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Cable Update (GBPUSD)

  • #347,721
  • Sep 30, 2013 4:25am Sep 30, 2013 4:25am
Looking 100+ pips to the upside in case of another leg up...

6169-72 prev minor 1hr sw hi zone
[ 6175-81 prev 1hr/minor 4hr sw hi zone incl 6180 = Daily R1 @/around
[ 6164-6179 prev daily sw hi zone incl 6170-80 = wkly/mthly desc t/line coming thru on this weekly candle
6205 Weekly R1 @/around
6222 Daily R2 @/around
6272 Weekly R2 @/around
6278-6309-6349 prev daily/weekly/monthly sw hi zone incl 6278=76.4% 6746-4811, 6298 = Daily R3 @/around, and 6320-40 = monthly descending t/line coming thru on present weekly candle
6394 Monthly R3 @/around

Unlikely to reach Monthly R3 (?) on this last day of the month and with price at 131% of 20 month atr so far this month. Current Daily hi is 6181.

G/L
ex member
  • #347,722
  • Sep 30, 2013 5:18am Sep 30, 2013 5:18am
Speaking of repeating patterns (which I wasn't) Italy is going thru a typical pattern of un-stable govt (how many Italian Govts since end of WWII ? it's over 40 - at least Berlosconi bought some measure of stability lol !)..and probably more importantly U.s facing a looming govt shutdown/budget/debt ceiling crisis...these are probably the most critical event risks right now that are already affecting equity markets and may impact on € and $ in coming days - the extent to which is dependant on how they play out/resolve. Remain vigilent as any prevailing sentiment affecting an instrument could well change and by change I mean change or prevailing sentiment strengthen..

G/L
ex member
  • #347,723
  • Sep 30, 2013 6:36am Sep 30, 2013 6:36am
Quoting mry2001
{quote} Where?
Price is holding , they will make one more run at the top again ..........IMO
The More You Learn, The More You Earn.....
  • #347,724
  • Sep 30, 2013 9:34am Sep 30, 2013 9:34am
i decided not to enter counter trend trade on cable or fiber yet.. currently only have shorts on EG..

Good luck guys.
  • #347,725
  • Sep 30, 2013 9:39am Sep 30, 2013 9:39am
Quoting A-speculator
i decided not to enter counter trend trade on cable or fiber yet.. currently only have shorts on EG.. Good luck guys.
good idea , I see another push up on the H1 chart coming in the hours to come.........today , tomorrow
The More You Learn, The More You Earn.....
  • #347,726
  • Sep 30, 2013 9:51am Sep 30, 2013 9:51am
Quoting forexalien
{quote} good idea , I see another push up on the H1 chart coming in the hours to come.........today , tomorrow
yeah, too early for short i think.. we might get several indecision candles here.. might get slaughtered..

there's always another day..
  • #347,727
  • Sep 30, 2013 10:12am Sep 30, 2013 10:12am
Quoting Davit
{quote} Hi Stephane I closed 4 shorts to lighten my load.We got 1 more day of Sept so I don't expect major pull down before.Sept has traditionally been strong month for pound and gradually descending after. I see Feds cutting some QE soon Oct or by Dec for sure.So I don't see cable going past 2012 high of 6381.British economic news is slightly better but that's just Sept unemployment from 7.8 to 7.7 and that could change dramatically for worse as winter months are coming. Regards

one thing i think is cable will find it tough its going to be dog fight to go higher..this mofo is looking to kill us, but we must be strong not to fall apart
new month is likely to test 1.6, hopefully news start turning around..and it fails as support
  • #347,728
  • Sep 30, 2013 10:12am Sep 30, 2013 10:12am
Shorted at .6193

The way I see it, that was the last pump up (in the short term) and now we're underway for a nice correction.
  • #347,729
  • Sep 30, 2013 10:20am Sep 30, 2013 10:20am
Quoting JollyBean
Shorted at .6193 The way I see it, that was the last pump up (in the short term) and now we're underway for a nice correction.
follow the chart mate.. at this very moment, i have yet to see any exhaustion yet.. if you really want to gamble on short, perhaps you might want to look into fiber.. i think bears might get better chance there..

just my 2 cents..
  • #347,730
  • Sep 30, 2013 10:24am Sep 30, 2013 10:24am
Quoting JollyBean
Shorted at .6193 The way I see it, that was the last pump up (in the short term) and now we're underway for a nice correction.
looking for the same, but risk is too large, USDOLLAR broke it's support, GU might well be heading to 1.63

USDOLLAR D1:
Attached Image (click to enlarge)
Click to Enlarge Name: Picture0016.png Size: 92 KB
Don't be a hero. Don't have an ego. Always question yourself
  • #347,731
  • Sep 30, 2013 10:28am Sep 30, 2013 10:28am
Quoting A-speculator
{quote} follow the chart mate.. at this very moment, i have yet to see any exhaustion yet.. if you really want to gamble on short, perhaps you might want to look into fiber.. i think bears might get better chance there.. just my 2 cents..
Actually, exhaustion is exactly what I'm seeing, at this point, with a good deal of confidence.

But I guess different people see different things from their own charts

Trade safe.
  • #347,732
  • Sep 30, 2013 10:31am Sep 30, 2013 10:31am
Quoting JollyBean
{quote} Actually, exhaustion is exactly what I'm seeing, at this point, with a good deal of confidence. But I guess different people see different things from their own charts Trade safe.

u have one vouch only. but the guy who vouched for u is old friend and damn good trader..this actually gives me confidence in u..thanks god

man i hope u are right!!
lets get lucky
  • #347,733
  • Sep 30, 2013 10:32am Sep 30, 2013 10:32am
Quoting JollyBean
{quote} Actually, exhaustion is exactly what I'm seeing, at this point, with a good deal of confidence. But I guess different people see different things from their own charts Trade safe.

Bro that last 1H candle looked anything but exhausted
Money never sleeps...
  • #347,734
  • Sep 30, 2013 10:33am Sep 30, 2013 10:33am
Quoting USD-Bear
{quote} looking for the same, but risk is too large, USDOLLAR broke it's support, GU might well be heading to 1.63 USDOLLAR D1: {image}
imho, i think dollar index might retest the top of the range.. it might work out you know.. just not the timing.. i'll be closely watch the progress, once we have a confirmed downtrend momentum, i will be jumping in.. perhaps at lower price, but it doesn't matter, at least we have confirmation and safe trade..
  • #347,735
  • Sep 30, 2013 10:34am Sep 30, 2013 10:34am
Quoting USD-Bear
{quote} looking for the same, but risk is too large, USDOLLAR broke it's support, GU might well be heading to 1.63 USDOLLAR D1: {image}

so long as dolar is in this channel there is a chance
it is sitting on support
Attached Image (click to enlarge)
Click to Enlarge Name: usdlfxmonthly.png Size: 71 KB
  • #347,736
  • Sep 30, 2013 10:35am Sep 30, 2013 10:35am
Quoting nAVIN2007
{quote} u have one vouch only. but the guy who vouched for u is old friend and damn good trader..this actually gives me confidence in u..thanks god man i hope u are right!! lets get lucky
lol c'mon, why do you need confidence in me?

I'm sure you're a much better trader than myself
  • #347,737
  • Sep 30, 2013 10:37am Sep 30, 2013 10:37am
Quoting JollyBean
{quote} lol c'mon, why do you need confidence in me? I'm sure you're a much better trader than myself

when i know someone can trade...its a good thing..it means i haven't completely lost the plot

lets get lucky
  • #347,738
  • Sep 30, 2013 10:38am Sep 30, 2013 10:38am
Quoting nAVIN2007
{quote} u have one vouch only. but the guy who vouched for u is old friend and damn good trader..this actually gives me confidence in u..thanks god man i hope u are right!! lets get lucky
hey nav!.
are you shorting this already?
  • #347,739
  • Sep 30, 2013 10:41am Sep 30, 2013 10:41am
Quoting inpatient
{quote} Bro that last 1H candle looked anything but exhausted

market is going to a place to take orders..makes it complicated as new month can from a technical perspective bounce

we must remain positive bro
  • #347,740
  • Sep 30, 2013 10:42am Sep 30, 2013 10:42am
Quoting inpatient
{quote} Bro that last 1H candle looked anything but exhausted
I don't usually look at anything shorter than 3H.

Not that there's anything wrong of course, just my trading style/preference.
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