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Why is GBPUSD called cable? 76 replies

Cable Update - Continued 102 replies

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Attachments: Cable Update (GBPUSD)
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Cable Update (GBPUSD)

4H
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up to the lines
Only a break of 1.6600 can fuel the pair towards 1.6630 and 1.6650, breaking which 1.6740 can be easily witnessed.
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Quoting Fx_Anil
Only a break of 1.6600 can fuel the pair towards 1.6630 and 1.6650, breaking which 1.6740 can be easily witnessed. {image}
Oh, wow, so only if it passes 1.6600 it can go to 1.6630 and 1.6650, that is rather astonishing news.
Quoting Ck87
{quote} Oh, wow, so only if it passes 1.6600 it can go to 1.6630 and 1.6650, that is rather astonishing news.

It's correct so its ot astonishing!! I was looking for 16572 too short with 16585 being the top... it broke 16585 and moved into the next area 16602/16618... I am classing the recent high as a touch of 1.6602 but not broken....

now support will be 16585/55 area... and I would think normally right 50 pips upto 1.6622/23 breaking the 16618 top of resistance so we can make 16641 the following day... but on a 15 minute and hourly chart it could get choppy and it might fail to break 16602 and keep falling too 16512....

Either way I will be looking at the hourly chart and 15 minute and 5 minute chart carefully..... and also keeping close eye on eur usd 13172 area as that's where I wanted to enter long so will check where cable is if europ gets there.... besides the cable chart looks ugly now as well.... doesn't look like an easy trade now its broken resistances

On the other hand if it keeps motoring away here and breaks 16618 by a few pips I would expect a 50 pip pullback too 16570
No entries on EU or GU. And no strong evidence of a reversal. My Yen pairs had several nice entries over night that were taken via my auto trader. EJ at lock profit EG at lock profit and GJ trade mapped out with pending sell.

good luck this week
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6592 would be adding long
Quoting DailyChart
4H {image}
Hourly
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on the face of it cable attempts bullish move ,
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#doyourownanalysisordietryin
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Quoting Ck87
{quote} Oh, wow, so only if it passes 1.6600 it can go to 1.6630 and 1.6650, that is rather astonishing news.
Yes, 1.6600 is an important resistance level for near-term trading of GU.
Quoting RussJ
{quote} It's correct so its ot astonishing!! I was looking for 16572 too short with 16585 being the top... it broke 16585 and moved into the next area 16602/16618... I am classing the recent high as a touch of 1.6602 but not broken.... now support will be 16585/55 area... and I would think normally right 50 pips upto 1.6622/23 breaking the 16618 top of resistance so we can make 16641 the following day... but on a 15 minute and hourly chart it could get choppy and it might fail to break 16602 and keep falling too 16512.... Either way I will be looking...
Thanks for the description RussJ, it was quite helpful....
If cable want up will not be on your first attempt. For me problem with big gaps are put many noise at trend. You never sure if it's change trend or just a price kick...
Try don't lose pants never...
Bank holiday plus anticipation of US news release in a few minutes may habe propped this up. It stopped just right at 1.6600
Quoting sunilpawar
cable is worst pair to trace uni directional
Hi Sunilpawar...
I believe you have heard of something similar like if you want to win $x, prepared to lose $x.
So if you have intend to take profit at said $1.71 (I assume you want to follow HDA exit plan), you should have prepared the draw down to at least $1.636 or MORE assuming your entry at $1.673. As in how to key in your stop-loss study your 4hr or 1D chart and decide.
For example:
You have a capital of said, US$10,000. You intend to make 2% a month, and estimate that your entry and exit of the above pricing would take 2months to 3months, so you should only opened about 13000 units only. But of course along the way, you might start to close bit by bit. So after some "discount" you could end up with 1% to 1.5%.
Or if you are more conservative, half the above values.
To be able to make say 1% a month for 12 months, you are already doing about 12% a year. This might seem very little to some of the traders here. But to be able to do it year in year out over time is a skill not many can do it. (I am referring to those who really unable to do it, so do not start blasting me on this statement for those who can do it or even better)
Anyway, once you are able to do it, you will start to improve on the annual return over time cos you would have understand the logic behind it and your trade size will suit to what is comfortable to you. Wish you success in your next trade.
Quoting kweiss10
Bank holiday plus anticipation of US news release in a few minutes may habe propped this up. It stopped just right at 1.6600
It was 1.6597.........

......wonder if it can get 40 pips lower and get below 1.6550
65808 now looking good for support
2 break--even trades for me on EU and GU today. Currently have a entry pattern setting up for a GU short. Psell at 1.65812. Also short on the AU maybe be in the mix
Quoting cspip
{quote} It was 1.6597......... ......wonder if it can get 40 pips lower and get below 1.6550
Next stop 1.65486
A good trader follows his rules, but great trader knows when to break them
Quoting slimcat
The traders dilema: As we all know cable has been trending up for 12 months now but did you also know that since the crash in 2007 the opening price of the year was touched in every single year after the month of June ended. This year that means price will trade back to 1.6580..or will it! Which trend is your friend now??
posted 3rd july....
darn it... should have took my own advice lol

now to the monthly again with one week to go, since 2008 there has only been one instance when cable dropped for 3 months in a row, since I didn't take my own advice before I am keeping all my longs as the open price of the year will hopefully act as support, looking for 1.6850 as possible exit.
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