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Cable Update (GBPUSD)

  • #1,501
  • Dec 12, 2006 6:43pm Dec 12, 2006 6:43pm
thanks monarch, right back at ya!
"i wake up in the morning, and i piss excellence"
  • #1,502
  • Dec 12, 2006 6:52pm Dec 12, 2006 6:52pm
Quoting Jimbezy
Umm, whats the deal, trade balance was lower and cable still went up?!?! Was the FOMC meeting that bad? Its been my experiance that in the past when trade balance is lower then anticipated the dollar strengthens. The concept is pretty basic, less dollars are flowing out of the US which equals less dollars floating around which equals a stronger dollar. Or am I mistaken?
the deal is that the big boys wanted to go long and they used thepost data dip as an oppurtunity to do it. remember that the pound put out high inflation data last night, so they still have $2.00 on the brain! i'm not saying its goin' there, but the news doesn't move the market, people do. there is still a dollar negative sentiment out there, and it may not change for a little while. all i can say is keep your eye on the commercial traders!
"i wake up in the morning, and i piss excellence"
  • #1,503
  • Dec 12, 2006 7:11pm Dec 12, 2006 7:11pm
If you ask me, GBP tonight is beginning to look like a flagpole situation....

And because it just does not seem to want to come down below 1.97 maybe that is the real support now...
  • #1,504
  • Dec 12, 2006 7:30pm Dec 12, 2006 7:30pm
The big bankers and other hoodwinking types started to long cable 5min before the FOMC rate announcement at 19:15 GMT today. That tells me that these boys are looking for longs. Look at the 19:10 candle right before the announcement. Go back and check price movement.

Also, every technical I use says to be long as well, and all of my own personal technical B.S. said to long this yesterday. I took profit on my shorts and went long yesterday evening, and am now up 90 or 100 pips, I haven't checked in the last hour or so...

Not that I use 5min charts for anything except observation of news releases, they're pretty well useless for trading...
"The time to act is when others show signs of tire." --W.D. Gann
  • #1,505
  • Dec 12, 2006 7:32pm Dec 12, 2006 7:32pm
And I too have had the feeling I better be getting long...
  • #1,506
  • Dec 12, 2006 8:22pm Dec 12, 2006 8:22pm
I have a question: I'm not a person to be greedy usally i try to catch 20-30 pips on a trade and even sit a stop for 40-45 pips, i know this is not a good risk/reward ratio but the question is this, like last night i had a L cable at 1.9620. stop at 1.9580.. though my direction was set correctly when cable reversed down to 1.9575 and then continued to 1.9700 i was stopped out. so, what's the best way to contour this issue? can anyone share some comments please thanks.
  • #1,507
  • Dec 12, 2006 8:37pm Dec 12, 2006 8:37pm
I guess this is why I dont normally trade news, you never really know where its gonna go some times.
I be pip'n!
  • #1,508
  • Dec 12, 2006 9:21pm Dec 12, 2006 9:21pm
Quoting yulvme
There's a difference between someone that's being cocky or someone that's just the same word without the "Y".
Of course we're happy to see fellow members making money. But, the reason we're on here is to share ideas and reasons to why things happen the way they do. Not, to broadcast to the world on how much one has made on such and such.
A wise man once told me:
" Follow the rabbit into the hole like Alice in the wizard of oz, it will lead you to new things, along the way you shall make friends. You will become free. keep stepping forward, share your discoveries, follow ur curiosity. you are not a conspiracy theorist, but part of a whole. We are all in this together".
Not trying to be a smartass, but Alice and the rabbit were not in the Wizard of Oz. That was Dorothy and her dog Toto. You must be thinking of Alice in Wonderland.
  • #1,509
  • Dec 12, 2006 9:34pm Dec 12, 2006 9:34pm
I have no way of checking prices right now, I am at a birthday party on dial up internet.

Can someone give me an idea where we stand with GBP?

Thanks,

Monarch
  • #1,510
  • Dec 12, 2006 9:36pm Dec 12, 2006 9:36pm
Quoting monarch
I have no way of checking prices right now, I am at a birthday party on dial up internet.

Can someone give me an idea where we stand with GBP?

Thanks,

Monarch
Still stuck above that Fib level... Range from 9700- 9714. Currently at 9712. Enjoy the party. You are not missin a thing.
  • #1,511
  • Dec 12, 2006 9:44pm Dec 12, 2006 9:44pm
This is how I see it, from technical point of view. Right now GBP has retrace to 68% of the drop since 1st Dec to 10th Dec. There is a posibility that the price is in the process of forming a double top or 1-2-3 top before it starts to drop, which may happen is the next few days. But if price continue on north and breaks the top reached on 1st Dec, then this analysis is invalid.

Just my 2 pound opinion.

Selveen
  • #1,512
  • Dec 12, 2006 9:46pm Dec 12, 2006 9:46pm
My apology, not 68% retracement, but 61.8%.
  • #1,513
  • Dec 12, 2006 9:48pm Dec 12, 2006 9:48pm
Quoting mmccormac
Still stuck above that Fib level... Range from 9700- 9714. Currently at 9712. Enjoy the party. You are not missin a thing.
Thanks for the update, its hard if you can't see where your position is going.

Not my idea of being a good trader. LOL

Appreciate it.

Monarch
  • #1,514
  • Dec 12, 2006 9:55pm Dec 12, 2006 9:55pm
Quoting monarch
Thanks for the update, its hard if you can't see where your position is going.

Not my idea of being a good trader. LOL

Appreciate it.

Monarch
No problem. You should get your charts and trading on your phone that way when you get stuck doing something you don't want to (like shopping) you can just trade.

Many brokers offer it and here is a link for one, but by no means do I recommend this broker (it's not who I use, and many offer this service) but it's just an example. http://www.interbankfx.com/wireless_trading.php

Later.
  • #1,515
  • Dec 12, 2006 9:56pm Dec 12, 2006 9:56pm
Quoting 4xfox
Not trying to be a smartass, but Alice and the rabbit were not in the Wizard of Oz. That was Dorothy and her dog Toto. You must be thinking of Alice in Wonderland.
I guess the guy wasn't that wise after all!
  • #1,516
  • Dec 12, 2006 10:02pm Dec 12, 2006 10:02pm
I have been checing into this very thing for next year. GlobalForex has one that I am looking at. I want all the charts, platform, bells and whistles. Do you personally use one?

Any one have any negative things to comment on a wireless phone platform/charts?

Thanks,

Monarch
  • #1,517
  • Dec 12, 2006 10:12pm Dec 12, 2006 10:12pm
Quoting monarch
I have been checing into this very thing for next year. GlobalForex has one that I am looking at. I want all the charts, platform, bells and whistles. Do you personally use one?

Any one have any negative things to comment on a wireless phone platform/charts?

Thanks,

Monarch
I currently use 2 brokers and they don't offer mobile trading. I wish Oanda offered it, but like you I have just opened a 3rd account with GFT to use their Dealbook FX mobile. I've heard good things about this service but don't have first hand experience. They seem to be an ok broker and are big enough to be trustworthy (As much as it can get in an unregulated trading enviroment) as long as you are not wanting good fills during the news spike.

Good luck!

Just my 2 pips.
  • #1,518
  • Dec 12, 2006 10:21pm Dec 12, 2006 10:21pm
I have been in phone contact with GFT for their Dealbook FXMobile, but have not opened an account yet. I will be starting an account in January. If you get it soon, let me know how you like it.

Monarch

Quoting mmccormac
I currently use 2 brokers and they don't offer mobile trading. I wish Oanda offered it, but like you I have just opened a 3rd account with GFT to use their Dealbook FX mobile. I've heard good things about this service but don't have first hand experience. They seem to be an ok broker and are big enough to be trustworthy (As much as it can get in an unregulated trading enviroment) as long as you are not wanting good fills during the news spike.

Good luck!

Just my 2 pips.
  • #1,519
  • Dec 12, 2006 10:24pm Dec 12, 2006 10:24pm
Quoting monarch
I have been in phone contact with GFT for their Dealbook FXMobile, but have not opened an account yet. I will be starting an account in January. If you get it soon, let me know how you like it.

Monarch
I may start trying it next week... I just need to buy the phone to go with it. I use Verizon wireless right now, but I'm trying to figure out what phone would be best to use. Have you done any research on this (bigger the screen the better)?
  • #1,520
  • Dec 12, 2006 10:27pm Dec 12, 2006 10:27pm
Quoting yulvme
I have a question: I'm not a person to be greedy usally i try to catch 20-30 pips on a trade and even sit a stop for 40-45 pips, i know this is not a good risk/reward ratio but the question is this, like last night i had a L cable at 1.9620. stop at 1.9580.. though my direction was set correctly when cable reversed down to 1.9575 and then continued to 1.9700 i was stopped out. so, what's the best way to contour this issue? can anyone share some comments please thanks.
i think you meant to say counter, not countour? either way, don't use stops. and if u r gonna use stops, give yourself more room when tradin' the pound. also, why did u put your stop there? was it below support, or just 40 pips away from you entry? how may times have you picked the right direction only to be stopped out, then have it run back in your direction? i would guess that u r right more than u r wrong. just my humble opinion.
"i wake up in the morning, and i piss excellence"
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