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Cable Update (GBPUSD)

  • #387,641
  • Jul 16, 2014 4:33pm Jul 16, 2014 4:33pm
Quoting OnlineAddict
{quote} Target 7160-7170, lets see if we can make it there. Short scalp from there towards 30s again. But the next 3 hours will tell more...will probably set a SL in BE after.
That's kind of my thought process. It is a very short-term, fleeting setup and depends upon how frisky Cable is the next 24-48 hours leading up to week's end. Aside from some impulsive swing movement on 7/15, I think it's been basically sideways since 7/1 between 1.710 and 1.775, which is a good enough range for my purposes (which is to eventually dominate the world ... just in case you're wondering).
Fireworks are fun ... as long as you don't blow your fingers off.
  • #387,642
  • Jul 16, 2014 4:34pm Jul 16, 2014 4:34pm
Quoting ZebraSquirl
{quote} That's kind of my thought process. It is a very short-term, fleeting setup and depends upon how frisky Cable is the next 24-48 hours leading up to week's end. Aside from some impulsive swing movement on 7/15, I think it's been basically sideways since 7/1 between 1.710 and 1.775, which is a good enough range for my purposes (which is to eventually dominate the world ... just in case you're guessing).
Yeah, there is no important gbp news tomorrow and friday, so probably ranging tomorrow and profit taking on friday could take it a little lower from the range, should be safe to trade until then.
Everyone can see the chart, but only a few can actually read it.
  • #387,643
  • Jul 16, 2014 4:36pm Jul 16, 2014 4:36pm
Hard to call for sure...price remaining back in the 4hr range after first a false downside break then an upside break and pullback to middle of the range.

Given today's and yesterday's daily candle closes and the good uk data in last 2 days - higher probability seems more upside ? I wonder whether 7333 (50% of the big multi year 2.1162-1.3505 move) seems like the longer term bull target ?

best wishes.
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it's all gone a bit........
  • #387,644
  • Jul 16, 2014 4:39pm Jul 16, 2014 4:39pm
Exactly. Wish I would have captured more of yesterday's impulsive movement (short but 10 pips from 1.72), but entries are sometimes sloppy. (Can't resist: "That's what she said!").
Fireworks are fun ... as long as you don't blow your fingers off.
  • #387,645
  • Jul 16, 2014 4:39pm Jul 16, 2014 4:39pm
Quoting petetong
I wonder whether 7333 (50% of the big multi year 2.1162-1.3505 move) seems like the longer term bull target ? best wishes. {image}
If 7250 breaks, 73+ is easy, I see it as short term target, or medium term tops, its only 200 pips away...for cable thats nothing.
Everyone can see the chart, but only a few can actually read it.
  • #387,646
  • Jul 16, 2014 4:44pm Jul 16, 2014 4:44pm
Eurusd on a longer term trend line and yes-always a fib involved lol !....looking in closer right on a potential demand areas with one just below also. 2 days of heavy selling results in 2 strongly bearish daily candles so may see southwards follow thru thru these areas?

best wishes.
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it's all gone a bit........
  • #387,647
  • Jul 16, 2014 4:46pm Jul 16, 2014 4:46pm
Quoting mkvy
The problem with fib ratios is that you dont know which peak and trough to the draw it from.. The choices are as infinate as there are molcules in the universe
That's actually a good point.Best in my opinion is last relevent swing.
There is no longer any point drawing from 1.48 since it may take another 5+years to retrace down.
Good indicator to use is Zig zag on daily chart
Attached Image (click to enlarge)
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In trading, you have to be defensive and aggressive at the same time
  • #387,648
  • Jul 16, 2014 4:46pm Jul 16, 2014 4:46pm
Quoting petetong
Hard to call for sure...price remaining back in the 4hr range after first a false downside break then an upside break and pullback to middle of the range. Given today's and yesterday's daily candle closes and the good uk data in last 2 days - higher probability seems more upside ? I wonder whether 7333 (50% of the big multi year 2.1162-1.3505 move) seems like the longer term bull target ? best wishes. {image}
It's tested that 1.7175 level thricely (you like that? "thricely") since 7/2 ... gonna need some data to push it over is my guess and then it is a short hop to 1.72+. Similarly, it is not out of the question that it would break (on a purely short-term basis) below that 1.7100 psych level for a bit.

The daily tells a longer-term bullish story. One thing that sticks out is that price hasn't gotten near the 200 Day MA for a very long time, the last touch being August of 2013.

This is an extremely long, extremely deep bull run ... . Dreams of having gone long last year about this time ... . A 2,000 pip + gain. I think my teenage daughter would refer to that as "totally sick." Lol.
Fireworks are fun ... as long as you don't blow your fingers off.
  • #387,649
  • Edited 5:28pm Jul 16, 2014 4:50pm | Edited 5:28pm
If it does rise (with maybe a touch to 1.7142 and then bounce from 1.7126)..... then around 1.7177 could be the target and good to short from
  • #387,650
  • Jul 16, 2014 4:52pm Jul 16, 2014 4:52pm
Quoting petetong
Eurusd on a longer term trend line and yes-always a fib involved lol !....looking in closer right on a potential demand areas with one just below also. 2 days of heavy selling results in 2 strongly bearish daily candles so may see southwards follow thru thru these areas? best wishes. {image} {image}
I actually don't care that you post Euro charts in Cable thread when there is very popular Euro thread...don't mind but baffled.
In trading, you have to be defensive and aggressive at the same time
  • #387,651
  • Jul 16, 2014 4:54pm Jul 16, 2014 4:54pm
Quoting Davit
{quote} That's actually a good point.Best in my opinion is last relevent swing. There is no longer any point drawing from 1.48 since it may take another 5+years to retrace down. Good indicator to use is Zig zag on daily chart {image}
Yes, but then comes the question which % to go for? Many don't use the Fibonacci numbers at all.......others have other favourites......
  • #387,652
  • Jul 16, 2014 4:58pm Jul 16, 2014 4:58pm
Quoting cspip
{quote} Yes, but then comes the question which % to go for? Many don't use the Fibonacci numbers at all.......others have other favourites......
I noticed minimum retrace usually hits 38.2 when trend is strong if weaker 50 and 61.8 common.
38.2 is 1.70 take leave few pips.That's my target 1st.Goes without saying that Fibs are just reference point in crowd behavior kind of unconscious cycles bases of Elliot Wave and Harmonics meaning even if every fundamentals are strongly positive for Cable we could still have corrections.
WE had lot of positive UK and negative USD news lately and yet price is not breaking higher....that alone suggests exhaustion
In trading, you have to be defensive and aggressive at the same time
  • #387,653
  • Jul 16, 2014 5:02pm Jul 16, 2014 5:02pm
Quoting OnlineAddict
{quote} Weekly channel did hold, you should be safe until 3540-50, maybe more, if it breaks up from there. I still think we will see 1.36 and above, before down, if any. {image}
good thanks lets see regards e
  • #387,654
  • Jul 16, 2014 5:06pm Jul 16, 2014 5:06pm
H4 has a bullish divergence.
  • #387,655
  • Jul 16, 2014 5:12pm Jul 16, 2014 5:12pm
what does one do when you in the pub and you have had enough beer ????
  • #387,656
  • Jul 16, 2014 5:14pm Jul 16, 2014 5:14pm
EU if it were to go up, to 1.3575 and then 1.3590..........and EG to 0.7958
  • #387,657
  • Edited 5:43pm Jul 16, 2014 5:28pm | Edited 5:43pm
Quoting cspip
EU if it were to go up, to 1.3575 and then 1.3590..........and EG to 0.7958
I am watching G/CHF for shorts but waiting for volume to increase to see if there is any bull power left in it.
Its in my BB sell zone
After sell good place for long is Green orange Wave. If RSI and W% hold 50% means trend is still strong and on track and just follow the Wave

EDit
Took the short 2x 5392
Attached Image (click to enlarge)
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In trading, you have to be defensive and aggressive at the same time
  • #387,658
  • Jul 16, 2014 5:47pm Jul 16, 2014 5:47pm
Quoting elbert3
what does one do when you in the pub and you have had enough beer ????
Switch to Vodka!
Ghost Rider - WWTBMD?
  • #387,659
  • Jul 16, 2014 5:54pm Jul 16, 2014 5:54pm
Quoting Davit
{quote} I am watching G/CHF for shorts but waiting for volume to increase to see if there is any bull power left in it. Its in my BB sell zone After sell good place for long is Green orange Wave. If RSI and W% hold 50% means trend is still strong and on track and just follow the Wave EDit Took the short 2x 5392 {image}
Attached Image (click to enlarge)
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that looks like a good entry 1,5364 at least ,, in with you nice top on that 4 hour ,,gl
Trade confirmation
On 16-Jul-2014 at 22:50:27 (GMT)
You sold 2 GBPCHF @ 1.53904 for value date 21-Jul-2014
Front office position id: 140110505
Account: 5589929
  • #387,660
  • Jul 16, 2014 5:56pm Jul 16, 2014 5:56pm
Quoting albchr
{quote} Switch to Vodka!
yes go on shorts mm is full now on the 15 min looks like it has had enough 4 hits at 37 see what you think ??
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