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Cable Update (GBPUSD)

  • #13,401
  • May 23, 2007 7:45am May 23, 2007 7:45am
Quoting cesarnc
Dollar is in the verge of a selloff accelaration now. Across the board. Stay tuned on it for reference...

If a USD bearish sentiment hits the market, it will add to the GBP euphoria
My "told you so" post, thank you very much.

Now, I haven't seen 9860 in any of the Elliot Crayon Waves.
  • #13,402
  • May 23, 2007 7:45am May 23, 2007 7:45am
Good for you!
Later.
  • #13,403
  • May 23, 2007 7:59am May 23, 2007 7:59am
Quoting PipVip
In the words of Steve Miller: Take the Money and Run!
Seriously, do what you want guys, but if you have "virtual profit" I personally wouldn't let a couple of pips get in the way of that. That's ego.
Glad you guy's hung in there though.
I'm trying to ride it down now.
Same looking for another bounce near the top for my entry and a fib retracement.
  • #13,404
  • May 23, 2007 8:06am May 23, 2007 8:06am
Im glad for you bullish people hope you made nice pips. My bearish view is hanging by a thread or a rope.

In fact I realised forex trading is like playing hangman sometimes, ive got one life left.
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  • #13,405
  • May 23, 2007 8:13am May 23, 2007 8:13am
Good Morning,
All indicators show this baby is way overbought. And, there has been a close below the Bolinger Band 2StD line. It may be time to sell.
  • #13,406
  • May 23, 2007 8:20am May 23, 2007 8:20am
Price action was acting as if it had some peanut butter stuck to the roof of it's mouth not wanting to give any back after taking so much. Although I've had my first signs that some bearishness is returning to this pair. Not convincing enough given the way the price has been acting the past hour or so but just something to keep in mind. I was feeling a bounce was in order but the market tells me what it wants to do and I just try to not disagree. Sort of like my girlfriend.....
  • #13,407
  • May 23, 2007 8:34am May 23, 2007 8:34am
Quoting el_duende
Im glad for you bullish people hope you made nice pips. My bearish view is hanging by a thread or a rope.

In fact I realised forex trading is like playing hangman sometimes, ive got one life left.
shit happens, man, you know... Watch for behavior if tests upper trendline in your downwards channel for clue. On failure, the channel is done
  • #13,408
  • May 23, 2007 8:35am May 23, 2007 8:35am
Quoting el_duende
Im glad for you bullish people hope you made nice pips. My bearish view is hanging by a thread or a rope.

In fact I realised forex trading is like playing hangman sometimes, ive got one life left.
duende,
I liked this post, one of the best
  • #13,409
  • May 23, 2007 8:37am May 23, 2007 8:37am
A test of the high just as the opening bell rings in NY tells me that there could be a continuation of this bull move very easily. The bullishness doesn't want to take a break at all. I have an indication from the daily chart that supports this and even hints at a test of 2.00 before week's end.

LOL....forex hangman..... When I read that unfinished word I read it as bullsh_t the first time. Bullsh_t ...bull_ish......same thing...hehehehhee
  • #13,410
  • May 23, 2007 8:43am May 23, 2007 8:43am
Quoting Pipsta
A test of the high just as the opening bell rings in NY tells me that there could be a continuation of this bull move very easily. The bullishness doesn't want to take a break at all. I have an indication from the daily chart that supports this and even hints at a test of 2.00 before week's end.

LOL....forex hangman..... When I read that unfinished word I read it as bullsh_t the first time. Bullsh_t ...bull_ish......same thing...hehehehhee
Bulls kicking butts in NYSE. Dow + 24 at open... Gotta check if they are coming angry for the day.
  • #13,411
  • May 23, 2007 8:48am May 23, 2007 8:48am
Quoting cesarnc
Bulls kicking butts in NYSE. Dow + 24 at open... Gotta check if they are coming angry for the day.
I think it's interesting that typically when the US markets do well...the usd does poorly. Why is that?
  • #13,412
  • May 23, 2007 8:49am May 23, 2007 8:49am
I'm short @ 1.9870 will keep TP open although this is against my strategy, I never keep any open trade till next day, but for this one I'll break my strategy
  • #13,413
  • May 23, 2007 8:49am May 23, 2007 8:49am
Quoting Pipsta
I think it's interesting that typically when the US markets do well...the usd does poorly. Why is that?
That's an interesting statements ... any quote?
  • #13,414
  • May 23, 2007 8:51am May 23, 2007 8:51am
I wonder any impact for the Crude Oil inventory annoucement in 40 mins? I'm a bit confuse whether to go long or short right now ...
  • #13,415
  • May 23, 2007 8:54am May 23, 2007 8:54am
Quoting Pipsta
..test of 2.00 before week's end..
already?
BAM BAM BOOM! -bravado
  • #13,416
  • May 23, 2007 8:56am May 23, 2007 8:56am
Its not over yet. My fundamental skills im trying to improve and trade from were pants today so im going back to technical analysis.

So here we are in a bearish view

First chart

GBP/USD on very outer reaches of trend channel around 1.9873

2nd chart

EUR/USD also on outer trend channel line

3rd chart GBP/USD 1 hour chart

Green dotted line is 500 MA at approx 1.9873 may be a barrier for further bulls.
Currently bars are above top bollinger band, if this bar circled then becomes a divergent bar is a good sign.
RSI above 80
Due a retrace you would think
Standard resistance looks to be at 1.9770
USD/CHF starting to rise
EUR/JPY at a long term top resistance at approx 164
GBP/JPY also at a top with resistance at 241.49 from jan 23rd

Saying all this we are at a level where a bull breakout is very possible in alot of pairs here or we are at the top level in a bearish viewpoint where resistance is going to force pairs down. Optimal sell zones

DOW and S&P I havent seen yet but they opened high so hoefully they go down a bit during the day.

Interesting times ahead
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  • #13,417
  • May 23, 2007 8:56am May 23, 2007 8:56am
Quoting Pipsta
I think it's interesting that typically when the US markets do well...the usd does poorly. Why is that?
weaker dollar means good business with foreign countries. mainly export. i'm sure cesarnc can come up with a better reason though.
BAM BAM BOOM! -bravado
  • #13,418
  • May 23, 2007 8:59am May 23, 2007 8:59am
Quoting el_duende

So here we are in a bearish view
some retrace from current level is not out of the question.
BAM BAM BOOM! -bravado
  • #13,419
  • May 23, 2007 9:03am May 23, 2007 9:03am
Quoting Pipsta
I think it's interesting that typically when the US markets do well...the usd does poorly. Why is that?
Today's dollar selloff appeared much more like a chain-reaction started by cable. dollar longs kept unwinding as the dark clouds were getting closer and closer. USD-index below 83/84 is bearish in the short-term. No crazy dude holding dollar bills for too long is expected under those levels.

Dow has been taking profit / making water since Friday. Market just saw value in the prices today.
  • #13,420
  • May 23, 2007 9:04am May 23, 2007 9:04am
But im not counting out a bullish view either, I think markets are coming to a crossroads from my technical viewpoint
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