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Cable Update (GBPUSD)

  • #364,661
  • Feb 19, 2014 5:16am Feb 19, 2014 5:16am
Cable_My five charts' worth_19.02.14

I think we are at a very interesting level, with PA undecided as to whether or not to fall back down below this dance upon the 2010 highs.

The yellow line as placed upon my chart is my 'approximate' level of decision for the next few weeks, and I think that if news out of the US is positive, Sterling may see a return to the 61.8 FE at 1.64. Which would coincide with the MP.

Weekly
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Daily
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H4
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H1
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Pivots
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Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #364,662
  • Feb 19, 2014 5:19am Feb 19, 2014 5:19am
just to add, more than just a 38.2%, 6670 is also a confluence support area hence the strong rejection
  • #364,663
  • Feb 19, 2014 5:19am Feb 19, 2014 5:19am
All the way up from 4811 low to 6823 last up trend high, the bears have given too much weighting/importance to individual candles on the various t/f's - including the daily and weekly...they have consistently/generally been wrong.....we are in an uptrend on the daily and the weekly although admittedly this is in a monthly range.....the monthly descending triangle top was broken, price pulled back to it and found support and price went higher...now it pulls back from 6823. I am not saying there are not shorting opportunities and it depends on the time frames [s] you are looking at anyway....but in an uptrend, bearish candles generally matter less than in a downtrend and vice versa. Arguably as long as price remains above 6250 area we are still in a daily/weekly uptrend. Looking at where price is in this moment it is finding support / buyers at that former 1hr and 4hr swing low that goes down to Tuesday's low...this is in a wider former swing high zone on the daily/weekly that goes down to 6640 ish area and price could find support anywhere down to here ? We will see.

Best Wishes.
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it's all gone a bit........
  • #364,664
  • Feb 19, 2014 5:20am Feb 19, 2014 5:20am
Morning Doji Star on 1H. What happen next on this closing?
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I am not the SMARTEST person in the world, I am the PERSISTENT one.
  • #364,665
  • Feb 19, 2014 5:20am Feb 19, 2014 5:20am
surely if sup or res got stronger on every test - price would eventually never move ? It has to get weaker surely (generally) ?

Quoting kimisiow83
{quote} I thought the more tests, the more solid the SUP/RES is. If ever test failed, means it need better momentum to break, isn't it?
it's all gone a bit........
  • #364,666
  • Feb 19, 2014 5:23am Feb 19, 2014 5:23am
Quoting petetong
All the way up from 4811 low to 6823 last up trend high, the bears have given too much weighting/importance to individual candles on the various t/f's - including the daily and weekly...they have consistently/generally been wrong.....we are in an uptrend on the daily and the weekly although admittedly this is in a monthly range.....the monthly descending triangle top was broken, price pulled back to it and found support and price went higher...now it pulls back from 6823. I am not saying there are not shorting opportunities and it depends on the...
same sentiments here...we are still at daily overbought, it has to target 6605 at least, so slowly but surely 6670 will break, the question is when...2 cents
  • #364,667
  • Feb 19, 2014 5:25am Feb 19, 2014 5:25am
Quoting kimisiow83
{quote} I thought the more tests, the more solid the SUP/RES is. If ever test failed, means it need better momentum to break, isn't it?
You are talking about 2 different areas. Support and Resistance is not the same as supply and demand.
  • #364,668
  • Feb 19, 2014 5:27am Feb 19, 2014 5:27am
thought that oversold/bought doesn't mean much in forex?
  • #364,669
  • Feb 19, 2014 5:31am Feb 19, 2014 5:31am
Quoting squawk
Support and Resistance is not the same as supply and demand.
is price not supported by demand?
  • #364,670
  • Feb 19, 2014 5:32am Feb 19, 2014 5:32am
Quoting squawk
{quote} You are talking about 2 different areas. Support and Resistance is not the same as supply and demand.
Oops… Sorry, my mistake. I know SUP/RES better. For me, it can't even break through my CHANNEL LINE and it is still on BULL momentum, every 30M test is being weaker and weaker. So in my opinion, not this time for the BEAR. Sorry, don't know much about supply demand.
I am not the SMARTEST person in the world, I am the PERSISTENT one.
  • #364,671
  • Feb 19, 2014 5:39am Feb 19, 2014 5:39am
Quoting chazzle
{quote} is price not supported by demand?
its been discussed before hehe

http://www.forexfactory.com/showthread.php?t=418796
  • #364,672
  • Feb 19, 2014 5:49am Feb 19, 2014 5:49am
Quoting cheater
{quote} its been discussed before hehe http://www.forexfactory.com/showthread.php?t=418796
I see they didn't answer my question though hehe
  • #364,673
  • Feb 19, 2014 5:50am Feb 19, 2014 5:50am
since the 6653 low created on Tuesday...just on the number of attempts on it so far eroding the demand/support ? - there is a higher chance it will give way opening up a lower price, than not, wether that higher probability comes about or not.

Best Wishes.
it's all gone a bit........
  • #364,674
  • Feb 19, 2014 5:50am Feb 19, 2014 5:50am
Quoting Suffo
small- buy 670 sl 631 tp 740+
out 664
With a good book and quality paper you can fine wipe your ass.
  • #364,675
  • Feb 19, 2014 5:55am Feb 19, 2014 5:55am
Quoting chazzle
{quote} I see they didn't answer my question though hehe
ahh couldn't put it in better words than google does

http://lessons.tradingacademy.com/ar...nd-resistance/
  • #364,676
  • Feb 19, 2014 5:59am Feb 19, 2014 5:59am
SHORT AT 1.6687, S/L 1.6870, T/P 1.6458, Be back when s/l get hit
  • #364,677
  • Feb 19, 2014 6:02am Feb 19, 2014 6:02am
Quoting rkr81
Reload GBP Longs Ahead Of Big Deal Flow Coming Weeks - JP Morgan​ Although GBP seems to be topped out on more than one front, the completion of the Vodafone-Verizon deal will likely give the pound another boost over the coming few weeks, argues JP Morgan. "Momentum in UK interest rate expectations does indeed appear to have topped out - the message from the BoE’s QIR was intentionally dovish and UK rate expectations have fallen versus all other G10 countries over the past two weeks – but we nevertheless stay long GBP as the market’s focus...
THAT is a GBPUSD short signal if ever I've seen one.
When my chart says sell and I read bank buy reco's,
I get that special kinda feelin'

BOA were tempting a bunch of readers into buying the break as we topped out above 6750 area, gunning for 71 area.
Hey, buy high, what could possibly go wrong lol....

Lets see if we can get down to 6225 area...
Come with me if you want to live....
  • #364,678
  • Feb 19, 2014 6:04am Feb 19, 2014 6:04am
No way, hold it please.
I am not the SMARTEST person in the world, I am the PERSISTENT one.
  • #364,679
  • Feb 19, 2014 6:04am Feb 19, 2014 6:04am
Quoting Ill-b-back
{quote} THAT is a GBPUSD short signal if ever I've seen one. When my chart says sell and I read bank buy reco's, I get that special kinda feelin' BOA were tempting a bunch of readers into buying the break as we topped out above 6750 area, gunning for 71 area. Hey, buy high, what could possibly go wrong lol.... Lets see if we can get down to 6225 area...
your a long term thinker
  • #364,680
  • Feb 19, 2014 6:05am Feb 19, 2014 6:05am
Quoting kimisiow83
No way, hold it please.
http://www.easyfreesmileys.com/smileys/dancing-baby.jpglet the good times roll
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