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Cable Update (GBPUSD)

  • #321
  • Nov 28, 2006 9:57pm Nov 28, 2006 9:57pm
Vantage Point in my opinion isn't worth it. I tried it and they were more "off target" than anything. It may be good for commodities trading by XNAY the FOREX info. Just one mans opinion.


GBP/USD ....I have my TP set at 1.9555. I'm pretty sure it will hit that based on the info thats out there plus my handy dandy trading system. Good luck to us all in for the LONG haul!
Show me the PIPS!
  • #322
  • Nov 29, 2006 12:29am Nov 29, 2006 12:29am
anyone idea here the cable is going tomorrow? big news day for usd
  • #323
  • Nov 29, 2006 12:48am Nov 29, 2006 12:48am
hmm my expectation tommorow USD will bullish... are you ready for short?
"Invest With The Insiders, Not The Masses" George Muzea
  • #324
  • Nov 29, 2006 12:50am Nov 29, 2006 12:50am
Quoting Qu|cksilver
hmm my expectation tommorow USD will bullish... are you ready for short?
im not sure if im ready to close my longs or to go short ... whats your price prejection?
  • #325
  • Nov 29, 2006 1:01am Nov 29, 2006 1:01am
Quoting Qu|cksilver
hmm my expectation tommorow USD will bullish... are you ready for short?
On what basis did you decide that USD will be bullish tomorrow? I do not really see any good reason for the current trend to end, which is not to say that the maket has to be logical or make any kind of sense.

Apart from access to some mystical source of information, I do not see any way of knowing, or even thinking with any kind of probability, what will happen tomorrow. The reason I would tend to incline toward a continuation of the present trend is due to inertia--it is always easiest for an action to continue and it requires more effort to change directions.
  • #326
  • Nov 29, 2006 1:15am Nov 29, 2006 1:15am
This will be very hard for me to answer your question I'm totally based on technical (classic technical) which most traders now don't use it anymore. I don't use ema,sma,macd or whatso ever.

How i know USD will bullish soon or by tommorow i based on my technical. I'm not fundamentalist and i don't even read or listen to the news. Based on my technical, pound right now still in uptrend until the price touch resistance line somewhere around 1.9640 but my short entry at 1.9630 and again you know that none of our method/system are always right and maybe i'm wrong.

I'm here just to post my view/opinion/read and discuss other traders opinion too.
P/S: I'm not giving trade signal

Quoting moonchild
On what basis did you decide that USD will be bullish tomorrow? I do not really see any good reason for the current trend to end, which is not to say that the maket has to be logical or make any kind of sense.

Apart from access to some mystical source of information, I do not see any way of knowing, or even thinking with any kind of probability, what will happen tomorrow. The reason I would tend to incline toward a continuation of the present trend is due to inertia--it is always easiest for an action to continue and it requires more effort to change directions.
"Invest With The Insiders, Not The Masses" George Muzea
  • #327
  • Nov 29, 2006 1:49am Nov 29, 2006 1:49am
[quote=Qu|cksilver]This will be very hard for me to answer your question I'm totally based on technical (classic technical) which most traders now don't use it anymore. I don't use ema,sma,macd or whatso ever.

How i know USD will bullish soon or by tommorow i based on my technical. I'm not fundamentalist and i don't even read or listen to the news. Based on my technical, pound right now still in uptrend until the price touch resistance line somewhere around 1.9640 but my short entry at 1.9630 and again you know that none of our method/system are always right and maybe i'm wrong.

Admittedly everything which goes up will eventually have to come down, a bit like gravity. That having been said, as a result of inertia it is usually easier to continue on an existing course than to change courses. This is when I look toward fundamentals to supply the energy needed to overcome inertia. Earlier in the trend I had been expecting a retracement, but now the trend is so well established that I would expect it to require some thing to bring about a change. I doubt that technical reasons alone would be sufficient.

I have looked back 15 years and cannot find any resistance above the current level until 2.000.

These were the reasons which made me wonder about the basis for your statement.
  • #328
  • Nov 29, 2006 3:22am Nov 29, 2006 3:22am
Quoting sogt725
Rezo, AUD trade balance coming up..watch your baby Aussie.
I am not fundamentalist, and trade only technical. SO news are not a problem for me. I am holding Aussie long for 8 days now. Exited cable long at 1.9450, because I thought 1.9450-1.9500 area should hold the bulls... anyway, that was my target, so thats where I exited. But decided to hold the aussie, and I see we have good chances for USD to weaken more.

Interest is in my favour, trend as well, so what the heck


Good Luck Everyone!

Rezo
  • #329
  • Nov 29, 2006 3:23am Nov 29, 2006 3:23am
Also guys - watch the bais!
  • #330
  • Nov 29, 2006 4:28am Nov 29, 2006 4:28am
So... just a side note...

WHY is it called CABLE?

I have been told by a broker but I suspect they might be having a laugh...

Anyone?
_____________ Kavs Make It Happen For Yourself
  • #331
  • Nov 29, 2006 4:43am Nov 29, 2006 4:43am
The Gbp is the oldest and most mature financial market in the world, Hail Brittania!, the trades were placed over telegraph connected by land based wires and you would 'cable' your orders. Thus the 'Cable'

good to know the historical relevance, which also explains thier occasional attitude, no offence to anyone though, like I said Hail Brittania!
{Link removed }
  • #332
  • Nov 29, 2006 4:53am Nov 29, 2006 4:53am
Quoting rajincajin
The Gbp is the oldest and most mature financial market in the world, Hail Brittania!, the trades were placed over telegraph connected by land based wires and you would 'cable' your orders. Thus the 'Cable'

good to know the historical relevance, which also explains thier occasional attitude, no offence to anyone though, like I said Hail Brittania!
yep...

"The origins of this term are attributed to the fact that in the 1800s, the dollar/pound sterling exchange rate was transmitted via transatlantic cable.

Forex brokers are sometimes referred to as "cable dealers"."
  • #333
  • Nov 29, 2006 5:07am Nov 29, 2006 5:07am
Quoting Tatton
anyone idea here the cable is going tomorrow? big news day for usd
Well lets see, tomorrow we have GDP, New home sales, crude oil inventories, & a speach by NY Fed President Geithner. If you take out energy and tranportation - the main focus will be on manufacturing for the GDP and well that just isn't very strong.
The housing market just got a little boost but I think there will be some further downside there as well.
So the speech by the fed, IMHO will mainly be damage control to the current usd weakness. We'll see...
Anywho, the current downward movement I believe is in a word Bahwoosh!- A large US bank is flushing out weak-hearted longs and as soon as the dust clears I'm gonna go long on the cable.

We'll just have to see how it plays out!

Peace
{Link removed }
  • #334
  • Nov 29, 2006 6:04am Nov 29, 2006 6:04am
Quoting Qu|cksilver
hmm my expectation tommorow USD will bullish... are you ready for short?
Hi,

Do u just trade for cable?
  • #335
  • Nov 29, 2006 6:29am Nov 29, 2006 6:29am
My System is saying, Hold Shorts which I be doing, finally turned down.

Either make 100pips on the down side, or get stopped out for 30pips.

Lets hope for me it continues down, move over 1.9515 I'd likely convert to Long.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #336
  • Nov 29, 2006 6:41am Nov 29, 2006 6:41am
Well guys, my technical overview is as follow.
On a 240 minutes chart, GBP is looking extremely overbought, my fibo 0.618 extension level comes in at 1.96764 and the highs were at 1.95430. So leg 1 on the extension is pretty far away. It's still trading above the 50 and 100 EMA with an RSI reading of 79.39, divergent to price action, and MACD downward momo. Below 1.95000 I expect a retest of 1.94400.
I shorted @ 1.95250, at the open of the first bearish candle. My first target is @ 1.94800 (already reached). Currently my stop is at breakeven and target 2 is @ 1.94400.

Let's see what happens...

Happy Trading.
May the pips be with you!
  • #337
  • Nov 29, 2006 7:35am Nov 29, 2006 7:35am
GDP positive 2.2% but the trend haven't finish yet.. im still waiting for cable to move up for another 100pips
"Invest With The Insiders, Not The Masses" George Muzea
  • #338
  • Nov 29, 2006 8:47am Nov 29, 2006 8:47am
well the asian session brought her down and the london session followed thru only a little bit and then brought her right back to 9500 and now we are and holding above 9500 so i think the trend is still up dollar negative. only other thing is , the euro is not following its way behind and thats not a good indicator. If the euro hits 3200+ then the trend is definetly still up but if not we may be at a pivot point imo which isnt really a good one.
Ghost Swoopen in for my pips while no one is lookin !!
  • #339
  • Nov 29, 2006 9:51am Nov 29, 2006 9:51am
i have a limit in on 9889. im using fibo expansions and this level is at my 100% line.
  • #340
  • Nov 29, 2006 10:02am Nov 29, 2006 10:02am
Well we where all proven right, what where the odds, sideways was the theme of the day.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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