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Cable Update (GBPUSD)

  • #12,601
  • May 10, 2007 11:09pm May 10, 2007 11:09pm
Quoting wshhmm
Please GU go up and i want to get the hell out. then i will short it.
Where did you buy it @?

I want it to go up too so I can short it - NOT because I have a long.

Remember boys, GBPUSD Bull is OFFICIALLY OVER! Dont take Long positions.
  • #12,602
  • May 10, 2007 11:10pm May 10, 2007 11:10pm
What's a good entry point to short the cable?
  • #12,603
  • May 10, 2007 11:17pm May 10, 2007 11:17pm
Quoting x3m
That's why I trade purely statistical models now, and I am a much happier person for it.

Every time I add technical or fundumental analysis to my trades it gets me nowhere, and at the end of the month my statistical trades outperform my manual tech/fund trades. Just as today. My statistical trade made 97 pips, catching most of the run, whereas my 2 manual trades ended up at 0.

Which statistical method u r using.

Let us share please.
  • #12,604
  • May 10, 2007 11:19pm May 10, 2007 11:19pm
Quoting BurgerKing
Where did you buy it @?

I want it to go up too so I can short it - NOT because I have a long.

Remember boys, GBPUSD Bull is OFFICIALLY OVER! Dont take Long positions.
What's a good entry point for shorting the cable?
  • #12,605
  • May 10, 2007 11:21pm May 10, 2007 11:21pm
I will start short if it break Fib 38.2

Quoting ashlee_17
What's a good entry point to short the cable?
  • #12,606
  • May 10, 2007 11:23pm May 10, 2007 11:23pm
Quoting BurgerKing
Where did you buy it @?

I want it to go up too so I can short it - NOT because I have a long.

Remember boys, GBPUSD Bull is OFFICIALLY OVER! Dont take Long positions.
That is true, but many people were setting aside their long term shorts and taking longs down at the bottom of todays action hoping for an upward "breather" before a resumption down. It never came, none of the big banks bought, so we are left waiting for the dollar news.

And ashlee: A good point to would be when the data USD data comes in looking like sh** and everybody loves the sterling temporarily, then the top of that surge would make a nice place to short.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #12,607
  • May 10, 2007 11:26pm May 10, 2007 11:26pm
Quoting Plutonite
That is true, but many people were setting aside their long term shorts and taking longs down at the bottom of todays action hoping for an upward "breather" before a resumption down. It never came, none of the big banks bought, so we are left waiting for the dollar news.

And ashlee: A good point to would be when the data USD data comes in looking like sh** and everybody loves the sterling temporarily, then the top of that surge would make a nice place to short.
Thanx 4 the advice... but if what if the US numbers came good and above the expected today???
  • #12,608
  • May 11, 2007 12:00am May 11, 2007 12:00am
The US numbers are looking bad for later.....any idea whats the resistance point "if" the pair goes bull? thanks.....
  • #12,609
  • May 11, 2007 12:02am May 11, 2007 12:02am
Quoting ashlee_17
What's a good entry point for shorting the cable?
9800 a few minutes ago as it bounced up and got held there at the 00 number - target yesterdays low, then see what happens after that....IF it breaks should go down to at least the 700 area.
Trading Levels with WRBs
  • #12,610
  • May 11, 2007 12:26am May 11, 2007 12:26am
When to Short now that it is trending up?
Easy: Sell a Rally!

You may want to wait for 1.9820 to come (or it may not come).
Or you may opt to SHORT it now 1/5 of your desired lots and kept shorting it every 20 pips above (which suggest you get 100% lottage in 80 pips range).

1.9600 will be tested very soon and it may be a turning point to go up once again.
  • #12,611
  • May 11, 2007 12:35am May 11, 2007 12:35am
Filled in a small order to sell GBP/USD at 1.9770 targetting 1.9650 .. SL 1.9812
  • #12,612
  • May 11, 2007 12:53am May 11, 2007 12:53am
Quoting tiges159
The US numbers are looking bad for later.....any idea whats the resistance point "if" the pair goes bull? thanks.....
may want keep inmind that even if the numbers are bad that this could add some to carry trade unwinding due sellind gbp/jpy.
  • #12,613
  • Edited 1:28am May 11, 2007 1:12am | Edited 1:28am
For the moment Cable looks like being in a broadening triangle on hourly chart. If it turns into a diamond later on then the probability to see it gaining later in the day is higher because from such diamonds market usually makes breaks in the direction opposite to the direction of the main diagonal.
Attached Image (click to enlarge)
Click to Enlarge Name: 60 min. FXBPUSMUL.jpg Size: 24 KB
  • #12,614
  • May 11, 2007 1:44am May 11, 2007 1:44am
What a dirty move (from 1.9880 to 1.9860) and now it seems cable is moving to the asian high. If it breaks that high it might will go up to 1.9950 (first fibo retracement). May be that point would be a good short.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 4h chart.jpg Size: 82 KB
  • #12,615
  • May 11, 2007 2:38am May 11, 2007 2:38am
Anyone selling cable from here 1.9790????
  • #12,616
  • May 11, 2007 2:48am May 11, 2007 2:48am
Quote
Filled in a small order to sell GBP/USD at 1.9770 targetting 1.9650 .. SL 1.9812

1.9770 is strong resistance it may be better to sell from an area like 1.9762 (purely on the basis that we will have confirmation resistance is broken, it eliminates a potential bounce up from this level like we have see 3 times now). You may lose a few pips but it may be worth it.

Today I longed at 1.9772 hoping for bounce of this level and it worked for very slight gains. Keeping longs open for now
  • #12,617
  • May 11, 2007 3:08am May 11, 2007 3:08am
It looks very much like the market is waiting for the news.

The interesting number for me is PPI at 1.30pm expected at 0.6%. This is a number that measures inflation. The FED statement after the interest rate announcement said they were focusing on inflation the most which is what helped the recent dollar gains.

Result above 0.6% would likely see more dollar gains.
  • #12,618
  • May 11, 2007 3:08am May 11, 2007 3:08am
Quoting ashlee_17
Anyone selling cable from here 1.9790????
No I'm long at 1.9782 and waiting for a breakout above 1.9812. But when it won't happen I might reverse my position, although we saw a false break of the 1.9770 level earlier today.
  • #12,619
  • May 11, 2007 3:56am May 11, 2007 3:56am
Quoting The Cable Guy
No I'm long at 1.9782 and waiting for a breakout above 1.9812. But when it won't happen I might reverse my position, although we saw a false break of the 1.9770 level earlier today.
1.9770 needs a clear break followed by an hourly candle with close lower than 1.9770
  • #12,620
  • May 11, 2007 3:59am May 11, 2007 3:59am
Where is the cable going today... above 1.9812 or below 1,9770??
Any speculations?
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