Cable Update (GBPUSD)

I am long. It usually jumps up a little bit before breaking. I will take TP pretty early. It would be a shame if it jumps up and I miss the opportunity.

[quote=100PipsADay;6399968]Normally I would agree with the long @ 1.53 but due to the fact that we are teetering near the edge of the ascending TL of a 4-Year symmetrical triangle I don't see this being a smart move anymore.

Personally I play support / resistance by watching price action at those levels, however, a close below 1.55 on a monthly basis could be give a bearish bias for the coming months or even years. Not trying to guess an exact time frame, just saying if we close below ascending TL on a monthly close it is bears territory for the time being.

I have posted the following chart a few times but I am hoping that most here will pay attention to this as it holds quite a bit of significance once broken.

I read your posts on the AUD the other week and liked your thoughts, and again i like them. This 4 year triangle has to be broken at some stage. If it does finish this week and month below, then i like 1.53 as the next target. I am long at this stage and will hold my long till 153 but will hedge if it breaks yesterdays low. I think todays price action is good so far and a correction may have started, could be wrong though. Today I am looking for a engulfing daily bar to match yesterdays red bar, if this occurs my target is high 1.58's. Good luck.

[quote=Compulsive;6381972]Still long the GBP/NZD from 1.90005 and 1.89857, 1.89500 and just added another long at 1.8905 (25keach) - I am basing it on that the NZD/USD will not hold the top and that the GBP will hold the "bottom (there is hidden divergence ) - .....


F%^@! NZD just wont stay down -

That way I probably get shameful so many times during the day.

I think GBPUSD long looks great for long. Was a little bit afraid before 00:00 when it was lower. But the pair closed nicely on the GMT chart. I hope and think it will jump up big time today. And if it doesn´t, the SL will indicate for a short

Watching 5750-70 area for bearish signs

Oh no. I don't deny that. There is always a possibility of it going up and as a matter of fact I'm building and scaling some long position. My point was on the word "shame". I get so wrong so many times a day, I don't feel shame anymore being wrong.

agree. I have a TP of 50% of the order at that area. I think it will retrace a little from there and then go sideways before shooting up. Only guessing here

Does anyone think it is significant at all that the first shaded area shows alot of bearish pressure with false breaks and more than 1 touch, and that we are at this TL again without price getting high enough to touch on the opposite TL in between?

You could be right but I feel it will be a tough area to break.

Personally I'm looking for the "hard sell"

Now let me take you to my website

Good morning guys. hope u enjoying your trade. never mind the present bullish trend this morning. Price is just hold your sell position as price would continue south to 1.5581.

I agree we are going down south I have a target at 1.5650 and 1.5600

hi every1 i'm not in any position at the moment so can't be helpful a lot.
anyway here links to what i see in
EUR USD
GBP USD

Here is my view on AUD/USD which matches that of Crassius on the "EUR/USD" thread:

Posted by Crassius
I would not short here, for the below reason.... I get Deutche's reasoning, but for a short term player, there is a good chance higher levels will follow any dip..

AUDUSD at the second target.... A case can be made that it is up in 5 waves, which may be impulsive and indicative a short term trend change.... could also be part of zigzag... which means dip, then higher... both cases point higher,.

http://www.forexfactory.com/attachme...1&d=1359454614

The forex pair has interrupted its sequence of measured moves lower, so I believe it's due for a larger retracement higher.
However the levels around 1.0330-80 never traded and this has me worried because there is where professional and Program Trading would participate on the long side. So I assume what it is going to unfold is just short covering and we have more downside (Scenario 1 below, is the more probable for me)

These are the 2 scenarios I could identify in the short-term and going forward:

Scenario 1. If price sees 1.0430 area that would be a good entry with a stop below 1.0410. 1st target is at 1.0480 area, right a resistance.

Scenario 2. Only if price moves above 1.0520 I will give bulls credibility. In that case price could dip once again into the 1.0460-80 area and then continue higher

A good long opportunity is unfolding here.

Trade safe

this is the GU thread

yes true!
but ok.... cable actually not showing good/clear setups so giving an eye in something else is always welcome

not everyone agrees with you, I and many come here to read GU not AU or EU

I come here because I have nowhere else to go