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Cable Update (GBPUSD)

  • #11,781
  • May 1, 2007 10:06am May 1, 2007 10:06am
How low do you think the cable will go?
  • #11,782
  • May 1, 2007 10:07am May 1, 2007 10:07am
Fed's Bernanke on global trade says US must avoid retreat into protectionism; its good for the economy to help displaced workers; US job market has remarkable dynamaism, trade essentially produce no net job losses; no comment on rates or the economy
  • #11,783
  • May 1, 2007 10:08am May 1, 2007 10:08am
Quoting BurgerKing
Support at 1.9980?

Anyone knows where are the actual Support and Resistances are? ie, the Stops?

Interesting Inputs from TTN:
I'm running fib retracement 9889 - 0072 for guidelines... 9981 is 50% fib. Next 9959

9972 pivot.
  • #11,784
  • May 1, 2007 10:14am May 1, 2007 10:14am
Quoting cesarnc
I'm running fib retracement 9889 - 0072 for guidelines... 9981 is 50% fib. Next 9959

9972 pivot.
Interesting how your use of FIB lines are very accurate.

You must start a thread teaching how to use FIB correctly!
  • #11,785
  • May 1, 2007 10:19am May 1, 2007 10:19am
How low will cable go???? I am short from 2.0060. Should I close my position or wait for another 50 more pips?
  • #11,786
  • May 1, 2007 10:22am May 1, 2007 10:22am
Quoting BurgerKing
Interesting how your use of FIB lines are very accurate.

You must start a thread teaching how to use FIB correctly!
I like larger terms better, but since those last days moves are so exagerated, I use them, too...

Better keep them inline with the trend, so remarkable low-high is likely to be traded, like yesterday's bounce off 9889 (low) that initiated a run today's high 0072...

However, it's tentative Burger... Market tells you which is being traded at the stalls... You just have to figure it out
  • #11,787
  • May 1, 2007 10:32am May 1, 2007 10:32am
Why isn't anyone talking?
  • #11,788
  • May 1, 2007 10:35am May 1, 2007 10:35am
Quoting cesarnc
I'm running fib retracement 9889 - 0072 for guidelines... 9981 is 50% fib. Next 9959

9972 pivot.
I agree. I went long one lot at 1.9995. If it goes lower I will add lots.
  • #11,789
  • May 1, 2007 10:41am May 1, 2007 10:41am
Quoting ashlee_17
How low will cable go???? I am short from 2.0060. Should I close my position or wait for another 50 more pips?
And bring SL to break even. I would set TP to 1.9975 or use a trailing stop and move it lower. But keep TS tight. Last 1.9995. More elsewhere. Nice trade. Similar to mine which hit TP at 1.9994.
Do not focus on making money; focus on protecting what you have.
  • #11,790
  • May 1, 2007 10:47am May 1, 2007 10:47am
Interesting. Technicals and fundamentals at a crossing methinks. Hmmmm.
Attached Image
  • #11,791
  • May 1, 2007 10:53am May 1, 2007 10:53am
Long at 9991, TP: 0030 SL: i don't use.. but 9975 is good
  • #11,792
  • May 1, 2007 10:53am May 1, 2007 10:53am
Quoting pwegner
I agree. I went long one lot at 1.9995. If it goes lower I will add lots.
I went at 2.0004, Jacko's strategy. 50 pips trailing stop... let's see where it will take me.
  • #11,793
  • May 1, 2007 10:56am May 1, 2007 10:56am
Quoting cesarnc
I went at 2.0004, Jacko's strategy. 50 pips trailing stop... let's see where it will take me.
OK. I think you are probably on the money. Let's hope so.
  • #11,794
  • May 1, 2007 11:40am May 1, 2007 11:40am
Anyone going short from here at 1.9990??
  • #11,795
  • May 1, 2007 12:02pm May 1, 2007 12:02pm
It got stuck on 200ma
Gone to a better place
  • #11,796
  • May 1, 2007 12:08pm May 1, 2007 12:08pm
i'm out of the market at the moment

awaiting break of 9980 or 0015 to decide direction or for range to set up thru overnight trading. i do think 9950 support would hold and cap at 0040 till major news for a breakout.
  • #11,797
  • May 1, 2007 12:26pm May 1, 2007 12:26pm
Ive had a bit of a beating this morning shorting, however in the afternoon shorting from 2.0060 and 1.3665 in Euro has worked nice. If I had bigger stop losses (10 pips I would have lost nothing, oh well!)

Cable I have shorted has initial target at 1.9950 then may go down to 1.9920 before rebounding up (4 hour chart trendline channel started 5th March) This will also be the 3rd test of that important bull trend line and will be interesting if it gets through. Bit to go yet though!
  • #11,798
  • May 1, 2007 3:19pm May 1, 2007 3:19pm
Although I don't look for them, todays daily bar is a Pin Bar. Downtrend to continue lower perhaps?
  • #11,799
  • May 1, 2007 3:28pm May 1, 2007 3:28pm
Given we have had no 60min or 15 min closes above the .236 ret level of today's high and low, it seems another push lower is very possible.

My first price proj would be 9950 and then 9920.
  • #11,800
  • May 1, 2007 3:38pm May 1, 2007 3:38pm
cable is looking heavy, downwards before upwards? im thinking we'll test that 9950, whether that holds or not we'll see.

i'm getting the feeling we're going to see some funny carry trade action tonight, yen seems to really want to test 120 and with swiss action, i think the euro may also take a dip tonight.
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