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Cable Update (GBPUSD)

  • #370,821
  • Apr 7, 2014 11:02am Apr 7, 2014 11:02am
When it happens, it will be fast in classic Cable fashion.
  • #370,822
  • Apr 7, 2014 11:18am Apr 7, 2014 11:18am
I am long GU..
Its making inverse Head and shoulder..
TP: 1.68
Classical chart patterns of currencies from 15+ Year Pro Trader
  • #370,823
  • Apr 7, 2014 11:21am Apr 7, 2014 11:21am
Quoting aviz12
I am long GU.. Its making inverse Head and shoulder.. TP: 1.68
cable has not yet pass the key level of turning the bias to bullish..

with target that far... i think that's not a realistic target..
  • #370,824
  • Apr 7, 2014 11:35am Apr 7, 2014 11:35am
i see the big buy of most of retailers at 6475 again. the huge volumes will take place and then MM will fak u up again as always
  • #370,825
  • Apr 7, 2014 11:39am Apr 7, 2014 11:39am
Quoting ruffryders
{quote} this thing is going to fall apart very soon.
kind of feels weird....fo sho
  • #370,826
  • Apr 7, 2014 11:41am Apr 7, 2014 11:41am
swissy seems at interesting price to long i think... at about 887x area..
  • #370,827
  • Apr 7, 2014 11:45am Apr 7, 2014 11:45am
Quoting Bones
like gbp aud ,maybe that is bullish ,but I don't think so , {image}
unless the price manage to break the high of the shooting star, then only it will be bullish..
  • #370,828
  • Apr 7, 2014 11:46am Apr 7, 2014 11:46am
Quoting A-speculator
{quote} cable has not yet pass the key level of turning the bias to bullish.. with target that far... i think that's not a realistic target..

It has to move upside before start the bearish ride.
In 12H, Daily its making an inverse Head and Shoulder.. currently making right shoulder.
Classical chart patterns of currencies from 15+ Year Pro Trader
  • #370,829
  • Apr 7, 2014 11:50am Apr 7, 2014 11:50am
Quoting aviz12
{quote} It has to move upside before start the bearish ride. In 12H, Daily its making an inverse Head and Shoulder.. currently making right shoulder.
i don't think so, you're just speculating.. it's not form yet.. price unable to break & reject 6620 which is the previous support level making it resistance now..

this suggest the move up is just a retest and only considered as breakout retest pattern..
  • #370,830
  • Apr 7, 2014 12:12pm Apr 7, 2014 12:12pm
Quoting aviz12
I am long GU.. Its making inverse Head and shoulder.. TP: 1.68
http://stockcharts.com/help/doku.php...nd_shoulders_b
"You have to BE before you can DO, and DO before you can HAVE." Zig Ziglar
  • #370,831
  • Apr 7, 2014 12:21pm Apr 7, 2014 12:21pm
Quoting JimmyC
EU Daily Bear, moving on wedge targets {image} GU Daily break or bounce? Bounce I think... {image}
GU Daily

Bounced!

Attached Image (click to enlarge)
Click to Enlarge Name: GU Daily.png Size: 28 KB
  • #370,832
  • Apr 7, 2014 12:31pm Apr 7, 2014 12:31pm
Quoting JimmyC
{quote} GU Daily Bounced! {image}
yups not going to argue with that.. that's a valid technical of support holding..

i'm thinking, we might get entry later and will be based on failure of the price to break 6620 (consolidation, exhaustion, etc later on)..
  • #370,833
  • Apr 7, 2014 12:38pm Apr 7, 2014 12:38pm
Entry:1.6582

Resistance: 1.6621

Support 1.6564
A word to the wise ain't necessary - it's the stupid ones that need advice
  • #370,834
  • Apr 7, 2014 12:44pm Apr 7, 2014 12:44pm
Quoting A-speculator
{quote} yups not going to argue with that.. that's a valid technical of support holding.. i'm thinking, we might get entry later and will be based on failure of the price to break 6620 (consolidation, exhaustion, etc later on)..
could range, OK, however on W1 historically 6650 PA was rejected more than 8 times, which kinda makes you think 6650 would be a tough nut to crack regardless.

Looking at weeklies, and how high the price got into right now kinda makes you want to look for weakness some time down the road and short sell big time.

yeah, a shot at further upside is an option, but the risk/reward simply is not there.
  • #370,835
  • Apr 7, 2014 1:06pm Apr 7, 2014 1:06pm
quick review of GU weekly. PA was resisted/rejected in the area of previous confirmed bear engulfer in APR 2011.
Price seems to be contained within 6480-6650 trading range. The recent BULL engulfer went unconfirmed - a possible sign of further
weakness down the road.

Overall: looks like more range trading and potential break out of the lower boundry of range.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 46 KB
  • #370,836
  • Apr 7, 2014 1:08pm Apr 7, 2014 1:08pm
My thoughts - GBP volatility to rise

http://macrocreditfx.blogspot.co.uk/...april-7th.html
  • #370,837
  • Apr 7, 2014 1:10pm Apr 7, 2014 1:10pm
Quoting ruffryders
{quote} could range, OK, however on W1 historically 6650 PA was rejected more than 8 times, which kinda makes you think 6650 would be a tough nut to crack regardless. Looking at weeklies, and how high the price got into right now kinda makes you want to look for weakness some time down the road and short sell big time. yeah, a shot at further upside is an option, but the risk/reward simply is not there.
not just that.. also relate to where swissy, fiber, EG and few others are right now..

i'm talking about inter pair comparison.. on cable alone, resistance of 6620 prove to hold, that alone states more downside is ahead of us..
  • #370,838
  • Apr 7, 2014 1:12pm Apr 7, 2014 1:12pm
Quoting JimmyC
{quote} GU Daily Bounced! {image}
It is bouncing both ways in that daily wedge that has formed. Could go up or down, but more points to down than up. Closely watch any break from that wedge - should be good for a decent move either way. Right on.
  • #370,839
  • Apr 7, 2014 1:18pm Apr 7, 2014 1:18pm
Quoting A-speculator
{quote} not just that.. also relate to where swissy, fiber, EG and few others are right now.. i'm talking about inter pair comparison.. on cable alone, resistance of 6620 prove to hold, that alone states more downside is ahead of us..
yeah, agreed A-Speculator. One thing I'm still unclear is AU/kiwi. With 2.5%, 2.75% cash rate, and melt down in US markets, one of better options to extract safe alpha for the big boys is the commod currency carry trades. Still the charts are not 100% clear here (AU inverse H&S confirmed, NZ just plain UP).

Any ideas here?
  • #370,840
  • Apr 7, 2014 1:21pm Apr 7, 2014 1:21pm
Hey,

I see a weakness on this weekly chart.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2014-04-07 at 23.16.38.png Size: 57 KB


100% it is an indicator, which show that, but I am wondering how are the fundamentals?

How about a Short at 1.6666 , SL 1.69 (233 pip) TP 1.6000 (666pip) ?
I want to buy PATIENCE
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