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Cable Update (GBPUSD)

  • #326,081
  • Oct 8, 2012 5:28am Oct 8, 2012 5:28am
Quoting nAVIN2007
looks good!!..
as you can see that redline at 1.6047 may act as a support....i also have a pivotal trendline support there but when i mean pivotal it means the market has been going and down and up and down along this trendline... so a break below is very much possible... this will have to wait until i see 1.6047 being a clear break. if thats the case.... my weekly target at 1.5860 will reach soon enough
We live in a finite world with infinite possibilities.
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  • #326,082
  • Oct 8, 2012 5:29am Oct 8, 2012 5:29am
Quoting bguguen
Trades are looking fine... maybe an understatement right there....
Attachment
Building up my short positions too...

Attached Image (click to enlarge)
Click to Enlarge Name: 20121008_GU_H4.jpg Size: 130 KB


I have a TP of 1.6030 for the lower one and then short again on the retrace...
  • #326,083
  • Oct 8, 2012 5:32am Oct 8, 2012 5:32am
Quoting redbeben
now which one first ? 6026 or 6130?

pick one quick
Don't forget to include the spread... therefore 6130
  • #326,084
  • Oct 8, 2012 5:35am Oct 8, 2012 5:35am
Quoting bbakker
Don't forget to include the spread... therefore 6130
to be honest I have no clear sign of retrace yet so we're kind of in the middle of nowhere now

6026 would be good for me just to bail out for a decent profit on shorts and try a long

upper levels....6141 changed so 6130 migh change as well

will update as soon as I have a clue about what I am saying here..

I'll try to find the targets I posted 2 weeks ago to see what the hell I was talking about ..I have a short memory
  • #326,085
  • Oct 8, 2012 5:36am Oct 8, 2012 5:36am
Quoting bbakker
Now that m15 has closed below 1.6056, I think we will see 1.6026 today which is where the buyers will be coming in again. US on holiday today, so I don't expect much price action after 16:30 BST, unless some shark decides to move the market during low volumes.

Happy trading!
yup beleive me I am quite happy bears to keep trucking, but I just feel the 200sma ans ltl deserve respect, will see shortly if buyers are having interest

I thing only japan off today, usa is alive and kicking i thinking, i will check
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  • #326,086
  • Oct 8, 2012 5:40am Oct 8, 2012 5:40am
Quoting KiwiTrada
yup beleive me I am quite happy bears to keep trucking, but I just feel the 200sma ans ltl deserve respect, will see shortly if buyers are having interest

I thing only japan off today, usa is alive and kicking i thinking, i will check
Buddy its US bank holiday... thats why its risk off friday AND today.... besides we just busted through that H4 EMA 200, if we can close below it, then it opens us up to 1.59xx areas...
We live in a finite world with infinite possibilities.
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  • #326,087
  • Oct 8, 2012 5:43am Oct 8, 2012 5:43am
Quoting bguguen
Buddy its US bank holiday... thats why its risk off friday AND today....
ok you chart above has some nice entries, I have similar on my long term account, I did post when building postiions that I would be looking to keep them 1 - 2 months

edit i only use sma200 and it still intact ;-))
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  • #326,088
  • Oct 8, 2012 5:46am Oct 8, 2012 5:46am
Quoting KiwiTrada
ok you chart above has some nice entries, I have similar on my long term account, I did post when building postiions that I would be looking to keep them 1 - 2 months

edit i only use sma200 and it still intact ;-))
maybe you should put in an EMA55 to go with EMA200 and look at what the charts tell you... very often when EMA55 is above EMA200 you should be looking for shorting opportunities... becaus thats when bearish momentum starts gaining at the highs....
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return: 0.7%
  • #326,089
  • Oct 8, 2012 5:48am Oct 8, 2012 5:48am
Quoting redbeben
usdx will have 8-10 uptrend days pretty soon it started already so probably monday will gap up
next stops as follow 81.35
82.89(82.55 is in the middle but it will go right through)
84.40(84.44 to be precise) as last stop
that counts as 250-280 pips downmove on GU and EU ...which figures as per my timing of max 15 days to reach 1.5900 on GU and 1.2653 on EU
if I put both together I see that EU will drop slower than GU on this as it is already 50 pips ahead ....on GU is perfect as we are 240 pips away from TP1
on...
28th sept so still days to go

I always do better calculations in the past than in present time.....now I have a dilemma....should I follow my dream of becoming a finance minister and be dumb or should I continue with my spaceship engineering and quantic phisics and build a time machine so I can go back in time and do present calculations ?
  • #326,090
  • Oct 8, 2012 5:57am Oct 8, 2012 5:57am
Quoting redbeben
to be honest I have no clear sign of retrace yet so we're kind of in the middle of nowhere now

6026 would be good for me just to bail out for a decent profit on shorts and try a long

upper levels....6141 changed so 6130 migh change as well

will update as soon as I have a clue about what I am saying here..

I'll try to find the targets I posted 2 weeks ago to see what the hell I was talking about ..I have a short memory
London has changed the short-term numbers...

Nearest resistance 1.6072
Nearest support 1.6042

I see bullish divergence on m15. I will close my lowest short ~1.6042 when it comes in for another test.
  • #326,091
  • Oct 8, 2012 6:01am Oct 8, 2012 6:01am
also similar idea about gu
will share online in few minutes
http://www.dukascopy.com/tv/Live
just clik to join
90% of traders use TA, indicators and prediction
  • #326,092
  • Oct 8, 2012 6:03am Oct 8, 2012 6:03am
Quoting bbakker
London has changed the short-term numbers...

Nearest resistance 1.6072
Nearest support 1.6042

I see bullish divergence on m15. I will close my lowest short ~1.6042 when it comes in for another test.
I trail my shorts...I never close positions on last TP...I scale out on the way and then trail as the market is ''like a box of chocolates,you never know what a Finance minister could bring you''

so if in profit I prefer to trail till exhaustion as it might drop more...I never know

now with the EU meeting all possible

we'll see
  • #326,093
  • Oct 8, 2012 6:05am Oct 8, 2012 6:05am
Quoting bguguen
maybe you should put in an EMA55 to go with EMA200 and look at what the charts tell you... very often when EMA55 is above EMA200 you should be looking for shorting opportunities... becaus thats when bearish momentum starts gaining at the highs....
bro I normally only ever short this girl, have for years, I am actually new at trying buy her, this long is very rare thing for me, actually feels a little wierd, last 6 x 4hr bear bars, I figure my bears need to take a rest, like I said if they want to keep on trucking i not moaning

I have also looking for buy opportunity geppy, but for different reasons
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  • #326,094
  • Oct 8, 2012 6:09am Oct 8, 2012 6:09am
On the GBP/USD we will take a look at the Weekly, Daily and H4 charts.
I mentioned in the EUR/USD thread that I retain a bearish middle-term view for the EUR/USD and GOLD.

It is pretty irelevant if price goes higher on the H1 and H4 charts as long as at least the Daily Chart levels are intact, and since there were not any good risk/reward setups on those charts for the EUR/USD I chose to not focus on them at the moment.

The same bearish view applies to GBP/USD, except that we might have a H4 good risk/reward opportunity on this pair soon enough.
It is up to each trader if he will decide to enter short on the H4 chart signal or enter at the current price level.

GBP/USD Weekly

On the Weekly chart, price is holding above both its SMAs and has been rejected at the range resistance 1.6268, forming a Double Top - this is corelated in time with Gold's Triple Top, both being probable to lose more ground and move lower.
Our sugested trade setup is to sell with a stop loss above the range and a target near the next support level - the range's support at 1.6268 or play safer with a target at the middle of the range.
We go to the Daily chart now.

GBP/USD Daily

On the Daily Chart, the second top and rejection at the range resistance is clearly seen as a significant technical reason to go short, plus the correction that is undergoing for the 1.5747-1.6307 wave.The RSI is also turning down, as noted on the chart.
Our proposed setup is to sell at the current level with a stop loss above the range and a target near
the middle of the range, at the next support of 1.5784.
Since there is a Double Top formed, price is very probable to go lower.
Next is the H4 chart.

GBP/USD H4

On the H4 chart we have the price at a pivotal zone - the confluence of the range's 1.6067 support, the 200 period SMA and the downtrend channel support.
The price is currently testing this important area (for the H4 chart) and the RSI is turning down.
When it will go below this zone, as noted on the chart, we will have a good position in accord to the overall higher-timeframe trend.
Sell at the level pointed out on the chart with a stop loss inside the range and a target near the next support at 1.5893 with a available extension target at 1.5798.

See the attached charts.
Good Luck.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd weekly 08.10.2012.jpg Size: 110 KB
Click to Enlarge Name: gbpusd daily 08.10.2012.jpg Size: 102 KB
Click to Enlarge Name: gbpusd h4 08.10.2012.jpg Size: 115 KB
Click to Enlarge Name: gold daily 08.10.2012.jpg Size: 100 KB
  • #326,095
  • Oct 8, 2012 6:38am Oct 8, 2012 6:38am
Quoting redbeben
I trail my shorts...I never close positions on last TP...I scale out on the way and then trail as the market is ''like a box of chocolates,you never know what a Finance minister could bring you''

so if in profit I prefer to trail till exhaustion as it might drop more...I never know

now with the EU meeting all possible

we'll see
Closed my nearest short and covered some of my long-term shorts. Left my runners but at this stage I'm not trailing them as I see further downside like most others on here.

I am looking for an hourly close above 1.6042. So I went in with a cheeky long @1.6041 for a scalp! 1.6033 was previous h4 resistance, now turned support?

Like you say anything else is possible! Happy trading!
  • #326,096
  • Oct 8, 2012 6:45am Oct 8, 2012 6:45am
1.6040 looking decent support level, however I wouldn't go long just yet.
  • #326,097
  • Oct 8, 2012 6:50am Oct 8, 2012 6:50am
Quoting nahman
1.6040 looking decent support level, however I wouldn't go long just yet.
So long the hourly doesn't close below 1.6042, it will validate my long. If it closes below... abort, abort... we have further down to go!
  • #326,098
  • Oct 8, 2012 7:05am Oct 8, 2012 7:05am
Quoting bbakker
So long the hourly doesn't close below 1.6042, it will validate my long. If it closes below... abort, abort... we have further down to go!
Just put in a newer low... abort, abort!
  • #326,099
  • Oct 8, 2012 7:06am Oct 8, 2012 7:06am
Quoting bbakker
So long the hourly doesn't close below 1.6042, it will validate my long. If it closes below... abort, abort... we have further down to go!
i think we are going a lot further down m8..
  • #326,100
  • Oct 8, 2012 7:09am Oct 8, 2012 7:09am
Quoting nAVIN2007
i think we are going a lot further down m8..
remember when all shout short and all see collapse it is the best time to buy
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