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Cable Update (GBPUSD)

  • #332,641
  • Dec 19, 2012 2:52pm Dec 19, 2012 2:52pm
1.63 resistance on the move. Bulls are getting exhausted. for me SHORT for the time being trade safe guys.
  • #332,642
  • Dec 19, 2012 3:06pm Dec 19, 2012 3:06pm
Quoting taomql4
Thanks Ziz .. Trust me , had my moments & the learning Curve Pain..
Amazing, No knowldege is wasted. One has to keep learning in this dirty game.
Numbers NEVER Lie
  • #332,643
  • Dec 19, 2012 3:18pm Dec 19, 2012 3:18pm
Based on a Harmonic Fibonacci pattern that just emerged today,I am short this pair at 1.6260 for minimal amouny and will add at 1.62088 and 161595. Ultimately this goes below 1.58010 but I may not hang on that long.Will keep you guys posted.


Now...here is a question I am hoping a few of you can help me understand: AUD/NZD CORRELATION: Gentlemen, the NZD has gotten decimated against the CHF for 6 straight sessions. But then USD and JPY dropping big 3 days straight against CHF. No news at all about NZD or CHF. Why might this be happening. And could someone tell me what the correlation between CHF and NZD might be. I ask this because they seem to be paying no attention to what the EUR/USD is doing at all. There is something of great value to be learned here.This price action is important! I just cant figure out what. And no, its not all profit taking,not on all of these pairs. Predictions? Correlation? Speculations? Anyone.
  • #332,644
  • Dec 19, 2012 3:37pm Dec 19, 2012 3:37pm
Quoting alex1976
nice pin bar, hammer setting up
Yes Alex, that is a nice daily pinbar!

For me i am really cautious, i would love to say there is room for a nice sell. But supply was at 1.6300 so anyone taking the pinbar has missed the point at where price decided to turn. Look left on the chart, what is that pinbar playing into ?

Now supply and demand rules are if price slices through supply, when it turns back, that supply is now demand and it is honoured

So our pinbar is playing into demand levels, we could have trouble getting down past where we are now 1.6240

All you can do is see how price reacts at supply and demand.

Lol, price goes from supply to demand or demand to supply all day long in EVERY financial instrument. it can not move from its current area unless it does, its where buyers and sellers are stacked.

How did traders of old trade without a chart ? price is all that is needed and the market has a memory for turning points.

Sorry Alex, blurbed out a whole load of stuff there

Warren
I need to finish something i started
  • #332,645
  • Dec 19, 2012 4:26pm Dec 19, 2012 4:26pm
Quoting bigwal
Yes Alex, that is a nice daily pinbar!

For me i am really cautious, i would love to say there is room for a nice sell. But supply was at 1.6300 so anyone taking the pinbar has missed the point at where price decided to turn. Look left on the chart, what is that pinbar playing into ?

Now supply and demand rules are if price slices through supply, when it turns back, that supply is now demand and it is honoured

So our pinbar is playing into demand levels, we could have trouble getting down past where we are now 1.6240

All you...
True, most of it was unecessary, lol

I just took a short trade with a tight stop.

That daily to me says short.
  • #332,646
  • Dec 19, 2012 4:32pm Dec 19, 2012 4:32pm
Quoting alex1976
True, most of it was unecessary, lol

I just took a short trade with a tight stop.

That daily to me says short.
theres some confluence as well alex..it makes a trendline 3rd touch of the weekly + round number of 1.63 + potential triple top kinda

here hoping..lol
  • #332,647
  • Dec 19, 2012 4:36pm Dec 19, 2012 4:36pm
It was a very low risk entry, no solid daily demand levels for a while.
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  • #332,648
  • Dec 19, 2012 4:37pm Dec 19, 2012 4:37pm
Quoting nAVIN2007
theres some confluence as well alex..it makes a trendline 3rd touch of the weekly + round number of 1.63 + potential triple top kinda

here hoping..lol

Were just playing probabilites right Nav
  • #332,649
  • Dec 19, 2012 4:39pm Dec 19, 2012 4:39pm
Quoting alex1976
Were just playing probabilites right Nav
  • #332,650
  • Dec 19, 2012 4:41pm Dec 19, 2012 4:41pm
I think short to least 190, presuming price does sell.
  • #332,651
  • Dec 19, 2012 5:52pm Dec 19, 2012 5:52pm
Nice pullback what we could see! What do you think lads what is the bottom? The euro fall almost 100 pips at the evening what is unusual .. Will the gbp follow it ? or we should buy the dip on the euro/ dollar?!?! Which is gonna come up to the level if the sterling? Any opinion?
  • #332,652
  • Dec 19, 2012 6:03pm Dec 19, 2012 6:03pm
head and shoulder formation
  • #332,653
  • Dec 19, 2012 6:08pm Dec 19, 2012 6:08pm
Possible bearish H&S on weekly USD index forming
Come with me if you want to live....
  • #332,654
  • Dec 19, 2012 6:11pm Dec 19, 2012 6:11pm
Quoting wasabeclaw
head and shoulder formation

talking about hourly
  • #332,655
  • Dec 19, 2012 6:17pm Dec 19, 2012 6:17pm
If hourly is OK, if we talking about weelky even better, our shorts are come alive I had some shorts on Eur/Usd already take profit So today was closed by greeen pips But! GBP has to fall a bit more this week.... I think i will keep my shorts for a little while , max i will come out on 0 or with a big bond of token

Bytheway, I think sterling has a bit more power to pull back!
  • #332,656
  • Edited 6:37pm Dec 19, 2012 6:24pm | Edited 6:37pm
See you above 1.63


1.6240 was old supply, it is now demand. 18/9/12 on daily chart

Price could not break 1.63 first time. So where does it pick up more buyers from ?
I need to finish something i started
  • #332,657
  • Dec 19, 2012 6:35pm Dec 19, 2012 6:35pm
Quoting bigwal
See you above 1.63


1.6240 was old supply, it is now demand.

Price could not break 1.63 first time. So where does it pick up more buyers from ?
I am really wondering what is the next destination .....
  • #332,658
  • Dec 19, 2012 6:49pm Dec 19, 2012 6:49pm
Quoting danyboy
I am really wondering what is the next destination .....

No one can tell you that, if they did they would be guessing.

All i play is supply and demand, it either holds or is consumed.

i have no bias in the market, or any market, every chart behaves the same way, forex,stock or com
I need to finish something i started
  • #332,659
  • Dec 19, 2012 6:55pm Dec 19, 2012 6:55pm
Quoting danyboy
I am really wondering what is the next destination .....
1.6747

1.6640

1.6475

1.6343

1.6247

Those numbers are important levels. Looking at weekly we have this candle & next weeks candle to test atleast 1.6475 Move bullish momentum is gradually flowing into the market. We also have a Doji on some charts & Hammer on some other which need another strong bearish day to confirm it. If that does happen then shorts will be in the cards. No need to rush it, there will be plenty opportunity to short it. It is always wise to still to the trend. Pays at the end...

If we don't hold 1.6247 then I have

1.6122

1.6060

1.5992

1.5930

1.5850

GL
Numbers NEVER Lie
  • #332,660
  • Dec 19, 2012 7:14pm Dec 19, 2012 7:14pm
Quoting ZizoFX
1.6747

1.6640

1.6475

1.6343

1.6247

Those numbers are important levels. Looking at weekly we have this candle & next weeks candle to test atleast 1.6475 Move bullish momentum is gradually flowing into the market. We also have a Doji on some charts & Hammer on some other which need another strong bearish day to confirm it. If that does happen then shorts will be in the cards. No need to rush it, there will be plenty opportunity to short it. It is always wise to still to the trend. Pays at the end...

If we don't hold 1.6247...

1.6247 seems to be broken for few moments, but i guess tomorrow morning give more direction for us , how GBP will behave in the close future. Usually London open give a bit of boost for the sterling, im wondering tomorrow how big that will be.....Iam still short but nobody knows what is gonna happened!

Zizo thanks for the great answer!
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