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Cable Update (GBPUSD)

  • #11,501
  • Apr 27, 2007 6:33am Apr 27, 2007 6:33am
Can any of you intelligent beings out there give me a bit of advice please. I'm new to this business but I've managed to pick up a few pips recently on cable. I would have picked up many more if I had disregarded stochs telling me it was either overbought or oversold when all my other indicators were telling me to buy/sell. Clearly there are times when stochs can be disregarded but can anyone tell me when these times might be please ?

Thanks
  • #11,502
  • Apr 27, 2007 6:41am Apr 27, 2007 6:41am
stochs & rsi are good in range trading, but useless in a trending market.

i think you are after a trend indicator such as ADX.

Quoting bundubill
Can any of you intelligent beings out there give me a bit of advice please. I'm new to this business but I've managed to pick up a few pips recently on cable. I would have picked up many more if I had disregarded stochs telling me it was either overbought or oversold when all my other indicators were telling me to buy/sell. Clearly there are times when stochs can be disregarded but can anyone tell me when these times might be please ?

Thanks
  • #11,503
  • Apr 27, 2007 6:41am Apr 27, 2007 6:41am
Quoting bundubill
Clearly there are times when stochs can be disregarded but can anyone tell me when these times might be please ?
you have to use it as part of a global system

the eternal dilema of traders is identifying wether we are in a ranging market or in a trending market.

Whoever can solve this dilema is forever rich

So stochs is used mainly in a ranging market, giving clues (like sentiment on that matter) that market has pushed hard in one direction so it should stall or reverse

Problem is that stochs (and sentiment) can stay over heated for a long time if we are in a trend making its signals worthless

If you are a beginner learn that there are ranging markets and trending markets and that there are indicators that work in ranging markets and others that work in trending markets
  • #11,504
  • Apr 27, 2007 6:45am Apr 27, 2007 6:45am
damn 2.0000 level; it's like a giant magnet atracting everything

there can't be straight 2 days in the same direction for cable?
  • #11,505
  • Apr 27, 2007 6:56am Apr 27, 2007 6:56am
Quoting camisa
damn 2.0000 level; it's like a giant magnet atracting everything

there can't be straight 2 days in the same direction for cable?
Yesterday move was panic-driven... It wasn't a dollar redemption. It was dollar shorts exits. Nobody in this market is holding dollars for too many hours, specially with the risk of a lousy GDP today.

Even the techi-freaks shoud have AT LEAST, IN THE MINIMUM run a scenario of a bounce off 9850 area, since it was toppish for months. Previous resistance / now support, you know the drill...

However this massive dollar dumping today (wasn't only cable) leads me to wonder if there was a leak about this GDP... a 140 pips "positioning" for news is kind of weird, if I've learned anything here...

Just regret the buy limit left at 9864 (incl. spread), not triggered by 4. pips... It's becoming recurrent in my trades and pisses me off.

I'm not complaining at all... Yesterday I was pushed to the edge emotionally and psychologically here... But the moto is "roll with the punch, tomorrow is another day".
  • #11,506
  • Apr 27, 2007 6:58am Apr 27, 2007 6:58am
Acording with some experts pound will reach 2.0250 next week and maybe even higher. I'm alredy long since yesterday evening planing to close all after the first spike on the news delivery. Uptrend may be capped on or around 2.0300 but ai will start shorting at 2.0250 and hold in negative as much as I can without hedging. 30 more minutes for the news lets get some cofee
  • #11,507
  • Apr 27, 2007 6:58am Apr 27, 2007 6:58am
Can anyone explain,,, what's going on with the cable today??
Is there any fundamental issue that make G U ?
  • #11,508
  • Apr 27, 2007 7:02am Apr 27, 2007 7:02am
Quoting indigo
stochs & rsi are good in range trading, but useless in a trending market.
hys hys!. rsi can be the most indicative tool to observe market pressure behavour. Better to say: Read book from the creator of that indicator and study of non-linear science. Thos are great information sources for technical trader.

and there are technical traders how actualy beleaves market is "trending" constatly.
  • #11,509
  • Apr 27, 2007 7:09am Apr 27, 2007 7:09am
ceasarnc, what do you think? Is this a sucker rally up to US GDP or real strength based on fundies?
  • #11,510
  • Apr 27, 2007 7:13am Apr 27, 2007 7:13am
Quoting okfx
ceasarnc, what do you think? Is this a sucker rally up to US GDP or real strength based on fundies?
This was a DOLLAR move, not a GBP strengthening. Easily to verify since EURGBP is still at high levels.

way too massive dollar dumping today... Smells GDP was leaked or rumors circulated, although I didn't receive any info about it.

Check this:
Attached Image
  • #11,511
  • Apr 27, 2007 7:13am Apr 27, 2007 7:13am
Quoting indigo
stochs & rsi are good in range trading, but useless in a trending market.

i think you are after a trend indicator such as ADX.
Thanks for that, very helpful. I'll give that a go.
  • #11,512
  • Apr 27, 2007 7:14am Apr 27, 2007 7:14am
Quoting cesarnc
This was a DOLLAR move, not a GBP strengthening. Easily to verify since EURGBP is still at high levels.

way too massive dollar dumping today... Smells GDP was leaked or rumors circulated, although I didn't receive any info about it.

Check this:
Thx Cesarnc...
  • #11,513
  • Apr 27, 2007 7:23am Apr 27, 2007 7:23am
Quoting notme32
i add long 9900........ first target 0000, 2nd 0070 ........... price where buyers exit. ......... i need a beer.........see tomorow hop..hop..hop
I just come back home and see screen........wow......... , i must repeat that habit then, entry and turn off pc , leave position open.........
This is GOOD Friday for me.

first target reach, exit half..............
I Deeply Love My Virtual Life In Virtual World , RLC
  • #11,514
  • Apr 27, 2007 7:24am Apr 27, 2007 7:24am
Thanks cesarnc. Everybody has a different opinion on yesterday's sudden move down. Some site posted that people were taking profits yesterday ahead of GDP. It looks like they changed their minds quite fast!!
  • #11,515
  • Apr 27, 2007 7:24am Apr 27, 2007 7:24am
morning all, hope you all were able to bag some pips overnight.
today has started out so much than yesterday for me. orders and limits got filled.

as for the cable's radical moves, anyone think that the possibility of Blair resigning could have given the cable a boost??? Change of political leader could set the stage for the future economy. Just a thought though.

as for today's news, it might be what the euro needs to break its high and cable might just ride euro's coattails up. we'll see. I'm out of market till the news come out.
  • #11,516
  • Apr 27, 2007 7:27am Apr 27, 2007 7:27am
Quoting camisa
you have to use it as part of a global system

the eternal dilema of traders is identifying wether we are in a ranging market or in a trending market.

Whoever can solve this dilema is forever rich

So stochs is used mainly in a ranging market, giving clues (like sentiment on that matter) that market has pushed hard in one direction so it should stall or reverse

Problem is that stochs (and sentiment) can stay over heated for a long time if we are in a trend making its signals worthless

If you are a beginner learn that there are ranging markets and trending markets and that there are indicators that work in ranging markets and others that work in trending markets
Thanks Camisa. I'll take that to heart
  • #11,517
  • Apr 27, 2007 7:44am Apr 27, 2007 7:44am
Quoting bundubill
Thanks Camisa. I'll take that to heart
Lousy US GDP... Worse than f/c (already bad). Market knew it beforehand

No doubt...

Dollar back to life-support.

Hope the techi-driven shorts had found a nice shelter.
  • #11,518
  • Apr 27, 2007 7:45am Apr 27, 2007 7:45am
Now what happens next, are we waiting for all traders in the US to wake up so we can see a bigger push to 2.0100?
  • #11,519
  • Apr 27, 2007 7:45am Apr 27, 2007 7:45am
short filled at 0040. sl of 0100, tp not determined as of yet but thinking area of 9960-80 or lower.
short filled on euro at 3680, no sl, no limit.

waiting on us open to decide if these are keepers or scalping opportunities. Prepared to keep shorting up to 201 and 13750
  • #11,520
  • Apr 27, 2007 7:50am Apr 27, 2007 7:50am
If anyone believes in gaps the g/u will be back to 1.9981.

Don't focus on what your going through, focus on what your going to do.
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