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Cable Update (GBPUSD)

  • #12,461
  • May 10, 2007 4:08am May 10, 2007 4:08am
Quoting MarkGavalda
Why does it moving up when all the numbers were bad for GBP??? Fockin' hell
All the numbers were not bad for GBP, it was only the trade balance that sucked. There is an interest rate hike anticipated (which is more short term than the balance) so people are buying the dip. I am one of them. A better trade also is the GBPJPY in my opinion.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #12,462
  • May 10, 2007 4:12am May 10, 2007 4:12am
So, the general consensus amongst the experienced traders here is that a major bear move is on the cards, unless a 0.5% hike is made.

Therefore a 0.25% hike will be a disappointment for the market because it is already priced in.

Looks as though Igrok's magnetic southern pole may be in play.

Time to wait and see I think.
  • #12,463
  • May 10, 2007 4:14am May 10, 2007 4:14am
Quoting Plutonite
All the numbers were not bad for GBP, it was only the trade balance that sucked. There is an interest rate hike anticipated (which is more short term than the balance) so people are buying the dip. I am one of them. A better trade also is the GBPJPY in my opinion.

I agree, we could even see a .5% rise bearing in mind the figures.I have gone long from here.
  • #12,464
  • May 10, 2007 4:17am May 10, 2007 4:17am
damn rollercoaster, can't go up or down 2 straight days!
  • #12,465
  • May 10, 2007 4:17am May 10, 2007 4:17am
This four hour chart had three gravestone candles in a row before the move down. That's 12 full hours of a hint that it might drop. Or maybe not....
Attached Image
  • #12,466
  • May 10, 2007 4:19am May 10, 2007 4:19am
Better put a very wide stop loss.. Seems like the down move is not over yet.
Im out until BOE rate.
  • #12,467
  • May 10, 2007 4:25am May 10, 2007 4:25am
Quoting Pipsta
This four hour chart had three gravestone candles in a row before the move down. That's 12 full hours of a hint that it might drop. Or maybe not....
There's no grave stone on mine??
Attached Image
  • #12,468
  • May 10, 2007 4:29am May 10, 2007 4:29am
Quoting dd33
There's no grave stone on mine??
wow...there isn't. Is that meta trader? what broker? are they using ny clock?
  • #12,469
  • May 10, 2007 4:29am May 10, 2007 4:29am
Meet again 30 minute before BOE annoucement....

Quoting dd33
There's no grave stone on mine??
  • #12,470
  • May 10, 2007 4:29am May 10, 2007 4:29am
Quoting goonergonebad
The figures were bad but not that bad.

Profit sellers seem to be buying back in now ahead of news later on.
Wrong. After crunching the numbers it would seem that the big boys have decided to go short for now.
  • #12,471
  • May 10, 2007 4:32am May 10, 2007 4:32am
When GBP went below the 1.9900 level down to 1.9890, I waited for the retrace and entered short at 1.9910. I will close my trade when it reaches the 1.9850 area.
  • #12,472
  • May 10, 2007 4:37am May 10, 2007 4:37am
Quoting RJF
When GBP went below the 1.9900 level down to 1.9890, I waited for the retrace and entered short at 1.9910. I will close my trade when it reaches the 1.9850 area.
If it reaches 1.98515, I will do the opposite I will buy. Reason simple: Two major tops has been broken at daily chart. I am in a losing position of -90pips. Sweating..... lol
  • #12,473
  • May 10, 2007 4:45am May 10, 2007 4:45am
Quoting Igrok
This line is the likely magnet for the moment.
Igrok how strong do you think a retracement up would be if the rate came solid later? I know you are bearish longer term (so am I) but speaking about today only, do you think it is possible a strong rate will be shrugged off after all this descent?

I think there will be yet another surge before we are pulled back down to your gravity line. If the 1.9840 support is trashed today we might see your line sooner than you think.

Good luck all in these crazy times,
-P
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #12,474
  • May 10, 2007 4:45am May 10, 2007 4:45am
According to the candlesticks charting, a bearish reversal is to be waited.
Considering the configuration of the candlesticks charting and so the bank of England does not raise rates of 50 today basis points, the pound sterling might probably undergo massive sales...

... still looking and wait for a good entry.
  • #12,475
  • May 10, 2007 4:46am May 10, 2007 4:46am
I know what you mean about sweating..

Im sat here praying for it to go and stay long ahead of the statement...

Where are the bulls when you need them?
  • #12,476
  • May 10, 2007 4:50am May 10, 2007 4:50am
Quoting Plutonite
Igrok how strong do you think a retracement up would be if the rate came solid later? I know you are bearish longer term (so am I) but speaking about today only, do you think it is possible a strong rate will be shrugged off after all this descent?

I think there will be yet another surge before we are pulled back down to your gravity line. If the 1.9840 support is trashed today we might see your line sooner than you think.

Good luck all in these crazy times,
-P
I don't know. But seems 1.9900 is a must, 1.9925 is probable, 2.0030 is the worst case.
  • #12,477
  • May 10, 2007 5:16am May 10, 2007 5:16am
Quoting RJF
When GBP went below the 1.9900 level down to 1.9890, I waited for the retrace and entered short at 1.9910. I will close my trade when it reaches the 1.9850 area.
Bingo! I'm out at 1.9850 - an easy 60 pips.
  • #12,478
  • May 10, 2007 5:28am May 10, 2007 5:28am
New guy here..glad can get in..wishing a good time of sharing..anyone says cable still bull??
  • #12,479
  • May 10, 2007 5:39am May 10, 2007 5:39am
I believe if rate is 25 base points then more downside will be seen, a 50 base point hike will turn cable bullish again. Again price has been following the trend since 18th April.


http://i165.photobucket.com/albums/u...ipboard011.jpg
  • #12,480
  • May 10, 2007 5:40am May 10, 2007 5:40am
As the learned, professional trader, Tom Williams once wrote:

"Good traders develop a disciplined trading system for themselves. It can be very sophisticated or very simple, as long as you think it will give you the edge you will certainly need.

A system that is strictly followed avoids the need for emotion because, like a trained soldier, you have already done all the 'thinking' before the problems arrive.

This should then force you to act correctly while under trading duress.

Of course, this is easy to say, but very difficult to put into practice."

MORAL: Spend less time trying to develop the perfect system, and more time trying to develop the discipline to adhere to whatever system you're currently using.
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