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Cable Update (GBPUSD)

  • #389,061
  • Jul 25, 2014 4:01pm Jul 25, 2014 4:01pm
Quoting ill_be_back
{quote} I think will make a LL before close
Almost made it
A good trader follows his rules, but great trader knows when to break them
  • #389,062
  • Jul 25, 2014 4:03pm Jul 25, 2014 4:03pm
die hard bulls definitely in for a shock
Attached Image (click to enlarge)
Click to Enlarge Name: gbp USD w1 (DFB).png Size: 26 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #389,063
  • Jul 25, 2014 4:05pm Jul 25, 2014 4:05pm
Hi J its difficult to get tls to this chart ,but really I don't see either of these ,

Quoting JimmyC
GU weekly {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #389,064
  • Jul 25, 2014 4:22pm Jul 25, 2014 4:22pm
Quoting sami4240
{quote} is there any chances next week to go back around 7050 ...in any technical form ?
Quoting ill_be_back
{quote} NO
I wouldn't be so sure about that buddy. It would be only a small retrace/bounce in the scheme of this drop to hit the 7050 area again. This projection even assumes it first drops to 1.69511 and then bounces up. I actually think it may be a conservative view of what's possible as a retrace.

Thoughts?
Attached Image (click to enlarge)
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Ghost Rider - WWTBMD?
  • #389,065
  • Jul 25, 2014 4:32pm Jul 25, 2014 4:32pm
Gidday GBP/US

Great forum

enjoy reading all the posts.

Sitting on a few longs an shorts

The EUR has not bounced yet

Which should give GBP/US a nudge

over the 1.70+

Long EUR/US 1.342 1.348+

See what happens next week:nerd:
  • #389,066
  • Jul 25, 2014 4:32pm Jul 25, 2014 4:32pm
Quoting sami4240
{quote} is there any chances next week to go back around 7050 ...in any technical form ?
Not till we get 1.6938
  • #389,067
  • Edited 4:52pm Jul 25, 2014 4:40pm | Edited 4:52pm
EU may go a little more down yet.....
  • #389,068
  • Edited 5:23pm Jul 25, 2014 5:11pm | Edited 5:23pm
Quoting albchr
{quote} {quote} I wouldn't be so sure about that buddy. It would be only a small retrace/bounce in the scheme of this drop to hit the 7050 area again. This projection even assumes it first drops to 1.69511 and then bounces up. I actually think it may be a conservative view of what's possible as a retrace. Thoughts? {image}
According to me if goes to 1.702 then the DOWN move is over, But the Down move is not OVER yet, therefore NO 1.702
Going to END this thought like HDA

Lets See What Happens
A good trader follows his rules, but great trader knows when to break them
  • #389,069
  • Jul 25, 2014 5:19pm Jul 25, 2014 5:19pm
Quoting cspip
EU may go a little more down yet.....
Sorry, but again.

May ??

:nerd:
How to opt out annoying user signatures ??
  • #389,070
  • Jul 25, 2014 5:23pm Jul 25, 2014 5:23pm
Quoting ill_be_back
{quote} According to me if goes to 1.702 then the DOWN move is over, But the Down move is not OVER yet, therefore NO 1.702
Seems a small retrace to 1.7020 so are you considering the down move over when the last swingpoint is broken to the upside?
Attached Image (click to enlarge)
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  • #389,071
  • Jul 25, 2014 5:29pm Jul 25, 2014 5:29pm
There is no important GBP news until friday, so I wouldn't mind if this was ranging between 6950-7050 until then and on friday, which is also the first day of new month, it can break to the upside/downside. Keeping my long open until a 1.7 re-test, at least, if it breaks, I will close it at 7040 and try a short there. If we break 6960, I will close it on a pullback. Should be an easy week to trade with not so many news. Friday on the other hand could be interresting and do a 100 pip move in either direction. I would bet on a long breakout on friday, which would leave monthly candles intact, since we mostly have one bull and one bear during this uptrend, july is bear, august might be bull again. But thats just if nothing changes.
Everyone can see the chart, but only a few can actually read it.
  • #389,072
  • Jul 25, 2014 5:32pm Jul 25, 2014 5:32pm
Quoting srt
{quote} Seems a small retrace to 1.7020 so are you considering the down move over when the last swingpoint is broken to the upside? {image}
Yes, I am looking at Hrly Chart, If Broken then to 1.711xx, Which i Don't think is going to happen
Here I am with HDA, He has 1.69 & I have 1.6905, close enough so I Don't think any up move till 1.6905

But this are only my thoughts
Again
Lets See What Happens
A good trader follows his rules, but great trader knows when to break them
  • #389,073
  • Jul 25, 2014 5:35pm Jul 25, 2014 5:35pm
Quoting ill_be_back
{quote} Yes, I am looking at Hrly Chart, If Broken then to 1.711xx, Which i Don't think is going to happen
If you check the monthly candles, there are many bear candles in the past year...and during each of those, people were saying that "this is it", now the trend will turn. It never did and I see nothing changed since then, UK is still going to raise rates, Carney doesn't seem to want a weak pound, otherwise he would say so already, like Draghi did before 1.4, so nothing changed, YET.
Everyone can see the chart, but only a few can actually read it.
  • #389,074
  • Jul 25, 2014 5:40pm Jul 25, 2014 5:40pm
Quoting ill_be_back
{quote} Yes, I am looking at Hrly Chart, If Broken then to 1.711xx, Which i Don't think is going to happen Here I am with HDA, He has 1.69 & I have 1.6905, close enough so I Don't think any up move till 1.6905 But this are only my thoughts Again Lets See What Happens
Thanks.
I plan on buying around .6930ish with .6913 being support so a little push lower first would be nice :-)
Attached Image (click to enlarge)
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  • #389,075
  • Jul 25, 2014 5:41pm Jul 25, 2014 5:41pm
Quoting srt
{quote} Thanks. I plan on buying around .6930ish with .6913 being support so a little push lower first would be nice :-)
A good trader follows his rules, but great trader knows when to break them
  • #389,076
  • Jul 25, 2014 5:44pm Jul 25, 2014 5:44pm
Quoting ill_be_back
{quote} According to me if goes to 1.702 then the DOWN move is over, But the Down move is not OVER yet, therefore NO 1.702 Going to END this thought like HDA Lets See What Happens
Ok that's fine. But ... Why? What's you technical reason for 1.702x being the end of the down move? I'm not saying you're wrong. Just wondering why you say that.

To me, and the reasons are on my chart, I can see this very easily reach 7050/80 without ending the down move at all. Perhaps I'm missing something.

Chris Out ... lol

EDIT: Ok I can see you answered this with srt whilst I was typing. I'm SUCH a slow typist. But I still don't see 1702x being the end of the down move.
Ghost Rider - WWTBMD?
  • #389,077
  • Jul 25, 2014 5:51pm Jul 25, 2014 5:51pm
Quoting albchr
{quote} Ok that's fine. But ... Why? What's you technical reason for 1.702x being the end of the down move? I'm not saying you're wrong. Just wondering why you say that. To me, and the reasons are on my chart, I can see this very easily reach 7050/80 without ending the down move at all. Perhaps I'm missing something. Chris Out ... lol EDIT: Ok I can see you answered this with srt whilst I was typing. I'm SUCH a slow typist. But I still don't see 1702x being the end of the down move.
Not on bigger TF, Hrly SWING
A good trader follows his rules, but great trader knows when to break them
  • #389,078
  • Jul 25, 2014 5:52pm Jul 25, 2014 5:52pm
Quoting albchr
I can see this very easily reach 7050/80 without ending the down move at all.
Me, too. Actually a healthy retrace and rejection would only confirm the downmove. Break above 1.71 would be different and trigger 7250 for me.

But for the monthly trend to change, for me, august would need to close as another bearish candle. Then its probably over and it would go test the lower numbers. Until that happens, I'm not a convinced medium term bear(500+ pips).
Everyone can see the chart, but only a few can actually read it.
  • #389,079
  • Jul 25, 2014 5:58pm Jul 25, 2014 5:58pm
Quoting ill_be_back
{quote} Not on bigger TF, Hrly SWING
One must keep the whole picture in mind grasshopper....

Anyway, have a wonderful weekend folks.
Ghost Rider - WWTBMD?
  • #389,080
  • Jul 25, 2014 6:01pm Jul 25, 2014 6:01pm
Quoting OnlineAddict
{quote} Me, too. Actually a healthy retrace and rejection would only confirm the downmove. Break above 1.71 would be different and trigger 7250 for me. But for the monthly trend to change, for me, august would need to close as another bearish candle. Then its probably over and it would go test the lower numbers. Until that happens, I'm not a convinced medium term bear(500+ pips).
Yes, a break (close & test) above 7100 would at the very least, be cause for me to then re-evaluate.
Ghost Rider - WWTBMD?
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