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Cable Update (GBPUSD)

  • #26,861
  • Aug 26, 2007 10:08am Aug 26, 2007 10:08am
Quoting SunTrader
A higher low by 30 pips is more like double bottom, but in-any-case I trade intra-day so then the trend on weekly charts have less meaning. Now for longer term traders then yes.
I also trade interday,but check out this support
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  • #26,862
  • Edited 10:50am Aug 26, 2007 10:39am | Edited 10:50am
well this chart is definatly not for day traders, stops have to be 100-150 below, but risk reward can be as high as 1 vs 7...,
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its just money
  • #26,863
  • Aug 26, 2007 10:40am Aug 26, 2007 10:40am
This is how I learned to recognize support and resistance. First find a consolidation period and then look for a breakout bar. Charts shows breakdown from resistance (red arrow) and 2 instances (blue arrow) of breakout from support. Most recent monthly bars really haven't broke in either direction in a strong way.
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  • #26,864
  • Aug 26, 2007 10:46am Aug 26, 2007 10:46am
Switching the chart to a weekly basis then shows how these s/r levels can be used on lower time frame. Ovals are swing points:
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  • #26,865
  • Aug 26, 2007 11:43am Aug 26, 2007 11:43am
I am short on Cable.
  • #26,866
  • Aug 26, 2007 11:53am Aug 26, 2007 11:53am
Dear FF members,


Newbie's opinion

Cable can reach these level

1st Target: 2.0164

2nd Target: 2.0177


THIS IS NOT A TRADE RECOMMENDATION, JUST AN ANALYSIS
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  • #26,867
  • Aug 26, 2007 12:10pm Aug 26, 2007 12:10pm
Please I need to know the signs that made many people here to go short, can everyone here post his/her signs and indicators
  • #26,868
  • Aug 26, 2007 12:17pm Aug 26, 2007 12:17pm
Quoting pino2
Please I need to know the signs that made many people here to go short, can everyone here post his/her signs and indicators
well

i think Cable had just gone for a breakout last Friday

closing at 2.0144

so, probably the Uptrend is on the way
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  • #26,869
  • Aug 26, 2007 12:28pm Aug 26, 2007 12:28pm
I was looking to go long and I already placed my signs earlier on Friday, but I won't open any new trades now, I will wait to see what will happen on Monday and will take action accordignly, I still have 2 long trades running @ 1.9870 and 1.9904.
  • #26,870
  • Aug 26, 2007 12:32pm Aug 26, 2007 12:32pm
The fibonacci resistance stays at 2.0150 so there is no significant reason to long. same thing for shorts. Many people that suggest shorts including me count on double fibonacci level as a low risk trade with tight stop less but there is no clear indication that it is going to drop.
Forex is not easy!
  • #26,871
  • Aug 26, 2007 1:54pm Aug 26, 2007 1:54pm
Cable current price now is 2.0138 and it reached 2.0143, this means it broke the Friday's high 2.0137, but I have a feeling it will go down to 2.009's very soon, IMO
  • #26,872
  • Aug 26, 2007 2:32pm Aug 26, 2007 2:32pm
Oh my, friday's high in my chart is 2.0149 :S This is weird!
That means the level has not been tested?
Forex is not easy!
  • #26,873
  • Aug 26, 2007 2:33pm Aug 26, 2007 2:33pm
Nice week to you all...

Let's suck this market dry

On my side, when cable ends the week at its highs, retraces on Monday... That's what I'm looking for, I could be wrong...

Big truck tomorrow, only after the housing data... Until that I'm a scalper from London on...
  • #26,874
  • Aug 26, 2007 2:35pm Aug 26, 2007 2:35pm
Looking at my charts....tough to decide which way it's going, I will let market tell me what direction we are going.

Don't forget Trichet speaks tomorrow and that could have a major influence, plus the fact that "Existing Home Sales" is due up after him.

Pound could range until then.....
  • #26,875
  • Aug 26, 2007 2:43pm Aug 26, 2007 2:43pm
Quoting shaz_rog
Dear FF members,


Newbie's opinion

Cable can reach these level

1st Target: 2.0164

2nd Target: 2.0177


THIS IS NOT A TRADE RECOMMENDATION, JUST AN ANALYSIS
It may be an analysis to you, but it is only numbers to me. Maybe you can clue us in what went into your analysis to detemine target levels only 13 pips apart?

PS maybe you can use smaller type font in the future too.
  • #26,876
  • Aug 26, 2007 2:49pm Aug 26, 2007 2:49pm
Also UK banking holiday on Monday.
  • #26,877
  • Aug 26, 2007 2:52pm Aug 26, 2007 2:52pm
i went short at 2.0142, small 500k position this is a risky trade do to the fact my signal was weak for this short 50-50
If I Go Broke Trying Then I Will die happy.
  • #26,878
  • Aug 26, 2007 2:55pm Aug 26, 2007 2:55pm
Quoting Turtle
Looking at my charts....tough to decide which way it's going, I will let market tell me what direction we are going.

Don't forget Trichet speaks tomorrow and that could have a major influence, plus the fact that "Existing Home Sales" is due up after him.

Pound could range until then.....
Thanks for heads up on Trichet. I don't like to be in big positions when he's on the wires... Seen comments he's gonna buy some time and disapoint those looking for his usual "raising next month" / "forget about hike kids, go home" kind of style. Due to uncertainties on stock markets for sure

I think there'll be a lot of market to trade heavily after Trichet + Existing homes, so relax guys... Beer still on on Sunday evening.
  • #26,879
  • Aug 26, 2007 3:08pm Aug 26, 2007 3:08pm
Quoting Moe
i went short at 2.0142, small 500k position this is a risky trade do to the fact my signal was weak for this short 50-50
s/l 2.0300, t/p 1.9300 or when a enough is enough.
If I Go Broke Trying Then I Will die happy.
  • #26,880
  • Aug 26, 2007 3:13pm Aug 26, 2007 3:13pm
Quoting Moe
s/l 2.0300, t/p 1.9300 or when a enough is enough.
What is your signs for going short
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