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Cable Update (GBPUSD)

  • #385,121
  • Jul 2, 2014 10:54am Jul 2, 2014 10:54am
Quoting albchr
{quote} I know we're slowing down here now but this may not be a good sign for my short. I'm actually working against my 233 long signal with it. Is it just me or do I see new demand being built here? {image}
Good to see you, too, Chris. Hope you are keeping well, my friend.
  • #385,122
  • Jul 2, 2014 10:58am Jul 2, 2014 10:58am
Quoting albchr
{quote} I know we're slowing down here now but this may not be a good sign for my short. I'm actually working against my 233 long signal with it. Is it just me or do I see new demand being built here? {image}
As long as 7076 is not broken, short entry is preferred.

I see weakness in 4hr chart.
Intraday only.
  • #385,123
  • Jul 2, 2014 10:59am Jul 2, 2014 10:59am
Quoting gammase1
{quote} Good to see you, too, Chris. Hope you are keeping well, my friend.
I'm doing ok my friend. I hope all is well with you and yours in your corner of the world.
Ghost Rider - WWTBMD?
  • #385,124
  • Jul 2, 2014 11:06am Jul 2, 2014 11:06am
Remember this from last week..?

"We stay bullish for a break above 1.7063 to test 1.7118 next, then our core medium-term target at 1.7332." Credit Suisse
GBPUSD has rallied to retest the recent high at 1.7063, which is again capping for now. However, we look for an eventual extension above to test trend resistance, now at 1.7118. We allow for another dip back from here, before moving onto our long-held medium-term target at 1.7330/32 – the 50% retracement of the 2007/2009 collapse – which we would look to cap for a correction lower. Bigger picture though, we target 1.8235. Read more: Market Watch

Still think they're having our pants down though.....

Obviously taking them longer to shake out the weak holders than they thought.
Where price is now, it has been before, and will be again.
  • #385,125
  • Jul 2, 2014 11:12am Jul 2, 2014 11:12am
Quoting albchr
{quote} I know we're slowing down here now but this may not be a good sign for my short. I'm actually working against my 233 long signal with it. Is it just me or do I see new demand being built here? {image}
Well there's my cross so I hold short for now.
Attached Image (click to enlarge)
Click to Enlarge Name: !t-gbpusdmm233.png Size: 80 KB
Ghost Rider - WWTBMD?
  • #385,126
  • Jul 2, 2014 11:14am Jul 2, 2014 11:14am
Another strange thing is that 1.704, such an important price was not even tested once as support.This smacks of "cleaning out the shop"
Where price is now, it has been before, and will be again.
  • #385,127
  • Jul 2, 2014 11:14am Jul 2, 2014 11:14am
Quoting Jenx
Remember this from last week..? "We stay bullish for a break above 1.7063 to test 1.7118 next, then our core medium-term target at 1.7332." Credit Suisse GBPUSD has rallied to retest the recent high at 1.7063, which is again capping for now. However, we look for an eventual extension above to test trend resistance, now at 1.7118. We allow for another dip back from here, before moving onto our long-held medium-term target at 1.7330/32 – the 50% retracement of the 2007/2009 collapse – which we would look to cap for a correction lower. Bigger picture...
you mean shaking out weak holder of shorts?
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #385,128
  • Jul 2, 2014 11:17am Jul 2, 2014 11:17am
Quoting ffleo
{quote} you mean shaking out weak holder of shorts?
Absolutely. They would need as much liquidity as possible for a strong move down.
Where price is now, it has been before, and will be again.
  • #385,129
  • Jul 2, 2014 11:26am Jul 2, 2014 11:26am
Quoting ffleo
{quote} you mean shaking out weak holder of shorts?
Also, when you read the full report , my take on it is that there'll be some shenanigans around 6925 as thats when they'll want to get mugs buying again.
Where price is now, it has been before, and will be again.
  • #385,130
  • Jul 2, 2014 11:26am Jul 2, 2014 11:26am
Quoting gammase1
{quote} It is not in their interests to do so right now, particularly when the currency is so well supported technically and fundamentally. There are more than enough willing buyers at the moment, following the decisive break, so no need for intervention and the depletion of their foreign currency reserves. Rather than look at, and take responsibility for, our decisions as individuals, it is far easier and more comfortable to blame external forces.
good to see u around buddy
  • #385,131
  • Jul 2, 2014 11:27am Jul 2, 2014 11:27am
Quoting Jenx
{quote} Absolutely. They would need as much liquidity as possible for a strong move down.
They need to consolidate at the top for extended period for people to load longs. Then smash it down and all the longs will exit to add liquidity, and momentum. That is the purpose of consolidation.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #385,132
  • Jul 2, 2014 11:30am Jul 2, 2014 11:30am
Quoting Jenx
{quote} Also, when you read the full report , my take on it is that there'll be some shenanigans around 6925 as thats when they'll want to get mugs buying again.
hoom said it yesterday, when trend changes, people still buy dips thinking the trend is intact.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #385,133
  • Jul 2, 2014 11:31am Jul 2, 2014 11:31am
Quoting ffleo
{quote} They need to consolidate at the top for extended period for people to load longs. Then smash it down and all the longs will exit to add liquidity.

u are a very good trader..seems u dont miss much and see potential traps
if i could vouch for ya..i would
  • #385,134
  • Jul 2, 2014 11:33am Jul 2, 2014 11:33am
Quoting nAVIN2007
{quote} u are a very good trader..seems u dont miss much and see potential traps if i could vouch for ya..i would
Thanks bro for the compliment.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #385,135
  • Jul 2, 2014 11:45am Jul 2, 2014 11:45am
Quoting ffleo
{quote} They need to consolidate at the top for extended period for people to load longs. Then smash it down and all the longs will exit to add liquidity, and momentum. That is the purpose of consolidation.
  • #385,136
  • Jul 2, 2014 11:46am Jul 2, 2014 11:46am
Quoting ffleo
{quote} They need to consolidate at the top for extended period for people to load longs. Then smash it down and all the longs will exit to add liquidity, and momentum. That is the purpose of consolidation.
When you look at all major trend changes, they rarely consolidate at the top/bottom.They do so after a bull/bear trap has been set.
Where price is now, it has been before, and will be again.
  • #385,137
  • Jul 2, 2014 11:46am Jul 2, 2014 11:46am
Ahem.. GU giving me a booty call or whut..

Inserted Video
  • #385,138
  • Jul 2, 2014 11:54am Jul 2, 2014 11:54am
Quoting TauTrader
Ahem.. GU giving me a booty call or whut.. http://www.youtube.com/watch?v=zBL3ty3rPY0
MR T

what to do huh
  • #385,139
  • Jul 2, 2014 11:56am Jul 2, 2014 11:56am
Quoting TauTrader
{quote} Sir, H Yip - all or nothing. My nemisis.. All in.
So just a new account if one is gone?
Fix up, trade sharp ...
  • #385,140
  • Jul 2, 2014 12:04pm Jul 2, 2014 12:04pm
Quoting Hickson
{quote} So just a new account if one is gone?
No.

Wrong
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