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Cable Update (GBPUSD)

  • #365,601
  • Feb 24, 2014 4:50am Feb 24, 2014 4:50am
Quoting smikester
{quote} I think it will hold. It's also the 38.2% retrace since London open.
Expect the unexpected, still shorting rallies. But watch this 4x for a bounce indeed.

Otherwise back 1,660x.

I just don't like EU on top, GU at the bottom
COT: The precious data ignored
  • #365,602
  • Feb 24, 2014 4:54am Feb 24, 2014 4:54am
Quoting kuroro001
{quote} Expect the unexpected, still shorting rallies. But watch this 4x for a bounce indeed. Otherwise back 1,660x. I just don't like EU on top, GU at the bottom
Hi Kuroro. Noted..
Gone to a better place
  • #365,603
  • Feb 24, 2014 4:57am Feb 24, 2014 4:57am
Quoting chazzle
buying this dip looking toward 167
2nd thoughts - pulled for small loss - +20 bearish mom. candle m15 ... I should know better
  • #365,604
  • Feb 24, 2014 4:59am Feb 24, 2014 4:59am
Quoting smikester
{quote} I think it will hold. It's also the 38.2% retrace since London open.
I have 639 as today's (so far) swing mid - I don't fancy betting against the m15 candle as mentioned though ... puts my bias closer to neutral ... waiting
  • #365,605
  • Feb 24, 2014 5:16am Feb 24, 2014 5:16am
Quoting chazzle
{quote} GU W1 I don't see much reason why it can't continue North. The week prior to last took out a good 6 weeks worth of supply hitting the market , closing very bullish - {image} {image}
Hi Chazzle. I think you are right. 1.6740 is possible , if not 1.68. Above there will depend on Usd and UK inflation data? Not sure.
Gone to a better place
  • #365,606
  • Feb 24, 2014 5:21am Feb 24, 2014 5:21am
Quoting smikester
{quote} Hi Chazzle. I think you are right. 1.6740 is possible , if not 1.68. Above there will depend on Usd and UK inflation data? Not sure.
It's well capable of going to 1.682 and more, there's plenty momentum on weekly chart and still a lot on daily despite Friday
  • #365,607
  • Feb 24, 2014 5:22am Feb 24, 2014 5:22am
I'm itching to find out if this is a bearish retest of that January high 1.667 ?
Gone to a better place
  • #365,608
  • Feb 24, 2014 5:29am Feb 24, 2014 5:29am
Maybe USDX wants to finally rally a bit here. I think everyone and their brother is looking for a long on Cable at the 50% retracement of recent low to high ~1.6540 level.

Whether that goes to a new high or not we will see... personally would like to see it lose momentum before the high and stall around 675 which would offer another great short entry to take us back to 1.58
  • #365,609
  • Feb 24, 2014 5:30am Feb 24, 2014 5:30am
Quoting smikester
will depend on Usd and UK inflation data? Not sure.
probably mate, my take is Carney changing "forward guidance" means BOE in a tricky place right now ... market smells fear and up we go (buy the rumour) could be totally wrong though - not much of a fundamentalist
  • #365,610
  • Feb 24, 2014 5:34am Feb 24, 2014 5:34am
Quoting chazzle
{quote} I have 639 as today's (so far) swing mid - I don't fancy betting against the m15 candle as mentioned though ... puts my bias closer to neutral ... waiting
ok here now pretty much - biggest candles (m15) are still bear though ... standing aside
  • #365,611
  • Feb 24, 2014 5:47am Feb 24, 2014 5:47am
Don't Break my Heart,
my Fakey Breakout Heart,
I just don't think Bulls understand...

lol
Come with me if you want to live....
  • #365,612
  • Feb 24, 2014 5:51am Feb 24, 2014 5:51am
Quoting Ill-b-back
Don't Break my Heart, my Fakey Breakout Heart, I just don't think Bulls understand... lol
actually this 6605 light touch is a good position for long, but since that has happened and strike as far as 6680 today, my spirit bear is whispering to me about targeting 653x next
  • #365,613
  • Feb 24, 2014 5:54am Feb 24, 2014 5:54am
Quoting Ill-b-back
Don't Break my Heart, my Fakey Breakout Heart, I just don't think Bulls understand... lol
Attached Image
  • #365,614
  • Feb 24, 2014 6:01am Feb 24, 2014 6:01am
Hi guys
If you are Bear nothing has changed.It is still Bearish.
Like Jesse Livermore said "sit tight"

If you want to go long best place is 64-63.I may flip my positions then.
In trading, you have to be defensive and aggressive at the same time
  • #365,615
  • Feb 24, 2014 6:05am Feb 24, 2014 6:05am
Quoting cheater
{quote} actually this 6605 light touch is a good position for long, but since that has happened and strike as far as 6680 today, my spirit bear is whispering to me about targeting 653x next
Hi Cheater, yes, if some got in off the 38.2 fib bounce, they bagged some good pips, a very good and logical position for a long I agree. I love fibs on this pair, just friggin' awesome for intraday traders.
But I wouldn't trust this Asian high breakout as far as I would trust Bernard Maddof.



I'm swing trading, so a different perspective I guess
Come with me if you want to live....
  • #365,616
  • Feb 24, 2014 6:06am Feb 24, 2014 6:06am
Quoting chazzle
{quote} {image}
Ha ha ha....

Love that image
Come with me if you want to live....
  • #365,617
  • Feb 24, 2014 6:07am Feb 24, 2014 6:07am
Quoting spocktrader
Today looks like a day for scalpers on Cable. I've just gone short at 1.6666 (previous structure level + 61.8 handle of previous swing close). Don't plan to get married to my position. If it drops fast to 1.60ish I might even go long. Have a good trading day
Profit target nearly reached, but without me (stopped out BE).

Good idea, poor execution.
Be water, my friend
  • #365,618
  • Feb 24, 2014 6:10am Feb 24, 2014 6:10am
last ditch attempt - put a couple in between 61.8% and the mid of today's swing(so far) - not even looking for b/o - just rt of the oblique - sl under 76.4%

GU M15
Attached Image (click to enlarge)
Click to Enlarge Name: gum15.PNG Size: 56 KB
  • #365,619
  • Feb 24, 2014 6:16am Feb 24, 2014 6:16am
Quoting cheater
{quote} actually this 6605 light touch is a good position for long, but since that has happened and strike as far as 6680 today, my spirit bear is whispering to me about targeting 653x next

And yes, sorry, 6530 would be next logical point
Come with me if you want to live....
  • #365,620
  • Feb 24, 2014 6:19am Feb 24, 2014 6:19am
Quoting Ill-b-back
{quote} Hi Cheater, yes, if some got in off the 38.2 fib bounce, they bagged some good pips, a very good and logical position for a long I agree. I love fibs on this pair, just friggin' awesome for intraday traders. But I wouldn't trust this Asian high breakout as far as I would trust Bernard Maddof. I'm swing trading, so a different perspective I guess
my counterparty don't allow hedge positions else i would have bagged those long green pips as well. Yeah the fibs just rock on this pair and you seem to have similar setup as mine oh and i'm a swinger too
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