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Cable Update (GBPUSD)

  • #341,161
  • Edited 5:11am May 17, 2013 4:58am | Edited 5:11am
Let discuss about this.... what do u think about this article? Is this really bear trap or bull trap.
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  • #341,162
  • May 17, 2013 5:02am May 17, 2013 5:02am
Quoting Ill-b-back
{quote} That sell of at 56 doesn't look very strong to me (it's a fat daily head). Looks more like profit taking to me. I am following monthly off long term support and more importantly, my charting data. I believe this new monthly low is a bear trap.
I agree at least for now everything should go UP , beautiful bat in the daily TF for the euro TP 1.3040 monthly and weekly pivot.

But we can see a false break down first . It's my opinion don't follow me .
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  • #341,163
  • May 17, 2013 5:11am May 17, 2013 5:11am

just kidding ,good job F

Quoting fontu
{quote} Sorry u confused , likely . who ever supported me when I was continuously telling gold down over 1032 next time !! or even a break may easily happen to 2008-9 status !!!! perhaps , covered all stories in my last post , next target as 4893> down continue likely then now also .if market in strong decision about it's course no OPEN can play it against > London or NY. anyway can take today close NOT 5073 anyway , why target at down remain intact. whatever bull people in that case must try to go 5073 close to counter . Funny for sure , bull to...
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #341,164
  • May 17, 2013 5:18am May 17, 2013 5:18am
Quoting skyhawkps
Let discuss about this.... {image}
The wider implications of the financial crisis, peak oil, climate change and population speak of international difficulty to which the UK is far from immune. I'm still long term dollar bullish. Good figures from the UK this and last week, poor figures from the USA. Will this reverse the down trend? Possibly. A new governor in July might be the sort of thing Gbp likes.
Gone to a better place
  • #341,165
  • May 17, 2013 5:23am May 17, 2013 5:23am
Is the UK going to stay in the EEC? Will there be a proper government in the next election? Can we afford to continue with QE? Mervyn King once said "There is no way to quantify the effect of quantitative easing". I can find no reference to this statement anywhere now.
Gone to a better place
  • #341,166
  • May 17, 2013 5:25am May 17, 2013 5:25am
personally im long ,
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #341,167
  • May 17, 2013 5:39am May 17, 2013 5:39am
Quoting -sonny-
{quote} I agree at least for now everything should go UP , beautiful bat in the daily TF for the euro TP 1.3040 monthly and weekly pivot. But we can see a false break down first . It's my opinion don't follow me . {image}
Harmonic pattern in the daily or high time frame is very risky since the wide of PRZ area maybe 300-400 pips, the pattern also possible to transform from one pattern to the other pattern, bat, gartley etc. So make sure you find the reversal already before you take the position. Just remind you during cab;e down from 1.56xx to current position so many fail bullish harmonic pattern in H4 time frame
Godluck brother, just remember this is friday.....
  • #341,168
  • May 17, 2013 5:44am May 17, 2013 5:44am
Quoting Bones
personally im long , {image}
Hi Bones. I always look out for your charts.
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  • #341,169
  • May 17, 2013 5:51am May 17, 2013 5:51am
Im going to hold my short now for deeper position. thanks guys!
  • #341,170
  • May 17, 2013 6:07am May 17, 2013 6:07am
Quoting skyhawkps
Im going to hold my short now for deeper position. thanks guys!
I hope you speak for 10,000 other traders so that we shorts don't get squeezed too much.
Gone to a better place
  • #341,171
  • May 17, 2013 6:10am May 17, 2013 6:10am
hey s
maybe or on cable weekly 3 crows down but monthly low would go ,very good trade short to last swing low ,ideally I like up first ,
up first im going to seriously think about a large position ,maybe build over few weeks ..on pa

Quoting smikester
{quote} Hi Bones. I always look out for your charts.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #341,172
  • May 17, 2013 6:31am May 17, 2013 6:31am
Quoting smikester
{quote} I hope you speak for 10,000 other traders so that we shorts don't get squeezed too much.
we're only 32 people viewing now, and 15 are members. so less 10,000
  • #341,173
  • May 17, 2013 6:39am May 17, 2013 6:39am
here is a monthly perspective , if we stay above 1.51
we are going to move inside the blue triangle .
What do you think ?
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  • #341,174
  • May 17, 2013 6:43am May 17, 2013 6:43am
It seems that 1.530/2 is a stronger Resistance than 1.538. If the bull manage to breach that level, another Resistance up to 1.548 should be no problem. We have to pay special attention to 1.538 (Monthly Pivot) and 1.542 (Weekly Pivot) though, but I think the price will go to 1.548 first and then retrace to those levels in the coming days.

I observed, that some traders here are strongly bearish for Cable, predicting this pair will go down to 1.4 immediately. While I agree that this pair will crash in the future, I have a different view on the timeframe. In my opinion it will go up first to 1.6020 (and 1.62 in extension) in this summer. Then only after that it will go down to 1.48 and further to 1.44. Next target will be 1.1 or even below the parity. That will be the Aftershock to 2008 Crisis, not only for Cable.
Make it simple, but not simpler - Einstein
  • #341,175
  • May 17, 2013 6:43am May 17, 2013 6:43am
Quoting fontu
{quote} Sorry u confused , likely . who ever supported me when I was continuously telling gold down over 1032 next time !! or even a break may easily happen to 2008-9 status !!!! perhaps , covered all stories in my last post , next target as 4893> down continue likely then now also .if market in strong decision about it's course no OPEN can play it against > London or NY. anyway can take today close NOT 5073 anyway , why target at down remain intact. whatever bull people in that case must try to go 5073 close to counter . Funny for sure , bull to...
I'll keep in mind...
  • #341,176
  • May 17, 2013 6:43am May 17, 2013 6:43am
looks weak as idea
but you are right about swing low ,is it or not

Quoting -sonny-
here is a monthly perspective , if we stay above 1.51 we are going to move inside the blue triangle . What do you think ? {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #341,177
  • May 17, 2013 6:51am May 17, 2013 6:51am
heres how I read if it closes like that I think very prob to swing low
that you do not see confirmation for morning star just like now!
how much work does cable have to do to alter ?
pattern has failed if you ever believed and we know what that means
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  • #341,178
  • May 17, 2013 6:53am May 17, 2013 6:53am
Quoting -sonny-
here is a monthly perspective , if we stay above 1.51 we are going to move inside the blue triangle . What do you think ? {image}
I see a lot of buy orders under water there. I don't do harmonics or trendlines much so... I would have closed those long before now, though, even if I were certain about bullish. (and I am never certain)
Gone to a better place
  • #341,179
  • May 17, 2013 7:21am May 17, 2013 7:21am
certain set ups I think are very, very high prob , a lot of time is you don't always wait for them ,which is real test lol


Quoting smikester
{quote} I see a lot of buy orders under water there. I don't do harmonics or trendlines much so... I would have closed those long before now, though, even if I were certain about bullish. (and I am never certain)
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #341,180
  • May 17, 2013 8:01am May 17, 2013 8:01am
i even did not expect cable break 1.5200, but it was...... Bull sign slowly gone?......Friday typical, confusing....
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