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Cable Update (GBPUSD)

  • #688,161
  • Sep 26, 2022 12:45pm Sep 26, 2022 12:45pm
Quoting Pat Chiko
{quote} Yeah Florida....... Here we come to visit Trump tomorrow... Hope the plane don't overshoot to Cuba.........(no cigar)
Tomorrow wouldn't be a great time my friend lol We have "Hurricane Ian" expecting to hit tomorrow, so things are a bit hectic down here BUT let's make that happen soon
  • #688,162
  • Sep 26, 2022 12:48pm Sep 26, 2022 12:48pm
Quoting WizardTrade
{quote} Friend, I am waiting for it to give me a retracement so that I short it again. Asian session will be a fruitful one again (only for experienced traders)
Unfortunately I cannot stay awwake 24 hrs a day.
  • #688,163
  • Sep 26, 2022 12:52pm Sep 26, 2022 12:52pm
Quoting Chris_35
{quote} Unfortunately I cannot stay awwake 24 hrs a day.
Me too. But this beast gave me a lot more movement today so that I didn't worry about sleep
WARNING: This post warps space and time in its vicinity.
  • #688,164
  • Sep 26, 2022 1:16pm Sep 26, 2022 1:16pm
Quoting Pat Chiko
{quote} Using Support & Resistance is the most primitive tools and method in trading. You are making it more complicated, than what S&R are. There a lot of Youtube video on S&R, maybe you can get some idea there. There nothing to correct, please refer to my previous posting to get some idea. {image}
Quoting bilal1947
{quote} Tough call its identical but your S&R concept says it is different, can you mark on the chart, Youtube guys dont respond back i tried learning there but no luck Why its not valid Gap? which gaps are valid ones. {image}
Price is stuck for a reason, confirms the gap on both sides but choosing the right one is important.
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"Exchange of hands"
  • #688,165
  • Sep 26, 2022 1:22pm Sep 26, 2022 1:22pm
Hi Bilal. I agree with Pat that cable is currently in a downward trend. No gap currently still heading downwards towards support.
  • #688,166
  • Sep 26, 2022 1:30pm Sep 26, 2022 1:30pm
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its just a script. join the club
  • #688,167
  • Sep 26, 2022 1:32pm Sep 26, 2022 1:32pm
Usdchf coming soon to resistance at 0.99728. Let’s see what happens
  • #688,168
  • Edited 2:08pm Sep 26, 2022 1:35pm | Edited 2:08pm
...pullback to the 50% of today's 0327-0931 rise after the markets viewed the Boe statement as disappointing. Will the sell-off continue with that in mind?

1hr below
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Trader with an Edge.
  • #688,169
  • Sep 26, 2022 1:44pm Sep 26, 2022 1:44pm
price still lurking @50% fibo,
still expecting higher price around 1.0780
  • #688,170
  • Sep 26, 2022 1:46pm Sep 26, 2022 1:46pm
Quoting Theoak
Looking for short if it sets up!
Short in at 1.0661
Don't trade what you think. Just what you see!!!
  • #688,171
  • Edited 2:21pm Sep 26, 2022 1:46pm | Edited 2:21pm
Quoting fxsport
{quote} Hey this goes out to the "old-timers" (like myself) who were around when Japan used to intervene in the FX markets. Does anyone remember if the BOE did interventions as well when Soros was messing with the currency? If the BOE did interven, here's the $64 question ($99 in today's inflation environment): At what time of the day do the Central Banks usually step in? I mean the time of day? When the markets open? When the markets close? When the FX market is closed? (between 5-6 EST) or during the weekend? I want to know when to set my alarm...
I was around then in September 1992, but trading index futures and ftse trackers for a big bank and I remember the day well although as I say I wasn't then on the fx desk. We still had a lot of volatility in other asset classes as a knock-on that day. Yes, the Boe did start to buy £ after it became clear that the Germans weren't going to support us by selling DeutscheMarks, but we still dropped through the agreed floor of the ERM (Exchange rate mechanism - an effective then German Mark peg,) and had to pull out. It was reported thereafter that Boe had spent 1/3rd of it's reserves trying to defend £, but to no avail and if you remember on the day Chancellor Lamont raised rates to, if memory serves, to 12% and then 15% on the day, before they came down again to 10% ish on the same day, when we exited the ERM. The interventions were done 'blind' with no pre-warning to the markets, during the trading day (Uk time.) That was the official story anyway, but people always know people, who know people, don't they!?

Generally though the Boe is very non-interventionist in a direct way like this, over it's history. BOJ is the most post-war directly interventionist central bank.
Trader with an Edge.
  • #688,172
  • Edited 8:32pm Sep 26, 2022 1:49pm | Edited 8:32pm
Quoting WizardTrade
{quote} I took out my trades and kept watching it for half an hour and then entered two more trades within that time and got profits. It was really a black swan event. Majority of the accounts blown in the retail world.
It broke the previous 5 min low. I shorted. Next thing I know 216 pips in the bank!
Don't trade what you think. Just what you see!!!
  • #688,173
  • Sep 26, 2022 1:49pm Sep 26, 2022 1:49pm
Hi Visitor price could get there, but should first continue down move in my view
  • #688,174
  • Sep 26, 2022 1:50pm Sep 26, 2022 1:50pm
1.0744/1.0750 and back down again. I may be wrong
POSTMASTER
  • #688,175
  • Edited 2:13pm Sep 26, 2022 1:52pm | Edited 2:13pm
...other fundie releases may seem incidental for the next few days, the big question in the immediate short-term, like 1992, is; Will the market test the resolve of the Boe's statement, and force it to raise rates sooner than next scheduled Mpc meeting?

In 1992 it was clear to everyone but the Chancellor Lamont and the then conservative govt (surprise, surprise) that we entered the ERM at an unsustainable level - ie too high. But the decision was an ideological/political one not an economic one as the then PM Major etc, had badgered the previous PM - Thatcher to join, but she had her own economic advisor Alan Walters who advised her against it. She fell of course, largely on the European question, and Major took over who had argued for it when he was Chancellor (immediately before Lamont, - who was actually his campaign manager for the Leadership.)

Fast forward 30years, and it is/was clear to everyone that when you have near double-digit inflation, likely recessionary conditions, and an already high defecit and national debt, to announce to the world that you are going to slash taxes (govt revenue) more than at any time in 50years (1972) in the hope that your belief in a discredited ideology would pay for it, (ie trickledown economics,) - wasn't going to be a smart move. To then go on TV and say over the w/e, Oh and by the way, we've got more tax cuts coming in January, was just idiocy.
Trader with an Edge.
  • #688,176
  • Sep 26, 2022 1:53pm Sep 26, 2022 1:53pm
Quoting Indiara
{quote} I don't know anything about this, so you can send me back to the long grass if you want But I see that USDX went up about 145 pips at the same times that GBP fell. I thought that some banks or Hedge funds or some other players who are holding GBP as a safe haven, saw the mini budget and decided to drop the GBP and Buy USD instead. Perhaps the sell of was noted by others who did the same thing. Like a snowball. I don't know if that's even possible, but the thought came to me when I saw USDX chart
That was exact cause of a big GBP fall - to purchase dollar at falling pound expense (Japan intervention via GU, will never get revealed) + plus other factors that dripped from open tap - recession (Asia fears), war, debt, Truss...
  • #688,177
  • Sep 26, 2022 1:53pm Sep 26, 2022 1:53pm
Quoting Georginson
{quote} Absolute manipulations happened today... The extreme of it... My accounts breached at 1.0355 today in Tokyo session, here we are now in 1.09... insane!!!
I woke up this morning and saw we were at 1.05 and was thinking what the hell..this son bitch is looking to take me out
But i think ..if i stuck to the orginal plan of USD reaching a top...this would be it

I will be interested to see how USD act from now
I hedged this trade with bitcoin and etherum..

I think i have lost the plot
  • #688,178
  • Sep 26, 2022 1:56pm Sep 26, 2022 1:56pm
I am getting subtle bullish hints from a 4hr perspective. Nevertheless it is late in the session so best to wait for tomorrow. Well I know what I am doing, so yes I have a buy trade going.
Cheers.
Trade to trade another day
  • #688,179
  • Sep 26, 2022 2:02pm Sep 26, 2022 2:02pm
Quoting Wavegarrick
I am getting subtle bullish hints from a 4hr perspective. Nevertheless it is late in the session so best to wait for tomorrow. Well I know what I am doing, so yes I have a buy trade going. Cheers.
  • #688,180
  • Sep 26, 2022 2:03pm Sep 26, 2022 2:03pm
Visitor and Bilal are both correct price will move upwards before it’s move down. Thanks for the insight. Price should head down at 1.07250
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