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Cable Update (GBPUSD)

  • #387,941
  • Jul 18, 2014 4:14am Jul 18, 2014 4:14am
On H1 chart, 1.7120, the upper trend-line resistance of a descending channel formation, now seems to provide immediate resistance for GBPUSD.

Expecting GBPUSD to reverse from this immediate resistance and drop back to 1.7070-60 support area, also coinciding with the lower trend-line support of the short-term descending channel. The pair might then continue weakening towards 1.7000 round figure mark.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1 18072014.png Size: 4 KB
  • #387,942
  • Jul 18, 2014 4:26am Jul 18, 2014 4:26am
Hez Ooose its like a monastic dining room in here today.. here over there open the window please and shout at passers by maybe they want to come in and join the party ..
  • #387,943
  • Jul 18, 2014 4:48am Jul 18, 2014 4:48am
Quoting HDA
To Answer The Question About "Free" Options Expiry Data
Good morning HDA.

That's pretty much my feeling as well. As with everything in life, you get what you pay for.
Ghost Rider - WWTBMD?
  • #387,944
  • Jul 18, 2014 6:10am Jul 18, 2014 6:10am
GBPUSD signaling important sell trade below 1.7089, testing 1.7060. On the upside, 1.7100 and 1.7118 can cap its short-term up-move, breaking which 1.7150 can become next land mark for the pair.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 43 KB
  • #387,945
  • Edited 6:39am Jul 18, 2014 6:24am | Edited 6:39am
Closed my overnight short from 7116 towards 7090, this could go deeper, but I don't want to risk the profits, after yesterday. Still waiting for lower to go long, no more shorts for me, euro is too bullish and doesn't look like it will even try to make a new low today.

Pending long order 7087, lets see if it gets hit and doesn't break. Could go back towards 7110.
Everyone can see the chart, but only a few can actually read it.
  • #387,946
  • Jul 18, 2014 7:06am Jul 18, 2014 7:06am
Pending Sell order @ 1.7103
SL @ 1.71188
TP @ 1.70713

Again risking 2% to make 4%, will close pending order if not hit in the next 4 hours.
  • #387,947
  • Jul 18, 2014 7:10am Jul 18, 2014 7:10am
Quoting spinozagr
i am short from 1.71... have a small profit BUT the below chart is NOT good sign for bears bulish abcd pattern @ fibo 88,6% move my sl at the entry point Venceremos {image}

Well I got a feeling we will get too 17070 then sprout overnight and complete Monday at 17160 level.. been waiting ages for this entry though
  • #387,948
  • Jul 18, 2014 7:16am Jul 18, 2014 7:16am
Quoting HareshBM
On H1 chart, 1.7120, the upper trend-line resistance of a descending channel formation, now seems to provide immediate resistance for GBPUSD. Expecting GBPUSD to reverse from this immediate resistance and drop back to 1.7070-60 support area, also coinciding with the lower trend-line support of the short-term descending channel. The pair might then continue weakening towards 1.7000 round figure mark. {image}
As was expected, GBPUSD reversing from 1.7117 and is now headed towards its immediate support near 1.7070-60 zone. Could see a potential drop to 1.7000 mark.
  • #387,949
  • Jul 18, 2014 7:18am Jul 18, 2014 7:18am
Quoting DerekTrotter
{quote} always good in my world hombre.. ok now i understand sounds cool .. great idea - guess u just end up paying 2 spread costs and then letting one go.. but thanks for asking CHAMP.. all is cool and why not hey .. and you hope all is good in your world .. sure it is guapa ..

You are right, it will cost me spread since it's an additional transaction. Since what you were telling awhile ago that it fluctuates within range. So basically, it's simply: , assuming the spread is 2.4pip. e.g. If I go SHORT, I sell 0.02 which costs me $0.48. If I close sell (meaning i buy to close it) it will cost me another 0.48, so that's 0.96. Then go LONG, buy again another 0.02 and sell higher which will cost me another 0.96. A total of .08 volume traded. No difference if you do the hedge. Either way, it'll still cost the same. Tell me if I'm wrong.

Regards,
  • #387,950
  • Jul 18, 2014 7:22am Jul 18, 2014 7:22am
Quoting cspip
{quote} Lets see if it does 1.7118.........and can it get to 1.7090 today (with quick touch to 1.7077) ?..............(maybe another short at 1.7140)


Like I said 2 days ago..........got 1.7090 and dropped quickly to 1.7077 area............
  • #387,951
  • Jul 18, 2014 7:30am Jul 18, 2014 7:30am
If it rises, lets see if it can get back up to 1.7110 or 1.7119 area before close.......
  • #387,952
  • Jul 18, 2014 7:31am Jul 18, 2014 7:31am
We were stuck in a range. Because we have formed a strong downtrend, I had to go short at any pullback. My TP was the bottom of the range. It could have been double the reward with TP Pivot S1.

Afterwards I think it was stupid to not wait for the breakout or take out like 70% of the position and see what happens.
Attached Image (click to enlarge)
Click to Enlarge Name: $GBPUSD (5 Min) 18_07_2014.jpg Size: 70 KB
  • #387,953
  • Jul 18, 2014 7:36am Jul 18, 2014 7:36am
Quoting RussJ
{quote} Well I got a feeling we will get too 17070 then sprout overnight and complete Monday at 17160 level.. been waiting ages for this entry though
well things constantly change... the bullish pattern has been replaced by a bearish dragon pattern...

IMO no doubt we are printing new lows in the upcoming weeks

Venceremos
The good thing with the future is that it is progressively approaching...
  • #387,954
  • Jul 18, 2014 7:37am Jul 18, 2014 7:37am
Eur wants to go higher...if it breaks 3540, I will buy the pullback towards 3515-20.
Everyone can see the chart, but only a few can actually read it.
  • #387,955
  • Jul 18, 2014 7:46am Jul 18, 2014 7:46am
Quoting Nate04
Pending Sell order @ 1.7103 SL @ 1.71188 TP @ 1.70713 Again risking 2% to make 4%, will close pending order if not hit in the next 4 hours.
Cancelled. Price reached past what my TP would have been. Not taking the chance that it is suddenly going to reverse, go up, hit my order, then turn around again and get back down to my TP. Thats asking alot. I'll probably call it a week and look for more setups next week.
  • #387,956
  • Jul 18, 2014 7:58am Jul 18, 2014 7:58am
Yawn...thar she blows!

I'm out
  • #387,957
  • Jul 18, 2014 7:58am Jul 18, 2014 7:58am
will the EU follow?
  • #387,958
  • Jul 18, 2014 8:00am Jul 18, 2014 8:00am
Quoting pipster1
will the EU follow?
..hope not
  • #387,959
  • Jul 18, 2014 8:03am Jul 18, 2014 8:03am
Quoting cspip
{quote} Although 1.7060 was also done...................and now if it hold around 1.7145, and some support around 1.7118, it should be nice move to 1.7042...lets see

2 in one day! .......was waiting for that for 3 days
  • #387,960
  • Jul 18, 2014 8:04am Jul 18, 2014 8:04am
Left some pips on the table there!

But hit TP
Attached Image (click to enlarge)
Click to Enlarge Name: 2014-07-18_GU.png Size: 44 KB
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