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Cable Update (GBPUSD)

  • #12,081
  • May 4, 2007 7:04am May 4, 2007 7:04am
Quoting x3m
A break out level set earlier today was trigegred. So far no good. :-(
Run the low-high fib 9842-9929. 23% is 9908, thus above of it is bullish in the immediate term....

9926 is not a lousy entry if you're targeting the long run
  • #12,082
  • May 4, 2007 7:10am May 4, 2007 7:10am
i see cable breaking yesterdays high, let's see if it has strenght to do it
  • #12,083
  • May 4, 2007 7:10am May 4, 2007 7:10am
Quoting x3m
A break out level set earlier today was trigegred. So far no good. :-(
I'm long at 1.9891 and want to take profit at 1.9931.. but the price retraces a little bit. Hope my SL at 1.9906 won't be triggered..
  • #12,084
  • May 4, 2007 7:11am May 4, 2007 7:11am
closed longs at 1.9920 - see you all next week
  • #12,085
  • May 4, 2007 7:11am May 4, 2007 7:11am
Quoting goonergonebad
Hi Indigo, can you please explain "since you need dollars to buy gold (futures)". I know nothing about futures, even less about gold. But, are you serious? gold is only traded in $?.
I am agog if this is true, in this day and age, when we have the mighty euro.... and many other wonderful non US things - like... Oh I don't know, like Simon Cowell or David Beckham - ohhhh. I forgot, you poor yanks....
sorry, that is indeed an error...you can buy gold futures in many countries. but i believe NYMEX & ECBOT (in the US) trade the largest volume, especially during US market hours...

i for one don't know many brokers who will quote gold in anything but dollars.
  • #12,086
  • May 4, 2007 7:48am May 4, 2007 7:48am
Usual Friday's 11am EST fix coming
  • #12,087
  • May 4, 2007 8:25am May 4, 2007 8:25am
No retracement / daily pin-bar forming / bottom of downwards channel, 9850 previous toppish held brave....

Bears can go to the shower now

Calling it a week
  • #12,088
  • May 4, 2007 8:30am May 4, 2007 8:30am
another NFP day with less than 100 pips daily range?

intraday volatility is abandoning cable? please don't!
  • #12,089
  • May 4, 2007 8:37am May 4, 2007 8:37am
Quoting cesarnc
No retracement / daily pin-bar forming / bottom of downwards channel, 9850 previous toppish held brave....

Bears can go to the shower now

Calling it a week
Well, I got my tp hit today as I long earlier
Btw, Cesarn, just wondering are you a full time trader http://www.forexfactory.com/images/icons/icon14.gif
  • #12,090
  • May 4, 2007 8:43am May 4, 2007 8:43am
Quoting camisa
another NFP day with less than 100 pips daily range?

intraday volatility is abandoning cable? please don't!
Last year, the average daily ranges for cable during the last week of April and the first week of May were 169 and 183 pips / day.

This year they are 116 and 110 (allowing 100 pips for today)

So for these two weeks this year, cable´s average daily range is 63 pips less ....http://www.forexfactory.com/images/icons/icon8.gif
Trading Levels with WRBs
  • #12,091
  • May 4, 2007 8:44am May 4, 2007 8:44am
Quoting cesarnc
....
Bears can go to the shower now
...
In action...
Attached Image
  • #12,092
  • May 4, 2007 9:13am May 4, 2007 9:13am
..RSI is overbought caution... is there any one wid me to short cable
Attached Image
  • #12,093
  • May 4, 2007 9:19am May 4, 2007 9:19am
Dont take me wrong, im a Bull too, but why are we all making a party if the major 0.382 Fib from 2.0073 -> 1.9841 is resisting for hours and the second attempt was also rejected. Are my charts delayed? Can i take the champagne and celebrate a return to 2.0000?

5-10 pip spike rejections in a GBP pair doesnt seem like a top tought. I guess that few ppl are getting short at that level, or else, 20 or 30 pip rejections would be more normal.


PS: 3rd failed attempt. 1 pip rejection now

This is not good. Dont say to me that im the only Bull who traced this Fib.

And other things... i see many ppl considering themselfs bulls or at least saying that they want "Up" but after that they say, "yei.. i was long from 1.9850 to 1.9900." What kind of GBP bull is that?
  • #12,094
  • May 4, 2007 9:25am May 4, 2007 9:25am
if it respect my resistance ..trendline..on top i wud say its gone come down retrace to get out of tht overbought condition n then yuppie u seen it going up further wuts resisting it is ...overbought..state... simple...tht is wut i think .it might spike up ..bt not much ...lets see..
  • #12,095
  • Edited 10:09am May 4, 2007 9:48am | Edited 10:09am
Quoting Warper
Dont take me wrong, im a Bull too, but why are we all making a party if the major 0.382 Fib from 2.0073 -> 1.9841 is resisting for hours and the second attempt was also rejected. Are my charts delayed? Can i take the champagne and celebrate a return to 2.0000?

5-10 pip spike rejections in a GBP pair doesnt seem like a top tought. I guess that few ppl are getting short at that level, or else, 20 or 30 pip rejections would be more normal.


PS: 3rd failed attempt. 1 pip rejection now

This is not good. Dont say to me that im the only Bull who traced this Fib.

And other things... i see many ppl considering themselfs bulls or at least saying that they want "Up" but after that they say, "yei.. i was long from 1.9850 to 1.9900." What kind of GBP bull is that?
For me personally,

I don't know how to classify my style of trading exactly. But, I think it falls under the heading of "what you see intraday" with a sub heading of "general trend".
I also subscribe to the high church of: "whilst I like the concept of them, I don't let fibs rule my head and even though to some, my trade may seem pear-shaped or even flawed at present, I definitely know I am not wrong because I am always right - but, you must know that already....".

Therefore, I think that GBP will see 9975 soon.

Of course, I could be wrong. I think. That's a definite maybe........

Nuff said.

BTW - Have a great weekend everyone.
  • #12,096
  • May 4, 2007 10:03am May 4, 2007 10:03am
We.. as suspected ... resistance proved to be good enough .. lets .. push it further down ... yuppie ..caution it might go lil up ..before it falls ...i m short... @ 1.9938
  • #12,097
  • May 4, 2007 10:13am May 4, 2007 10:13am
Looks like my 9926 break out barrier is finally broken up from the third attempt. If so indeed, the 9965 and 9985 levels are looking good. That's where my other stop orders are sitting.
  • #12,098
  • May 4, 2007 10:19am May 4, 2007 10:19am
Quoting mktjong
Btw, Cesarn, just wondering are you a full time trader http://www.forexfactory.com/images/icons/icon14.gif
I bet he is, and from the comments he makes here, a pretty good one.
  • #12,099
  • May 4, 2007 10:24am May 4, 2007 10:24am
all longs closed, awaiting sunday before making a decision as to whether to go short or long from here.

have a GREAT!!!!! Weekend everyone!!!
  • #12,100
  • May 4, 2007 10:28am May 4, 2007 10:28am
Quoting mktjong
Well, I got my tp hit today as I long earlier
Btw, Cesarn, just wondering are you a full time trader http://www.forexfactory.com/images/icons/icon14.gif
Struggling to become one, yes. Not enough $ to make a living from it yet, since I almost blew up my first account.

April was nice enough so I'll deposit some more on Monday and that's my plan... 2007 is the learning year, baby steps. Harvest time is in the future...

The "million bucks / first year" not gonna happen to me... As well as I hope the "95% of traders fail" won't happen, either... So I'm surfing in the between
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