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Cable Update (GBPUSD)

  • #24,821
  • Aug 15, 2007 5:05pm Aug 15, 2007 5:05pm
Quoting tazmet
Just joined the GJ party as well at 231. Hope I'm not too late for the punch.
Your not too late but actually almost perfect time to go short and hold it a few days. This will set up asia and europe beautifully.
Just Trade It
  • #24,822
  • Aug 15, 2007 5:09pm Aug 15, 2007 5:09pm
been following this thread for a while now, thought id throw my pennies worth in

currently short gbp/usd
short gbp/jpy

thinking about shorting eur/gbp in the next couple of hours if I get confirmation
  • #24,823
  • Aug 15, 2007 5:09pm Aug 15, 2007 5:09pm
Quoting MPP
just a quick note to say thanks to everyone here for spareing the time to educate me and provide us new traders with valuable information.

I have today had my best ever trading day and cleared just over 4000pips, these trades have been in place for a few days (SL in place and trades still open to make more).

I know i am not big enough to utter the words of bravado or big wave rider but i sure as hell feel like.

love this business.

I am a happy trader.

once again thanks for the time

regards

MPP


You are welcome, and never be afraid to give your 2 pips worth.
Just Trade It
  • #24,824
  • Aug 15, 2007 5:10pm Aug 15, 2007 5:10pm
Quoting cesarnc
Completing: I'm looking for 227.95 as "not crazy". 78% fib from 221.05 - 251.07.

Too bold?
Not too bold. I am hedging now, not a nice feeling, this thing better go down then up or I am going to slice it's throat. As for targets, i will simply watch the price action, with breakouts like these it's hard to tell what the bottom will be like.

Most dissapointing for me was GU, there was a PERFECT bottom formed there today on the H4, oh well.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #24,825
  • Aug 15, 2007 5:14pm Aug 15, 2007 5:14pm
Quoting Big Wave Rider
Your not too late but actually almost perfect time to go short and hold it a few days. This will set up asia and europe beautifully.
I would wait till it breaks the 230.00 level...
My advice.. Take it or leave it... The reason is that there is an important trendline and it can rebound from there...
.
  • #24,826
  • Aug 15, 2007 5:18pm Aug 15, 2007 5:18pm
Quoting Plutonite
Most dissapointing for me was GU, there was a PERFECT bottom formed there today on the H4, oh well.
Was for me as well. But this time I was eyes wide opened and didn't think twice on shorting the crap out of GU GJ and UJ with the selloff in the stock market. That's the driver. Period. When panic comes, it is people's money on the line. There is not "tech check" here. It's shoot first ask later. 12,900 in Dow Jones was taken out like if it was made of sugar.
  • #24,827
  • Aug 15, 2007 5:20pm Aug 15, 2007 5:20pm
http://img165.imageshack.us/img165/4731/usdcr2.jpg

Is anyone paying attention to this?

First line being hit right now

Second line at 115.82.

(It seems little lines but remember, this is a weekly chart. This lines look monstrous on dailies.) Are you taking this into consideration to your shorts?

If i were a EW trader, i would think that this is a perfect way to start the B correction wave before the final one.
  • #24,828
  • Aug 15, 2007 5:23pm Aug 15, 2007 5:23pm
Quoting bullrock
I would wait till it breaks the 230.00 level...
My advice.. Take it or leave it... The reason is that there is an important trendline and it can rebound from there...
What trendline? We just broke a 16 month trend line yesterday. This baby is going down, sell on dips
Just Trade It
  • #24,829
  • Aug 15, 2007 5:25pm Aug 15, 2007 5:25pm
The reason why I would be cautious...

Quoting Warper
http://img165.imageshack.us/img165/4731/usdcr2.jpg

Is anyone paying attention to this?

First line being hit right now

Second line at 115.82.

(It seems little lines but remember, this is a weekly chart. This lines look monstrous on dailies.) Are you taking this into consideration to your shorts?

If i were a EW trader, i would think that this is a perfect way to start the B correction wave before the final one.
.
  • #24,830
  • Aug 15, 2007 5:26pm Aug 15, 2007 5:26pm
As trend line has been broken and already retraced.. next target @ 1.94? it seems to be a nice fib/confluence value :-)
Attached Image
  • #24,831
  • Aug 15, 2007 5:28pm Aug 15, 2007 5:28pm
Just got back from picking up my car and missed some more action..

Need to carry my laptop with me where ever I go....
  • #24,832
  • Aug 15, 2007 5:28pm Aug 15, 2007 5:28pm
Quoting phn
As trend line has been broken and already retraced.. next target @ 1.94? it seems to be a nice fib/confluence value :-)
That is what I said a couple of pages ago that we might see the GU in the lower end of the 1.9 figure...
.
  • #24,833
  • Aug 15, 2007 5:29pm Aug 15, 2007 5:29pm
On a larger scale, it can go down some hundred pips more
Attached Image
  • #24,834
  • Aug 15, 2007 5:29pm Aug 15, 2007 5:29pm
  •  tazmet
  • | Joined Jun 2007 | Status: Gold Member - Solid Gold Baby! | 47 Posts
Thanks, I think I'll take it. Given my stop loss, I feel most comfortable with the 230 level even if I may give up some pips. This will hopefully spare me the bounce.

Quoting bullrock
I would wait till it breaks the 230.00 level...
My advice.. Take it or leave it... The reason is that there is an important trendline and it can rebound from there...
My business model Get pips => Keep Pips => Repeat
  • #24,835
  • Aug 15, 2007 5:31pm Aug 15, 2007 5:31pm
Quoting Warper

Is anyone paying attention to this?

First line being hit right now

Second line at 115.82.
I'm on it. But recent UJ's bottoms (Oct 2006, Apr 2007) were right at the already mentioned weekly 100 moving average. This time, this EMA is pieced (I'm actually waiting for weekly close below to declare BUSTED).

So this EMA crack tends to accelarate the selloff rather than reverse it right here.

I'm watching 115s as possible today, 115.20 as 100% fibo from Chinese meltdown (all other fibs traded and gone) and anything below it depending on stock market performance.
  • #24,836
  • Aug 15, 2007 5:34pm Aug 15, 2007 5:34pm
Oh man, you guys were confusing me with your 230 and trendline. you have to announce which pair you are talking about other than cable on this thread
Just Trade It
  • #24,837
  • Aug 15, 2007 5:34pm Aug 15, 2007 5:34pm
Quoting SeekingLight
Looking for 230.60 GJ and if not then I'm gonna go cry in a corner. Just reshorted 234 to that effect. If I mentioned 227 and 222 then people would just call me insane so I'm not gonna. Besides:

Currently with the dilemma that I don't see cable or gj dropping with this 4h bar close. But heck, the DJI will decide and that is falling. Below 12950 would help me tremendously. If anyone has stocks - SELL THEM NOW PLEASE. Thanks ;p
Low printed before going to bed: 230.84. Someone do the last push please.


Thanks for selling them stocks folks, DJI closed at 12.861 here

99% chance of cable closing below them daily TLs, if so, R.I.P.

N8N8 =)
Trust price. Know yourself.
  • #24,838
  • Aug 15, 2007 5:34pm Aug 15, 2007 5:34pm
i'm not making any pips but lost a lot(not more then what i made last week). anyone here making pips off current movements?
BAM BAM BOOM! -bravado
  • #24,839
  • Aug 15, 2007 5:36pm Aug 15, 2007 5:36pm
BTW...

382 Fib of...

101.67 -> 124.13 = 115.55 (very near) And getting there it will be enough to a 12500 correlation on DOW.

It may hold considering they are not dying..

I'm usually a "confirmation" guy, but if it gets there... i dont believe it will break that fib without a 30 pip bounce that i will buy with some help of leverage.

Risk controlled of course.

101.67 (year 2005) Major monthly low... after 3 bearish years

That fib should be important right? Its as longer term as they get.
  • #24,840
  • Aug 15, 2007 5:37pm Aug 15, 2007 5:37pm
From FED
" Aug. 15 (Bloomberg) -- Federal Reserve Bank of St. Louis President William Poole said there's no sign that the subprime- mortgage rout is harming the broader economy and suggested an interest-rate cut isn't yet needed."

I'm still new in this financial world. But when this kind of shit pops late in the day it usually means:

"Federal Reserve Bank of St. Louis President William Poole said there's A LOT OF sign that the subprime- mortgage rout is harming INDEED the broader economy and LETS IT CLEAR an interest-rate cut IS COMING SHORTLY.

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