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Cable Update (GBPUSD)

  • #744,301
  • May 5, 2023 1:57am May 5, 2023 1:57am
Quoting dantpm
{quote} It is behaving inversely to the USDX in a nice way today.
Busy day at work but will be keeping an eye open at key data times. Let’s see if the bears wake up a bit
Insane in the Brain..
  • #744,302
  • May 5, 2023 2:00am May 5, 2023 2:00am
GU already done 200 pips of expected 260 pips in the first 5 trade days of the month, high expected to be limited to 1.2690 today and limited to 1.2780 for this month...

NFP forecast already lowered any reading above forecast may be the beginning of dollar rise and 1.2383 cannot be ruled out in days ahead.

Several consecutive bullish weekly close also indicates deep reversals not far away... It's swing play for me and plan to ladder sell all the way to 1.27 area for a target of 1.2385.

Second sell added at 1.2630... third sell limit at 1.2685.
Data + Stat + Risk/Emotions Management
  • #744,303
  • May 5, 2023 2:02am May 5, 2023 2:02am
Quoting BeeTogether
Any ideas what’s fuelling the cable rocket today?

Probably weak dollar.
  • #744,304
  • May 5, 2023 2:04am May 5, 2023 2:04am
Drop already
1.26661 is a strong reassurance
Attached Image (click to enlarge)
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yes yes yes
  • #744,305
  • May 5, 2023 2:08am May 5, 2023 2:08am
So far Jolts and ADP were good and unemployment claims were bad.
Non-farm payroll is expected to be down which is the reverse of what the ADP is saying.
Someone doesn't believe the projection?
  • #744,306
  • May 5, 2023 2:09am May 5, 2023 2:09am
Quoting tehtawar
{quote} {image}
Fly so fast, SL=BE, will add if touch 1.2610

Friday
Stay low, Go fast - No luck, All skill
  • #744,307
  • May 5, 2023 2:15am May 5, 2023 2:15am
DXY shld be filling gap.

IMO

Entry 1.263
Pending another at 1.265
  • #744,308
  • May 5, 2023 2:19am May 5, 2023 2:19am
Quoting Zeiferz
DXY shld be filling gap. IMO Entry 1.263 Pending another at 1.265
That is what @Moty is betting on IMHO
  • #744,309
  • May 5, 2023 2:21am May 5, 2023 2:21am
Turmoil continues -
Renewed banking fears -
TD has pulled off First Horizon bank purchase deal for $13.4bln.

Labor taking lead over conservative party in UK local elections.

Trade safe
  • #744,310
  • May 5, 2023 2:23am May 5, 2023 2:23am
I am long UJ from 134.09 for 500 pips. Did not give the Algo a single chance this time
Some members here alrready know
POSTMASTER
  • #744,311
  • May 5, 2023 2:33am May 5, 2023 2:33am
Quoting Yngwie
Bullish above 1.2530 target 1.2595/1.2620
Support remain untouched. 2 target achieved. Time to reversal. let see Sold with SL above 1.2650.

Support 1.2570 to be watched
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #744,312
  • Edited 6:38am May 5, 2023 2:37am | Edited 6:38am
All things being equal (which they never are!) a big spike in non-farm payroll should drive the USDX down and GU up
Wed.
ADP Non-Farm Employment Change 296K 148K 142k
Today
Non-Farm Employment Change _____ 181K 236K
A bit of an inconsistency both in the projections and the results.
In any event, this doesn't fill the gap from the opening of the market.
As Georginson pointed out we already moved most [edit] a disproportionate amount of the expected monthly move.
  • #744,313
  • May 5, 2023 2:41am May 5, 2023 2:41am
Quoting dantpm
All things being equal (which they never are!) a big spike in non-farm payroll should drive the USDX down and GU up Wed. ADP Non-Farm Employment Change 296K 148K 142k Today Non-Farm Employment Change _____ 181K 236K A bit of an inconsistency both in the projections and the results. In any event, this doesn't fill the gap from the opening of the market. As Georginson pointed out we already moved most of the expected monthly move.
News drives the market, not the numbers in the news. IMO
Success = Practice + Patience + Persistence
  • #744,314
  • May 5, 2023 2:51am May 5, 2023 2:51am
Quoting fxpider
{quote} News drives the market, not the numbers in the news. IMO
I believe that news drives the central banks to place fx orders intended to pull price to where the central banks want to see prices. The next step is we wait for algos to move price to take advantage of the open orders. This bit in between requires up and down volatility which creates opportunity for traders like you and I.
  • #744,315
  • May 5, 2023 2:54am May 5, 2023 2:54am
Quoting dantpm
{quote} I believe that news drives the central banks to place fx orders intended to pull price to where the central banks want to see prices. The next step is we wait for algos to move price to take advantage of the open orders. This bit in between requires up and down volatility which creates opportunity for traders like you and I.
What I meant to say is, NUMBERS ARE INSIGNIFICANT for traders like YOU and I.
Success = Practice + Patience + Persistence
  • #744,316
  • May 5, 2023 3:00am May 5, 2023 3:00am
Quoting dantpm
{quote} I believe that news drives the central banks to place fx orders intended to pull price to where the central banks want to see prices. The next step is we wait for algos to move price to take advantage of the open orders. This bit in between requires up and down volatility which creates opportunity for traders like you and I.
i think it's more of a supply & demand thing more than manipulation by policymakers.

All transactions in the base currency affects it's value. Maybe people are buying flowers to their loved ones for the weekend, thus driving up demand for the currency.
You have an IQ lower than 90 if you interact with this user.
  • #744,317
  • May 5, 2023 3:05am May 5, 2023 3:05am
I would think employment numbers will be greater, isn't that what Powel hinted on this week's conference?

If lower good long term as he is watching data and future rates increase relies up on.
  • #744,318
  • May 5, 2023 3:08am May 5, 2023 3:08am
Quoting fxpider
{quote} News drives the market, not the numbers in the news. IMO
Buy the news, sell rumours!
You have an IQ lower than 90 if you interact with this user.
  • #744,319
  • May 5, 2023 3:18am May 5, 2023 3:18am
Quoting dantpm
{quote} I believe that news drives the central banks to place fx orders intended to pull price to where the central banks want to see prices. The next step is we wait for algos to move price to take advantage of the open orders. This bit in between requires up and down volatility which creates opportunity for traders like you and I.

very good insight, the banks have a price stabilization role, so that the prices don't get out of control..
  • #744,320
  • May 5, 2023 3:25am May 5, 2023 3:25am
Quoting Ferna
{quote} Buy the news, sell rumours!
Does FF have a rumors calendar too !!!
Success = Practice + Patience + Persistence
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