Cable Update (GBPUSD)

is anybody taking profit before FOMC?

A picture without comment is as useless as comment without a picture.

FOMC statement will make the greedy bears just getting a bone.

A bone of a bull

News is not that important anymore, just follow your charts and strategies.

Howzit!

I'm closed after shorts
1,61676 -> 1,60579 MT
1,61677 -> 1,60579 MT
1,60927 -> 1,60579 ST

252 pips for loss of 30 = 222

Reason to close FOMC minutes, de-risking account, MT Equity trade a bit slow but better R:R

So I'm commenting from the armchair

GU 4H

Still ranging after some bearish action we have a rebound with forecast to 6083 DB play on the 1H R:R is not great (due to event risk)

Trend
Sideways with high event risk

News
FOMC expected to indicate tapering to begin in March 2014, will probably site soft data (wouldn't it be more fun if they decided to do it early?)

Technical study

1. MA 20,50 crossed 200 above price -> Daily chart only the 20 is above price (sma's)
2. 6032 ST support off minor fib 61,8 has started the rebound
3. No oblique's (TL's) of consequence in play on price
4. RSI remains bearish and is capped by a descending TL

Have a great day, I'm off to equity land...



G/L

More Dewald

You lucky man

I am trying to get in before FOMC so that at that time I can bring my SL to BE and ride along if dealers dont spike either side..

Thanks for the V
I'll keep a close watch on you

I agree,
and lots of pretty girls here with tiny bikini's

Helo peeps, how is ur day.
mine as follows, expecting a retrace to 6076 max, then we might see a drop down 5980.
should it be more, next target would be 5895.
Please follow ur own analysis. im just sharing.

gl gl n be them green

After yesterday’s break of 1.6114 level we expect that GBPUSD will still move down. Looking for a short position at 1.6060-1.6065 level , or at 1.6114-18. If that scenario is not gonna work, we wil wait for another setup.

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If anyone is interested here is my Gold sell stop 1344.50, expecting a drop to 1317 and rise from there.

Bearish candle on the daily t/f yesterday - this as follow thru on the bearish tone of the week so far. lo (6021) was at the weekly/daily asc t/line / 61.8% 5893-6256. Asian session mixed - a sell off from yesterday's upside pullback hi (6051) off that t/line then a an upside bounce again at the trend line/newly established p[revious 1hr swing lo zone there....bounce up contained at base of a previous 1hr swing lo zone in early London where supply was encountered but slightly higher than the pullback hi at 6051 yesterday. Some U.s data later and of course all important Fomc statement later. 5893 previous swing lo must be in sight for longer term bears ? $ buying and equity highs despite bad U.s data y/day on back of less chance of tapering....topsy turvey world we live in now !

This ascending trend line discussed above is the immediate downside obstacle for bears.

G/L

support on the pullback results in a master bullish engulfing x 3 on 1Hr.....price entering this previous 1hr swing lo zone again at the current daily hi...this is immediate upside obstacle. 6065 at top of that = 23.6% 6207-6021..DP just above.

G/L

Swing high and engulfing on 1hr.

Had the daily/weekly ascending trend line not been there and a bounce from it I would have said that greater probability remains for a downside follow thru on yesterday's daily candle after the pullback - this may still be the case but with this and Fomc upcoming I think it is harder to judge now re today.

G/L