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Cable Update (GBPUSD)

  • #12,161
  • May 7, 2007 5:38am May 7, 2007 5:38am
I shorted cable now with a target @ 1.9926
TRADE LIKE A MACHINE!
  • #12,162
  • May 7, 2007 8:58am May 7, 2007 8:58am
Well, I see a bit differently. It is a good time to buy now since Stochs at 15min and hourly are oversold. However, might be wrong but I already long anyway http://forexfactory.com/images/icons/icon6.gif
  • #12,163
  • May 7, 2007 9:11am May 7, 2007 9:11am
Quoting mktjong
Well, I see a bit differently. It is a good time to buy now since Stochs at 15min and hourly are oversold. However, might be wrong but I already long anyway http://forexfactory.com/images/icons/icon6.gif
I'm with you... This fall to 9840s is the first s/t correction since NFP release. And it is 23% fib, so staying above of it is bullish in the immediate /short term.

38% fib 9923
50% fib 9907 for references.

I just added a few lots at 9943 and set buy limits at 38 and 50 fibs.

However, London is the one to call the shots for the week, from tomorrow's session only.
  • #12,164
  • May 7, 2007 9:35am May 7, 2007 9:35am
I am also on the long side here from 9942 area.
Always wait for the opportune moment… just be careful not to miss it.
  • #12,165
  • May 7, 2007 10:00am May 7, 2007 10:00am
Quoting mktjong
Well, I see a bit differently. It is a good time to buy now since Stochs at 15min and hourly are oversold. However, might be wrong but I already long anyway http://forexfactory.com/images/icons/icon6.gif
Me 2 long frm 1.9943-78.6 fibo of todays high-1.9974 & low 1.9928. TP 1.9974
  • #12,166
  • May 7, 2007 10:25am May 7, 2007 10:25am
I really gotta take some fib lessons from someone, cause I see the picture differently right now. I am short from 9952. Short term of course. Targeting 9925 where some support is expected. I agree that 9950 is the consolidation area before the rate announcement but it's a few days ahead and, again, short term, I would not go long cause I believe it may go down to 9865. Further, who said it will be .50 and not .25 and it will go back to 2.0000 and above. It may as well go way down if it is .25 and I am scared to predict what will happen if there is no hike at all. Anyhting is possible.

Again, those of you who do fib lines sound very confident, and I am curious why we read the picture so differently right now.
  • #12,167
  • May 7, 2007 10:37am May 7, 2007 10:37am
Quoting x3m
I really gotta take some fib lessons from someone, cause I see the picture differently right now. I am short from 9952. Short term of course. Targeting 9925 where some support is expected. I agree that 9950 is the consolidation area before the rate announcement but it's a few days ahead and, again, short term, I would not go long cause I believe it may go down to 9865. Further, who said it will be .50 and not .25 and it will go back to 2.0000 and above. It may as well go way down if it is .25 and I am scared to predict what will happen if there is no hike at all. Anyhting is possible.

Again, those of you who do fib lines sound very confident, and I am curious why we read the picture so differently right now.
The 15 min chart does indicate southerly direction 4 cable. However I trade retracements. The 78.6 fib has worked several times 4 me ...hoping 2 get lucky once again
RSI indicates oversold on my 15min charts
  • #12,168
  • May 7, 2007 10:42am May 7, 2007 10:42am
Quoting forexnovice
...However I trade retracements. ...
Aha! That's probably it. I trade breakouts.
  • #12,169
  • May 7, 2007 10:53am May 7, 2007 10:53am
My Limit buy wasnt triggered at 1.9930 so I jumped in at 45 before I read this:

Quote
[IFR Forex Watch]
[SQUAWK BOX]
[15:45 GBP/USD: Weak Stops Flushed Out] Boston, May 7. GBP/USD dropped through
1.9945, triggering some weak stops on an intraday basis but dipping only to
1.9941 before rebounding. Rallies were sold into this morning by Asian and Mid-
East accounts, helping cool speculative fervor whipped up by the outside chance
of a 50 bp hike from the BOE on Thursday. 25 bp is seen as a done deal, however.

Most see the GBP pullback as a modest correction and see dips limited to the
1.9925 area at the maximum in dull afternoon trade. It trades now at 1.9943.
[email protected] /rd
What troubles me is that could the market be bearish GBPUSD with all this selling or just plain "pullback".. Hmm

A 2.0000 retest sounds nice but no follow through - of course london was closed monday.

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BTW.. im using Triple Screen and Cornflower - both suggesting general upward trend with current movements as simple pullbacks. I hope these work out well.
  • #12,170
  • May 7, 2007 10:57am May 7, 2007 10:57am
Quoting x3m

Again, those of you who do fib lines sound very confident, and I am curious why we read the picture so differently right now.
Different timeframes.

I'm long since 9860, TPed partials at 9970s this morning, added at 9940s and will add at 9907 (if such) and above 9980 again. My next TP is 2.0 big figure and then 2.0050.

That's what I'm looking for for the week, not for the next 15 minutes.

Scenario denied below 9846 on a broad, but yet unlikely, USD buyouts.
  • #12,171
  • May 7, 2007 11:31am May 7, 2007 11:31am
Something to add:

Quote
[IFR Forex Watch]
[SQUAWK BOX]
[17:59 GBP/USD: Lot of Good News in the Price] Boston, May 7. GBP/USD is losing
ground in quiet afternoon trade with dealers wondering how much more topside
there is for the pound as there is an awful lot of good news priced in at
present. Dealers have priced in a slight risk of the Fed shifting its bias to
neutral at the Wednesday FOMC meeting and the slight risk of a 50 bp hike from
the BOE. Should neither of those eventualities play out, the pound looks like it
has room to give back further ground.
GBP/JPY is a particular case in point, having stalled around 239.50 for the
better part of a week. With very strong positive carry there is no hurry for
GBP/JPY longs, but dealers do get nervous once momentum wanes. A break below
238.70/80 support may send some shorter-term specs to the sidelines, dragging
the rest of the GBP pairs down with them. 1.9920/25 is modest support for cable
on dips. It trades now at 1.9933. [email protected] /rd



  • #12,172
  • May 7, 2007 11:43am May 7, 2007 11:43am
After reaching 1.9926 price will continue to go down to 1.9882
TRADE LIKE A MACHINE!
  • #12,173
  • May 7, 2007 12:08pm May 7, 2007 12:08pm
Quoting froland
After reaching 1.9926 price will continue to go down to 1.9882
SAYS WHO ?

BASED ON WHAT ?
  • #12,174
  • May 7, 2007 12:10pm May 7, 2007 12:10pm
Quoting froland
After reaching 1.9926 price will continue to go down to 1.9882
Very unlikely but if it does my SL @ 1.9925 should be triggered
  • #12,175
  • Edited 12:32pm May 7, 2007 12:15pm | Edited 12:32pm
USD is gaining strength vs most front except AUD.

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Strong US Consumer Credit Report thus the USD strength..
  • #12,176
  • May 7, 2007 12:15pm May 7, 2007 12:15pm
there is stronger support in 1.9920/25 sector. i will look closely if broken.
  • #12,177
  • May 7, 2007 12:15pm May 7, 2007 12:15pm
its a clear buy on 30 min. chrt, right now
its just money
  • #12,178
  • May 7, 2007 12:19pm May 7, 2007 12:19pm
Quoting forexnovice
Very unlikely but if it does my SL @ 1.9925 should be triggered
Why did You put your stop loss there? Just above a major Fib of 38.2% (APR 18 high/APR 9 low)
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #12,179
  • May 7, 2007 12:19pm May 7, 2007 12:19pm
Quoting deboooo2005
Cable now

Short


i think buy cable @ 1.9930 with SL 1.9915 TP 2.0007

because if cable break 1.9915 it will goes to 1.9880

Hello it's reach my buy order I'm in
  • #12,180
  • May 7, 2007 12:25pm May 7, 2007 12:25pm
Quoting africanpip
Why did You put your stop loss there? Just above a major Fib of 38.2% (APR 18 high/APR 9 low)
And a shorter term 38% fib low 9842 (pre-NFP) / 9972 (today) at 9923. That's a nice place to go in long, but a SL here is likely to be triggered. Well, guess it was already....

On choppy conditions, a nice quick lil pool is good, BTW.

BAD STOP LOSS placement used to account for 80% of my losses previously.
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