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Cable Update (GBPUSD)

  • #14,481
  • Jun 7, 2007 6:22am Jun 7, 2007 6:22am
As I see it, Fibonacci retracement from May 21st low to June 6th high shows 1.9855 as first support level (0.382 level). Second is 1.9821, then 1.9787. We also have 200SMA in 1hr chart on around 1.9846 right now. Just my opinion.
  • #14,482
  • Jun 7, 2007 6:25am Jun 7, 2007 6:25am
Quoting Bullfx
Rate unchanged. So go shorting now ... Let go and take profit. G/U shall drop to 19600.
Not so fast, bullfx...

There's a 9-0 BOE minutes for another hike playing yet and next econ. data will set the tone for the future...

I also thought reaction would be quite strong, at least trading some 97s today, but no...

Still out of cable, still missing the old good days...
  • #14,483
  • Edited 6:48am Jun 7, 2007 6:32am | Edited 6:48am
Conservative traders might want to think about closing those shorts around now. Liberals can shoot for 1.9770 comfortably according to things like vegas fibos, and they will be supported by the month-old downtrend. I'm feeling tarzan like today so I'm staying in, the similar EURUSD trade is also still good.

Good luck.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #14,484
  • Jun 7, 2007 6:36am Jun 7, 2007 6:36am
:-)

too bad couldn't trade it
  • #14,485
  • Jun 7, 2007 6:41am Jun 7, 2007 6:41am
Ok. Now is 197... and 196 .. is longer term.
Give me patience
  • #14,486
  • Jun 7, 2007 7:24am Jun 7, 2007 7:24am
1.9780 if 1.9830 doesn't hold - but i think it will and we'll probably see a rally.
not so sure about 1.96xx atm.
Nihil Sine Deo.
  • #14,487
  • Jun 7, 2007 7:42am Jun 7, 2007 7:42am
Ive been experimeting with fibs and am surprised at how good they are in helping make a decision

1st chart is the downtrend from 18th April (4 hour chart) with a retrace that went bang on to 61.8% - next target here could be approx 1.9785 potentially

2nd chart is uptrend on 1 hour chart with current retrace at 61.8% at 1.9825

These fibs have been quite accurate

They also haver been pretty good in EUR/USD as well, with good money management you could trade without other indicators

Wish I used fibs a bit earlier
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  • #14,488
  • Jun 7, 2007 8:09am Jun 7, 2007 8:09am
Quoting grantco100
By the way, where is the GBP/USD going? I'm short on several trades! Thanks!
looks like you are sitting on pip land. i had a limit order long @ 9880 with sl=9855. needless to say, the sl got triggered. atm, i'm looking at the chart to see what it's doing.

i think we both made good trades. you of course, far more profitable.
BAM BAM BOOM! -bravado
  • #14,489
  • Jun 7, 2007 8:20am Jun 7, 2007 8:20am
long GBP 9824
long YEN 12139

Breeze
  • #14,490
  • Jun 7, 2007 8:36am Jun 7, 2007 8:36am
i thought wrong, looks like it didn't hold.

Quoting Scrat
1.9780 if 1.9830 doesn't hold - but i think it will and we'll probably see a rally.
not so sure about 1.96xx atm.
Nihil Sine Deo.
  • #14,491
  • Jun 7, 2007 8:37am Jun 7, 2007 8:37am
I am short the Cable for the next few days
TRADE LIKE A MACHINE!
  • #14,492
  • Jun 7, 2007 8:39am Jun 7, 2007 8:39am
I am short from 1.9910, targeting 1.9780. I think (hope) it's realistic.
  • #14,493
  • Jun 7, 2007 8:41am Jun 7, 2007 8:41am
By looking at the fundamentals

BoE interest rate hike is priced in , Thats what triggered the rally in cable in the first place, the 9-0 vote

Good US non farm payroll was easily disregarded

Ben Bernanke's statement which crushed investor's hope of a rate cut was also disregarded by the dollar

I think its about time for dollar to rally against cable?

Whats you guys opinion on this? I am a newbie..just trying to learn
  • #14,494
  • Jun 7, 2007 8:42am Jun 7, 2007 8:42am
any predictions on how low will it go?

tired from a long day yesterday, went to bed 2am est woke up at 8.30am .. didnt even hear my 3 alarms at 6am.. missed the move i predicted yesterday morning when everyone was talking about a move to 2.0 and i said the bull run is over.. sucks
  • #14,495
  • Jun 7, 2007 8:58am Jun 7, 2007 8:58am
Down trend now.
Wholesale inventory Measures the value of goods held by wholesalers. A falling trend has a positive effect on the nation's currency because wholesalers order more goods from manufacturers when they have depleted inventories.
Give me patience
  • #14,496
  • Jun 7, 2007 8:58am Jun 7, 2007 8:58am
sorry to hear that, but don't worry you'll have other opportunities pretty soon.

Quoting Tatton
any predictions on how low will it go?

tired from a long day yesterday, went to bed 2am est woke up at 8.30am .. didnt even hear my 3 alarms at 6am.. missed the move i predicted yesterday morning when everyone was talking about a move to 2.0 and i said the bull run is over.. sucks
Nihil Sine Deo.
  • #14,497
  • Jun 7, 2007 9:00am Jun 7, 2007 9:00am
I am short from 1.9930, targeting 1.9760
  • #14,498
  • Jun 7, 2007 9:13am Jun 7, 2007 9:13am
1.9555

Sorry, just dreaming.
Tra-X
  • #14,499
  • Jun 7, 2007 9:13am Jun 7, 2007 9:13am
Quoting muzicmasti
I am short from 1.9930, targeting 1.9760

What's your stop loss?
  • #14,500
  • Jun 7, 2007 9:21am Jun 7, 2007 9:21am
Can someone translate this please (is it USD bull or bear?):

10:14 Dollar looking bid here, but it feels like we're standing next to the O.K. Carrol with our finger on the trigger - just waiting for someone to make a move.
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