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Cable Update (GBPUSD)

  • #17,761
  • Jul 6, 2007 10:23am Jul 6, 2007 10:23am
Turtle, right price doesnt matter the integrity of the structure of market is only thing that matters
"Millionaires don't use astrology, billionaires do"
  • #17,762
  • Jul 6, 2007 10:58am Jul 6, 2007 10:58am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
I'm new here and to trading, I like the thread because people have the time to give out there ideas and help the new traders, at times of slow trade the humours is good fun.

if you want to sit in a room by yourself, have at it. I like the company of others.
  • #17,763
  • Jul 6, 2007 11:02am Jul 6, 2007 11:02am
Quoting OrionsWay
Turtle, right price doesnt matter the integrity of the structure of market is only thing that matters
Good point, thanks for the lesson learned today.
  • #17,764
  • Jul 6, 2007 11:02am Jul 6, 2007 11:02am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Look at cable on the 1min, Flatlined, lets hope the medics can revive this by Monday.
  • #17,765
  • Jul 6, 2007 11:19am Jul 6, 2007 11:19am
Made negative pips. All close, just after close, market moved.

Short = UP
LONG = Down.

oh well.. )(#*@$)#*$(&(*&#$()*_#$(*&AIKE(@*&
  • #17,766
  • Edited 12:06pm Jul 6, 2007 11:54am | Edited 12:06pm
I've just joined in... Hope to able to help keeping the "chaotic" standards of this thread...
  • #17,767
  • Jul 6, 2007 12:00pm Jul 6, 2007 12:00pm
Quoting supergoncas
I've just joined in... Hope to able to help keeping the "chaotic" standards of this thread...
If that's your personal agenda, you're mostly welcome

Just got back. Can't say that I liked this pull back to 0100s again, although my stoploss at 0100 locking 13 pips wasn't triggered yet.

But Euro holding above 3600 sounds like more dollar down for next week. Dollar still bleeding at 81.4 area, failed miserably at strong NFP + revision.
  • #17,768
  • Jul 6, 2007 12:14pm Jul 6, 2007 12:14pm
we'll definitely be going above 0200 next week
Trade what you see, not what you think.
  • #17,769
  • Jul 6, 2007 12:32pm Jul 6, 2007 12:32pm
I will be long cable long next week Have a nice weekend all
  • #17,770
  • Jul 6, 2007 12:32pm Jul 6, 2007 12:32pm
Althought we can SEE that dollar failed a strong NFP, I still want to know what hit the market's sentiment against the dollar today.

Was it dollar bulls anticipating NFP traded it beforehand yesterday at the major's highs for fat profits instead of struggling on a Friday?

I've seen bad revisions making the market turnaround a positive actual figure. But I haven't seen actual and revision super-positives and the market selling dollars. On the day next maybe, but not AT THE NEWS like today...

Very interesting.

I didn't find any comments about that around the sources I chase. Only "dollar gains not sustained", but no comments on underlying reasons or market's sentiment....

Food for thoughts for my weekend on the beach... hmmm.. No, I don't think so.
  • #17,771
  • Jul 6, 2007 12:39pm Jul 6, 2007 12:39pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Found this comment, not sure if it helps your quest for understanding.

16:50 GBP/USD: Traders Searching For Clear Directional Bias New York, July 6. Not a fun session for those trading Cable today, with the market seemingly unable to determine its directional bias. The up and down trading day got its first jolt of volatility in the European session, spiking from 2.0105 to 2.0130, on the back of strong UK manufacturing data, exceeding expectations with a 0.4% m/m gain, the highest level since August 2001. However, the latter move could not be sustained with the pair trading back to 2.0100 into US Nonfarm Payrolls.
Stronger than expected payrolls sparked a sharp drop to 2.0058 from where defensive buying emerged as rumors of Sovereigns on the bid in EUR/USD at 1.3570 surfaced. This triggered a USD selling frenzy with the pair surging to fresh daily highs by 2.0145 from where the latest minor setbacks have occurred to 2.0110, coinciding with the daily open price.
Technicians note that failure by 2.0145 today aligns with the neckline of an intraday H&S top that had triggered Thursday. Inability to move beyond the 2.0145 former support now turned resistance, opens the door for a potential 1-2- 3 top that could now be playing out.
Given the recently priced in BoE hike, strong US data, and technical justification for additional corrective action in the pair, we see today"s high by 2.0145 as a lower top in the works and continue to view recent price action as the start to a broader correction for the pair. [email protected] /rs
  • #17,772
  • Jul 6, 2007 12:42pm Jul 6, 2007 12:42pm
Quoting cesarnc
I've seen bad revisions making the market turnaround a positive actual figure. But I haven't seen actual and revision super-positives and the market selling dollars. On the day next maybe, but not AT THE NEWS like today...
How long do you trade ?
  • #17,773
  • Jul 6, 2007 12:53pm Jul 6, 2007 12:53pm
Quoting MPP
Found this comment, not sure if it helps your quest for understanding.

16:50 GBP/USD: Traders Searching For Clear Directional Bias New York, July 6. Not a fun session for those trading Cable today, with the market seemingly unable to determine its directional bias. The up and down trading day got its first jolt of volatility in the European session, spiking from 2.0105 to 2.0130, on the back of strong UK manufacturing data, exceeding expectations with a 0.4% m/m gain, the highest level since August 2001. However, the latter move could not be sustained with the pair trading back to 2.0100 into US Nonfarm Payrolls.
Stronger than expected payrolls sparked a sharp drop to 2.0058 from where defensive buying emerged as rumors of Sovereigns on the bid in EUR/USD at 1.3570 surfaced. This triggered a USD selling frenzy with the pair surging to fresh daily highs by 2.0145 from where the latest minor setbacks have occurred to 2.0110, coinciding with the daily open price.
Technicians note that failure by 2.0145 today aligns with the neckline of an intraday H&S top that had triggered Thursday. Inability to move beyond the 2.0145 former support now turned resistance, opens the door for a potential 1-2- 3 top that could now be playing out.
Given the recently priced in BoE hike, strong US data, and technical justification for additional corrective action in the pair, we see today"s high by 2.0145 as a lower top in the works and continue to view recent price action as the start to a broader correction for the pair. [email protected] /rs

Thanks MPP for this, it does help to some degree in understanding today's behaviour.....

I am going to try to look at the whole picture again Sunday, but now it's time to let go, and consider afresh come end of the weekend....

Cheers
  • #17,774
  • Jul 6, 2007 12:57pm Jul 6, 2007 12:57pm
cheers

have a nice and relaxing weekend
  • #17,775
  • Jul 6, 2007 2:19pm Jul 6, 2007 2:19pm
Have a nice weekend. Hope next week will give us more pips.

{Promotion Removed}
  • #17,776
  • Jul 6, 2007 3:10pm Jul 6, 2007 3:10pm
Quoting manu.aquetdju
http://nyy.ny.funpic.de/images/avatars/avatar-210.gif

watch out, cable drooooops
GJ at 248 and EJ at 168, we just HAD to bring her back....

I still ROFL here... Killer, killer post...
  • #17,777
  • Jul 6, 2007 3:17pm Jul 6, 2007 3:17pm
Quoting cesarnc
GJ at 248 and EJ at 168, we just HAD to bring her back....

I still ROFL here... Killer, killer post...
Thank you for bringing her back
  • #17,778
  • Jul 6, 2007 3:58pm Jul 6, 2007 3:58pm
Feel free to bring her back as often as possible !!!

I agree.... POST OF THE WEEK !!!!
  • #17,779
  • Jul 6, 2007 4:26pm Jul 6, 2007 4:26pm
Quoting karmostaji
we'll definitely be going above 0200 next week
Passes out a few more muffins!

-Don't worry, I'll make more...
USD Est Non Mortuus
  • #17,780
  • Jul 6, 2007 4:46pm Jul 6, 2007 4:46pm
Quoting cesarnc
Glad to help.

Too lousy a NFP move, dollar failing to go up even with 10yr spiking up. There is no trader with too much patience. "Not going down? Okay, let's go up then"

Cera don't worry, next week shall be 300 p down
Give me patience
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