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Cable Update (GBPUSD)

  • #14,361
  • Jun 5, 2007 3:31pm Jun 5, 2007 3:31pm
Thanks for the replys - I think I maybe jumping the gun a bit I should wait and see what happens in the next few days to confirm a bearish view.

I will think more on these fundamentals, I may see you in a few days
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  • #14,362
  • Jun 5, 2007 3:58pm Jun 5, 2007 3:58pm
Quoting el_duende
Thanks for the replys - I think I maybe jumping the gun a bit I should wait and see what happens in the next few days to confirm a bearish view.

I will think more on these fundamentals, I may see you in a few days
Place is nice... Food sucks though

  • #14,363
  • Jun 5, 2007 4:05pm Jun 5, 2007 4:05pm
Quoting el_duende
I will think more on these fundamentals, I may see you in a few days
worst photoshop skill ever.
BAM BAM BOOM! -bravado
  • #14,364
  • Jun 5, 2007 4:24pm Jun 5, 2007 4:24pm
Quoting bravado
worst photoshop skill ever.
photoshop ? more like MSPaint ! haha

I would stick to Trading !!!
“Past performance is not indicative of future results”
  • #14,365
  • Jun 5, 2007 4:34pm Jun 5, 2007 4:34pm
It was in MS Paint, can you not see the well blended spray can effect

I did fail Art in school
  • #14,366
  • Jun 5, 2007 4:44pm Jun 5, 2007 4:44pm
Quoting el_duende
It was in MS Paint, can you not see the well blended spray can effect

I did fail Art in school
If you've not headed for the institution already, check this:

17:38 NY SUMMARY The price action seemed to really pick up in today’s NY session once again in the currency markets. The only major piece of economic data coming out of the United States today was the ISM Non-Manufacturing Index, which was forecasted to come in at 55.2. The release caught the market off-guard showing the services sector of the economy unexpectedly grew with a reading of 59.7 showing the economy may still have some signs of life. This brought dollar buyers into the market quickly with EUR/USD coming off its highs of the session by 40+ pips. The bond market also reacted with the 10 year breaching the 5.00% mark.

Confirming the strong ISM number, Fed chief Ben Bernanke remained upbeat on the U.S. economy, expecting further (however moderate) expansion. He also said that inflation remains paramount in the Federal Reserve’s future decisions. Most important to note, this signaled to the market that rate cuts this year are unlikely. This even spurred a reversal by some previously dovish economists at a major Wall Street investment bank who prior to today were looking for a cut of 75 bp by the Fed by the end of this year. They now believe the Fed will keep the overnight rate 5.25%.

Also moving the market with comments, Treasury Secretary Robert Paulson spoke on China and U.S. economic relations. Despite the lack of a real comment of substance on the Yuan, the market bought Yen practically across the board. The mere mention of China these days seems to ignite JPY buyers. USD/JPY pulled back into the 121.20s neighborhood which dragged EUR/JPY 50+ points lower despite earlier making a new all time high above 164.60.

Volatility is likely to continue throughout the week in the FX markets, with many central banks around the globe expected to make rate decisions. The Reserve Bank of Australia is first in line with the market expecting no change in rates as they announce tonight at 7:30 pm EST.
  • #14,367
  • Jun 5, 2007 5:28pm Jun 5, 2007 5:28pm
Quoting el_duende
It was in MS Paint, can you not see the well blended spray can effect
the grass match you tried to do looks more like a radiation glow around the guy! haha

you can sample a near color with the "pick color" tool you know.

“Past performance is not indicative of future results”
  • #14,368
  • Jun 5, 2007 5:57pm Jun 5, 2007 5:57pm
The green numbers are the resistance levels, red numbers are support levels and turquoise numbers are pivot points that floor traders use based on previous days high, low, and close. Yellow numbers show actual past daily or hourly supports and resistance.
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  • #14,369
  • Jun 5, 2007 6:24pm Jun 5, 2007 6:24pm
Quoting gobigo12
just closed both my buys an hour and a half ago.
closed cable long positions just now.
BAM BAM BOOM! -bravado
  • #14,370
  • Jun 5, 2007 7:31pm Jun 5, 2007 7:31pm
Its hard to use MS paint when you are in a straight jacket.
  • #14,371
  • Jun 5, 2007 9:48pm Jun 5, 2007 9:48pm
This area was an area of resistance most of yesterday with the exception of the 3am break out.
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  • #14,372
  • Jun 5, 2007 9:54pm Jun 5, 2007 9:54pm
where did you enter short? do not fight the trend. main trend was up for today. mkt opened above pivot (12 a.m. EST) so only only area for shorting (scalp to protect long position or countertrend scalp) was at R1 (9956) cuz after open it did not take too long to move past minor resistance @ 9926.

Quoting el_duende
I am puzzled. (again by fundamentals)

Bernanke says today pretty much an interest rate cut will not happen. He is more worried about inflation that if it doesnt moderate may lead to a rate hike. Housing as we know is in bad shape. So more chance of rate hike than rate cut.

T-notesyields/bonds have hit highs. Normally good for $ strength I believe

Dow Jones today 100 + points down as are other markets about 1-2% down. In recent times we have seen DOW etc when it rises $ falls in value in a generalistic way.

Some news today $ positive (ISM reports)


So why have we seen more $ losses today? I was short and lost money and in my mind we should still be short.

Help any news people. Cesarnc or Bravado you normally have a good view what am I missing in my fundys?

edit - should add EUR and GBP interest rate announcements due but surely these already priced in.
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  • #14,373
  • Jun 5, 2007 9:56pm Jun 5, 2007 9:56pm
Previous price action at this level
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  • #14,374
  • Jun 5, 2007 9:59pm Jun 5, 2007 9:59pm
Closer look at price action in April when it climbed up and beyond this level
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  • #14,375
  • Jun 5, 2007 10:07pm Jun 5, 2007 10:07pm
Quoting bravado
closed cable long positions just now.
bought it again on that dip to 9920, got in it at 9926.
set a stop 15 pips from where its at now as I type this..9946
doubt it's going to hit it, maybe retrace some when it hits 9960 area a little.
I'll still take the 5 pips if it does. a pip is a pip !

* thinking about closing it before bed, but what if I miss a 50 pip run up lol
“Past performance is not indicative of future results”
  • #14,376
  • Jun 5, 2007 10:34pm Jun 5, 2007 10:34pm
Quoting goodthings
This area was an area of resistance most of yesterday with the exception of the 3am break out.
I was looking at the same thing earlier.
now I'm looking at it to break past 9966 the 3am break out.
“Past performance is not indicative of future results”
  • #14,377
  • Jun 5, 2007 10:50pm Jun 5, 2007 10:50pm
Quoting gobigo12
bought it again on that dip to 9920, got in it at 9926.
set a stop 15 pips from where its at now as I type this..9946
doubt it's going to hit it, maybe retrace some when it hits 9960 area a little.
I'll still take the 5 pips if it does. a pip is a pip !

* thinking about closing it before bed, but what if I miss a 50 pip run up lol
good trade.
BAM BAM BOOM! -bravado
  • #14,378
  • Jun 5, 2007 10:59pm Jun 5, 2007 10:59pm
Quoting bravado
good trade.
might put a 10 pip stop now on it and let it go. have a +25 pip gain now
it might not drop past 9945 on the next dip.
if it does, I'll still be happy with a 15 pip gain tonight.
“Past performance is not indicative of future results”
  • #14,379
  • Edited Jun 6, 2007 1:15am Jun 5, 2007 11:44pm | Edited Jun 6, 2007 1:15am
Cable at this minute -after the very high consumer confidence- look very solid and may move up not down (may be). I am buying at 99.50 and expexting the break out at 3 AM will reach around 99.95
Good luck to every one

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  • #14,380
  • Jun 6, 2007 1:41am Jun 6, 2007 1:41am
Very nice Analysis. Which charing services you are using.??

Quoting goodthings
Previous price action at this level
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