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Cable Update (GBPUSD)

  • #408,461
  • Feb 12, 2015 3:30pm Feb 12, 2015 3:30pm
Quoting Ill-b-back
{quote} And our kids will take it sideways
No worries. Europe is safe. Till then am gonna gather my own guerilla team to burn teh banksters and save our kids
"I know one thing, that I know nothing." Sokrates
  • #408,462
  • Feb 12, 2015 3:32pm Feb 12, 2015 3:32pm
Quoting hoom
{quote} those who shorted blindly after we break 53xx got burned , built 1st s position @ 5410 , I will s 545x/6x if it allows and hold for 506x to close half position and let it run through 49xx upon evaluation . edit : sl 5550
Can I ask why a SL at 5550 when weekly candle body resistance extends to 5553?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDWeekly.png Size: 24 KB
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  • #408,463
  • Feb 12, 2015 3:34pm Feb 12, 2015 3:34pm
Quoting Tom_D_Trader
{quote} No worries. Europe is safe. Till then am gonna gather my own guerilla team to burn teh banksters and save our kids
Oh man, I have been searching for some like minded individuals such as yourself.

Count me in
Come with me if you want to live....
  • #408,464
  • Feb 12, 2015 4:05pm Feb 12, 2015 4:05pm
Quoting Kajos2250
{quote} GU H8 GMT+2 Another nice bullish sign (engulfing marubozu) for bulls. Last long got the BE too, and another buy limit placed .5287... Good luck! {image}
GU H8 GMT+2

out of sellers
Another closer buy limit .5368 for the next candle...

Good luck!
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH8.png Size: 38 KB
Anything is math!
  • #408,465
  • Feb 12, 2015 4:41pm Feb 12, 2015 4:41pm
Quoting Ill-b-back
{quote} Can I ask why a SL at 5550 when weekly candle body resistance extends to 5553? {image}
I consider 552x as extreme extenstion , being cautious and considering r/r I set for another 30 pips , above that figure , it might be a bigger correction .
Get Rich or Die Tryin
  • #408,466
  • Feb 12, 2015 4:45pm Feb 12, 2015 4:45pm
Quoting hoom
{quoteI consider 552x as extreme extenstion , being cautious and considering r/r I set for another 30 pips , above that figure , it might be a bigger correction .
do you think it could start falling from here without touching 552x?
  • #408,467
  • Feb 12, 2015 4:45pm Feb 12, 2015 4:45pm
Quoting Ill-b-back
{quote} Can I ask why a SL at 5550 when weekly candle body resistance extends to 5553? {image}

Better question is why would you go short here? We just had a solid floor built (with many tests and fakes) and then an explosive move out of range. This is not a logical place to short (my opinion, of course). I mean, its possible that it goes down from here (anything is possible), but there are way better scenarios out there and you don't have to wait that long for them to appear. Look to other pairs for different set-ups.

But if your hell bent on trading this pair and you want some action, then go long right now. Put a stop at 1.5244 and target at 1.5523 for a 1:1 trade. That my advice, anyway.
  • #408,468
  • Feb 12, 2015 4:48pm Feb 12, 2015 4:48pm
Quoting Spudforex
{quote} Hey Frank nice words great style and makes perfect sense ..
Thanks, Spud.
  • #408,469
  • Feb 12, 2015 5:06pm Feb 12, 2015 5:06pm
Quoting danndc
{quote} do you think it could start falling from here without touching 552x?
yes , a weekly close below 529x would likely open the door for 50xx and below medium term , trend is down , a healthy correction is due and it goes inline with my eu$ perspective.

Quoting Zappa
{quote} Better question is why would you go short here? We just had a solid floor built (with many tests and fakes) and then an explosive move out of range. This is not a logical place to short (my opinion, of course). I mean, its possible that it goes down from here (anything is possible), but there are way better scenarios out there and you don't have to wait that long for them to appear. Look to other pairs for different set-ups. But if your hell bent on trading this pair and you want some action, then go long right now. Put a stop at...
call that r/r trading + downtrend + fundamental analysis+ technical outlook concerning correction + no major shift in sentiment in the long run , mix that and you'll get your answer , I may be wrong but most of the times it proves the opposite

PS: I pointed out the short term base built upon breaching 52xx a week ago and was aiming for +54xx so talking about a solid floor and explosive move is out of reach in my book
Get Rich or Die Tryin
  • #408,470
  • Feb 12, 2015 5:24pm Feb 12, 2015 5:24pm
Quoting hoom
{quote} yes , a weekly close below 529x would likely open the door for 50xx and below medium term , trend is down , a healthy correction is due and it goes inline with my eu$ perspective. {quote} call that r/r trading + downtrend + fundamental analysis+ technical outlook concerning correction + no major shift in sentiment in the long run , mix that and you'll get your answer , I may be wrong but most of the times it proves the opposite PS: I pointed out the short term base built upon breaching 52xx a week ago and was aiming for +54xx so talking...
I also think that we'll be back down to 1.5010 within a few weeks, and I respect your opinion, but I'd rather wait to see what's going on around 1.5600 before I'd strongly consider going short. It just doesn't seem like a good place to sell at the moment. I'd at least want to see some loss in momentum or sneaky little power sells that are slowly reversed but hint at a sell-off.

But hey, we all got our ideas and that's what we are here to do, share them.
  • #408,471
  • Feb 12, 2015 5:31pm Feb 12, 2015 5:31pm
Quoting Zappa
{quote} I also think that we'll be back down to 1.5010 within a few weeks, and I respect your opinion, but I'd rather wait to see what's going on around 1.5600 before I'd strongly consider going short. It just doesn't seem like a good place to sell at the moment. I'd at least want to see some loss in momentum or sneaky little power sells that are slowly reversed but hint at a sell-off. But hey, we all got our ideas and that's what we are here to do, share them.
Get Rich or Die Tryin
  • #408,472
  • Feb 12, 2015 7:40pm Feb 12, 2015 7:40pm
Quoting notsocasual
Does the triangle you are referring to start on jan 23rd and thru present? An ascending triangle? If not, can you explain? Thank you.
hi Notsocsual

I took all unecessary indcators from the chart

Attached Image (click to enlarge)
Click to Enlarge Name: GU.png Size: 68 KB


The triangle I was mentioning (it has been broken), is a triangle with 1,25 level a support (the red line) and the daily SMA40 as resistance (the blue one). you can see it has already proven resistive in December and October last year.

This is why I entered on a breakout of that SMA. If you look at the monthly (not included), you will see GU is ranging, and it is (more or less) on its monthly support. Therefore I prefer to be a buyer.
  • #408,473
  • Feb 12, 2015 7:52pm Feb 12, 2015 7:52pm
Quoting hoom
{quote} those who shorted blindly after we break 53xx got burned , built 1st s position @ 5410 , I will s 545x/6x if it allows and hold for 506x to close half position and let it run through 49xx upon evaluation . edit : sl 5550
yes I will be also short at zones 5409/5500 for a test 4950...
Attached Image (click to enlarge)
Click to Enlarge Name: gu.png Size: 23 KB
Money is made by sitting, not trading. Jesse L. Livermore
  • #408,474
  • Feb 12, 2015 7:59pm Feb 12, 2015 7:59pm
Quoting Erebus
{quote} Exactly, the 4 Week high breakout is 1.5312 - I will watch for a close Daily close above that, then read the PA / candlesticks The ADR is 131, so no problem from 1.525 - there are 5 days in a week
@Erebus, do you remember this post?
Now gu has broken 1.535
  • #408,475
  • Feb 12, 2015 8:18pm Feb 12, 2015 8:18pm
I think this week's weekly candle will be bullish candle.
I remember someone in this thread put tp so much high, with sl 1.50?
I forgot the name..., sorry buddy

My view at the moment is bullish too, tp 1.6 and 1.63.
How long to get there? I do not know.
My 2 cents.
  • #408,476
  • Feb 12, 2015 9:38pm Feb 12, 2015 9:38pm
Quoting hoom
{quote} I consider 552x as extreme extenstion , being cautious and considering r/r I set for another 30 pips , above that figure , it might be a bigger correction .
Thx
Come with me if you want to live....
  • #408,477
  • Feb 12, 2015 10:02pm Feb 12, 2015 10:02pm
Quoting Zappa
{quote} Better question is why would you go short here? We just had a solid floor built (with many tests and fakes) and then an explosive move out of range. This is not a logical place to short (my opinion, of course). I mean, its possible that it goes down from here (anything is possible), but there are way better scenarios out there and you don't have to wait that long for them to appear. Look to other pairs for different set-ups. But if your hell bent on trading this pair and you want some action, then go long right now. Put a stop at 1.5244...
Hi Zappa, I can see Hoom has covered it.
An observation though:
We are moving into strong historical 2010-2012 3 year weekly and monthly support now resistance.
It also obviously depend on ones own trading approach. Where day traders might see more upside potential and enter long, others might look at the same chart and come to the conclusion that it will soon start turning and so they start building small shorts as price moves into resistance, with the understanding that price will go against them for a little while before the expected turn.

The other thing to note is that this pair seems to take great pleasure in creating explosive or long daily candles as it comes in on approach to support/resistance areas. The chart is littered with long candles just before it starts to turn.
All a matter of perspective I guess
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDMonthly.png Size: 30 KB
Click to Enlarge Name: GBPUSDWeekly.png Size: 39 KB
Click to Enlarge Name: GBPUSDDaily.png Size: 24 KB
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  • #408,478
  • Feb 12, 2015 11:58pm Feb 12, 2015 11:58pm
IMO GBP is toppish at 1.54 at least in the short term. Things can reverse on Friday it is not uncommon so I entered short GBP at ~1.5410-1.5415 targeting 100-200 pips. SL is 150 pips.

http://www.forexfactory.com/colinsheen#21 here's my demo account using MT4, my real account does not support MT4 so cannot link to FXFactory
  • #408,479
  • Feb 13, 2015 12:34am Feb 13, 2015 12:34am
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some small resistance to the le4ft but looks to be going to 548 the the 20 ema ,,could happen without any pull back,, if any here could see 5320 but long is strong at this time, but it also needs to fuel up ,
  • #408,480
  • Feb 13, 2015 12:47am Feb 13, 2015 12:47am
Attached Image (click to enlarge)
Click to Enlarge Name: 4.png Size: 68 KB
looking at 4 hour unless any bad news, note deflation was also mentioned,, 5350 looks like the support area and resistances are shown above
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