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Cable Update (GBPUSD)

  • #318,881
  • Jul 16, 2012 5:30pm Jul 16, 2012 5:30pm
Till in an opa range - the Daily t/f but looking more bullish than bearish at the moment with last 2 daily candle closes, today's breaking and closing above both the last LH and the descending trend line on this t/f.

G/L
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ex member
  • #318,882
  • Jul 16, 2012 5:35pm Jul 16, 2012 5:35pm
Quoting Ill-b-back
Yep, I'm closing out my longs then wait.
Do you ever pay attention to news or just completely mechanical?
all mechanical
  • #318,883
  • Jul 16, 2012 5:46pm Jul 16, 2012 5:46pm
Quoting PoundTrader
all mechanical
Thought might have been.
I've noticed that in this whole ranging market, we have not yet hit a fib of the major swing H and L and reversed to any extent off the fib.
Unusual for GU.
Come with me if you want to live....
  • #318,884
  • Jul 16, 2012 10:07pm Jul 16, 2012 10:07pm
ab=cd bearish is being stopped by bullish butterfly in 4H
http://www.forexfactory.com/attachme...1&d=1342494161


usdx ...found support ? main support or just ............. ? let see later
not euphoria follower
  • #318,885
  • Jul 16, 2012 10:27pm Jul 16, 2012 10:27pm
took a cheeky short - tight stop loss - always weary when cable heads above weekly and monthly pivot - but also keeping in tune with the lower highs and lower lows starting to appear..

see how 1 and 4hr closes in terms of the weekly R1 - also got LO and frankie to come

not perfect but lets see how it goes
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"Millionaires don't use astrology, billionaires do"
  • #318,886
  • Jul 17, 2012 12:46am Jul 17, 2012 12:46am
Quoting Ill-b-back
Thought might have been.
I've noticed that in this whole ranging market, we have not yet hit a fib of the major swing H and L and reversed to any extent off the fib.
Unusual for GU.
well look at the monthly and the last candle, this is ma time (i hope)
this monthly should be progressive
  • #318,887
  • Jul 17, 2012 1:20am Jul 17, 2012 1:20am
G/M,

Small upside follow thru on yesterday's Daily bullish candle and meets supply around 85.4% 5722-5392, classic bearish divergence patterns there to the 1hr.

How strong are the bulls now ?

G/L
ex member
  • #318,888
  • Jul 17, 2012 1:37am Jul 17, 2012 1:37am
To the immediate upside:

5670-77 prev minor 1hr sw hi zone incl 5670= 85.4% 5722-5392
5683 76.4% 5776-5392
5686 Daily R1 @/around
5703 Weekly R3 @/around
5705-22 prev minor Weekly/Daily/4hr sw hi zone incl 5719=85.4% 5776-5392
5722-31 prev 4hr sw hi zone
5739 Daily R2 @/around
5742-55-76 prev Weekly/Daily/4hr sw hi zone
5806-20 prev minor 4hr sw hi zone
5825 Daily R3 @/around
5826 Weekly R3 @/around
5835-46 prev Daily sw lo/hi & prev 4hr sw hi zone
5897 Monthly R1 @/around

G/L
ex member
  • #318,889
  • Jul 17, 2012 1:46am Jul 17, 2012 1:46am
Quoting bbmac
To the immediate upside:

5670-77 prev minor 1hr sw hi zone incl 5670= 85.4% 5722-5392
5683 76.4% 5776-5392
5686 Daily R1 @/around
5703 Weekly R3 @/around
5705-22 prev minor Weekly/Daily/4hr sw hi zone incl 5719=85.4% 5776-5392
5722-31 prev 4hr sw hi zone
5739 Daily R2 @/around
5742-55-76 prev Weekly/Daily/4hr sw hi zone
5806-20 prev minor 4hr sw hi zone
5825 Daily R3 @/around
5826 Weekly R3 @/around
5835-46 prev Daily sw lo/hi & prev 4hr sw hi zone
5897 Monthly R1 @/around

G/L

can u please tell me how this works and how to read this to understand
i will be really very greatfull to you
  • #318,890
  • Jul 17, 2012 1:54am Jul 17, 2012 1:54am
Quoting MrThief
can u please tell me how this works and how to read this to understand
i will be really very greatfull to you


wow, thats quite a question my friend......
Money never sleeps...
  • #318,891
  • Jul 17, 2012 2:02am Jul 17, 2012 2:02am
Quoting redbeben
oopppss...I think I'll kill this trade in baby size(some 10-20 pips only)
just don't like the M30 and H4 how it looks like

M30 about to grow a perfect buy and H4 ...well if we close above 1.5589 we hit 1.5620 for sure and maybe draw higher high @ 1.5692


man oh man.I wanted to short @ 1.5661...lucky me I didn't

there might be a chance of short to 1.5535
  • #318,892
  • Jul 17, 2012 2:02am Jul 17, 2012 2:02am
Quoting MrThief
can u please tell me how this works and how to read this to understand
i will be really very greatfull to you

These are key resistance levels above where we are now. Meaning areas in which the price might find it more difficult to pass through. They are created by a variety of data which would be very difficult to teach you in a message,

I suggest you do some reading
Money never sleeps...
  • #318,893
  • Jul 17, 2012 2:04am Jul 17, 2012 2:04am
Quoting nAVIN2007
well look at the monthly and the last candle, this is ma time (i hope)
this monthly should be progressive
Well, the June low is actually sitting right on a 50 fib itself, so you could be right brother.
Let's see what Ben thinks about your setup
Come with me if you want to live....
  • #318,894
  • Jul 17, 2012 2:21am Jul 17, 2012 2:21am
Please push up the price guys/gals, I have some sell limit orders waiting in the 5680 and 5720 area.
  • #318,895
  • Jul 17, 2012 2:23am Jul 17, 2012 2:23am
Hi

so here are the ''100% predictions'' for today

sells could be opened with caution @ 1.5685-92(92 is the best one for a good scalp) and higher @ 1.5701-1.5726(mid level 1.5715)

as soon as we cross 1.5726 there's no return till 1.5765 and to be honest...what's 1.5765 without 1.5784 my beloved target

on the other side,if you want to load long 1.5620-10 is a good place but a better one is 1.5596 ,1.5570 and 1.5535 where I might load if I can


have fun today....2 major news so keep a tight SL or stay out of trades
  • #318,896
  • Jul 17, 2012 2:25am Jul 17, 2012 2:25am
Quoting redbeben


man oh man.I wanted to short @ 1.5661...lucky me I didn't

there might be a chance of short to 1.5535
Maybe I am tired, but I did not get this...

What would have been wrong short at 1.5661?

Joe (tired)
  • #318,897
  • Jul 17, 2012 2:28am Jul 17, 2012 2:28am
Quoting Rasi
Please push up the price guys/gals, I have some sell limit orders waiting in the 5680 and 5720 area.
Yes im eyeing up 1.5685 and 1.5712 as possible reversal levels.
  • #318,898
  • Jul 17, 2012 2:29am Jul 17, 2012 2:29am
and now as news approach,and as I know we all like fundies let's draw a setup for CPI

above 2.9-3.0% wait for the retrace and buy

below 2.5-2.4% sell after the retrace.

but I don't expect moves to be too strong as all wait for the Feds
  • #318,899
  • Jul 17, 2012 2:29am Jul 17, 2012 2:29am
Quoting MrThief
can u please tell me how this works and how to read this to understand
i will be really very greatfull to you

I will have a go;

As some one else said (Thanks) they are potential resistance levels above the current price/potential support levels below the current price at time of posting per my methodology for guaging such - this is not to say that each will offer resistance/see supply/sell orders - support/buy orders or that I, via this methodology can guage all potential support/resistance in the market. No one can.

The 3 main potential support/resistance factors I use are

a. previous fractal price swing hi or lo's on the 1hr chart upwards ie previous near-term inbalances of supply over demnad or demand over supply that saw prices fall or drop respectively.
b. fibs plotted of the major price swings
c. trend lines joining fractal swing hi/lo's on the 1hr chart upwards

The one minor potential support/resistance factor I use are the calculated pivots such as Daily S1, R1 ,and these calculated on Weekly and Monthly t/f's as well.

It is the confluence of these 'potential supp/res factors that I look for mostly re potential price turning points howsoever temporary they may be - ie may just be a pullback in a trend.

Hope the graphic below helps re charts I post:

G/L
Attached Image
ex member
  • #318,900
  • Jul 17, 2012 2:41am Jul 17, 2012 2:41am
good eg of my above post - you can see the minor 1hr swing lo zone confluence with 23.6% of 1hr 5516-5677 swing up - mni were also talking about bids in the 5540/50 region...so it became a hi-prob set-up onn the lower t/f's (flat now but got 17 pips out of it) ...ie the previous minor resistance acted as minor support when tested in a pullbacvk form the topside- who knows we could see a with uptrend follow thru to a new trend hi above 5677 but for me I was happy with 17 pips to start the day.

G/L
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