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Cable Update (GBPUSD)

  • #348,461
  • Oct 9, 2013 3:40am Oct 9, 2013 3:40am
Quoting nAVIN2007
{quote} 1.6053 on 1hr chart has a doji and we broke the low..that should give bulls something to think about ..yur target is above the high of the doji..a break of it will simply give bears a kick in the nuts
i see, i didn't look at the 1h.. now i also think it won't gets there.. lol. will evaluate on the reentry later..
  • #348,462
  • Oct 9, 2013 3:40am Oct 9, 2013 3:40am
Quoting nAVIN2007
{quote} we need to break 1.5950 area and its free fall..just so u know im thinking below 1.5 longer term
Indeed, 1.5950 is the key area as once this is broken with conviction, we are officially back into bear territory. Seems the recent figures with the PMIs have been optimistic whereas the raw data is showing the opposite. Nice call Bro!
  • #348,463
  • Oct 9, 2013 3:41am Oct 9, 2013 3:41am
Buy 5955 to retrace to 5991 for a scalp. S/L at 5950. (if it goes there in the next hour)
  • #348,464
  • Oct 9, 2013 3:43am Oct 9, 2013 3:43am
Quoting bbakker
{quote} Indeed, 1.5950 is the key area as once this is broken with conviction, we are officially back into bear territory. Seems the recent figures with the PMIs have been optimistic whereas the raw data is showing the opposite. Nice call Bro!
If the daily doesn't close above 1.6, the writing is on the wall....
  • #348,465
  • Oct 9, 2013 3:43am Oct 9, 2013 3:43am
Might see a bounce from 1.5950 area from previous low on 24/9 giving us a 100% retracement of the bullish move 1.5954 - 1.6259, plus lower ascending trendline on H4... Could be good to scalp for a few. Wouldnt hold it though...

Or it could just drop straight through it... Have to see how PA reacts once we are there...
  • #348,466
  • Oct 9, 2013 3:45am Oct 9, 2013 3:45am
Quoting bbakker
{quote} Indeed, 1.5950 is the key area as once this is broken with conviction, we are officially back into bear territory. Seems the recent figures with the PMIs have been optimistic whereas the raw data is showing the opposite. Nice call Bro!
thanks bro!..
lets get lucky..this area has to go
  • #348,467
  • Oct 9, 2013 3:46am Oct 9, 2013 3:46am
Quoting nAVIN2007
{quote} we need to break 1.5950 area and its free fall..just so u know im thinking below 1.5 longer term
i told you yesterday the probablities of your view being right is much more than mine, well done mate
  • #348,468
  • Oct 9, 2013 3:47am Oct 9, 2013 3:47am
Mysterious drop in Cable and Geppy 2 hours before disappointing news, hmmm, I wonder if the big boys had advanced warning
Pride always comes before destruction.... -Proverbs 16:18
  • #348,469
  • Oct 9, 2013 3:47am Oct 9, 2013 3:47am
Profit taken from sell at 1.6082. leaving the rest of the lots to trail the market. Stops at BE
  • #348,470
  • Oct 9, 2013 3:50am Oct 9, 2013 3:50am
re data : big deviation from last month's and forecasts causes knee-jerk downside react - a follow thru on the prevailing daily sentiment to that point...low is at the ascending daily t/line/Daily S2, 2 x fibs incl 23.6% 5026-6259 / 76.4% 5885-6259....price now at 148% 20 day atr !

G/L
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ex member
  • #348,471
  • Oct 9, 2013 3:56am Oct 9, 2013 3:56am
...talk of 'strong buying interest' at 5950 if reached ?

G/L
ex member
  • #348,472
  • Oct 9, 2013 3:57am Oct 9, 2013 3:57am
Quoting fxmasterdxb
{quote} i told you yesterday the probablities of your view being right is much more than mine, well done mate

thanks
  • #348,473
  • Oct 9, 2013 3:59am Oct 9, 2013 3:59am
Some longer term thoughts on where cable may be headed now. Go to a weekly chart and you'll see that it doesn't like staying above the 200ema, and this is the sixth time it has been above it since early 2011 before coming back down again. Moving up to a daily chart and you'll see that when the price gets too far from the 200ema, it likes to come back to it, si if it goes fall that far, we're looking at 15,595. If it falls lower than that, we've got a confluence of the Daily 200SMA and the 61.8% fib retracement level, which for me would be powerful support. As to why Cable stopped at 16.252, it's hard to say, as there is no resistance from what I can see, only that it is definitely in overbought territory. The monthly chart therefore points to a pullback down to the levels expressed above, before it goes higher towards very heavy resistance in the form of the monthly 200ema/sma at 16,600, but that's someway off. For today, my target is 15, 914.
  • #348,474
  • Oct 9, 2013 4:07am Oct 9, 2013 4:07am
Quoting bbmac
...talk of 'strong buying interest' at 5950 if reached ? G/L

The nice thing about the shorts from 1.6082 is now it doesn't matter anymore. Profit has been taken,stops at BE. This trade can do whatever it wants now.

One of my main rules is i don't close out a winning trade to reverse it. So you could be right about 5950 for sure, but by my rule i cant reverse my sell trade.
  • #348,475
  • Oct 9, 2013 4:23am Oct 9, 2013 4:23am
1hr is what I am looking at per immediate upside it it plays out that way....v.oversold atm on lower t/f's but intraday sentiment remains bearish atm.

G/L
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  • #348,476
  • Oct 9, 2013 4:29am Oct 9, 2013 4:29am
Quoting bbmac
...talk of 'strong buying interest' at 5950 if reached ? G/L
It is the line in the sand between buyers and sellers. I do expect a bounce at this level and a daily close above 1.6 will mean that bulls are still in control based on the daily chart.
  • #348,477
  • Oct 9, 2013 4:41am Oct 9, 2013 4:41am
Quoting JimmyC
GU Daily Macro themes US Govt shut-down / Janet might be announced later today as new Fed Chair / FOMC minutes (might come out) UK data out shortly (recent sentiment is much improved) IMF has upgraded UK growth to 1.4% (nice) Technical picture Friday presented the execution of a PA vs RSI & Stochastics bearish divergence A H&S may be forming pattern reversal, could confirm major trend reversal COT report has traders grossly now short from the 24/09 report (for what its worth) MT play...{image} G/L
SL@ BE
  • #348,478
  • Oct 9, 2013 4:44am Oct 9, 2013 4:44am
Quoting nAVIN2007
{quote} thanks

hey dude how r u??

till 1.57 we're still in mixed-bulls territory.... its very visible on the higher TFs.... i hope ure enjpoying the ride south and it will go waaaayyy deeper. Keep an eye on news this evening! the new woman-bernie will tell what she wants to do!
I don't want a job, i want money!
  • #348,479
  • Oct 9, 2013 5:09am Oct 9, 2013 5:09am
Quoting bbakker
{quote} It is the line in the sand between buyers and sellers. I do expect a bounce at this level and a daily close above 1.6 will mean that bulls are still in control based on the daily chart.

we likely to consolidate here..till news later but of course u are dead right it is the line in the sand then 1.57
  • #348,480
  • Oct 9, 2013 5:10am Oct 9, 2013 5:10am
Quoting dario1002
{quote} hey dude how r u?? till 1.57 we're still in mixed-bulls territory.... its very visible on the higher TFs.... i hope ure enjpoying the ride south and it will go waaaayyy deeper. Keep an eye on news this evening! the new woman-bernie will tell what she wants to do!
im ok brother!!..getting ready for work in a couple of hours..i always seem to be heading to work when big new is around, its like a conspiracy
how are u?
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