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Shorting the cable (Is London Bridge Falling Down?)

  • Post #1
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  • First Post: Oct 6, 2006 2:48pm Oct 6, 2006 2:48pm
I was just wondering how many people are actually holding a short on the pound...or believe that next week it will fall, and why...This thread is not made for reinsurance in my trades, but to start a discussion and develop trades for next week maybe
Nothing is hard, some things just take more time and discipline.
I am long the gbp/usd, overall it might be in a downtrend but the trend after the NFP indicates that an uptrend will go to 8750-8800. The NFP news for the dollar was not good but yet the dollar gained ground on the gbp. Plus I use the 200ma on the 1hr chart. It nevers like to veer to far from the 200. So eventually it will come back to it, when and at what price I do not know. WE will see come Mon,Tues LOL
Enter Signature
Quoting jamesr24
The NFP news for the dollar was not good
Why not good ?
Jobless rate fell to 4.6% from 4.7%(unexpectedly).
August figure war revised to 188k (almost 50 percent more than previously reported).
Who cares 51k in September ???
the cable is long for next week on its way to 1.9030 or more. long since 1.8700 check out my journal.
g/u will down to 1.85-1.86 next week.
ThinkForex
lol such different views...taht just goes to show, no one knows where for sure the market will go..
Nothing is hard, some things just take more time and discipline.
yhboey why do you believe the cable will go down next week.
I think thre will be a upward movement in the next week.. The drop today hit the 2nd support level and bounced off which was also the 4th bottom Vegas Fib.. I'm looking at it getting back to the 1.8800 to 1.8850 range.. its still running in the ranging area it has been in since the start of August.. I have a buy in at 1.8717 look for 100 pip profit on it..

Just my thoughts and my trade..

Shaimus
As everybody saw, market was ranging all week. The prices are exactly at what they were 1 week ago. Means the market is still looking to a direction. Only the UJ is on the verge (21 pips) of a major breakout- since prices at at the highest since march...

I think you should hold everything untill range is broken.

Unless you trade intra range, wich i tried and was successful on the UJ twice this week! Was easy..

My humble thought.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
Quoting GreatYves
As everybody saw, market was ranging all week. The prices are exactly at what they were 1 week ago. Means the market is still looking to a direction. Only the UJ is on the verge (21 pips) of a major breakout- since prices at at the highest since march...

I think you should hold everything untill range is broken.

Unless you trade intra range, wich i tried and was successful on the UJ twice this week! Was easy..

My humble thought.

So you agree that there is no definate direction?


And what is UJ?
Nothing is hard, some things just take more time and discipline.
Why You think it's long? Wheres is your journal?

Quoting fixme1too
the cable is long for next week on its way to 1.9030 or more. long since 1.8700 check out my journal.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
See folks, this is exactly why a lot of you are probably not consistent. I know this sounds harsh, but you know that you can't predict the market, so who cares where it's going to go...

I for one am short based on my swing trading strategy... the revisions from a fundamental basis just made it even better. I see it dropping to 1.8600 area...

But if it doesn't... who cares. As soon as I get stopped out, I will have made a lot of money since NFP, and I'll be looking for the next signal...

Quit trying to figure it out. You don't have to know what the market will do next to make money!
Mr. Trend
Quoting Mr Trend
See folks, this is exactly why a lot of you are probably not consistent. I know this sounds harsh, but you know that you can't predict the market, so who cares where it's going to go...

I for one am short based on my swing trading strategy... the revisions from a fundamental basis just made it even better. I see it dropping to 1.8600 area...

But if it doesn't... who cares. As soon as I get stopped out, I will have made a lot of money since NFP, and I'll be looking for the next signal...

Quit trying to figure it out. You don't have to know what the market will do next to make money!
On Monday and Tuesday, Cable will ride tightly inside a 75 pip range.
On Wednesday from Midnight GMT through the next 16 hours Cable will gradually and smoothly drop 120 pips before reversing sharply and climbing 350 pips by the close on Friday.

See? My WAG is as good as anybody's.

Read MrTrend's quote above, because it is the truth.
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Quoting NipthePips
So you agree that there is no definate direction?

Range Market. Check Weekly chart.

And what is UJ?

Sorry, USD/JPY.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
If you look at the MACD, it's been divergent on all of the recent rises on the daily chart. The last rise barely made a ripple on it. RSX has also crossed down and is widening the gap. So I would guess down, (if I could actually forecast the market) but I won't do anything until I see the 100ema (which has served as strong support) get broken. I just really wouldn't want to be long right now.
I am short too. I think there is still room for sterling weakness ... at least 100-200 pips down.
Long term technicals indicate that a break below 1.8600 could push the cable lower to below 1.8000.
Quoting fixme1too
the cable is long for next week on its way to 1.9030 or more. long since 1.8700 check out my journal.
Quoting blueshift
Long term technicals indicate that a break below 1.8600 could push the cable lower to below 1.8000.
LOL 2 tp more than 1000 pips away
Quoting blueshift
Long term technicals indicate that a break below 1.8600 could push the cable lower to below 1.8000.

Wow, I wonder how long that will take


I will hold my pos and have an extra 40k
Nothing is hard, some things just take more time and discipline.
I dont use any technicals at all I only use elliot wave theory only. Nothing else. My journal is "Elliot Wave Trading" it has been active since 9/11/06 check my stats especially on the CABLE. http://www.forexfactory.com/forexfor...ons/icon12.gif



Quoting GreatYves
Why You think it's long? Wheres is your journal?
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