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Cable Update (GBPUSD)

  • #1,341
  • Dec 11, 2006 11:50pm Dec 11, 2006 11:50pm
I have tried both day trading and long term.

I am leaning towards the Long term mostly.

It is hard to sit and watch pips go by, especially when you know the direction.

So the answer would be long term with some scalping for the fun of it in the middle.

Monarch
  • #1,342
  • Dec 11, 2006 11:53pm Dec 11, 2006 11:53pm
I entered long at 1.9602. Today support line at 1.9588 if this line break i will short but most probabily cable will go up.

Today news look will push cable up. Longterm period cable may reach 1.9000ish or 2.0000ish.

Hope everyone will get more pips in black.
"Invest With The Insiders, Not The Masses" George Muzea
  • #1,343
  • Dec 11, 2006 11:57pm Dec 11, 2006 11:57pm
Correction:

Longterm period cable may reach 1.9900ish or 2.0000ish.


Quoting Qu|cksilver
I entered long at 1.9602. Today support line at 1.9588 if this line break i will short but most probabily cable will go up.

Today news look will push cable up. Longterm period cable may reach 1.9000ish or 2.0000ish.

Hope everyone will get more pips in black.
"Invest With The Insiders, Not The Masses" George Muzea
  • #1,344
  • Dec 12, 2006 12:29am Dec 12, 2006 12:29am
Hello all, yesterday as i posted on this thread i said cable will go up for a while before continue the down trend.but now the down trend is weakening, let see if the cable can break 9650-60 it will resume the up trend.we have news coming out soon.rite now i still watch the market prepare for the news.cheers
  • #1,345
  • Dec 12, 2006 1:06am Dec 12, 2006 1:06am
Looking at the past six 1 hour candles, they have either opened or closed within 7 pips of each other

The Fibo at 1.9608 is holding very strongly. We also have a R1 above it at 1.9627 holding there also.

We have been in 17 pip channel going on our fifth hour, we are being weighed in the balance here while we wait for the market open.

Monarch
  • #1,346
  • Dec 12, 2006 3:08am Dec 12, 2006 3:08am
what did you base your 9590 droup on
Quoting monarch
I entered a Short at 1.9623, looking for a 10-15 pip pickup - just testing a few indicators I am using, plus I stated this was going to happen a post while ago.

Never hurts to test the waters.

Still expect Long for a up to 1.9700 area.

Monarch
  • #1,347
  • Dec 12, 2006 3:09am Dec 12, 2006 3:09am
excuse me I jut woke up drop
  • #1,348
  • Dec 12, 2006 3:31am Dec 12, 2006 3:31am
UK Nov CPI +2.7% y/y vs consensus +2.6%, last +2.4%. RPI +3.9% y/y vs consensus +3.6% y/y. At release EURGBP 0.6754.
  • #1,349
  • Dec 12, 2006 3:46am Dec 12, 2006 3:46am
I don t like how this looks cable does not trade this way this could very well be a 4 wave on the daily be careful for the whipsaw down to 50% of the 5 wave on daily
  • #1,350
  • Dec 12, 2006 3:50am Dec 12, 2006 3:50am
got my finger on trigger for SALE
  • #1,351
  • Dec 12, 2006 3:53am Dec 12, 2006 3:53am
Quoting fixme1too
got my finger on trigger for SALE
me too... that 50 fib looks like a good place
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #1,352
  • Edited 4:26am Dec 12, 2006 3:53am | Edited 4:26am
pulled trigger. if i am wrong i did good on the long and will wait at mid 9700's for fall down we could very well hit 50% on the 5 wave on the daily chart first. Man just be careful. cable does not stop mid stride like this i am trading on price action right now
  • #1,353
  • Dec 12, 2006 3:55am Dec 12, 2006 3:55am
<TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR><TD class=newsStoryHeadline colSpan=2>Sterling hits day's highs after strong UK CPI</TD></TR><TR><TD>http://wminvest.ldn.swissbank.com/im...eric/trans.gif</TD></TR><!--News Body starts here--><TR><TD class=newsStory width=450 colSpan=2>LONDON, Dec 12 (Reuters) - Sterling rose to day's highs
against the dollar and the euro on Tuesday after UK inflation
data came in above forecast, boosting the case for another Bank
of England interest rate hike in early 2007.
Consumer prices rose 2.7 percent year-on-year in November,
whilst the retail prices index, on which many UK wage
settlements are based, rose 3.9 percent on the year, the biggest
increase since May 1998.
By 0935 GMT, sterling had risen as high as $1.9643, up 0.4
percent on the day and compared to $1.9609 before the data
<GBP=>. It also hit session highs at 67.42 pence per euro
<EUERGBP=>.
"Those in the market betting on another rate hike will feel
more comfortable with this data," saud Audrey Childe-Freeman,
European economist at CIBC World Markets.
</TD></TR></TBODY></TABLE>
  • #1,354
  • Dec 12, 2006 4:01am Dec 12, 2006 4:01am
where is that level at
Quoting fixme1too
I don t like how this looks cable does not trade this way this could very well be a 4 wave on the daily be careful for the whipsaw down to 50% of the 5 wave on daily
  • #1,355
  • Dec 12, 2006 4:08am Dec 12, 2006 4:08am
I got this:

Sterling/dollar

(...)Immediate resistance is at 1.9590 and this level must give way to encourage further demand. Above 1.9610, the pair has resistance at 1.9675 from a Fibonacci retracement level. Distant resistance is at 1.9730.

Initial support comes at 1.9520. The next level is 1.9445 from a Fibonacci retracement level. If cable can penetrate it, then look for another decline to 1.9410. .

Oscillators are mixed (?!?!?)


NEAR-TERM: Mixed (?!?!)
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

According to this, is it time go short?
  • #1,356
  • Dec 12, 2006 4:12am Dec 12, 2006 4:12am
Sorry for the ignorant question but if the CPI is up, is that good or bad. Also what does the y/y mean.

Thanks.
Also I see the calendar but where do you find the results of whats on the calendar the quickest if you want to trade the news.
  • #1,357
  • Dec 12, 2006 4:13am Dec 12, 2006 4:13am
OK i am in short 9640.....I am may shot my bolt early because i told myself to wait for 9655 but in now. lets see
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #1,358
  • Dec 12, 2006 4:17am Dec 12, 2006 4:17am
Where are we going? Mixed signals. I've just entered short! This is crazy, figures seem to indicate a rate increase, why has cable not gone through the roof?
  • #1,359
  • Dec 12, 2006 4:25am Dec 12, 2006 4:25am
You asked the key question.. Listen to yourself and if not logical or "If it don't make dollars it dont make sense" so to speak then you go to your system and look for things verifying your thought and move on it your thoughts with verification from your system. Which you have done. Good move on your behalf.
Quoting Terri1
Where are we going? Mixed signals. I've just entered short! This is crazy, figures seem to indicate a rate increase, why has cable not gone through the roof?
  • #1,360
  • Dec 12, 2006 4:28am Dec 12, 2006 4:28am
Quoting deyler
Also I see the calendar but where do you find the results of whats on the calendar the quickest if you want to trade the news.

Most of the time I don't even know the results. I just surf the wave
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