Cable Update (GBPUSD)

Price poked it's head above yesterday's 5672 hi - still in the 4hr previous swing hi zone from 19/6. To the immediate upside as below:

5667-75 prev 4hr sw hi zone
5677 Daily R1 @/around
5708 Daily R2 @/around
5712 Weekly R1 @/around
5725-33-51 prev 4hr/daily/weekly swing hi zone incl 5741 Daily R3 @/around
[ 5750-70 monthly descending t/line coming thru on weekly candle
[ 5760 61.8% 6349-4811
5772 50% 6746-4811 and Monthly R2 @/around
5800 Weekly R2 @/around
5813-44 prev daily minor sw hi zone
5820-77 prev weekly sw lo zone incl: 5861-77 prev daily minor sw hi zone

100sma on weekly is just above current hi - this is under the 200sma on same t/f

G/L

target 1.5680 is a tough cracker, if hit - next one is 1.5780

target hit

not on my charts... HI is 1.56791

yep u r right I have 4 digit broker

It is and I'm not a gold bug, lol.

Just forming an opinion on the mess that is unfolding. Maybe Steve Keen was right and a debt jubilee is the only way forward. It will certainly form part of any new Bretton Woods.

talk of 'good offers' 5680-00, price makes a 5678 hi - 2nd 1/2 (just outside) of that prev 4hr sw hi zone from 19/6, Daily R1, underside of breeched previous steepest 1hr ascending trend line tested from that underside....pulls back just about to a previous 1hr swing hi where res became sup for another test on that hi and price is again currently being repelled...100sma on weekly @/around the hi and talk from another source of the Jan-Jun descending t/line which I don't have on own analysis.

A hard nut to crack for the bulls this level then ? 5751 their ultimate target ?

So far today 45% of 20 day atr covered, so far this month 114% 20 month atr covered.

G/L

itchy... very itchy..

Cycles must occur. Ascending Wedge on the Daily.. the end of a run-up. Cycles must occur to keep flow and liquidity.
The USD will not continue to get hammered forever. Otherwise, the world banks might as well pack it in.

http://i40.tinypic.com/2lctitl.jpg

There is nothing new under the sun. The sun rises from the east and sets in the west. Everyday, yesterday and tomorrow. The sun has been rising and setting long before we are born, and it shall continue to do so long after we are gone. There is nothing new under the sun. In the financial markets, there is nothing new at all too. Booms followed by busts. Exuberance comes before a panic. Greed turns into fear when prices tanked. These are nothing new. It is ancient wisdom. This is a key to financial riches. Buy before the boom begins and sell before the bust comes.

GBPUSD has been doing nothing new at all too. The last time it trended strongly was during the 2008 global financial crisis. Where prices drop a whopping -6500pips. Ever since then, it has been trading up and down within well-defined ranges since 2009. I have taken a daily chart and zoomed it out to the max. This allows me to have a bird-eyes view, or a big picture, of the technical situation of GBPUSD. What i found amazes me. Look how well behaved GBPUSD is, since the 2008-2009 global financial crisis!! It has not ventured into any new price territory. It has been meandering about in such precise boundaries, that i can draw nice boxes around the price action.

http://i40.tinypic.com/258m34z.png

The 2008-2009 freefall of -6500pips is like a Yangtze river bursting its dams and causing a huge flood. From 2009 until now, it is now a calm, serene, predictable flow of river.

http://i39.tinypic.com/6zx21i.jpg

So how do we trade this? The million dollar question in every forex traders' head. The strategy is then to short at the top of the range. And to long near the bottom of the range. Right now, GBPUSD is approaching the top of range at around 1.5750. See the chart below. I have place my sell orders around 1.5750-60. If this 1.4800-1.5750 is the new defined box, then we could be ranging inside here for many months ahead.

http://i43.tinypic.com/f1jfia.png

SHORT GBPUSD 1.5750-60
SL above 1.5800
TP (final target) 1.4800

why is it so silent here? I can hear SL cracking

I thought that was crickets lol..
And with Morgan and Stanley's published trade call in FF having a SL at 1.5750, you just know Cable ain't finished yet
The M & S Euro short trade call has already spilt it's beans at its 3440 SL

crazy going on , once for all or a trend change , still never thinking so though euro-zone exited recession rumor or so !! whatever ,few scalping only short at times to stay safe in the long run.

seems the way it goes the way it down , once for all in the correction ,just very exaggerated!!

As it approaches the extreme level for a weekly/monthly diamond like swing in strong hand or so , so it need see the weekly chart also . If any diamond abortion happen it likely transform into a still bearish less lethal symmetrical or expanding triangle , so if by chance it happens with breaks 5751 then next stop can be 5830 or go more to 6000/50 ( a 2nd time pullback to sell with huge intention )before the bear & that level at the same time is possible trend chance activation .
lets see
fontu

Price keeps challenging the offers to 5700...5695 (100sma on weekly t/f) the current daily hi - each time a bit higher - each time a pullback...the potentially contrarian indicators of COT on FF trade explorer and other sources (oanda etc..) showing net short positions in this pairing - these retailers are either astutely building short positions or are gonna get killed lol !...with bearish div patterns in oscillators to 4hr and 5751 swing hi overhead - which one are you bear or bull now ? Small range daily candles recently have bought 20 day atr down to 113 currently after it had hit 136 earlier in the year which is closer to the 140 longer term average.

G/L

my target is 1.5780 - just bellow the new ascending TL, but life is full of accidents so I put SL at BE

Strong up day so far on the correlated Eurusd...with a H above it's last 2 x previous swing hi's on daily (points a & b) and the significant swing hi at 3417 a previous daily/weekly swing hi (point c.) Is this an omen for cable ?

G/L

good day to you, IBB

Let us see where she is going.. I'm preparing to short - but it is a slow process. Still do not see it yet.. I'm sitting on AUD trade with a few eggs in there and just entered a small short on EU as a starting point. But may be too early there too.

Wish you all the best

Intresting GU...!
the GU from the 1.4813 after the break of 1.4831 low is seeking nothing but the 1.5844(main) with it's X-FACTORS at 5804, 5744, 5704(currently tested).
these points(x-factors) would be valid at 10 pips before and invalid 10 pips after.for the main it would be valid 10 pips before and invalid at 1.5867.
It is also worthy of note that pa has been testing the x-factors(5668,5608,5568) to the main 5708 of the inside wave from 5751 to 5413 but i like to consentrate on the big picture so i never paid any attention.
for conclusion if any of these points/price should hold we may see a new low printed in the coming weeks.gl to everyone

typo.. to 4813 not 5413

I think it's a chance to short the GBPUSD.