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Cable Update (GBPUSD)

  • #345,561
  • Aug 20, 2013 7:53pm Aug 20, 2013 7:53pm
Quoting umair55
hello guys gbpusd going upward or going down from this level can anyone guide me??
Its going upward.
  • #345,562
  • Aug 20, 2013 7:55pm Aug 20, 2013 7:55pm
Quoting Purple
{quote} Its going upward.

Interesting -
I don't trust any move - when you have profit...take it.
  • #345,563
  • Aug 20, 2013 7:57pm Aug 20, 2013 7:57pm
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I see bearish gartley. if valid she will go 1.50xxx.
  • #345,564
  • Aug 20, 2013 8:04pm Aug 20, 2013 8:04pm
divergence and pinbar. ehm.... it's nice
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  • #345,565
  • Aug 20, 2013 8:07pm Aug 20, 2013 8:07pm
need more patience for short
  • #345,566
  • Aug 20, 2013 9:00pm Aug 20, 2013 9:00pm
Quoting Faller
{quote} It takes time and experience to understand these things - I am not being rude.....it is just something that happens to seasoned traders - they are able to look at areas on the chart and not be worries about the 100 pip move that just happened - Once you realize that what you missed may actually be smaller then what you can gain - then you are moving in the right direction of a successful trader. Cheers, Faller
Thank you. I take it you mean that in this instance, he is better off waiting. If it drops 100 pips (to 1.5574), he can start building his shorts but if it goes up, the money would be better spent at a higher price. I should have thought of it but was focused only on the down move.

Karel
  • #345,567
  • Aug 20, 2013 11:04pm Aug 20, 2013 11:04pm
Quoting karelk
{quote} I am puzzled why you would want to wait until the price descends 100 pips. Is there perhaps something I am missing?
Good day to you, karelk

My apology.Had to catch some ZZZ.. English is not my first language and I can see why my statement is puzzling. I meant to say that I am building a short towards 1.55746. Not waiting for 1.55746 before I short. The chart posted shows the trade plan.

Hope this clears it up?

All the best
  • #345,568
  • Aug 20, 2013 11:16pm Aug 20, 2013 11:16pm
Quoting umair55
hello guys gbpusd going upward or going down from this level can anyone guide me??
I guess it depends on your trading style and outlook.
Im targeting 5750 first and if we get there will she if can carry through.
But daytrades may see different things and make money on drops also.
Come with me if you want to live....
  • #345,569
  • Aug 20, 2013 11:18pm Aug 20, 2013 11:18pm
Good day,

I have now closed the 1.5673 short I took for +6. I am going to wait a little longer to enter again. Target remains 1.55746 as a retrace point lower. Swissy I believe still has about 80 pips or so to go to the downside. This may push EU higher and EU could possibly drag GU with.

I think I can get a better entry.

The Swissy target was published on the USD/CHF thread a few days ago.

Regards
  • #345,570
  • Edited 2:39am Aug 21, 2013 2:09am | Edited 2:39am
scalping short active ,of yesterday , for breaks 5645,28, 07 & 5594/74 targets for next decision down if to next targets 5422 & previous limit 5392 again & actually lows .daily tf loosing power to hold top! crazy remain active over 5607 & 5574 though & top limit for great down remain 5751 solid still, 5730 semi-solid wall .

eu , hope breaks 3246 & 3205 today or next day if ok go. above 3461/77 or even 3500 ok .

Gold breaks 1357 , not enough , need breaks or test 1346/4 before next crazy run or crush!!
fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #345,571
  • Aug 21, 2013 2:21am Aug 21, 2013 2:21am
Quoting Ill-b-back
{quote} I guess it depends on your trading style and outlook. Im targeting 5750 first and if we get there will she if can carry through. But daytrades may see different things and make money on drops also.
agree with you mate....
  • #345,572
  • Aug 21, 2013 2:32am Aug 21, 2013 2:32am
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  • #345,573
  • Aug 21, 2013 2:45am Aug 21, 2013 2:45am
G/M,

another bullish bodies candle on the daily yesterday but another small pip range (< 20 day atr) spinning top type suggests upside momentum may be waning ? Last 1hr/Asian lo is @ 50% 5628-5695 (yesterday's hi.) - price testing the previous minor 1hr swing lo zone created by that now. ...2 other fibs in close vicinity in that zone. 1hr 4hr and daily remain in opa general uptrends. ...lower t/f's are mixed/unclear with 2 way traffic. Uk data later @ 09030am London.

G/L
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ex member
  • #345,574
  • Aug 21, 2013 3:09am Aug 21, 2013 3:09am
1hr again closes as a pinbar (4th in a row.) The clues were there re 5min PA - all long lower wicked (generally) as price tested that previous 1hr swing lo zone/fibs leading down to current daily/Asian lo....ran straight into supply...Messy intraday atm.

G/L
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ex member
  • #345,575
  • Aug 21, 2013 3:40am Aug 21, 2013 3:40am
market seems undecided between 5649-75...how about you ? Supply leading to that 5675 previous 1hr swing hi but bulls present too on the dips...how will it resolve ?

G/L
ex member
  • #345,576
  • Aug 21, 2013 3:50am Aug 21, 2013 3:50am
Quoting bbmac
market seems undecided between 5649-75...how about you ? Supply leading to that 5675 previous 1hr swing hi but bulls present too on the dips...how will it resolve ? G/L
I am not surprise if she drops like a stone any time from now. If she does, 1.5 level should be seen in the next month once the big boys come back to the market. It's just few days left in August, the summer holidays will end soon...
  • #345,577
  • Aug 21, 2013 4:04am Aug 21, 2013 4:04am
Quoting ForexRatVN
{quote} I am not surprise if she drops like a stone any time from now. If she does, 1.5 level should be seen in the next month once the big boys come back to the market. It's just few days left in August, the summer holidays will end soon...

i thought it may go up..but the monthly formations have 2 pins..if she chose down..it could have been a massive drop..1.50 is the line in the sand and i couldnt take that chance...as that might have been the ceiling for cable for a while

but what we have right now is a broadening triangle, converge..i dont expect it to make a higher high (weekly chart).. but a higher low is likely..i maintain a bullish stance on the mofo but looking for the higher low around 1.51-1.50 if lucky then up
  • #345,578
  • Aug 21, 2013 4:07am Aug 21, 2013 4:07am
Quoting bbmac
market seems undecided between 5649-75...how about you ? Supply leading to that 5675 previous 1hr swing hi but bulls present too on the dips...how will it resolve ? G/L
Edit: typo
I notice that this upward channel seems to have some respect from the market in the ST especially since the breakout above 1.5605
It would suggest that despite the predominantly sideways action of late we could see 1.59 in a week or two, that said it looks like we'll stay in trend, even though the trend is moving like a herd of turtles.

Risks:

FOMC minutes confirm "Septaper" sending dollar bulls for a trot

1.57XX level proves to be the DT many traders expect it will be (however the breach of the level opens the way) if it reverses.


No safe trading opportunity for me in the next 9 hrs

G/L
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  • #345,579
  • Aug 21, 2013 4:29am Aug 21, 2013 4:29am
well that little range resolved to the upside and pulled back off underside of former 1hr ascending trend line only to find some buy the dip demand at top 1/2 of the range on the pullback...- range so far today only 28% of the 20 daty atr which is down to 113 now.

G/L

Quoting bbmac
market seems undecided between 5649-75...how about you ? Supply leading to that 5675 previous 1hr swing hi but bulls present too on the dips...how will it resolve ? G/L
Attached Image (click to enlarge)
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ex member
  • #345,580
  • Aug 21, 2013 5:05am Aug 21, 2013 5:05am
Double top on M30 - down from here??

I thought price would have at least touched 1.57...

Dangerous levels to short unless trading with tight stops I think.

Still wouldnt rule out a test of 1.5750 again.
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