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Cable Update (GBPUSD)

  • #355,221
  • Dec 4, 2013 8:37am Dec 4, 2013 8:37am
Quoting PipTrapper
{quote} I never say never. Best of luck regardless of how it plays out. I'm sure you'll know when to get out if things get rough. Cheers
Best of luck to you too.

What level are you short from, btw?
Hear the music before the song is over ...
  • #355,222
  • Dec 4, 2013 8:40am Dec 4, 2013 8:40am
Quoting GlobalMacro
{quote} Best of luck to you too. What level are you short from, btw?
I'm not short. I was long from 6242 and 6333. Took partial profits on both at the highs, closed remainder of 6333 after the UK PMI miss and still holding the remainder of my 6242 long
Those who say it cannot be done should not interrupt those who are doing it
  • #355,223
  • Dec 4, 2013 8:41am Dec 4, 2013 8:41am
GU H4
Attached Image (click to enlarge)
Click to Enlarge Name: uj.gif Size: 5 KB
Don't be smart. Be rich.
  • #355,224
  • Dec 4, 2013 8:45am Dec 4, 2013 8:45am
Quoting PipTrapper
{quote} Fibo levels are only a guide... not a hard set rule. Granted I also think we have reached a top, but now we have to see how 6240 reacts... then I'll have a better clue. I'm still leaning towards 6160 area though.
yups, i'm also looking forward how price will reacts at about 6240 area.. i think that area will be the line in the sand for at least in the short term trend direction..
  • #355,225
  • Dec 4, 2013 8:51am Dec 4, 2013 8:51am
here comes the GBP news.

S&P's Kraemer says if analysis shows recent strong UK growth sustainable then could taking rating action
  • #355,226
  • Dec 4, 2013 8:54am Dec 4, 2013 8:54am
Quoting A-speculator
{quote} yups, i'm also looking forward how price will reacts at about 6240 area.. i think that area will be the line in the sand for at least in the short term trend direction..
Well 6345 support certainly held up well and offered a good bounce. Let's see if the falling trend line holds.
I am looking for a daily close below 6345 before engaging any short bias.

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdh1.png Size: 98 KB
Those who say it cannot be done should not interrupt those who are doing it
  • #355,227
  • Dec 4, 2013 8:56am Dec 4, 2013 8:56am
Quoting PipTrapper
{quote} Well 6345 support certainly held up well and offered a good bounce. Let's see if the falling trend line holds. I am looking for a daily close below 6345 before engaging any short bias. {image}
yeah, and 6370 might be a minor resistance tho.. not to mention a double top formation in your chart..
  • #355,228
  • Dec 4, 2013 9:00am Dec 4, 2013 9:00am
GU -

Monthly is Long
Weekly is Long
Daily is Long

H4 is resting and taking profits

Follow lower TF's as to the new direction, or continuation of GU................
The More You Learn, The More You Earn.....
  • #355,229
  • Dec 4, 2013 9:06am Dec 4, 2013 9:06am
Quoting GlobalMacro
Looks like I'm the only bull in the house. 1.6333 Truely bargain prices!
1.6374 now.

Yup.

Bargain indeed!
Hear the music before the song is over ...
  • #355,230
  • Dec 4, 2013 9:11am Dec 4, 2013 9:11am
Quoting GlobalMacro
{quote} 1.6374 now. Yup. Bargain indeed!
yeah for scalpers.. careful if you want to stay..
  • #355,231
  • Dec 4, 2013 9:14am Dec 4, 2013 9:14am
http://images.smh.com.au/2013/08/03/...1525-300x0.jpg
fortis fortuna adiuvat
  • #355,232
  • Dec 4, 2013 9:15am Dec 4, 2013 9:15am
Quoting A-speculator
{quote} yeah for scalpers.. careful if you want to stay..
I'm not scalping!

In fact, I'm gonna add to my longs above 1.6374.


What level are you short from, btw?
Hear the music before the song is over ...
  • #355,233
  • Dec 4, 2013 9:18am Dec 4, 2013 9:18am
Quoting GlobalMacro
{quote} I'm not scalping! In fact, I'm gonna add to my longs above 1.6374. What level are you short from, btw?
good luck then mate. that's just my personal opinion.

i'm short from 6408, 6395,6387 & 6360
  • #355,234
  • Dec 4, 2013 9:19am Dec 4, 2013 9:19am
Quoting GlobalMacro
{quote} 1.6374 now. Yup. Bargain indeed!
lol you were right on you scalp i was out 1.6334 and sold at 1.6374and then back in same time short again, the 1 hour techs held up for me, i think we are just walking a fine line at the moment.only managing for the time
  • #355,235
  • Dec 4, 2013 9:23am Dec 4, 2013 9:23am
Quoting A-speculator
{quote} good luck then mate. that's just my personal opinion. i'm short from 6408, 6395,6387 & 6360
The ema 34 and 55 are just going to cross the las time they did was 26th nov at 1.6717 i think we need to break 1.6302 1.6835 might see us back long ????
  • #355,236
  • Dec 4, 2013 9:25am Dec 4, 2013 9:25am
Quoting A-speculator
{quote} good luck then mate. that's just my personal opinion. i'm short from 6408, 6395,6387 & 6360
Alright. Good luck to you as well.
Hear the music before the song is over ...
  • #355,237
  • Dec 4, 2013 9:27am Dec 4, 2013 9:27am
Since we are throwing in some statistics here, Elliot, Fibs etc I will give you something you might find interesting.

Out of last 2 years data. The next days trading day (starting at London Open) hits the previous New York high or low (depending on which traded last) approx 73% of the time before reversing or continuing in the same direction. If it doesn't hit that day then approx 10% of the time it hits the following day. If it does not hit the next day or the following day then theres a 15% chance that it won't see it for at least the next 5 to 10 days. 15% because the rest of the numbers are made up of it hitting the 3rd and 4th day.

Meaning we probably need to see around 64200 today or tomorrow or the probabilities are that we will be moving lower. My own analysis over time and some time ago however recently updated. Take it as you will.

Last two days of pricing seem to be giving some resistance to the bulls. You all so have some sellers gaps that need to be filled in the market from 62600 down to 62400 area. My view is that we will need to see it move back to this area before we a continue higher. It may seem a good buying opportunity but time tells always look for the extreme area for an entry.
  • #355,238
  • Dec 4, 2013 9:29am Dec 4, 2013 9:29am
Quoting elbert3
{quote} lol you were right on you scalp i was out 1.6334 and sold at 1.6374and then back in same time short again, the 1 hour techs held up for me, i think we are just walking a fine line at the moment.only managing for the time
this short definitely won't take few hours.. perhaps will lasts for few days.. and the ride will be bumpy as well..
  • #355,239
  • Dec 4, 2013 9:39am Dec 4, 2013 9:39am
Quoting GlobalMacro
Looks like I'm the only bull in the house. 1.6333 Truely bargain prices!
I'm looking to buy ~1.6320 (~50% fib. level for the last 5-6 days) with sl below 78.60% fib. level and tp ~1.6450 (~50% projection of the last 5-6 days measuring from 1.6320).
  • #355,240
  • Dec 4, 2013 9:48am Dec 4, 2013 9:48am
Quoting A-speculator
{quote} this short definitely won't take few hours.. perhaps will lasts for few days.. and the ride will be bumpy as well..
i have a 10 day sma on a 15 min chart if you put it on price should move away from the line to see a faster move down .hopefully lol
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