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Cable Update (GBPUSD)

  • #344,841
  • Aug 7, 2013 4:07pm Aug 7, 2013 4:07pm
Quoting bbmac
Incredibly 5530 the current daily hi up off 5204 current daily lo and price @ 264% of 20 day atr, 117% of 20 week atr all in one day. 76.4% 5751-4811 at the Hi and a previous 4hr / minor daily swing hi zone. Above here: 5513-29 prev 4hr/minor dly sw hi zone incl 5528=76.4% 5751-4811 55530 Current Daily hi 5543 38.2% 6746-4811 5548 85.4% 5676-4811 5550-70 weekly descending t/line on Weds's daily candle incl 5565-79 = prev 4hr sw lo zone (non immed) incl5578 = Weekly R2 @/around, and 5579= 50% 6349-4811 5602-12 prev minor 4hr sw lo zone incl 5612...
What happened to current daily High ?

Daily is over for me at 5 EST, and it is in the process of retracing....

I was just surprised when you posted some numbers.... I could read the PA, and conclude that 5525 will be today's high.
Intraday only.
  • #344,842
  • Aug 7, 2013 4:07pm Aug 7, 2013 4:07pm
Quoting inpatient
{quote} Thanks Nav, I have actually seen better options shorting Oil from anything north of 107 these past few weeks. It seems we are in a period of unsettlement in the forex market as traders try to make best guesses as to the likelihood of recovery in the USA. Once that becomes clearer i think we will start to see some larger moves. Just hoping for some more spikes north in Oil before then

this is what im looking at..hope it helps
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  • #344,843
  • Aug 7, 2013 4:36pm Aug 7, 2013 4:36pm
Quoting nAVIN2007
{quote} this is what im looking at..hope it helps {image}

I think it shows the clear trend is down over time. The early part of the year over shooting to break the lines but was just that 'an overshoot' based on the hysteria at the time. I even read 'cable will go down to 1.10'.

If we find a top around here and stay within the channel we could see the same channel play out for quite some time.
Money never sleeps...
  • #344,844
  • Aug 7, 2013 4:37pm Aug 7, 2013 4:37pm
Quoting inpatient
{quote} I think it shows the clear trend is down over time. The early part of the year over shooting to break the lines but was just that 'an overshoot' based on the hysteria at the time. I even read 'cable will go down to 1.10'. If we find a top around here and stay within the channel we could see the same channel play out for quite some time.
similar story on EU too.
Money never sleeps...
  • #344,845
  • Aug 7, 2013 4:44pm Aug 7, 2013 4:44pm
Quoting inpatient
{quote} I think it shows the clear trend is down over time. The early part of the year over shooting to break the lines but was just that 'an overshoot' based on the hysteria at the time. I even read 'cable will go down to 1.10'. If we find a top around here and stay within the channel we could see the same channel play out for quite some time.

i cannot see those levels bro on cable..but i have definately become less stubborn about my long bias..im now trading this mofo both directions trying to make enough to exit the trade..as it looks like it can go on for years
  • #344,846
  • Aug 7, 2013 4:52pm Aug 7, 2013 4:52pm
Quoting nAVIN2007
{quote} i cannot see those levels bro on cable..but i have definately become less stubborn about my long bias..im now trading this mofo both directions trying to make enough to exit the trade..as it looks like it can go on for years

I don't think cable will break 1.42. The 1.10 was just referring to some of the hysteria I seen at the time.

I actually see cable back above 1.7 by the end of this decade as the dollar loses it reserve currency status more and more over the years.
Money never sleeps...
  • #344,847
  • Aug 7, 2013 5:30pm Aug 7, 2013 5:30pm
Quoting nAVIN2007
{quote} i cannot see those levels bro on cable..but i have definately become less stubborn about my long bias..im now trading this mofo both directions trying to make enough to exit the trade..as it looks like it can go on for years
I too hold trades for a long time but try to only trade in the direction of a positive swap.

If we get anywhere near 1.57 surely that would be a good time to exit all longs and enter a few new shorts looking for this thing to bottom?

I think over the longer term your long bias will prove to be correct but too far away to be able to trade it yet. I think once we get the surge from the taper and increase of US rates (likely before that of UK, EU)to bottom cable at 1.42 then it will be time for longs. Maybe late 2014 or 2015.

Back above 1.7 by 2018
Money never sleeps...
  • #344,848
  • Aug 7, 2013 6:40pm Aug 7, 2013 6:40pm
I'm looking out for bullish continuation signs if we retest 1.5350 area support again today
Come with me if you want to live....
  • #344,849
  • Aug 7, 2013 10:52pm Aug 7, 2013 10:52pm
GC short with positive swap.
Overblown pig.Keep an eye on it.
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In trading, you have to be defensive and aggressive at the same time
  • #344,850
  • Aug 8, 2013 12:20am Aug 8, 2013 12:20am
Quoting inpatient
{quote} I too hold trades for a long time but try to only trade in the direction of a positive swap. If we get anywhere near 1.57 surely that would be a good time to exit all longs and enter a few new shorts looking for this thing to bottom? I think over the longer term your long bias will prove to be correct but too far away to be able to trade it yet. I think once we get the surge from the taper and increase of US rates (likely before that of UK, EU)to bottom cable at 1.42 then it will be time for longs. Maybe late 2014 or 2015. Back above 1.7...

makes sense
  • #344,851
  • Aug 8, 2013 12:35am Aug 8, 2013 12:35am
Good day to you,

We have room to move in either direction still. I'm a bit unsure whereto from now. To the higher side, we still need to deal with 1.5601, 1.5639,1.5823 and 1.5850.

To the downside, there is 1.5041 and 1.4963.

I could start building a short towards 1.5041 - but I believe this is still a bit early. We are sort of in the middle of everything. I will therefor probably sit out for now. I do hope we see higher first. This will allow me to start building my long term short.

All the best
  • #344,852
  • Aug 8, 2013 1:01am Aug 8, 2013 1:01am
Good day,

I looked at lower time frames, and as a short term trade i'm selling here @ 1.5505 with target 15377

Regards
  • #344,853
  • Aug 8, 2013 1:17am Aug 8, 2013 1:17am
Quoting TauTrader
Good day, I looked at lower time frames, and as a short term trade i'm selling here @ 1.5505 with target 15377 Regards

5377 is not short term but swing number unless your short term means 2-5days
In trading, you have to be defensive and aggressive at the same time
  • #344,854
  • Aug 8, 2013 1:30am Aug 8, 2013 1:30am
Gidday Punters

Got a short 1.550 GBP/US to 148 TP

EUR/US has not dropped its load yet

I don't chase this pair all over the charts

After a few days, thinking it will take a dump:nerd:
  • #344,855
  • Aug 8, 2013 1:39am Aug 8, 2013 1:39am
Quoting Davit
{quote} 5377 is not short term but swing number unless your short term means 2-5days
Davit,

Correct.

I'm slowly moving towards long term trading - away from quick trades. Still some 10 and 20 pip scalps, but moving away. I'm looking at 4h and daily now. So, yes - a few days.

All the best

Regards
  • #344,856
  • Aug 8, 2013 1:49am Aug 8, 2013 1:49am
looking for some bull play ( very transient ) , showing & try raising a camel mouth/head before possible crush as should be thirsty also after so many crazy runs. Any good reactions expecting today as early with post London session. Take care .

fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #344,857
  • Aug 8, 2013 2:06am Aug 8, 2013 2:06am
Quoting TauTrader
{quote} Davit, Correct. I'm slowly moving towards long term trading - away from quick trades. Still some 10 and 20 pip scalps, but moving away. I'm looking at 4h and daily now. So, yes - a few days. All the best Regards
I am like you friend.Swing trader. Where the real money is.
In trading, you have to be defensive and aggressive at the same time
  • #344,858
  • Aug 8, 2013 2:41am Aug 8, 2013 2:41am
Quoting iqyu5an
supply source not broken yet by this bull rally ( just imho ) {quote}
I say yes to that. Return to .526 area is on my list. It's not the matter of why but when
  • #344,859
  • Aug 8, 2013 2:50am Aug 8, 2013 2:50am
Quoting okanemici
{quote} {quote} I said " It will stop for now at 1.5540 " and it stopped at 1.5531 , more over I've 125 pips gain from this account blower bloody move, what do you have ??? {image}
So drawing a line to the chart proves that you gained 125 pips?
  • #344,860
  • Aug 8, 2013 2:52am Aug 8, 2013 2:52am
On a daily there is no real signals to sell. only scalping by 30-50 pips. do you guys like to scalp? i dont cause usually if strong trend get SL blowup.
Its better to wait for double top. Why double top? cause double top usually signals the end of trend and its perfect for sell. while no double top
we could go higher and higher.
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