/L
ex member
  • #318,679
  • Jul 13, 2012 1:38am Jul 13, 2012 1:38am
Not the most convincing downtrend you'lll ever see/have seen - more rangy than anything at the moment on this t/f ? although recently more bearish than bullish.

G/L
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ex member
  • #318,680
  • Jul 13, 2012 1:38am Jul 13, 2012 1:38am
Quoting bbmac
I think you mean a resistance zone ?
-----------------------------------------

Bullish sentiment so far today as price remains off the Thursday 5392 lo.

Is this a pullback or more ?

G/L

yes, resistance. too many coors lights to keep me company. market is so slow i needed and edge and that edge may be my demise.
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