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Cable Update (GBPUSD)

  • #481
  • Dec 1, 2006 7:56am Dec 1, 2006 7:56am
UBS sees today's ISM at 52.0 [same projected at FF], breaking a 20 year record of sub-50 readings in the Chicago PMI never being followed by an above 50 ISM report. According to UBS, the Beige Book indicates solid growth in sectors outside of housing and that today's numbers will "either confirm or refute the weakness seen this week in the volatile Durables and [Initial] Claims numbers".
  • #482
  • Dec 1, 2006 8:02am Dec 1, 2006 8:02am
Well Bernanke did not comment on economic or monetory policy.
I'm a disciplined trader and that's the only way I trade.
  • #483
  • Dec 1, 2006 8:11am Dec 1, 2006 8:11am
Quoting drick008
Well Bernanke did not comment on economic or monetory policy.
The Fed is on pause, in neutral. So maybe he thinks a "do nothing, say nothing" policy will make it all go away. The man is in denial....and I don't mean the African river!
  • #484
  • Dec 1, 2006 8:14am Dec 1, 2006 8:14am
It's moving up?
I'm a disciplined trader and that's the only way I trade.
  • #485
  • Dec 1, 2006 8:16am Dec 1, 2006 8:16am
I will wait for the ISM report before I trade.
  • #486
  • Dec 1, 2006 8:20am Dec 1, 2006 8:20am
Broker screwed me over on cable long overnight. Put in a buy order at 1.9710 with a TP of 1.9748. Woke up this morning with the trade closed out at my stop loss at 1.9659. Looked at the charts and in metatrader it had hit a high of 1.9748.

Too bad I had not saved a screenshot, because now I have no way of proving the TP point.

Bad week for me, Yesterday night got stopped out on a winning trade by 1 pip.

Arrgh...sorry for the venting.

Paul
  • #487
  • Dec 1, 2006 8:24am Dec 1, 2006 8:24am
Quoting pasha_02
Broker screwed me over on cable long overnight. Put in a buy order at 1.9710 with a TP of 1.9748. Woke up this morning with the trade closed out at my stop loss at 1.9659. Looked at the charts and in metatrader it had hit a high of 1.9748.

Too bad I had not saved a screenshot, because now I have no way of proving the TP point.

Bad week for me, Yesterday night got stopped out on a winning trade by 1 pip.

Arrgh...sorry for the venting.

Paul
thats a shame!!! wondering what broker it was?
  • #488
  • Dec 1, 2006 8:26am Dec 1, 2006 8:26am
Quoting pasha_02
Broker screwed me over on cable long overnight. Put in a buy order at 1.9710 with a TP of 1.9748. Woke up this morning with the trade closed out at my stop loss at 1.9659. Looked at the charts and in metatrader it had hit a high of 1.9748.

Too bad I had not saved a screenshot, because now I have no way of proving the TP point.

Bad week for me, Yesterday night got stopped out on a winning trade by 1 pip.

Arrgh...sorry for the venting.

Paul
That's exactly why I always use Trailing stops.
  • #489
  • Dec 1, 2006 8:29am Dec 1, 2006 8:29am
Quoting drick008
It's moving up?
Said nothing to reassure strength in the greenback....the world sees the US recession and interest rates eased, coming soon. ISM will be THE news for this morning, IMHO.
  • #490
  • Dec 1, 2006 8:37am Dec 1, 2006 8:37am
ISM news expected to be good for usd but we'll see
Trade what you see, not what you think.
  • #491
  • Dec 1, 2006 8:37am Dec 1, 2006 8:37am
Considering the week and month is closing, I would expect to see some profit taking taking place before the NY close. Ideally, we get a spike up from the ISM and then a Fat sell off.
Trade what you see - Not what you think
  • #492
  • Dec 1, 2006 8:45am Dec 1, 2006 8:45am
Geez,

9720ish....

A below 50 ISM should blow the doors off 9740, with a nice retracement in the form of profit-taking. On the other hand if USB and FF are correct (52), that could initiate the profit taking, fat downside. Good trading to all.
Just information; not a recommendation.
  • #493
  • Dec 1, 2006 8:50am Dec 1, 2006 8:50am
Sorry about your loss, Pasha 02, but my chart peaked @ 9746 and actually price hit 9746 several times on the 5min chart.

also, I have found MT not always reliable.
Consistency and patience is everything
  • #494
  • Dec 1, 2006 8:53am Dec 1, 2006 8:53am
Quoting ssotiro
That's exactly why I always use Trailing stops.
My trading system does not allow trailing stops on GBP due to high volatility of the currency, account size, amount at risk, and preserving profits. The system works great in ranging markets so I am currently getting reamed on this huge uptrend and the broker.

Paul
  • #495
  • Dec 1, 2006 8:55am Dec 1, 2006 8:55am
Quoting Geldmeister
Sorry about your loss, Pasha 02, but my chart peaked @ 9746 and actually price hit 9746 several times on the 5min chart.

also, I have found MT not always reliable.
Thanks for the heads up. Going to go back to the workshop and tinker with the system.
  • #496
  • Dec 1, 2006 8:56am Dec 1, 2006 8:56am
MT4 reads 1.9746 high
  • #497
  • Dec 1, 2006 8:59am Dec 1, 2006 8:59am
ISM is 49.5 and we'll se some profit taking.
  • #498
  • Dec 1, 2006 9:08am Dec 1, 2006 9:08am
Good thing I use tradethenews.com I saw the number before the move. My Trading Platform's Squwak news did not show up until 5 minutes later and saw more movement after.
I'm a disciplined trader and that's the only way I trade.
  • #499
  • Dec 1, 2006 9:26am Dec 1, 2006 9:26am
any indication how hi it will go?
  • #500
  • Dec 1, 2006 9:28am Dec 1, 2006 9:28am
I trade the news to get 50 pips...just hit my target. Well, that's it for me for today.
I'm a disciplined trader and that's the only way I trade.
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