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Cable Update (GBPUSD)

  • #348,981
  • Oct 16, 2013 4:22am Oct 16, 2013 4:22am
Most likely is consolidating in this 4 hours. This means any dip is a good time to buy.
Face both Win and Lose bravely
  • #348,982
  • Oct 16, 2013 4:25am Oct 16, 2013 4:25am
where has all the bears gone to?
  • #348,983
  • Oct 16, 2013 4:27am Oct 16, 2013 4:27am
Maybe they licking bulls balls
  • #348,984
  • Oct 16, 2013 4:31am Oct 16, 2013 4:31am
Quoting Cowboy11
Most likely is consolidating in this 4 hours. This means any dip is a good time to buy.
Correction, it is a 1H consolidation. Somewhere next hour will be up aagin.
Face both Win and Lose bravely
  • #348,985
  • Oct 16, 2013 4:43am Oct 16, 2013 4:43am
scalp mode on , but for the overall direction is hard to tell
The market will deceive you. Make your own judgement.
  • #348,986
  • Oct 16, 2013 4:46am Oct 16, 2013 4:46am
Quoting arenoosh
{quote} That big white candle seems to complete a bearish engulfing pattern to me. We have the uptrend and then the "signal" that it might reverse. The trigger ? Well the average earnings dropped more than expected and looking further suggests the consumer will remain strained. And let's not forget the US. We are only 24h away from the default. If US will default then any UK number - bad or good - will be insignificant to determine what GBP will do. I keep my gbp/usd short despite some daily volatility. If anyone interested to see my opinion on...
If good, can only support; nevertheless, if bad, it will drop from cliff. USD image is bad now.
Face both Win and Lose bravely
  • #348,987
  • Oct 16, 2013 4:57am Oct 16, 2013 4:57am
hourly r t s level @ 1.6018. news spike resistance 1.6060, above there higher expecting. hourly support. only sell below support, current momentum is still up, after breaking asia's hi.

look at hour 1 with horizontal line there's a r t s level, break recent's daily high. price momentum likely to go higher and range between 1.6000-1.6060 meanwhile.
  • #348,988
  • Oct 16, 2013 4:58am Oct 16, 2013 4:58am
No wonder sometimes before e news, cannot catch e pips properly with leaked news. Haha
  • #348,989
  • Oct 16, 2013 5:01am Oct 16, 2013 5:01am
Quoting fxlover11
If this count proved valid then 5th impulse wave is already started. We may see a new high if it not fail. {image}
Also it can happen that all these moves are part of wave 4 sideway correction and the bottom may not set yet.

Attached Image (click to enlarge)
Click to Enlarge Name: wave count.png Size: 45 KB
Never test the depth of water with both feet.
  • #348,990
  • Oct 16, 2013 5:03am Oct 16, 2013 5:03am
Quoting tohalan
No wonder sometimes before e news, cannot catch e pips properly with leaked news. Haha
do rem to crop chart all these high volatile impact news and see how it moves before news release. GBP has alot of history of moving price before news event. been fake out many times, thus now i only go after price is confirmed doing its test.

early entries are prone to fake out if without break even/ trailing stops.

though, i rem sometime back, pound rallied/spike 200 pips after its gdp report, 1 directional without retracing. and often it move 1st about 3-5 minutes before actual release as well, though some places reportedly receiving earlier economic data feeds.

still i like gbp's news trading compared to other pairs, as it's quite decisive, just need to apply a working strategy or enhance risk/trading management.
  • #348,991
  • Oct 16, 2013 5:06am Oct 16, 2013 5:06am
Nonsense again and again. I see 'consolidation', 'buy any dip', 'my wish', 'this move can't be normal', etc., some may not be quoted with the same words, but the meaning is the same.

I still keep my shorts and added some more. Thing are absolutely unclear, rejections are there at both sides. I might keep adding shorts if I decide the moves are irrational.
On my charts I saw exceeded volume on the 2 15m candles before the spike occurred, on the spike itself volume was still exceeding, since then volume is extremely low.
My bias is bearish all the way, for now. At around 1.6060 I will sell again.
  • #348,992
  • Oct 16, 2013 5:08am Oct 16, 2013 5:08am
Thanks 5%, happy trading.
  • #348,993
  • Oct 16, 2013 5:09am Oct 16, 2013 5:09am
Quoting fxbreeze
where has all the bears gone to?
Behind bushes. :-p
  • #348,994
  • Oct 16, 2013 5:10am Oct 16, 2013 5:10am
Quoting ninjafx
scalp mode on , but for the overall direction is hard to tell
North for sure. Expecting 1.62 once again.
  • #348,995
  • Oct 16, 2013 5:14am Oct 16, 2013 5:14am
Well I see rather 1,61 in 4 hours, maybe quicker
  • #348,996
  • Oct 16, 2013 5:14am Oct 16, 2013 5:14am
Quoting brendad
{quote} North for sure. Expecting 1.62 once again.
Good luck!
  • #348,997
  • Edited 5:52am Oct 16, 2013 5:19am | Edited 5:52am
No more lower lo below 1.5910, after few days of test, majority sellers have high tendency to take profit at that level with sell stops below instead to catch further break out to downside. not to forget, yesterday's push was up until boe's comment that send price down. also sellers might have their trailing stops near 1.6020 where 1.6018 was previous resistance these few days. stop loss, buy stops orders were above 1.6018 as well.

meanwhile, resistance at 1.6010-20 is broken kept by 1.6060 area at this moment.

rectangle box is point of interest level of s t r and r t s.

meanwhile, pull back news entry at 1.6010 is be. for a re-test near 1.6060. further buy stops is possible above current news spikes if enough volume but unlikely.

likely to see range play 1.6000-1.6060. hourly support 1.6017

. if current hour closed above with rsi above 70, have strong momentum to go higher.

hour4 currently above 50 sma or macd after several days test of double bottom with double higher lo.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: lower lo.png Size: 18 KB
  • #348,998
  • Oct 16, 2013 5:27am Oct 16, 2013 5:27am
G/M

Yesterday's daily t/f pinbar candle pointed the way to upside progress today being the greater probability - effectively a quadruple low on the 1hr t/f at that 23.6% 4811-6259...Uk better than expected employment data helped the bulls with price rising to the top of that previous 4hr minor swing lo zone (previous support) at the current daily hi (6058) - around 38.2% of the 6259-5913 fall .... and a pullback from there to a previous 1hr/4hr swing hi zone (previous resistance) where fresh demand has been encountered..

U.s Debt ceiling/budget stuff rumbles on and brinksmanship takes us to the brink on the debt ceiling - as brinksmanship tends to lol !

1hr more bullish than bearish now re opa, 4hr mixed and daily/weekly opa uptrends still intact - all correct at time of writing. Likely to be some kind of reaction to debt ceiling thing - even if a resolution/deal 9howsoever temporary) is reached...and if it isn't - there could likely be a bigger reaction across associated asset classes/markets/instruments ?

G/L
Attached Image (click to enlarge)
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ex member
  • #348,999
  • Oct 16, 2013 5:30am Oct 16, 2013 5:30am
4hr sma just above the current daily hi and you can see on daily where price keeps hitting it's head on underside of previous daily ascending trend line that was breeched to downside in run down to 5913.

G/L
Attached Image (click to enlarge)
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ex member
  • #349,000
  • Oct 16, 2013 5:35am Oct 16, 2013 5:35am
Where's Fontu? Will like to have his opinion for this.
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