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Cable Update (GBPUSD)

  • #338,221
  • Apr 3, 2013 9:16am Apr 3, 2013 9:16am
Shorted based on this great level of resistance
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All posts are my personal opinion
  • #338,222
  • Apr 3, 2013 9:24am Apr 3, 2013 9:24am
Quoting inpatient
to do this before we even break out of a recent range is nothing short of premature, (as it was yesterday and may likely be today too)

still in the range but remain bearish over the long term.

I believe we will go below 1.49 before we go above 1.54

UK add to stimulus tomorrow and its game over for the pound (i actually just hope we do break this range either way soon, this thing is getting dull).
Money never sleeps...
  • #338,223
  • Apr 3, 2013 9:37am Apr 3, 2013 9:37am
Be patient mate.

I think all central banks and major traders are waiting for the BOJ decisions tonight.

Quoting inpatient
still in the range but remain bearish over the long term. I believe we will go below 1.49 before we go above 1.54 UK add to stimulus tomorrow and its game over for the pound (i actually just hope we do break this range either way soon, this thing is getting dull).
  • #338,224
  • Apr 3, 2013 9:40am Apr 3, 2013 9:40am
change my mind, shorted 5140, tight stop.
  • #338,225
  • Apr 3, 2013 10:06am Apr 3, 2013 10:06am
may i ask why u change ur mind?
  • #338,226
  • Apr 3, 2013 10:17am Apr 3, 2013 10:17am
Quoting tuanbess
may i ask why u change ur mind?
because price failure at exactly 50% fibo.. and engulfing at 1h.. and previous S&R, the list can go on..
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  • #338,227
  • Apr 3, 2013 10:21am Apr 3, 2013 10:21am
i think price won't move much until current 4h closed.. hopefully a doji.. stop would be at above 1h high or above 50% fibo..
  • #338,228
  • Apr 3, 2013 10:21am Apr 3, 2013 10:21am
Maybe this is double top ,im thinking thats not




Quoting ForexMGames
GBPUSD looks likely to continue its bearish sentiment. There is a double top formation on the hourly chart. Trading plan. Short GBPUSD near 1.5090-1.5110 SL above 1.5140 TP1 1.4920 (objective of 170pips double top) TP2 1.4870 (88.6% retracement and possible PRZ of harmonic bullish bat pattern) {image}
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #338,229
  • Apr 3, 2013 10:35am Apr 3, 2013 10:35am
Quoting Bones
Maybe this is double top ,im thinking thats not {image}
Depends where you set your targets. If you took the double top on the hourly for GBP/USD you would of netted yourself 100 pips easily. Was in the middle of nowhere for me so didn't take it.

That chart you just posted bodes very well for the formation on GBP/JPY. Head and shoulders if I am not mistaken
  • #338,230
  • Apr 3, 2013 10:37am Apr 3, 2013 10:37am
GBPUSD, GBPNZD & GBPAUD seems in my favor. Monthly (e.g. Post# 338,235) and weekly seems to give higher probabilities for some Longs.
H4 might be worth for a risk.
GA Long @ 1.4453
GN Long @ 1.7945
GU Long @ 1.5147

GBPAUD, H4, 2013 April 03
GBPNZD, H4, 2013 April 03
GBPUSD, H4, 2013 April 03
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  • #338,231
  • Apr 3, 2013 10:40am Apr 3, 2013 10:40am
GBPUSD, Monthly, 2013 April 03
GBPNZD, Monthly, 2013 April 03
Maybe that this monthly hammer might be strong enough for an upward movement.
...& the monthly GBPAUD & GBPNZD seems even more in my favor actually.
Let's see.
I will take the risk over!
Fxcube
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  • #338,232
  • Apr 3, 2013 11:01am Apr 3, 2013 11:01am
Quoting Forexcube
GBPUSD, Monthly, 2013 April 03 GBPNZD, Monthly, 2013 April 03 Maybe that this monthly hammer might be strong enough for an upward movement. ...& the monthly GBPAUD & GBPNZD seems even more in my favor actually. Let's see. I will take the risk over! Fxcube {image} {image}
Yeah, I do agree with that long shadow hammer in monthly. Seem kinda contradicting with the rest of period of charting though.
However, the resistance level at 1.5240-60 range still remained strong, so I'm still betting on downtrend movement in GBPUSD for now.
Knowledge is powerful tool that we can ever have.
  • #338,233
  • Apr 3, 2013 11:09am Apr 3, 2013 11:09am
Quoting rikusks
Yeah, I do agree with that long shadow hammer in monthly. Seem kinda contradicting with the rest of period of charting though. However, the resistance level at 1.5240-60 range still remained strong, so I'm still betting on downtrend movement in GBPUSD for now.
yups, the wick showing the strength of the seller combined with TA, i think that price is valid. however, confirmation is when price can sustainably trading below 5120..

hopefully, we can get there in the next few hours..
  • #338,234
  • Apr 3, 2013 11:13am Apr 3, 2013 11:13am
As to this pair for today I suggest to set an order to buy with take profit 1.51775 in case the downtrend movement stop loss will be 1.51235. Good luck.
  • #338,235
  • Apr 3, 2013 11:18am Apr 3, 2013 11:18am
Quoting funtik
As to this pair for today I suggest to set an order to buy with take profit 1.51775 in case the downtrend movement stop loss will be 1.51235. Good luck.
what backs up your analysis mate? chart?

i think we will get to your SL in few hours time, after current 4h complete
  • #338,236
  • Apr 3, 2013 11:25am Apr 3, 2013 11:25am
Quoting A-speculator
what backs up your analysis mate? chart? i think we will get to your SL in few hours time, after current 4h complete
That is all that persons posts seem to consist of, I have never understood the reasoning behind it

Would personally like to see how they came to those ideas myself.
  • #338,237
  • Apr 3, 2013 11:48am Apr 3, 2013 11:48am
Quoting rikusks
Yeah, I do agree with that long shadow hammer in monthly. Seem kinda contradicting with the rest of period of charting though. However, the resistance level at 1.5240-60 range still remained strong, so I'm still betting on downtrend movement in GBPUSD for now.
i think i am leaning on agreeing with u.. and from a historical view, take a look at march 2010.. i am still expecting a bit more ranging and tests on the bounds of the range until a breakout occurs which i still see that it most probably be to the south. i am just cautious about the US economy a bit since it pretty much looks like a bubble to me.

in the long run, it seems that we may experience very stormy markets where prices will start move very violently under the effect of too many strong factors acting together on the prices..
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #338,238
  • Apr 3, 2013 11:55am Apr 3, 2013 11:55am
5150 is really showing its muscles ..
I still need a trading break soon!!! "Loose some to win more" --Baher A.
  • #338,239
  • Apr 3, 2013 12:47pm Apr 3, 2013 12:47pm
Quoting baherhosni
5150 is really showing its muscles ..
Maybe because 5154 is daily pivot.
  • #338,240
  • Apr 3, 2013 12:59pm Apr 3, 2013 12:59pm
Hello

Keep thinking they will pull the chain again

pump in dump

I will let it go up then do a short again

soon find out
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