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Cable Update (GBPUSD)

  • #375,601
  • May 2, 2014 1:54pm May 2, 2014 1:54pm
well, we are mostly done for today. with strong EU/GU close, expecting further upside on both pairs to continue.

Here's latest EU W1. upside break out now confirmed.
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  • #375,602
  • May 2, 2014 1:56pm May 2, 2014 1:56pm
Quoting Mr. Scott
Does not seem too much has changed. Respecting levels thus far. Wish you all a good weekend. {image} Just an update to chart. {image}
Simplicity. Gotta love it
Ghost Rider - WWTBMD?
  • #375,603
  • May 2, 2014 1:56pm May 2, 2014 1:56pm
Quoting Davit
Birds of a feather flock together winners know who winners are both in mind and action.Lets just say they are a minority. Number of idiots here outnumber winners.Same in the markets...
have a good weekend all!! ..i have had enough of looking at the charts for one day
  • #375,604
  • May 2, 2014 2:05pm May 2, 2014 2:05pm
Quoting nAVIN2007
{quote} nice chart..i must say this is the best case i have seen for a continuation have a good weekend
Thank you nAVIN and albchr.
The world you desire can be won. It exists.. it is real.. it is possible..
  • #375,605
  • May 2, 2014 2:12pm May 2, 2014 2:12pm
Quoting Mr. Scott
{quote} Thank you nAVIN and albchr.
It's Chris Mr. Scott.
Ghost Rider - WWTBMD?
  • #375,606
  • May 2, 2014 2:28pm May 2, 2014 2:28pm
Quoting ruffryders
{quote} investment generally is no more than 60% skill for the top traders, and 40% luck. That's why you have even the greatest traders return to mean eventually, or go bust (John Paulson, made big away with mortgage bets, got burned LONG GOLD, Long Term Capital Management - got burned on securities arbitrage, etc, etc). There's been a big paper published by Morningstar, that most funds that did well in 90s, then trailed in 00's, and those who were behind and lagged in 90's did OK in 00's. So bottom-line - it's close to the casino really. You can...
So what you're saying is find who was losing in the 2000s and follow them in 2010's and I'll be RICH?
  • #375,607
  • May 2, 2014 4:20pm May 2, 2014 4:20pm
GU 4H Tactical Chart - Position Trade

Price has traded steadily in an uptrend since July 13

Channel UP remains well intact and has been reliable
There are multiple bullish structures in place but an ascending rising wedge indicates immediate potential to pull-back either to 1.67440 or to touch the bottom of the channel either of these are buying opportunities. Should price in fact fall below 1.6672 the view would be mixed but the bearish side should be considered.

Notably bearish structures have tended to fail in the uptrend - as they would

As it is, price is currently operating in the break-out of a symmetrical triangle, the breakout targets mid July at 1.7248

Todays trading action appears to have confirmed 1.6824 is now the above triangle resistance turned support, this is a minor level but should be kept in mind

The -ve divergence present on the RSI has worked off and price now has returned to normal calculated behaviour in regards to the oscillator either way the RSI is bullish and might indicate that further sideways action is required before price will run bullishly to the upside.

Good luck, be patient, trade safe

Enjoy the weekend
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  • #375,608
  • May 2, 2014 6:19pm May 2, 2014 6:19pm
No pain no gain...
Some graphs show that last GBP wheelie more beautiful than others don't you think...
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  • #375,609
  • May 2, 2014 7:09pm May 2, 2014 7:09pm
Quoting JimmyC
GU 4H Tactical Chart - Position Trade Price has traded steadily in an uptrend since July 13 Channel UP remains well intact and has been reliable There are multiple bullish structures in place but an ascending rising wedge indicates immediate potential to pull-back either to 1.67440 or to touch the bottom of the channel either of these are buying opportunities. Should price in fact fall below 1.6672 the view would be mixed but the bearish side should be considered. Notably bearish structures have tended to fail in the uptrend - as they would As it...
Beautiful Jimmy Have a great weekend.
Ghost Rider - WWTBMD?
  • #375,610
  • May 2, 2014 10:45pm May 2, 2014 10:45pm
Quoting nAVIN2007
{quote} that make sense but remember this time frame does not actually give an idea of how tough the area is for that u need to look at the monthly and the monthly is definitely a road block the problem is can this move below 1.6860?? if it does then it could be the top I still am not sure if this area is support or resistance and to add to this the weekly low to high is only around 100 pips..so is not clear in the slighest

don't see it happening yet.. there was a position trader on here HDMA or something like that is sudo name is.... he said 170 then 180 then 190.

I have checked graphs and I agree with him.. to be frank I see cable going to 19190 and that's the game over point... but we are going to get major kickbacks off 17230 area although it that's busts I would consider the major point being 17481 and yes I would be looking for a kickback at either 1.6450 or 1.6267 then I would look for continuation to next position point being 1.8417 then finally 19190 area and then time to make a move back down too 150 level!!!
  • #375,611
  • Edited May 3, 2014 2:39am May 2, 2014 11:33pm | Edited May 3, 2014 2:39am
Quoting nAVIN2007
{quote} nice chart..i must say this is the best case i have seen for a continuation have a good weekend
Look at Friday's candle.

It closed below the 2009 prior resistance level at 6880 as a hanging man. http://www.investopedia.com/terms/h/hangingman.asp

Scroll back on your Daily chart to June 14th 2013. It's a similar set up. In isolation a hanging man isn't a trading signal. We need a lower high and lower low on the Daily to confirm the shorter term trend reversal. When that happens I'll be shorting it to the channel lower trend line.


Quoting JimmyC
GU 4H Tactical Chart - Position Trade Price has traded steadily in an uptrend since July 13 Channel UP remains well intact and has been reliable There are multiple bullish structures in place but an ascending rising wedge indicates immediate potential to pull-back either to 1.67440 or to touch the bottom of the channel either of these are buying opportunities. Should price in fact fall below 1.6672 the view would be mixed but the bearish side should be considered. Notably bearish structures have tended to fail in the uptrend - as they would As it...
Nice chart.

I've been posting a similar chart on this thread for a while now. It's been an excellent way to make money on GU because price has respected these lines for the past 8 months, and should continue to do so until we have a conditional change that invalidates this pattern (which will most likely be a break of the lower channel line once we've topped out). GBPUSD is one of the cleanest technical pairs to trade because it respects it's levels rigidly. Must be a British thing. lol


Have a great weekend.

http://www.forexfactory.com/attachme...6&d=1394688173
http://www.forexfactory.com/attachme...2&d=1397552348
http://www.forexfactory.com/attachme...6&d=1399018884
  • #375,612
  • May 2, 2014 11:42pm May 2, 2014 11:42pm
Quoting nAVIN2007
smart money is forcing USD down to buy at discount.. {image}
Smart money has been in the game since July nAV.
Smart money is about to break that TL
Come with me if you want to live....
  • #375,613
  • May 2, 2014 11:50pm May 2, 2014 11:50pm
Quoting nAVIN2007
{quote} have a good weekend all!! ..i have had enough of looking at the charts for one day
Thanks Nav same
I'll be very scarce here and Euro threads
Not finding interaction that stimulates real exchange of ideas here.
regards
In trading, you have to be defensive and aggressive at the same time
  • #375,614
  • May 3, 2014 1:29am May 3, 2014 1:29am
Quoting PoundTrader
{quote}
Come with me if you want to live....
  • #375,615
  • May 3, 2014 1:33am May 3, 2014 1:33am
I'm looking at the zone above for PA reasons for a medium term short
Attached Image(s) (click to enlarge)
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Come with me if you want to live....
  • #375,616
  • May 3, 2014 1:38am May 3, 2014 1:38am
Cable_My five charts’ worth_03.05.14 (And one FXCM daily chart)

Monthly:
New month, new candle, and far too early to make comment about its structure. The 74.6 FE remains above current PA, and as yet, untouched, in spite of the fleeting breach of the 1.69 level.
It is a UK Bank Holiday on Monday next week, so who knows what Frankfurt and New York will do… assuming some BOT doesn’t throw a spanner into the works.
I’m still of the opinion that the 74.6 FE will be met… but not the 88.6 FE up at the 1.73 mark, until some retrace back onto the red MAs (which have now been passed north of by the blue MAs) has occurred, and thus tests for support of the inversion of the Guppy profile for this timeframe.
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Weekly:
It really has been a surge north for many weeks now, and lends one to think that PA will take a breather for a while, and thus allow some stabilisation of the Guppy profile.
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Daily:
Again, if some stabilisation occurs, it may well be that PA will be halted at the 74.6 FE mark, and even drop back down a touch. However, the PA on the FXCM Dollar would suggest otherwise, with the current PA for that instrument looking decidedly southerly. If this drops, I would not be surprised to see Cable punch north of the 76.4 FE on Cable, and remain above it with some conviction.
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4Hr:
Not much to say other than the chart appears to show a steady climb north between the fib plots.
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Pivots:
Well, stack in order, and normally representative – sometimes – of the way to go. That said, I am wary of new months, and have seen many times how price will decide to revisit an MP before deciding upon direction again.
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Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #375,617
  • May 3, 2014 4:58am May 3, 2014 4:58am
Quoting Ill-b-back
I'm looking at the zone above for PA reasons for a medium term short {image} {image}

You'll be spot on the money there mate.. I too am shorting there, didn't need look at my charts as remember the number
  • #375,618
  • May 3, 2014 5:11am May 3, 2014 5:11am
Quoting iqyu5an
{quote} hehehe we have to identify geology structure first..then collect data like resistivity..magnetic.. etc etc very complicated like in forex...that's why we need a model ......

if it is proved in this section, it shall be under the salt.
If skills could be acquired by watching, every dog would be a butcher. Turk
  • #375,619
  • May 3, 2014 5:19am May 3, 2014 5:19am
Quoting Zircon
{quote} if it is proved in this section, it shall be under the salt.
forgot to say ,Mindset trading is the best model. simple and not complicated

Need to see some retrace down Gbpusd
Attached Image
If skills could be acquired by watching, every dog would be a butcher. Turk
  • #375,620
  • May 3, 2014 7:25am May 3, 2014 7:25am
Tom DeMark Says U.S. Stocks at Risk of 11% Decline

Quoting nAVIN2007
smart money is forcing USD down to buy at discount.. {image}
not euphoria follower
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