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Cable Update (GBPUSD)

  • #377,381
  • May 13, 2014 8:39am May 13, 2014 8:39am
Quoting JimmyC
{quote} Spot on. When they slant right or they are flat always watch Price Action breaking above the R shoulder is the preferred SL area because it indicates the falling wedge has won the day. So failure to adhere to SL discipline with these structures is fatal... The wedge is a continuation pattern falling bullish vs H&S bearish, you can imagine the disasters
Many thanks sir

So because this particular 4H H&S falls so close to what I feel is very strong 6820 support, a 4H break of that neckline "by itself" isn't cause for an immediate bearish outlook but one more straw on the camel's back? Would that be reasonable to assume?
Ghost Rider - WWTBMD?
  • #377,382
  • May 13, 2014 8:42am May 13, 2014 8:42am
Quoting JimmyC
{quote} and my spelling is just atrocious and my levels typed in a hurry look like I have other issues
I thank the lord for spell check
  • #377,383
  • May 13, 2014 8:44am May 13, 2014 8:44am
Quoting elbert3
{quote} i have he same problem with my spellling ?? I tink i am dicklikesick??
... I KNOW I am on the keyboard...
Ghost Rider - WWTBMD?
  • #377,384
  • May 13, 2014 8:45am May 13, 2014 8:45am
Quoting albchr
{quote} Many thanks sir So because this particular 4H H&S falls so close to what I feel is very strong 6820 support, a 4H break of that neckline "by itself" isn't cause for an immediate bearish outlook but one more straw on the camel's back? Would that be reasonable to assume?
Attached Image (click to enlarge)
Click to Enlarge Name: 15.png Size: 94 KB
LOOKING FOR PRICE TO BREAK BELOW THE 3 EMAS STRONG RESISTANCE UP FROM THE 100 AND 200 SMA THE 4 HOUR IS BEING HELD BY THE 100 AND THE 1 HOUR LOOKS TO BE GOING TO COME OF THE 10,, THE 20 EMA IS JUST ABOVE MM, SAYS NO MORE POSITIONS , BUT I MIGHT BREAK THE RULE
  • #377,385
  • May 13, 2014 8:48am May 13, 2014 8:48am
Quoting elbert3
{quote} {image} LOOKING FOR PRICE TO BREAK BELOW THE 3 EMAS STRONG RESISTANCE UP FROM THE 100 AND 200 SMA THE 4 HOUR IS BEING HELD BY THE 100 AND THE 1 HOUR LOOKS TO BE GOING TO COME OF THE 10,, THE 20 EMA IS JUST ABOVE MM, SAYS NO MORE POSITIONS , BUT I MIGHT BREAK THE RULE
You Baaaaaddddd boy!!

Remember, you father is a policewoman and I'll tell her....
Ghost Rider - WWTBMD?
  • #377,386
  • May 13, 2014 8:50am May 13, 2014 8:50am
Recently, Obviously no direct correlation of economic data (green or red) with bearish / bullish, still remember good employment data of US side made weakness for greenback. We just read bad data from US side but Cable remain heavy going south.

I hope breakout from strong resistance at 1682x area, we will see...
  • #377,387
  • May 13, 2014 8:54am May 13, 2014 8:54am
Quoting albchr
{quote} You Baaaaaddddd boy!! Remember, you father is a policewoman and I'll tell her....
WELL DONE ,,I WILL PAY YOU NOT TO 840 TO 78 IS WORTH 248 £5
  • #377,388
  • May 13, 2014 9:09am May 13, 2014 9:09am
I don't believe there is any reason why The Pound should be going down against the Dollar right now so I think they'll bounce price around between 1.6860 and 1.6824 and try and trap as many traders into going short as possible before running price north.
  • #377,389
  • May 13, 2014 9:17am May 13, 2014 9:17am
Oh dearie me.... the EUR is looking?

I'm not as concerned with dollar strength as potential EUR & GBP weakness. Well, actually I'm not concerned at all because it's just as easy to sell as buy but....just watching.
Attached Image (click to enlarge)
Click to Enlarge Name: Index.PNG Size: 76 KB
Ghost Rider - WWTBMD?
  • #377,390
  • May 13, 2014 9:19am May 13, 2014 9:19am
Quoting irongoose
I don't believe there is any reason why The Pound should be going down against the Dollar right now so I think they'll bounce price around between 1.6860 and 1.6824 and try and trap as many traders into going short as possible before running price north.
u will see tomorow
GELORE
  • #377,391
  • May 13, 2014 9:21am May 13, 2014 9:21am
Quoting albchr
{quote} Many thanks sir So because this particular 4H H&S falls so close to what I feel is very strong 6820 support, a 4H break of that neckline "by itself" isn't cause for an immediate bearish outlook but one more straw on the camel's back? Would that be reasonable to assume?
Yes not bearish just a pattern indicating pullback

1.67460 still very much the area I'll look for strength, that said failure at that point would have me rethinking the trend
  • #377,392
  • May 13, 2014 9:29am May 13, 2014 9:29am
Quoting Red Alert
Recently, Obviously no direct correlation of economic data (green or red) with bearish / bullish, still remember good employment data of US side made weakness for greenback. We just read bad data from US side but Cable remain heavy going south. I hope breakout from strong resistance at 1682x area, we will see...
Hello Red.

The headline figure @288K seemed good BUT the non-participation rate increased to 800K, the data was very poor in fact hence DX weakness on that data release.

The DX is fundamentally weak as a result of the asset purchase facility. Be aware once this stops, DX strength will start.

The present EU GU debacle is due to Mario indicating he wants to start QE, is thinking of lowering rates again and might begin negative deposit rates.

EU weakens Cable indirectly

GU still remains surprisingly strong despite threatened EU policy
  • #377,393
  • May 13, 2014 9:30am May 13, 2014 9:30am
Quoting musani
{quote} u will see tomorow
So you believe what?
  • #377,394
  • Edited 10:13am May 13, 2014 9:31am | Edited 10:13am
Off topic $SPX 500

All trading eyes are on this

-> target is 1907
-> big psych level 1900
-> 1910 is pinned as big Profit taking area...

Will be fun to watch
Attached Image (click to enlarge)
Click to Enlarge Name: US SPX 500 1H (JUN-14).png Size: 17 KB
  • #377,395
  • May 13, 2014 9:36am May 13, 2014 9:36am
Quoting JimmyC
{quote} Yes not bearish just a pattern indicating pullback 1.67460 still very much the area I'll look for strength, that said failure at that point would have me rethinking the trend
We indeed think alike Jimmy. I was just setting up this weekly to post. The dashed horizontal line sits at 6730. The TL is obvious. A break of either is what I'd have to see to start thinking trend change is likely. Still, that's 110+ pips from here and over 250 for anyone who's short near the top. (like that 6983 I "had" ). By no means chicken feed for the bears.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdweekly.png Size: 55 KB
Ghost Rider - WWTBMD?
  • #377,396
  • May 13, 2014 9:44am May 13, 2014 9:44am
Quoting irongoose
{quote} So you believe what?
daily patern will change by momorow.
GELORE
  • #377,397
  • May 13, 2014 9:46am May 13, 2014 9:46am
Quoting albchr
{quote} We indeed think alike Jimmy. I was just setting up this weekly to post. The dashed horizontal line sits at 6730. The TL is obvious. A break of either is what I'd have to see to start thinking trend change is likely. Still, that's 110+ pips from here and over 250 for anyone who's short near the top. (like that 6983 I "had" ). By no means chicken feed for the bears. {image}
  • #377,398
  • May 13, 2014 9:54am May 13, 2014 9:54am
Just one more bear scenario I'll throw out and then I must run.

This is exactly the same monthly chart I drew when I first started in 2009. Other than chart colors I've changed nothing. I have no clue why I drew it back then (noobie??) and paid no attention to it since as price was obviously nowhere near this level except once. None the less I never changed it. How interesting it has become now. :nerd:

Same chart different zoom to see the origins of the this TL and then this monthly still working around it. Odd...no? Coincidence?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusdmonthly.png Size: 66 KB
Click to Enlarge Name: gbpusdmonthly_zoom.png Size: 51 KB
Ghost Rider - WWTBMD?
  • #377,399
  • May 13, 2014 9:56am May 13, 2014 9:56am
Quoting albchr
{quote} we indeed think alike jimmy. I was just setting up this weekly to post. The dashed horizontal line sits at 6730. The tl is obvious. A break of either is what i'd have to see to start thinking trend change is likely. Still, that's 110+ pips from here and over 250 for anyone who's short near the top. (like that 6983 i "had" ). By no means chicken feed for the bears. {image}
i can never work out if your long or short ? Respectfully wrote .lol
  • #377,400
  • May 13, 2014 10:08am May 13, 2014 10:08am
Quoting elbert3
{quote} i can never work out if your long or short ? Respectfully wrote .lol
That's because you keep looking for "one or the other". I'm BOTH!

Pricea she go up? Ima buy. Pricea she go down? Ima sell. Just not every 5 minutes like you ...

I'm caught between two very distinct worlds in trading Elbert. I have the desire, eye and view of a long term position trader. I have the account of an intraday scalper. Having to combine the two, I look for trades of no less than 30/40 pips to hold for an hour or more. Or I scalp (VERY rarely) for less. It's not easy being me...

The market moves up and down constantly. I do my best to follow it. But I have NO desire to be glued to a 5M chart grasping at every pip.
Ghost Rider - WWTBMD?
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