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Cable Update (GBPUSD)

  • #1,601
  • Dec 13, 2006 3:52am Dec 13, 2006 3:52am
Right now the pound seems to be getting some strong resistance at 1.9720.

It has approached twiced and bounced off so far.
  • #1,602
  • Dec 13, 2006 4:58am Dec 13, 2006 4:58am
Attached Image
Trust price. Know yourself.
  • #1,603
  • Dec 13, 2006 5:49am Dec 13, 2006 5:49am
Just a piece of information for today. Expected was 0.1%

U.S. retail sales should turn positive

Wed, Dec 13 2006, 11:41 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) – November US retail sales are expected to rise a 0.3% as petrol prices have slowed.

“Consumers are spending at a high level, but retailers are finding that growth is harder to achieve as shoppers wait for bargains,” stated Roger M. Kubarych, economist at HVB Group.

“Chain store reports for November were mixed, but with a downward tilt. Sales at gasoline stations declined a little further, he said.
  • #1,604
  • Dec 13, 2006 5:57am Dec 13, 2006 5:57am
Looks like 1.9729 is a strong resistance level yet to be broken. Look back at the high high on 2006/12/08.

I've been Long since 0806GMT. I might take profit now and wait until after the news.

In my amateur opinion, I think if this, 1.9729 resistance level, is broken, then it's time to go long. Otherwise, go short.
  • #1,605
  • Dec 13, 2006 6:01am Dec 13, 2006 6:01am
Quoting Tush
Looks like 1.9729 is a strong resistance level yet to be broken. Look back at the high high on 2006/12/08.

I've been Long since 0806GMT. I might take profit now and wait until after the news.

In my amateur opinion, I think if this, 1.9729 resistance level, is broken, then it's time to go long. Otherwise, go short.
My opinion, too. I have bullish indicators but the market is fighting 9720 for about 2 hours already. I still cannot figure out which will prevail - indicators or the resistance
  • #1,606
  • Dec 13, 2006 6:08am Dec 13, 2006 6:08am
I've decided to take profit for now.

Will enter long if cable passes beyong 1.9740.

Now, enjoy some lunch.
  • #1,607
  • Dec 13, 2006 6:12am Dec 13, 2006 6:12am
Any strategies for going short?
  • #1,608
  • Dec 13, 2006 6:33am Dec 13, 2006 6:33am
Quoting Tush
Any strategies for going short?
Retail 0.3% against 0.1% expected is "USD-friendly", isn't it? Well, would the market be hanging to fire a big sell-off after the news?

Just wondering, since market is quite for hours now...What would you say?
  • #1,609
  • Dec 13, 2006 7:44am Dec 13, 2006 7:44am
My strategy here is to go short as soon as it crossed the Pivot line down.

Currently cable has bounced of the 38.2 mark, 1.9627, on the fibo retracement line drawn from today's high to the low on 2006/12/11 at 0200GMT.

I'm going to stay short for now and see.
  • #1,610
  • Dec 13, 2006 7:48am Dec 13, 2006 7:48am
Quoting Tush
My strategy here is to go short as soon as it crossed the Pivot line down.

Currently cable has bounced of the 38.2 mark, 1.9627, on the fibo retracement line drawn from today's high to the low on 2006/12/11 at 0200GMT.

I'm going to stay short for now and see.
I scalped 50pips and jumped out. 9740 seems support now. clueless for now...
  • #1,611
  • Dec 13, 2006 7:53am Dec 13, 2006 7:53am
Do you mean 9640 as opposed to 9740?
  • #1,612
  • Dec 13, 2006 7:55am Dec 13, 2006 7:55am
Quoting Tush
Do you mean 9640 as opposed to 9740?
I'm sorry, my mistake. 9640 as support.. It was a very strong resistance yesterday and once broken, started a support behaviour. With USD-friendly news, market sold off but is bouncing 9640.
  • #1,613
  • Dec 13, 2006 7:58am Dec 13, 2006 7:58am
Doesn't look like anyone to sell to at the moment.
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #1,614
  • Dec 13, 2006 8:01am Dec 13, 2006 8:01am
FYI

I just got a Bagovino Indicator indication to go short (go to the Systems section in th Forums).
  • #1,615
  • Dec 13, 2006 8:06am Dec 13, 2006 8:06am
Hey Tush, careful with that Bago signal, it's news triggered and if that reverses you got a typical false breakout.
Consistency and patience is everything
  • #1,616
  • Dec 13, 2006 8:09am Dec 13, 2006 8:09am
That return to the 38.2 is almost toooo precise... Are we revving up for the next upward move?
  • #1,617
  • Dec 13, 2006 8:11am Dec 13, 2006 8:11am
Quoting Lifecycle
That return to the 38.2 is almost toooo precise... Are we revving up for the next upward move?
I'm done "gambling" today . Only good signals to drag me back into market. That Cable is so freaking crazy
  • #1,618
  • Dec 13, 2006 8:15am Dec 13, 2006 8:15am
Thanks GeldMeister,

You're right: it's news triggered.

However, I didn't trade on the Bagovino signal. I traded once it got past the Pivot line.

I suppose, in all fairness to both your point and my maxim to never trade news, I should have not traded on the pivot line and waited until it crossed my 38.2 fibo line at 1.9626.

But, now that I'm short, I'm going to wait and see.

Quoting Geldmeister
Hey Tush, careful with that Bago signal, it's news triggered and if that reverses you got a typical false breakout.
  • #1,619
  • Dec 13, 2006 8:19am Dec 13, 2006 8:19am
Quoting Qu|cksilver
<TABLE class=tborder cellSpacing=0 cellPadding=3 width="100%" align=center border=0><THEAD><TR><TD class=alt1 align=middle>USD</TD><TD class=alt1>Core Retail Sales m/m</TD><TD class=alt1 align=middle>http://www.forexfactory.com/forexfor...sc/mi_high.gif</TD><TD class=alt1 align=middle></TD><TD class=alt1 align=middle>0.2%</TD><TD class=alt1 align=middle>-0.4%</TD></TR></THEAD><TBODY></TBODY></TABLE>
I just entered my short at 1.9708
This news will push cable low.. let's see..
Kudos to you Qu|cksilver! You made it once again! Way to go!:-)
  • #1,620
  • Dec 13, 2006 8:30am Dec 13, 2006 8:30am
It's broke through my 38.2 fibo line at 1.9626.

Quoting Tush
Thanks GeldMeister,

You're right: it's news triggered.

However, I didn't trade on the Bagovino signal. I traded once it got past the Pivot line.

I suppose, in all fairness to both your point and my maxim to never trade news, I should have not traded on the pivot line and waited until it crossed my 38.2 fibo line at 1.9626.

But, now that I'm short, I'm going to wait and see.
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