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Cable Update (GBPUSD)

  • #686,441
  • Sep 22, 2022 1:29am Sep 22, 2022 1:29am
Quoting Fardeen1209
The Problem that many of us are facing today with GU is that We think GU is oversold(which i am also part of this school of thought) but as Jesse Livermore puts forward "no market is never too low for you to begin selling or too high for you to begin buying" contradict our point and support what is actually going on in GU. Many of us are expecting a retracement but it has not come yet or may not come in the near future(If fundamentally speaking BOE hike by only 50bps and with worsening PMI tomorrow) 1.100 by end of the week or 1.1400?
Markets can remain irrational a lot longer than you and I can remain solvent - A. Gary Shilling
WARNING: This post warps space and time in its vicinity.
  • #686,442
  • Sep 22, 2022 1:34am Sep 22, 2022 1:34am
Quoting Fardeen1209
The Problem that many of us are facing today with GU is that We think GU is oversold(which i am also part of this school of thought) but as Jesse Livermore puts forward "no market is never too low for you to begin selling or too high for you to begin buying" contradict our point and support what is actually going on in GU. Many of us are expecting a retracement but it has not come yet or may not come in the near future(If fundamentally speaking BOE hike by only 50bps and with worsening PMI tomorrow) 1.100 by end of the week or 1.1400?

I agree with that. I think that 'oversold' and overbought' are silly things to say. The GU will be oversold when the buyers take over, and not before. I'm probably wrong, but that's what I think
I am neither brave nor stupid...I am just a part time trader
  • #686,443
  • Sep 22, 2022 1:34am Sep 22, 2022 1:34am
Quoting Theoak
Well, there is nothing to be done until 12.00, when the vote on interest rates. I guess the interest rates will get the vote for the highest increase in recent times and cable will fly! So, I'm going long NOW (1,1244) and holding!
Wait 15m before the news release
  • #686,444
  • Sep 22, 2022 1:35am Sep 22, 2022 1:35am
Quoting Indiara
{quote} Now that FOMC is done, intervention could happen. I will stay a scaredy cat and only Sell UJ, just in case!
Agreed with you view
Shorting UJ become more obvious than ever.
The market now expecting an intervention to happen soon.
You see with DXY making a new high but UJ still it is previous high zone, makes it clearer, buying pressure is reduced while short sellers now entering the market.
Any sign of short, i will take my usual lot size, while buying opportunity will be only half of the lot size.
Also try to stay a scaredy Cat
More time in the market, does not mean you trade better!
  • #686,445
  • Sep 22, 2022 1:36am Sep 22, 2022 1:36am
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yes yes yes
  • #686,446
  • Sep 22, 2022 1:37am Sep 22, 2022 1:37am
Gbpjpy short tp 162.300
  • #686,447
  • Sep 22, 2022 1:38am Sep 22, 2022 1:38am
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  • #686,448
  • Sep 22, 2022 1:39am Sep 22, 2022 1:39am
This is trying to break the low! Its got to bounce surely!
Don't trade what you think. Just what you see!!!
  • #686,449
  • Sep 22, 2022 1:40am Sep 22, 2022 1:40am
BOE will raise rates by 50 bps

so cable will go little up then start falling again , try to sell the top

avoid getting stuck with shorts here
  • #686,450
  • Sep 22, 2022 1:42am Sep 22, 2022 1:42am
Quoting Fardeen1209
The Problem that many of us are facing today with GU is that We think GU is oversold(which i am also part of this school of thought) but as Jesse Livermore puts forward "no market is never too low for you to begin selling or too high for you to begin buying" contradict our point and support what is actually going on in GU. Many of us are expecting a retracement but it has not come yet or may not come in the near future(If fundamentally speaking BOE hike by only 50bps and with worsening PMI tomorrow) 1.100 by end of the week or 1.1400?
Don't listen to those gurus with cool quotes, even though Mr. Livermore was a good trader. Those who bought EU at 1.25 bought when the market was too high and those who sold UJ at 105 sold when market was too low. There is such a thing as being too high and being too low. Don't be caught buying after ranges have been exhausted. It might yield profit but when it backfires you won't like it.
  • #686,451
  • Sep 22, 2022 1:44am Sep 22, 2022 1:44am
Quoting Waveskierrob
{quote} Maybe, maybe not, won't know until it happens
Yes my prediction was 100%
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  • #686,452
  • Sep 22, 2022 1:45am Sep 22, 2022 1:45am
1.13 sell order placed for BOE , target 1.00013
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  • #686,453
  • Sep 22, 2022 1:46am Sep 22, 2022 1:46am
Quoting Mitiblotch
{quote} Don't listen to those gurus with cool quotes, even though Mr. Livermore was a good trader. Those who bought EU at 1.25 bought when the market was too high and those who sold UJ at 105 sold when market was too low. There is such a thing as being too high and being too low. Don't be caught buying after ranges have been exhausted. It might yield profit but when it backfires you won't like it.
Agreed with your point.
we cant do blind trade because of some cool quotes, better to trade what the chart is telling us.
More time in the market, does not mean you trade better!
  • #686,454
  • Sep 22, 2022 1:48am Sep 22, 2022 1:48am
Quoting DailyChart
{quote} Wait 15m before the news release
I'm already in, but if it breaks these lows, it could do another 30 pips. it's got to bounce surely. London open in 15 mins they will sort it out!
Don't trade what you think. Just what you see!!!
  • #686,455
  • Sep 22, 2022 1:50am Sep 22, 2022 1:50am
Quoting Fardeen1209
The Problem that many of us are facing today with GU is that We think GU is oversold(which i am also part of this school of thought) but as Jesse Livermore puts forward "no market is never too low for you to begin selling or too high for you to begin buying" contradict our point and support what is actually going on in GU. Many of us are expecting a retracement but it has not come yet or may not come in the near future(If fundamentally speaking BOE hike by only 50bps and with worsening PMI tomorrow) 1.100 by end of the week or 1.1400?

It depends on what your aim is, a bag full of pips or a few?
Trade Well.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #686,456
  • Sep 22, 2022 1:57am Sep 22, 2022 1:57am
Morning all, FOMC was brutal for the pound. The rate was expected any bounce up was smacked down hard! BoE today, potential rise up to 11350 from the rate rise and vote. However any signs of weakness and this will open the trapdoor to below 112 easily.
Insane in the Brain..
  • #686,457
  • Sep 22, 2022 1:58am Sep 22, 2022 1:58am
For my long trades in LO stop set at 1200
Intraday only.
  • #686,458
  • Sep 22, 2022 1:58am Sep 22, 2022 1:58am
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yes yes yes
  • #686,459
  • Sep 22, 2022 1:59am Sep 22, 2022 1:59am
Quoting billytt
{quote} It depends on what your aim is, a bag full of pips or a few? Trade Well.
True, in lower timeframe the market bounces up and down with oversold and overbought working quite well.
However in higher timeframe it is still bearish with oversold
Exhausted
  • #686,460
  • Sep 22, 2022 2:01am Sep 22, 2022 2:01am
Shorted again this beast. Potential pending longs in the queue.
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