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Cable Update (GBPUSD)

  • #367,801
  • Mar 10, 2014 12:53pm Mar 10, 2014 12:53pm
Quoting edindzeko
{quote} If that was the case then EURUSD would be plummeting as well.
EU and GU have been losing some of their relationship lately for whatever reason.

The other reason of course why we are dropping could also well be because JP Morgan recommended we go long on the break of 6770. We could be dropping for this simple reason also.

Bear in mind, they also said to short the Break of the 65xx swing low, targeting 6250 (at least), so don't be surprised if we keep dropping and make a new low.

If you are long, don't sweat it, as the odds are heavily in favour of institutional bulls taking control again to wipe out the JPM bearish sheep once sell stops are triggered.
Come with me if you want to live....
  • #367,802
  • Mar 10, 2014 1:01pm Mar 10, 2014 1:01pm
Quoting Ill-b-back
{quote} EU and GU have been losing some of their relationship lately for whatever reason. The other reason of course why we are dropping could also well be because JP Morgan recommended we go long on the break of 6770. We could be dropping for this simple reason also. Bear in mind, they also said to short the Break of the 65xx swing low, targeting 6250 (at least), so don't be surprised if we keep dropping and make a new low. If you are long, don't sweat it, as the odds are heavily in favour of institutional bulls taking control again to wipe out...
They didn't lose their relationship. Its all about EURGBP.

The GBP has been leading this cycle (EURGBP lower). Now if EURGBP finds a low and breaks higher, the EUR will be leading. Up or down.

My opinion is that EURGBP should eventually find a bottom and we see Euro leading in whichever direction. If you're bearish GBPUSD then this means that GBPUSD falls faster than EURUSD but they are both going the same direction, no 2 ways about that. GBPUSD and EURUSD move same direction just taking turns based on EURGBP relationship.
  • #367,803
  • Mar 10, 2014 1:11pm Mar 10, 2014 1:11pm
GBPUSD completing a typical flat correction.
Entry: Buy limit 1.6554, target (c)=(a)
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdh4.png Size: 37 KB
Elliott Wave for optimum entry, exit and risk management of trades
  • #367,804
  • Mar 10, 2014 2:19pm Mar 10, 2014 2:19pm
Quoting edindzeko
{quote} They didn't lose their relationship. Its all about EURGBP. The GBP has been leading this cycle (EURGBP lower). Now if EURGBP finds a low and breaks higher, the EUR will be leading. Up or down. My opinion is that EURGBP should eventually find a bottom and we see Euro leading in whichever direction. If you're bearish GBPUSD then this means that GBPUSD falls faster than EURUSD but they are both going the same direction, no 2 ways about that. GBPUSD and EURUSD move same direction just taking turns based on EURGBP relationship.
Yes
Come with me if you want to live....
  • #367,805
  • Mar 10, 2014 3:00pm Mar 10, 2014 3:00pm
Quoting skyhok
GBPUSD completing a typical flat correction. Entry: Buy limit 1.6554, target (c)=(a) {image}
I agree with you, it seems a flat correction between (a) and (b). What I do not understand in your wave count is the way you have labeled (a) and (b), since your (a) is actually larger than the previous up wave
  • #367,806
  • Mar 10, 2014 3:03pm Mar 10, 2014 3:03pm
Quoting USD-Bear
might be time to go north, chanced a long @ 1,6627 tight stop @ 1,6610 USDOLLAR D1: {image}
fed up looking at this PA
Stop @ BE Limit @ 1,6700
gn
Don't be a hero. Don't have an ego. Always question yourself
  • #367,807
  • Mar 10, 2014 4:18pm Mar 10, 2014 4:18pm
Quoting chazzle
GU M15 looking for this lot to hold the downside ... or it's a bad start to the week for me {image}
took the hit there - about -40
  • #367,808
  • Mar 10, 2014 4:34pm Mar 10, 2014 4:34pm
Chaz - Taking the hit is good trading practice - it lets you live to trade another day. One of my main trading axioms is "Stop the bleeding!"
Writer, currency trader, madman
  • #367,809
  • Mar 10, 2014 4:56pm Mar 10, 2014 4:56pm
Attached Image (click to enlarge)
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fighting all day, longs pp in place target the 61 fib, and more off to bed
  • #367,810
  • Mar 10, 2014 5:00pm Mar 10, 2014 5:00pm
Quoting jbmaverick
Chaz - Taking the hit is good trading practice - it lets you live to trade another day. One of my main trading axioms is "Stop the bleeding!"
just had a word - they're gonna let me back in tomorrow
  • #367,811
  • Mar 10, 2014 6:02pm Mar 10, 2014 6:02pm
Try not to get drizzle , folks .. GU is just doing a little dance ( Ranging ....)
Nothing has changed much for me - Sold , bought and will SELL again @ the top (it might use the 1hr/4hr supply) ..

Inserted Video
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  • #367,812
  • Mar 10, 2014 6:26pm Mar 10, 2014 6:26pm
Quoting taomql4
Try not to get drizzle , folks .. GU is just doing a little dance ( Ranging ....) Nothing has changed much for me - Sold , bought and will SELL again @ the top (it might use the 1hr/4hr supply) .. https://www.youtube.com/watch?v=bM_Hat-_CB4 {image} {image} {image}
1.67... Ill check here for a short.....TP = 1.6550 ish
  • #367,813
  • Mar 10, 2014 6:30pm Mar 10, 2014 6:30pm
We have finally broken that white ascending internal TL. I'm waiting for Cable to come down to weekly support at the daily 55ema around 6518 then watch PA before thinking of buying for a swing trade
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbpusddaily.png Size: 39 KB
Click to Enlarge Name: gbpusdweekly.png Size: 43 KB
Come with me if you want to live....
  • #367,814
  • Mar 10, 2014 6:31pm Mar 10, 2014 6:31pm
Quoting needpips
{quote} 1.67... Ill check here for a short.....TP = 1.6550 ish
I'm looking @1.67 too , because my projection doesn't really get to the TOP ..
The Pattern makes a little bit of a lower high @around 1.67 ...so I'll be waiting ..
Don't know if Asia has the energy to take her up , maybe London opening ..

GL ..
  • #367,815
  • Mar 10, 2014 6:33pm Mar 10, 2014 6:33pm
Quoting Ill-b-back
We have finally broken that white ascending internal TL. I'm waiting for Cable to come down to weekly support at the daily 55ema around 6518 then watch PA before thinking of buying for a swing trade {image} {image} {image}
Don't think it's going to break to 1.6518 just yet , iLL-b ..
Maybe a move up towards 1.67XXXX, then SHORT ..

GL ..
  • #367,816
  • Mar 10, 2014 6:44pm Mar 10, 2014 6:44pm
Quoting taomql4
{quote} Don't think it's going to break to 1.6518 just yet , iLL-b .. Maybe a move up towards 1.67XXXX, then SHORT .. GL ..
Oh I agree, but mine is a swing trade so higher TF I guess.

I am waiting....

I've closed out week old lower shorts from around the 6670 mark.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdh4.png Size: 40 KB
Come with me if you want to live....
  • #367,817
  • Mar 10, 2014 6:45pm Mar 10, 2014 6:45pm
Quoting taomql4
{quote} I'm looking @1.67 too , because my projection doesn't really get to the TOP .. The Pattern makes a little bit of a lower high @around 1.67 ...so I'll be waiting .. Don't know if Asia has the energy to take her up , maybe London opening .. GL ..
I took my 30 pips this morn on a long.... I wont go opposite till 80 pips at least in the opp direction
  • #367,818
  • Mar 10, 2014 9:20pm Mar 10, 2014 9:20pm
Ive got my stop at BE right now. Bought this morning after the long fall. Now I just need another 15 pips and I'm out.
  • #367,819
  • Mar 10, 2014 10:06pm Mar 10, 2014 10:06pm
Quoting Ill-b-back
{quote} Oh I agree, but mine is a swing trade so higher TF I guess. I am waiting.... I've closed out week old lower shorts from around the 6670 mark. {image}
Really hope it will go to 65 mark like your chart says.
Appreciate your threads.
  • #367,820
  • Mar 10, 2014 10:31pm Mar 10, 2014 10:31pm
Quoting taomql4
{quote} Don't think it's going to break to 1.6518 just yet , iLL-b .. Maybe a move up towards 1.67XXXX, then SHORT .. GL ..
I think your right, it will most likely do that before the Inflation speech. Move higher and then go down lower depending on what will be said.
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