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Cable Update (GBPUSD)

  • #11,321
  • Apr 26, 2007 7:44am Apr 26, 2007 7:44am
Does Bullish GBP might consider buying @ 1.9920?[/quote]

Yes £ there are buyers at that level
Whatever you do, just keep doing it in a dicipline manner.
  • #11,322
  • Apr 26, 2007 7:50am Apr 26, 2007 7:50am
Watching 5 min chart looks like a double bottom. Given loss for the day might get a nice long bounce here for a few pips. Set a close trailing stop on a long at 1.9936.
  • #11,323
  • Apr 26, 2007 7:55am Apr 26, 2007 7:55am
Quoting leelee75k
I think my guts know more about trading forex than my brains. last night I should have listened to my guts and went short, but due to the conflict with my brain, i stayed out and missed out.

then I went long this morning listening to my brain and got stopped out.

now my gut is saying go short, sell rallies, but the brain is saying buy dips, don't know who to listen to, so i'm staying out for the moment and i'll probably miss all the movements.

argghhh, feeling like popeye without his spinach this morning.

oh and regarding the yen, next week is Japan's golden week (holidays) so we might see yen get a bit weaker maybe test 120 levels imo
I gotta a dip at 9929, but this is what I do. On quicky pips wait for this 15min candle close and next breaching 9950 (23% fib from today's hi-lo). Next fib 38% at 9971 is nice immediate target / 93% chance of getting hit). 50% is 9988 with 50% chance (ths comes from an ancient and long disappeared trader here, goodthings' statistics)

After that, God knows... The Pope is coming to Brazil next week, but it's gonna be too late to ask him to check with The Guy.
  • #11,324
  • Apr 26, 2007 7:57am Apr 26, 2007 7:57am
That's what I'm hoping too.
I kept "nibbling" on the dips knowing it cant go to zero, but now i'm holding a a bunch of tiny longs that all add up to -700.
I guess i'll be patient.
  • #11,325
  • Apr 26, 2007 8:01am Apr 26, 2007 8:01am
maybe the pope said a prayer for the dollar to get it off of life support.

notice both gold and oil is down today. hmmmm....

think i might start setting up euro shorts while over 136 level for longer term trades.

waiting still to see what the cable does, i wasnt home when it hit the lows and now 9940's don't seem as appealing to me to go long.
  • #11,326
  • Apr 26, 2007 8:07am Apr 26, 2007 8:07am
There is a decentish set of tweezer bottoms on the hrly chart and they intersect with a 61 fibo. So hopefully (cause i got a long) we'll see a nice reversal.
  • #11,327
  • Apr 26, 2007 8:08am Apr 26, 2007 8:08am
It seems it could hold 9925 zone for a try 75/80...
  • #11,328
  • Apr 26, 2007 8:12am Apr 26, 2007 8:12am
I think its rather sneaky the way Big Money pushes a currency up and down for no apparent reason except to screw the Small Money people.

There was not a strong enough reason for this GBP sell-off - and it was done at the quietest time possible to catch us off-guard.

In any other industry this would be called price-fixing and all the conniving banks and investment houses would go to jail. But not in the wild-wild west of fx.

I suggest all members of Small Money get together and form a Stabilisation Fund to conter-act any of Big Money's moves.

I put $100 forward.
Just $10+ billion to go.
  • #11,329
  • Apr 26, 2007 8:16am Apr 26, 2007 8:16am
I told u lots of time already... price is peakish...big boys just dangle prices to kill u all....
  • #11,330
  • Apr 26, 2007 8:19am Apr 26, 2007 8:19am
stock market yet to open, this may go down a bit further.

of course i went short euro and it didn't move, while the cable dropped.

arrghhh... drats!! foiled again.
  • #11,331
  • Apr 26, 2007 8:25am Apr 26, 2007 8:25am
Quoting forex_newbie
I think its rather sneaky the way Big Money pushes a currency up and down for no apparent reason except to screw the Small Money people.
There was not a strong enough reason for this GBP sell-off - and it was done at the quietest time possible to catch us off-guard.
In any other industry this would be called price-fixing and all the conniving banks and investment houses would go to jail. But not in the wild-wild west of fx.

I suggest all members of Small Money get together and form a Stabilisation Fund to conter-act any of Big Money's moves.

I put $100 forward.
Just $10+ billion to go.
Really this is a bank and big fund market, the "small money people" is a very tiny percentage of the daily turnover. Not only you also the big banks get caught.
  • #11,332
  • Apr 26, 2007 8:30am Apr 26, 2007 8:30am
Quoting forex_newbie
I think its rather sneaky the way Big Money pushes a currency up and down for no apparent reason except to screw the Small Money people.

There was not a strong enough reason for this GBP sell-off - and it was done at the quietest time possible to catch us off-guard.

In any other industry this would be called price-fixing and all the conniving banks and investment houses would go to jail. But not in the wild-wild west of fx.

I suggest all members of Small Money get together and form a Stabilisation Fund to conter-act any of Big Money's moves.

I put $100 forward.
Just $10+ billion to go.
you can count on $100 here...

$9,999,999,900 to go
  • #11,333
  • Apr 26, 2007 8:30am Apr 26, 2007 8:30am
Quoting jailumar
Really this is a bank and big fund market, the "small money people" is a very tiny percentage of the daily turnover. Not only you also the big banks get caught.
Alas, my sarcasm is being taken seriously
  • #11,334
  • Apr 26, 2007 8:30am Apr 26, 2007 8:30am
is enough, . IMO....... jump long at 9910 target 0000 , i will leave it till tomorrow.
I Deeply Love My Virtual Life In Virtual World , RLC
  • #11,335
  • Apr 26, 2007 8:45am Apr 26, 2007 8:45am
The faith of GBP Bull rests on Tucker:

Quote
[IFR Forex Watch]
[SQUAWK BOX]
[13:26 GBP/USD: Extends South to Threaten 1.9900, Tucker Speech Ahead] London, April 26. Another batch of tripped stops--this time below 1.9920, has helped depress cable to new nine-day lows just shy of 1.9900. Buy interest is tipped into 1.9900. 1.9882 (Apr 17 low) is a sub-figure bear target/support point. BoE MPC member Paul Tucker is slated to speak at 14:05GMT. Tucker voted against January"s 25bp UK base rate rise to 5.25%, having backed the prior 25bp hikes delivered last August and November. [email protected]


IF Tucker gives hint he is against another hike, we may see GBPUSD drop.
  • #11,336
  • Apr 26, 2007 8:49am Apr 26, 2007 8:49am
Quoting BurgerKing
The faith of GBP Bull rests on Tucker:



IF Tucker gives hint he is against another hike, we may see GBPUSD drop.
Definitely what we needed today... a CB #%$#¨@ officer on the wires.
  • #11,337
  • Apr 26, 2007 8:53am Apr 26, 2007 8:53am
Quoting FXexpat
Euro holding Cable back. Central bank also anxious about strength of Euro. But, a lot of bullishness out there. Patience!
Patience can bite you on the bum.

Hope I'm one of a few who got toasted.

I still believe we'll see the 2.00+ level soon - probably tomorrow. On a non news day, I am struggling to understand this rapid drop. Profit taking, yeah some! - 0.5% factored rate hike revision, yeah possibly! - big boys playing with retail, nahh doubtful! - major players buying dollars for takeover purposes, yeah possibly - panic momentum on back of combination of co-inciding events - yehh probably!

Looking forward to a significant retracement. But when?
  • #11,338
  • Apr 26, 2007 8:56am Apr 26, 2007 8:56am
Quoting notme32
is enough, . IMO....... jump long at 9910 target 0000 , i will leave it till tomorrow.
I am still waiting, haven't jump in so far. Just watching the price keeps falling. But it looks like it's time now to jump in for long .. but still cautious though http://www.forexfactory.com/images/icons/icon9.gif
  • #11,339
  • Apr 26, 2007 8:57am Apr 26, 2007 8:57am
Quoting FXexpat
Patience can bite you on the bum.

Hope I'm one of a few who got toasted.

I still believe we'll see the 2.00+ level soon - probably tomorrow. On a non news day, I am struggling to understand this rapid drop. Profit taking, yeah some! - 0.5% factored rate hike revision, yeah possibly! - big boys playing with retail, nahh doubtful! - major players buying dollars for takeover purposes, yeah possibly - panic momentum on back of combination of co-inciding events - yehh probably!

Looking forward to a significant retracement. But when?
Bill Gates cashing in for Golden Week vacation in Japan? yeah, most likely.
  • #11,340
  • Apr 26, 2007 9:02am Apr 26, 2007 9:02am
Quoting leelee75k
that totally sucks, i got stopped out within minutes of putting that trade in

argghhhh, two things against me this morning, might not be a good trading day for me.
that makes two of us....earlier, my broker´s server refused to accept any orders in cable.....I was trying to sell at 0055!! Took ages to sort it out as I thought it was my new software......I´m sulking for the rest of today

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