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Cable Update (GBPUSD)

  • #326,861
  • Oct 16, 2012 2:56am Oct 16, 2012 2:56am
Quoting ForexRatVN
It seems to have another high @ 16150. we can short from there if she can reach
IM desperately watching at how current H4 candle closes....
We live in a finite world with infinite possibilities.
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  • #326,862
  • Oct 16, 2012 2:58am Oct 16, 2012 2:58am
Quoting bguguen
IM desperately watching at how current H4 candle closes....
and if it closes above the resistance level, do you think it is going to continue its journey on going up?
  • #326,863
  • Oct 16, 2012 2:58am Oct 16, 2012 2:58am
Quoting ForexRatVN
It seems to have another high @ 16150. we can short from there if she can reach
Thats the other area I mentioned Im watching - a rejection from upper decending trendline on 4h... would be 4th test and therefore less likley to hold if we do get there so make sure stops are in place...

If thats the case then 1.617x area is potential next stop, then on to 1.620x
  • #326,864
  • Oct 16, 2012 3:00am Oct 16, 2012 3:00am
Quoting bguguen
IM desperately watching at how current H4 candle closes....
A close of what level are you watching for bro??
  • #326,865
  • Oct 16, 2012 3:00am Oct 16, 2012 3:00am
i think weekly R1 will hold this thang.No real reason to go higher-but if data comes positive we will go higher..lol no doubts about it
shorting 1.6146 above that we got weekly r1 and daily r3 both pretty close.10 min before news we might go deep down..or pop up to 46
Early to bed, early to rise, keeps you healthy, wealthy and wise.
  • #326,866
  • Oct 16, 2012 3:01am Oct 16, 2012 3:01am
Quoting Freshpips
Thats the other area I mentioned Im watching - a rejection from upper decending trendline on 4h... would be 4th test and therefore less likley to hold if we do get there so make sure stops are in place...

If thats the case then 1.617x area is potential next stop, then on to 1.620x
Placed Sell Limit Order @16150, TP 80 pips, SL 30 pips
  • #326,867
  • Oct 16, 2012 3:05am Oct 16, 2012 3:05am
Quoting Freshpips
Thats the other area I mentioned Im watching - a rejection from upper decending trendline on 4h... would be 4th test and therefore less likley to hold if we do get there so make sure stops are in place...

If thats the case then 1.617x area is potential next stop, then on to 1.620x
Hi, I am still learning so please take it easy on me.

Doesn't fourth retest of the resistance level make it stronger? I thought that every time support/resistance level is retested and not breached, that this would make such level stronger and harder to breach for future retests....Please correct me if i am wrong.
  • #326,868
  • Oct 16, 2012 3:07am Oct 16, 2012 3:07am
Quoting ForexRatVN
Placed Sell Limit Order @16150, TP 80 pips, SL 30 pips

IMO you may want to set entry few pips lower, just incase the powers that be are expecting high volume of sellers at that level and stop it getting to that specific level and you miss your order being filled by couple of pips...
Happened to me before.....
  • #326,869
  • Oct 16, 2012 3:09am Oct 16, 2012 3:09am
where did all the bulls go ?
  • #326,870
  • Oct 16, 2012 3:10am Oct 16, 2012 3:10am
Quoting Freshpips
IMO you may want to set entry few pips lower, just incase the powers that be are expecting high volume of sellers at that level and stop it getting to that specific level and you miss your order being filled by couple of pips...
Happened to me before.....
Thanks for advise. I am opposite you to place 3 pips higher to save a bit if I can
  • #326,871
  • Oct 16, 2012 3:10am Oct 16, 2012 3:10am
Quoting redbeben
where did all the bulls go ?
They just try to hanging around and wait for your instruction as usual
  • #326,872
  • Oct 16, 2012 3:15am Oct 16, 2012 3:15am
Lots of GBP data coming out in next 15 minutes, could this change everything?
  • #326,873
  • Oct 16, 2012 3:23am Oct 16, 2012 3:23am
Quoting ForexRatVN
Thanks for advise. I am opposite you to place 3 pips higher to save a bit if I can
This is why I love FX... Each to their own..

Good luck bro
  • #326,874
  • Oct 16, 2012 3:24am Oct 16, 2012 3:24am
If you read anything by Michael Pring who is a famous author on tech analysis this is his assertion too but in my experience the more times a level of potential support/resistance gets hit - and holds ie sees a bounce not a break through it - the weaker it becomes and using resistance as an example - each time it is hit and holds ie price sees a bounce down from it not a break upside through it - the supply is being eroded making it easier for a break to the upside at some point by the demand.

There are few absolutes in trading and this is a general observation that holds good for me and the underlying logic holds up too.

G/L in your learning journey.

Quoting Raftron
Hi, I am still learning so please take it easy on me.

Doesn't fourth retest of the resistance level make it stronger? I thought that every time support/resistance level is retested and not breached, that this would make such level stronger and harder to breach for future retests....Please correct me if i am wrong.
ex member
  • #326,875
  • Oct 16, 2012 3:24am Oct 16, 2012 3:24am
Quoting ForexRatVN
They just try to hanging around and wait for your instruction as usual
a push to 3030 would be good and there sell

or sell now as we are under 3004 level...one of my old favourites so we could slide all the way to 2955-52 with first stop @ 2986

on the gu ...6065 on the downside shoud contain the sellers but above 6145-50 is the next level but to be honest 6124-36 should be a good rejection

news anyway in 5 min on gu and 35 min on eu so sidelline for now
  • #326,876
  • Oct 16, 2012 3:26am Oct 16, 2012 3:26am
just remember that we did not touch 1.5900 in the time span I wanted so this could bring us a higher high....or at least a retest of 6280

time will tell and news as well
  • #326,877
  • Oct 16, 2012 3:35am Oct 16, 2012 3:35am
so... and where we are going now?
  • #326,878
  • Oct 16, 2012 3:37am Oct 16, 2012 3:37am
Quoting Raftron
Hi, I am still learning so please take it easy on me.

Doesn't fourth retest of the resistance level make it stronger? I thought that every time support/resistance level is retested and not breached, that this would make such level stronger and harder to breach for future retests....Please correct me if i am wrong.
Hello Raftron,

I am still very much learning myself - my philosophy on support/resistence regarding becoming stronger or weaker is that if we are looking at resistence, this means there is a high volume of sellers pushing price down every time that level is reached, but with every consecutive test, in theory, there will be less sellers after pending shorts are filled... therefore if bulls are still buying, with less sellers remaining to push price down, the level gives way and breaks, bulls win...

This is my observation, and I may be wrong...
  • #326,879
  • Oct 16, 2012 3:38am Oct 16, 2012 3:38am
Quoting Maros
so... and where we are going now?
now we are waiting for datas from eu - then market move ( i thing down in cable and e/u as well )
  • #326,880
  • Oct 16, 2012 3:43am Oct 16, 2012 3:43am
Quoting Maros
now we are waiting for datas from eu - then market move ( i thing down in cable and e/u as well )
what about inflation letter on GU ?

try not to predict the news or the reaction.2012 is a strange year

good news for USD or EU does not mean good news for GU in some occasions

it's a strange market

leave the news to settle down and see where price is heading
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