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Cable Update (GBPUSD)

  • #30,141
  • Sep 12, 2007 4:48am Sep 12, 2007 4:48am
cable has broken all previous fibo levels the next major resistance is at 2.045. If we past that we could be in a run to make new highs.
It will go up a little and it will go down a little 2.04 could happen today or tommorow. Time will tell as they say.
Just Trade It
  • #30,142
  • Sep 12, 2007 4:51am Sep 12, 2007 4:51am
--Continuing housing market weakness will slow the U.S. economy into next year, and the situation is likely to lead to lower interest rates in the U.S., a senior official of the International Monetary Fund said Wednesday.

Moreover, Simon Johnson, director of the IMF's Research Department, also said at a press conference that the fallout of the subprime credit crisis hasn't yet been resolved and that the IMF doesn't understand why the resulting tight financial markets continue.
  • #30,143
  • Sep 12, 2007 5:22am Sep 12, 2007 5:22am
Well i guess that fed cut is not as important as ECBs probable rate hike in the future since i remember trichet was saying that in europe central bank and other banks interact much more than in the USA. Im not sure whether fed will change their policy even though market consesnsus seems to be pretty biased towards 1/4point reduction.
  • #30,144
  • Sep 12, 2007 5:25am Sep 12, 2007 5:25am
Quoting benssol
--Continuing housing market weakness will slow the U.S. economy into next year, and the situation is likely to lead to lower interest rates in the U.S., a senior official of the International Monetary Fund said Wednesday.

Moreover, Simon Johnson, director of the IMF's Research Department, also said at a press conference that the fallout of the subprime credit crisis hasn't yet been resolved and that the IMF doesn't understand why the resulting tight financial markets continue.
tight market continues because banks do not trust each other as much and they wouldnt loan each other, or are very reluctant to, for more than couple of days, this dries all liquidity in the medium term paper. And also everyone goes through repricing their assets so they not sure how much required reserves they really need to support their assets.
  • #30,145
  • Edited 5:57am Sep 12, 2007 5:45am | Edited 5:57am
Hmmm... strange, not a clean breakout of former 4 x top at 2.0330. Beware.
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  • #30,146
  • Sep 12, 2007 5:58am Sep 12, 2007 5:58am
Quoting lexazver
Well i guess that fed cut is not as important as ECBs probable rate hike in the future since i remember trichet was saying that in europe central bank and other banks interact much more than in the USA. Im not sure whether fed will change their policy even though market consesnsus seems to be pretty biased towards 1/4point reduction.
My view is that Trichet is much clearer in his sentences than Bernanke.

His last remarks were
- tightening not over
- banks are strong enough to deal with this crisis
- lack of confidence is due to lack of transparency
- the problem comes from our friends in the other side of the "Atlantique"
- we know where we are going to

The first and the last one were translated into this smooth trading in euro.

At the same time Bernanke was talking about "Global Savings Glut"
  • #30,147
  • Sep 12, 2007 6:01am Sep 12, 2007 6:01am
Poor Mr Cable hides under the table and feels like kinda jumpy
The euro is off, and left him behind and says go join your pals
In yanqui land where recession is planned by rich son G W Monkey

Cable is lonely and feels like it lives
On an island in the midst of the Atlantic
It does of course, so what did it expect from all the bernanke panky ?

Swing traders don't care about reason and rhyme
they want those pips now, or at least by tea time..

I am long, midgets are short
If you sell now then its a loss you have bought...
  • #30,148
  • Sep 12, 2007 6:03am Sep 12, 2007 6:03am
Quoting cesarnc
At the same time Bernanke was talking about "Global Savings Glut"
Oh, and the funny part.

He (Bernanke) attributes US current account MONSTROUS deficit to

- Oil countries saving instead of reinvesting and emerging-markets turning deficit into surplus and then saving instead of reinvesting...

Yeah, Bernie... All our fault here in this miserable third world
  • #30,149
  • Sep 12, 2007 6:04am Sep 12, 2007 6:04am
My view that GU is just plain struggling. It is going up but has difficult time and requires considerable effort. The bears are preparing their weapons and watching closely. My mum used to say if something requires too much effort it's not worth at all. (My grandpa used to say if you've missed the bus do not run after it there will be another one (aka missed trades) ). The condors are preparing and there are more and more of them....
.
  • #30,150
  • Sep 12, 2007 6:06am Sep 12, 2007 6:06am
Maybe the reason for such disgusting price action in cable

Sept. 12 (Bloomberg) -- Bank of England Governor Mervyn King said the bank won't amend its system for financing commercial banks by changing its collateral rules or making longer-dated loans because that would encourage risky behavior in future.
``The provision of such liquidity support undermines the efficient pricing of risk by providing ex-post insurance for risky behavior,'' King said in written testimony to the U.K. Parliament's Treasury Committee. ``That encourages excessive risk- taking, and sows the seeds of a future financial crisis.''


The Bank of England is under pressure from commercial banks to follow the European Central Bank and the U.S. Federal Reserve and do more to help credit markets shaken by the subprime crisis. While the U.K. central bank will offer extra money this week to reduce overnight rates, it has refused to take action to ease three-month borrowing costs.
  • #30,151
  • Sep 12, 2007 6:12am Sep 12, 2007 6:12am
I dont know what you guys are talking about, when I look at the daily and weekly charts all I see are bull candles going up. Maybe a bear candle here and there on the daily but still going up. When I look at the 15 and 30 minute charts for good opportunitys to add to my longs it looks scary out there. All I know is I am still making pips and it is still going up.
Just have to have faith and hold a position longer than an hour or a day or a week. The long term traders are definiatly benifiting from this one.
Just Trade It
  • #30,152
  • Sep 12, 2007 6:13am Sep 12, 2007 6:13am
Quote
My mum used to say if something requires too much effort it's not worth at all. (My grandpa used to say if you've missed the bus do not run after it there will be another one

Hello World!
  • #30,153
  • Sep 12, 2007 6:16am Sep 12, 2007 6:16am
My inidicators:
three magic coins
grandpa
grandmum
mum
.
  • #30,154
  • Sep 12, 2007 6:22am Sep 12, 2007 6:22am
Quoting bullrock
My inidicators:
three magic coins
grandpa
grandmum
mum

DISCIPLINE IS THE KEY TO SUCCESS!!!:nerd:
  • #30,155
  • Sep 12, 2007 6:22am Sep 12, 2007 6:22am
Quoting bullrock

My mum used to say if something requires too much effort it's not worth at all.
but Mr Bullrock -
unless you were less than 8 ounces at birth, it must have required effort to give birth to you and that was worth it... I think so anyway

I am going to join mr bigwaverider for a while...
  • #30,156
  • Sep 12, 2007 6:23am Sep 12, 2007 6:23am
Quoting Big Wave Rider
I dont know what you guys are talking about, when I look at the daily and weekly charts all I see are bull candles going up. Maybe a bear candle here and there on the daily but still going up. When I look at the 15 and 30 minute charts for good opportunitys to add to my longs it looks scary out there. All I know is I am still making pips and it is still going up.
Just have to have faith and hold a position longer than an hour or a day or a week. The long term traders are definiatly benifiting from this one.
The problem is in the intraday, actually... Hard to find 3 hourlies in the same direction. This is a nightmare for the crazy bastards like me who like to go with insane sizes

Euro is doing much better in the intraday.
  • #30,157
  • Sep 12, 2007 6:24am Sep 12, 2007 6:24am
Quoting allserene
but Mr Bullrock -
unless you were less than 8 ounces at birth, it must have required effort to give birth to you and that was worth it... I think so anyway

I am going to join mr bigwaverider for a while...
Yes she started to say that after my birth....
.
  • #30,158
  • Sep 12, 2007 6:25am Sep 12, 2007 6:25am
oil might break 80s this week...today we might see new all time high...
its just money
  • #30,159
  • Sep 12, 2007 6:28am Sep 12, 2007 6:28am
Quoting de123
oil might break 80s this week...today we might see new all time high...
Since I miss this one (not trading commodities) I'm dying to see ethanol going to the market, as it's being said it will...

By the way, what is a nice broker to trade commodities? I mean, without those 100+ SL like yours... LOL....

sorry for the off-topic
  • #30,160
  • Sep 12, 2007 6:30am Sep 12, 2007 6:30am
well i dont know for others, but here the sl isnt the problem,...commision is 11usdx2, so find cheaper somewhere else...
its just money
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