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Cable Update (GBPUSD)

  • #351,601
  • Nov 1, 2013 12:57pm Nov 1, 2013 12:57pm
Quoting bbmac
....price has entered the weekly/daily part of the previous 4hr/daily/minor weekly swing lo down to 5983...23.6% 4811-6259 around the current low. There is a 4hr/minor daily swing lo to 5882 below the main swing described. Just goes to show price tends to bust thru potential support/resistance on a strongly trending day and the 1hr and 4hr was certainly bearishly ' thrusting' re some of the candles on that t/f today. Will be interesting to see how the daily and weekly close. G/L
That's a pretty big weekly candle hanging there. Surely that pretty much confirms an extreme bearish sentiment.
Those who say it cannot be done should not interrupt those who are doing it
  • #351,602
  • Nov 1, 2013 1:05pm Nov 1, 2013 1:05pm
Quoting pipcenturion
buy limits between 1.5921 and 1.5904 Enjoy your day.
would it be too early to say the up move has started and the fall for today ended?
  • #351,603
  • Nov 1, 2013 1:10pm Nov 1, 2013 1:10pm
Quoting bikash1247
Dear trader,don't be upset who has placed LONG/BUY GBP/USD,now 1.5900 is the strongest sopport and GBP is also have stronger data,I am trading since 2009,as far my knowledge is concern ,GBP/USD will definitely rise to 1.6020-1.6080 on coming MODAY,ALL THE BEST

My trading plan next week
Short GU 1.60 (if it goes there or close to it)
Short GC 1.67 and above with full force
Short UC 500 and above
Long USD/CHF 90 and below
In trading, you have to be defensive and aggressive at the same time
  • #351,604
  • Nov 1, 2013 1:29pm Nov 1, 2013 1:29pm
Long G/U at 1.5928 to hold over weekend. No TP and No SL. Will exit as PA dictates.
Trade taken on H1 oversold and bullish divergence conditions against support.

GBPUSDCALL
Those who say it cannot be done should not interrupt those who are doing it
  • #351,605
  • Nov 1, 2013 2:28pm Nov 1, 2013 2:28pm
Nothing changes have a read http://www.dailymail.co.uk/news/arti...ets-fixed.html
  • #351,606
  • Nov 1, 2013 3:43pm Nov 1, 2013 3:43pm
Quoting Bones
I have no such problem with you just some of your text book talker and trader explanations ,guess you come from Knightsbridge ,in general londoners are up there own arse {quote}
I thought tom was in the states

tricked again
  • #351,607
  • Nov 1, 2013 3:45pm Nov 1, 2013 3:45pm
Quoting Davit
Bones charts are concise ,clean and logical
there no denying it
  • #351,608
  • Nov 1, 2013 4:15pm Nov 1, 2013 4:15pm
Crickey dont tell me hes american as well

just kidding haha

Quoting nAVIN2007
{quote} I thought tom was in the states tricked again
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #351,609
  • Edited 5:52pm Nov 1, 2013 5:39pm | Edited 5:52pm
W/E review

The weekly candle closes as a bearish thrust (just about) with upper wick longer than small bottom wick and in so doing breeches the steepest ascending t/line on that t/f and closes below it. The t/f's classic opa uptrend is now in some doubt with this week's candle close making 6256 a fractal swing LH albeit by only 3 pips than the last HH at 6259. A general opa uptrend may still be present on this t/f - time will tell. The last swing HL remains intact but looks vulnerable to a downside breech now. 100sma remains crossed below the 200sma and price closes above both of them. This week's pip range of 299 was double and a bit that of last week and is 112% of 20 week atr

Friday's daily candle closes as a bearish thrust. No fractal swing is created by the close of this candle.This t/f is rangy-bearish now the range established between 6259-5893, but this range looks vulnerable to a downside break.. The 100sma remains above the 200sma on this t/f with price closing above both. Friday's pip range was 137pips which is 126% of 20 day atr.

The 4hr t/f closes in a general opa downtrend, this after the downside breech and re-test from an underside pullback of it's previous 6114-6256 range. Price closes below both the 100 and 200sma's on this t/f and the 100 has converged on the 200 from above it. The 1hr t/f closes in a general opa downtrend, price closing below it's 100 and 200sma's with 100 crossed below the 200.

Summary:

So, the greater probability of further downside off last week's close played out. Price closes in the previous 4hr/daily/weekly swing lo zone extending down to 5893 around the 23.6% of the main 4811-6259 move, where it found some demand late in Friday's trading session. This potential support looks vulnerable to a downside break given the current tech conditions from 1hr to weekly as discussed above but I wouldn't be surprised to see some more pullback first from here - have to see how it opens. There is really only one t/f from 1hr that may still be in an opa uptrend and that is weekly. Technically it suggests that more downside is the greater probability for next week, and if not, that ranging seems to be higher in probability than a resumption of any real upside progress in this pairing for this forthcoming week...save for any as yet unknown event risk ?

G/L
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ex member
  • #351,610
  • Nov 1, 2013 5:42pm Nov 1, 2013 5:42pm
I think any word is useless. I leave you to draw the conclusions by yourself:

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Buy when everyone else is selling and sell when everyone else is buying !
  • #351,611
  • Nov 1, 2013 5:43pm Nov 1, 2013 5:43pm
certainly the sentiment has been bearish this week overall...but sentiment can be different to trend (or at least it can be. ) on any given t/f's. 'Current' Sentiment can be bearish in an uptrend and vice versa where the prevailing trend could be said to by bullish/bearish respectively. Semantics to some maybe - but for me - an important distinction.

G/L

Quoting PipTrapper
{quote} That's a pretty big weekly candle hanging there. Surely that pretty much confirms an extreme bearish sentiment.
ex member
  • #351,612
  • Nov 1, 2013 5:57pm Nov 1, 2013 5:57pm
Quoting bbmac
certainly the sentiment has been bearish this week overall...but sentiment can be different to trend (or at least it can be. ) on any given t/f's. 'Current' Sentiment can be bearish in an uptrend and vice versa where the prevailing trend could be said to by bullish/bearish respectively. Semantics to some maybe - but for me - an important distinction. G/L {quote}
for me also. I said sentiment and I meant sentiment... not trend
Those who say it cannot be done should not interrupt those who are doing it
  • #351,613
  • Nov 1, 2013 6:02pm Nov 1, 2013 6:02pm
Quoting arenoosh
I think any word is useless. I leave you to draw the conclusions by yourself: {image}
Nice returns, but you took extremely significant risk to achieve it. If you keep doing that, one day you'll go BOOM and it will all be in vain.
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Those who say it cannot be done should not interrupt those who are doing it
  • #351,614
  • Nov 1, 2013 6:03pm Nov 1, 2013 6:03pm
yes, my reply to you reads like you don't understand the difference, ...apologies, this isn't what I meant at all - just shows how important phrasing/language is. I wrote it in a hurry and it was clumsily put. Glad we're on the same page though re the difference.

G/L

Quoting PipTrapper
{quote} for me also. I said sentiment and I meant sentiment... not trend
ex member
  • #351,615
  • Nov 1, 2013 6:15pm Nov 1, 2013 6:15pm
Quoting bbmac
yes, my reply to you reads like you don't understand the difference, ...apologies, this isn't what I meant at all - just shows how important phrasing/language is. I wrote it in a hurry and it was clumsily put. Glad we're on the same page though re the difference. G/L {quote}
No worries mate. I knew there was no malintention. Cheers and have a great weekend
Those who say it cannot be done should not interrupt those who are doing it
  • #351,616
  • Nov 1, 2013 9:07pm Nov 1, 2013 9:07pm
This is purely conjecture, but i'd expect some respect at this "neckline", with obvious areas of support being slightly higher... right shoulder please
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Don't have an ego. Always question yourself and your ability.
  • #351,617
  • Nov 2, 2013 12:16am Nov 2, 2013 12:16am
Quoting RamsesII
This is purely conjecture, but i'd expect some respect at this \"neckline\", with obvious areas of support being slightly higher... right shoulder please {image}

Yes Looking forward for double dipping shorts.
I have 6 GU shorts but would not mind if PA goes higher to short some more.I specially like GC to go 67 or higher again.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #351,618
  • Nov 2, 2013 1:10am Nov 2, 2013 1:10am
Quoting RamsesII
This is purely conjecture, but i'd expect some respect at this \"neckline\", with obvious areas of support being slightly higher... right shoulder please {image}
I've never heard of a H&S with 2 heads.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #351,619
  • Nov 2, 2013 1:20am Nov 2, 2013 1:20am
Cable looks to test the gap top from 9-13-2013 [ 1.58564] area. It's broken 2 uptrend lines and massively oversold on the 4 hour chart . 1.57500 and the 100 day moving average below should provide support. Should be range bound after consolidation.
  • #351,620
  • Nov 2, 2013 1:23am Nov 2, 2013 1:23am
Quoting arenoosh
I think any word is useless. I leave you to draw the conclusions by yourself: {image}
No I think words are not only needed, but very necessary.
In the first place, you posted this just to make your fellow traders jealous.
Then your maximum draw down is horrible.
In the third place you where lucky. Show these statements 26 weeks in a row and we will start to believe in you.



And for this statement I would say:

"I think any word is useless. I leave you to draw the conclusions by yourself."
New voice message: Why are you calling me? If I need you, I'll call you!
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