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Cable Update (GBPUSD)

  • #781
  • Dec 5, 2006 8:16am Dec 5, 2006 8:16am
infuriatingly
  • #782
  • Dec 5, 2006 8:16am Dec 5, 2006 8:16am
stands for private msg. look at the top of your screen right under the forex factory emblem you should see on the left hand side of your screen new pm's



Quoting Tush
I'm sorry, PM?
  • #783
  • Dec 5, 2006 8:26am Dec 5, 2006 8:26am
Quoting fixme1too
i do if we get another spike on this ism news im shorting again at the peak. cable is grossly over bought needs to take a breath i am looking overall at 9100s before move up to 2's if we extend on this 4 wave we wont see 2's. I know you may not know what i am talking about but this is my plan. short term im looking for 9600's when I see them I will let you know.
Sometimes currencies move the same direction in spite of "overbought" or "oversold" conditions.

What does a stochastic know from "overbought" anyway? It's only algorithms and ticks measured on a screen. It can't provide analysis for why the currency is behaving the way it is...it just tells you that it is.

I'm not an expert, but I can almost guarantee that the money-movers aren't paying attention to such stats. They're buy or selling relative to the strength or weakness of the currency itself.

There are very good reasons why the dollar is trending downward. It would be sage to focus on why that's happening rather than technical indicators in this situation.

Just my opinion.
Is your SL my TP?
  • #784
  • Dec 5, 2006 8:28am Dec 5, 2006 8:28am
I agree because when G/U is still at 1.9100 many say that they're overbought, but look at now where the rate is, and this might be called mega-overbought?
  • #785
  • Dec 5, 2006 8:32am Dec 5, 2006 8:32am
Quoting fspirani
Does anyone has clue why cable is going down right now although news came out at 8.30EST was bad for dollar?
cos when it hit the high, it hit the fibo
  • #786
  • Dec 5, 2006 8:35am Dec 5, 2006 8:35am
momentum slowing... the combo of good UK news and bad US news last week would have led to a GBPUSD buying frenzy... it probably due some sideways consolidation or correction for a bit... history says it is the season to be a USD seller (december) but sometimes seasons don't pan out like expected...

...was there actually a hurricane in the US this year?
what a difference a year makes last year was crazy for hurricanes!

...anyway... as I was saying the seasons don't end up like people expect...

kavs
_____________ Kavs Make It Happen For Yourself
  • #787
  • Dec 5, 2006 8:36am Dec 5, 2006 8:36am
Quoting fxpinoy
I agree because when G/U is still at 1.9100 many say that they're overbought, but look at now where the rate is, and this might be called mega-overbought?
I think it's not because of the price level. But it depends on the volatility.
  • #788
  • Dec 5, 2006 8:37am Dec 5, 2006 8:37am
ok. i only use RSI dont know nothing about other technicals I am a fundamental trader. I recommend you do so more studying and chart reviews Right now what is happening is the same thing that happened in april and may of this year it actually started end of march. Look at your overbought conditions and then look at your rsi and what happened from that point ok. Also look back in 1994 and see what happened trading is cyclical. If you keep things in your "mind's eye" You will make money when certain conditions arise like the one we are in. You must first get burnt though, growing pains some call it. also this is why you get the spike on the bad news but bounce back to where you started from or even lower.
One last piece of advise trade based on substance not what you feel or think the market should do because of personal opinion. Never ever ever ever do that.


Quoting kenmania
Sometimes currencies move the same direction in spite of "overbought" or "oversold" conditions.

What does a stochastic know from "overbought" anyway? It's only algorithms and ticks measured on a screen. It can't provide analysis for why the currency is behaving the way it is...it just tells you that it is.

I'm not an expert, but I can almost guarantee that the money-movers aren't paying attention to such stats. They're buy or selling relative to the strength or weakness of the currency itself.

There are very good reasons why the dollar is trending downward. It would be sage to focus on why that's happening rather than technical indicators in this situation.

Just my opinion.
  • #789
  • Dec 5, 2006 8:38am Dec 5, 2006 8:38am
Hey , don't try to figure it out. Just go with the trend.
any semblance of good news even slightly bad is good news.

The buyers have to take profits. The dollar is overbought sure.
But the second indicator was the productivity costs were down, even the productivity itself was lower than expected.

The trend is your friend.
  • #790
  • Dec 5, 2006 8:40am Dec 5, 2006 8:40am
So if something is overbought in any economy whats happens ppl stop buying it right. If a car today cost 30k then next week 35k then 40k what eventually happens ppl say hey man the car was just 30k now its 40k already I am not going to buy now I will wait until price comes down b4 I buy. Same concept here. Think like a banker and you will make money.



Quoting fxpinoy
I agree because when G/U is still at 1.9100 many say that they're overbought, but look at now where the rate is, and this might be called mega-overbought?
  • #791
  • Dec 5, 2006 8:57am Dec 5, 2006 8:57am
Quoting fixme1too
Think like a banker and you will make money.
Im a banker,my company(bank) make a lot of money including myself on Monthly bases..
  • #792
  • Dec 5, 2006 8:58am Dec 5, 2006 8:58am
It's okay bro. Like I said, just my opinion. I'm sure you've been doing this longer than I have.

I'll just say, maybe I do have some more hard lessons coming, but so far I've been doing pretty well trading on my "feelings", and I feel to go long, and longer on cable.


Quoting fixme1too
ok. i only use RSI dont know nothing about other technicals I am a fundamental trader. I recommend you do so more studying and chart reviews Right now what is happening is the same thing that happened in april and may of this year it actually started end of march. Look at your overbought conditions and then look at your rsi and what happened from that point ok. Also look back in 1994 and see what happened trading is cyclical. If you keep things in your "mind's eye" You will make money when certain conditions arise like the one we are in. You must first get burnt though, growing pains some call it. also this is why you get the spike on the bad news but bounce back to where you started from or even lower.
One last piece of advise trade based on substance not what you feel or think the market should do because of personal opinion. Never ever ever ever do that.
Is your SL my TP?
  • #793
  • Dec 5, 2006 8:59am Dec 5, 2006 8:59am
Dont take it personal. You got it wrong. I was telling him to "Think like a banker and he will make money"
OH BOY NEWS OUT LOOK A THERE


Quoting shahfx
Im a banker,my company(bank) make a lot of money including myself on Monthly bases..
  • #794
  • Dec 5, 2006 9:02am Dec 5, 2006 9:02am
Quoting fixme1too
Dont take it personal. You got it wrong. I was telling him to "Think like a banker and he will make money"
OH BOY NEWS OUT LOOK A THERE
its so okey??When my target is achieved,i ll be Full time Trader..maybe this yrs..Amin!!
  • #795
  • Dec 5, 2006 9:07am Dec 5, 2006 9:07am
Hope you changed your mind



Quoting kenmania
It's okay bro. Like I said, just my opinion. I'm sure you've been doing this longer than I have.

I'll just say, maybe I do have some more hard lessons coming, but so far I've been doing pretty well trading on my "feelings", and I feel to go long, and longer on cable.
  • #796
  • Dec 5, 2006 9:08am Dec 5, 2006 9:08am
How Abt 9685 as Minor reversal Pts for tdy and Long term arnd 2.099
  • #797
  • Dec 5, 2006 9:10am Dec 5, 2006 9:10am
nope not there
it will be a while look for this week to be bearish



Quoting shahfx
How Abt 9685 as Minor reversal Pts for tdy and Long term arnd 2.099
  • #798
  • Dec 5, 2006 9:12am Dec 5, 2006 9:12am
Hi Shah,

Akum, do you mean price will reverse when hit 9685 and will continue uptrend?
Yacob I dive the market without Fear.
  • #799
  • Dec 5, 2006 9:13am Dec 5, 2006 9:13am
what i mean is just for tdy low is 9685-of cos for this week is still going down cos differ from open on monday(this week) more than 100 pips already..
  • #800
  • Dec 5, 2006 9:14am Dec 5, 2006 9:14am
I commend you on your short. If my stops are taken out (they're at 1.9650) then I can consider myself "schooled".

Quoting fixme1too
Hope you changed your mind
Is your SL my TP?
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