Cable Update (GBPUSD)

no I dont use fxcm ,I use Alpari ,and Barclays

Forgot to say I am also short EU, as the bull momentum looks weak to me. So I agree with you in shortening the EU. I look to reach the 1.275-1.28 zone.

Thank you once more.

PA very poor today...

Support @ 1.5214-17 still there to provide support. 1st bounce 14, higher lo 17 during GBP's retails sales. 2 times bids bounces, 3rd time unlikely. My sells stops prepared under there.

Upward is limited due to not enough volatility and a marabuzo pressure from the daily and hour 4.

Sustain above Asia's High @ 1.5250 zone is healthy, better if above Europe's High @ 1.5282 for closing. then only healthy for bull.

1.5260-80 potentially area of support turns resistance if today's become an inversed hammer closing below 1.5250.

1.5310/15 act as good resistance now. Next is 1.5330.

If its meant to go up, use buy stops above today's daily closes' high. If not its merely supply with the upper shadow to trade with the marabuzo's strength to downwards to fetch more sell stops below 1.5210.

Good analyse , what about the long term?

Here the small bear doing all the time.

which side are u?

bulls )

I exited my short position.Bear are lazy.

Pending sell 1.5345, stop 5415

Edit: stop 5385

For me, Long terms only comes in when there's a breakout, of important support and resistance levels, mostly on daily and weekly on wards. Like eg previously 1.54-1.52 it plunge to 1.48 etc. Long term is either swing/ semi swing as mid term. Any thing longer than 1 week is purely position holding on investing than trading to me [ my opinion only ], As who the hell knows whats going to happen next. Long term trader should emphasize more on macro-fundamental-economics etc, rather than TA. Overall, trading is just speculation.

So, probably just intra-day or near sessions for me, as i prefer to ride the trend and exit safely then to be stuck in a position like an investor in red then green then red, then green, if green and pyramid its fine, but if its red and holding its really a pain to babysit or even having heavily losses .

every day a new momentum, a new fundamental.

If those who listened to my previous post on http://www.forexfactory.com/showthre...60#post6617160.

Obviously, there's a higher lo as 1.5272/82 was tested in Asia as support Today as daily candle is closed nicely above 50, somewhere around 1.5270/80. Only a breach below is retracement downwards to challenge bids @ 1.5214/17. Semi Inversed H N S on hour 4. Those who took the burst can already easily scalp and exited on buy higher .

Those who took resistance turns support of yesterday's europe high already easily bag 50-60 pips on Asia's Low Entry.

So commonly, 1-> I belong to those who choose to take the price to another point, and limit sellers or buyers choose to take my opposite trade after i exited. And tentatively they are praying on retracement or counter-trend. I exited within seconds, minutes and hours or set trailing

RSI >61 and 50 SMA, prices close above during session's opening trading, prepare to buy up.

RSI < 39 and below 50 SMA, prices close below during session's opening trading, prepare to sell.

Rule no. 1 -> Never ever fall for overbought or oversold. It only happens if there's an existing range.

Out of Range, RSI > 80 Continue to pump higher.
RSI < 20 , continue to sell lower.

2 -> Those who took against my trade with lower probability of success and praying on changes in trend's fundamental like upcoming events etc or real offers/bids level for bounce/rejection. They wait longer for their trade to be green and tend to be fighting trend.

Those who have experience in tier 1 dealing banks will understand what's the rationale behind 1.

My idea for today, good R/R

GU following gold for a spike up now , should not be so good , gold should have a correction now to test support down . approximate 1350/34 before further up & likely a mini crush & if follow blindly then 5215>5197/&&/63 next target min. let see it happen first .crazy part still active for gu .London open next should decide , gold breaks 1425.41/27 breaks to correct or now , random spikes may play here , gu 5378 & gold 1453/9 apparent upside specially gu as spike master.

eu may do important role next , in next tanking .
fontu

potential reversal pattern forming also

Sure , every correction is a potential reversal action/attempt.
weekly such action may be ending or nearer > 5525, 5630 or even 5800 may be on the table .The more the hard can be next tanking to me .
monthly correction still undecided .
fontu

hey sonny, did u hit your long targets yet?

hello fontu, can you kindly explain why is tanking going to be harder for you the higher it goes.. is it because if so the market psychology will be more towards bullish?

thanks

Hi Baher,

I think he means the higher it goes the more it will fall. Buy low sell as high as possible