Cable Update (GBPUSD)

Quoting Moe

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expect the unexpected, nice smooth ride down no major hicup's, this will be the start of the downtrend.

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Quoting Warper

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At the end of this week, 1 of 2 things will happen for me.

One... with the "fire power" im using, i end the week with more 50 percent profit or ... i waste half of my last month profit. Its sad but its not a crisis. One way or the other, i get richer in knowledge and i'll sure have another opinion on fundamental forex.

PS: Ratman you are right. But the problem in this case is that, the only reason today is not about "priced in". "Priced in" efects makes ppl take profit in longs sooner than previous highs (in this case) because the confidence in higher highs ends. The drop today i believe is pure technical stuff and as soon as it ends and the chart give no more reasons to drop, what do we have left? A growing economy against a fragil one (at the moment).

The probable scenario, is tomorrow the FOMC continue a little hawkish and the GBP goes to the major Fib at 1.9770, and then during the next months the price will go back to 2.0000 and behond.

If the news later in the day are good the price might go up a little bit and get away from that far fib, so if the hawkish statement comes out it will be dificult to go there, as the price will only have thursday to do it, and i will laugh if i see the price dropping fast in a interest raise day.

Who said that trading is boring? Im not bored for sure lol.

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Quoting HonaForex

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Hope everyone is doing great & nice to see some new face ,well i do not see the guy from Brazil Creasnc ...........
I m back to trading bcos Dollar is on roll & so where the south ,well anyone belives that still cable is bulllish..............

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Quoting ShowMeThePips

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Does this thing have a bottom? 1.9770 ?

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Quoting HonaForex

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Hey i know ,U R Gbp lover ,well i want to know wats ur veiw on future of cable after long rally from last 2 months...............
Bcos i belive cable is very bearish even after poor deficit data from US........

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Quoting forex_newbie

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This move down seems a bit too obvious.

For weeks people have speculated the rate hike and the market subsequently factored it in. The obvious move would then be a massive correction and profit taking.

But GU never does the obvious - thats why its such a beast.

I still see a move upwards and a stab at 2.00 - then as is usual with GU a massive drop during a quiet period in the London session when there's no news (this has happened many times in the past and I hate it).

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Quoting RJF

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To my fellow traders.

Some of you will be pleased to know that this is my last of only a handful of posts in this thread that I took time out of my busy schedule to share with you. Among other things, I'm the sole caretaker of my dear mother who will be 103 years old in a few months - a labor of love.

First, I want to thank you for adding to my study of human nature. The more I learn about people, the more I realize that they are all the same, no matter where they come from - and I love them all.

A few of you either posted or sent me a PM, asking questions and thanking me for helping you. A few of you jumped into the thread after a period of absence and, failing to catch up on all of the posts you missed, you took my recent posts out of context, not realizing that they were backed up by previous advice, information, and a simple system that I presented several pages back.

I also told you that I only look at Price Action coupled with Momentum and Volume, and that this study has a long learning curve – which is why I could not delve deeper into it.

The losing traders got annoyed at hearing that I had a few successful trades, which I presented before they were closed, and even told you in advance where I would exit. They would not have criticized me if I told them that I went long when the price dropped and lost 90 pips hoping it would reverse. Such was not the case because I have become adept at reading price action to the exclusion of any news announcements (I couldn’t care less), indicators, predictions, 'expert' analyses, etc.

Bottom line – and my final lesson:

It is healthier for your Account Balance and your sanity to learn from experienced traders who are willing to share, rather than criticize them. It is a universal law that what you give out you receive back tenfold.

It does you no good to ask questions like, “How far down do you think GBP will go?” or “Do you think they will raise the rates, and how much?” etc.

Instead, if all you had done was to use the Simple System I presented in a couple of posts several pages back, which not only works, but also eliminates the Fear-Greed factor, you would have made 145 pips today.

I know this will really annoy some of you, but I’m smiling ear to ear because I made 195 pips today on three trades (I didn’t share the last one with you for obvious reasons) minus the spread = 183 pips net.

There are no surprises in FX trading if you ignore everything else out there, including economic announcements, and just concentrate on the chart in front of you.

Finally, it was my pleasure getting to know you and to share with you, and I wish all of you success in your trades and in your life.


God Bless You.

PS. Please don't reply because I will not see it.

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Quoting Samuri

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My reference for you. Your odd depends on where the ongoing correction C ends. (after the NFP I guess)

cheers.

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Quoting goonergonebad

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Looks like the 161 fibo is breached. Cable carnage ahead possibly.............

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Quoting goonergonebad

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Cesar says on GBPJPY:

"Cable has unfinished business right below the 9800 figure, after which it is reasonable to expect cable turning around as to go on trading the channel it's in. "

I think I'll go long when it bottoms, initial target fibo 100 - approx. 1.9880

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Quoting cesarnc

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oohhh... that's unfair, gooner....

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