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Cable Update (GBPUSD)

  • #1,881
  • Dec 14, 2006 6:41pm Dec 14, 2006 6:41pm
Based on my technical analysis, i don't see cable will move up to 1.9700 and also today we have USD news expacting bullish for USD. But maybe you are correct and im wrong. The market won't tell us where she will go.

What you want to do is listen to the market. It will tell you where it is going, so you can jump on for the ride.

Quoting yulvme
We are currency trades I know and not fortune tellers, but I really want to ask you guys/gals out there.. Does anyone see from either techinqual or fund that 9700 is in sight for either tonight or tommorrow? I'm holding on a Long position since this morning and when ever it jump up to 9650 area i say to myself, it'll go up to 9700 and right after i say that it drops to 9600. It has done this 3 times on me already. I'm really getting kinda sick of it. Does anyone see 9700 within the next 24-36 hours? please let me know. or at least give me hope ( hope ) such a wrong word for a trader.
"Invest With The Insiders, Not The Masses" George Muzea
  • #1,882
  • Dec 14, 2006 6:42pm Dec 14, 2006 6:42pm
seems like cable is in a good trading range right now from 1.9622-1.9596. Good time to make some easy pips with tight stop losses. I've locked in 50 pips so far buying and selling at those points the last few hours.
  • #1,883
  • Dec 14, 2006 6:43pm Dec 14, 2006 6:43pm
Market should meet resistance at 1.9633. We expect then an extended move down to 1.9573 -1.9518 area.

Be careful : early reversalup
  • #1,884
  • Dec 14, 2006 6:44pm Dec 14, 2006 6:44pm
Drattts my system called that nicely

12hour SMA capped it and created a nastly little sell off.

Shourt near 12hour SMA, short again near 24hour ( maybe Longs on 12hour breaking upto 24hour ), flipping to Longs on a 24hour move over.


Easy
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #1,885
  • Dec 14, 2006 6:44pm Dec 14, 2006 6:44pm
Sounds good but I will close it @1.9608 [Still undecided about the yen direction}. Total pips 4 today 101+. Apppreciate ur valuable words, Quicksilver.
Quoting Qu|cksilver
IF any chance cable move up, SHORT again @ 1.9635

Stoploss: 20 pip

I don't give signal and don't follow my trade. Im just giving you an idea and helping each other.
  • #1,886
  • Dec 14, 2006 6:51pm Dec 14, 2006 6:51pm
Thanks guys for the quick responds time. "sigh" so my options are clear then. play the bouncy bouncy and hopefully catch enough pips to be break out even for the day. Or to get everything out and head to bed. Perhaps dumping out a few lots might help put the worries aside. Just hate to wake up in the morning and see it touching 1.9700 and pee in my pants from disappointment, or get my stop hit at 9555. well, thanks again guys/gals for your insights.
  • #1,887
  • Dec 14, 2006 7:05pm Dec 14, 2006 7:05pm
Quoting monarch
What do you see with this price hanging around 1.9600?

Monarch
Monarch,

Sorry I have been away from my cpu for the past hour or so... I believe the next 300+ pip trend will be dependent on the news we see tomorrow... Technically we are in a down move but price has rested on the 50% retracement from the last major move up... We have the 377 EMA that price bounced off twice this week sitting around 9531 (Also a major Murrey level there) so we'll have to see how London opens... That being said I posted this earlier in regards to my overall view of the next 24hours:

After the FOMC stating the importance of inflation earlier this week with the CPI data tomorrow could be why this pair is going sideways... The data should be key in getting this pair out of the chop mode. This could actually be a fun Friday for trading. I'm hoping for USD neg. report since we have up till now only US positive data this week (and NFP positive last Friday) and every report for the GBP has been positive but no more data from them till next week... A surprise with lower CPI and mabye some of the others a little under expectations should help for this to make a big move.
  • #1,888
  • Dec 14, 2006 7:10pm Dec 14, 2006 7:10pm
Quoting mmccormac
Monarch,

Sorry I have been away from my cpu for the past hour or so... I believe the next 300+ pip trend will be dependent on the news we see tomorrow... Technically we are in a down move but price has rested on the 50% retracement from the last major move up... We have the 377 EMA that price bounced off twice this week sitting around 9531 (Also a major Murrey level there) so we'll have to see how London opens... That being said I posted this earlier in regards to my overall view of the next 24hours:

After the FOMC stating the importance of inflation earlier this week with the CPI data tomorrow could be why this pair is going sideways... The data should be key in getting this pair out of the chop mode. This could actually be a fun Friday for trading. I'm hoping for USD neg. report since we have up till now only US positive data this week (and NFP positive last Friday) and every report for the GBP has been positive but no more data from them till next week... A surprise with lower CPI and mabye some of the others a little under expectations should help for this to make a big move.

One other thing to be aware of is the Bernanke speech tonight... Nothing is expected out of this but Forex is all about not being caught off guard so be ready just in case.

Good luck everyone!
  • #1,889
  • Dec 14, 2006 7:19pm Dec 14, 2006 7:19pm
Quoting mmccormac
One other thing to be aware of is the Bernanke speech tonight... Nothing is expected out of this but Forex is all about not being caught off guard so be ready just in case.

Good luck everyone!
Appreciate the heads up, and the outook you prepared.

Monarch
  • #1,890
  • Dec 14, 2006 7:25pm Dec 14, 2006 7:25pm
I find it interesting that this forum is faster in communcating our ideas across than a forex chat. I'm still holding L , keeping my fingers crossed.
  • #1,891
  • Dec 14, 2006 7:34pm Dec 14, 2006 7:34pm
Would be a good idea to lock some profits. Daily and hourly already showed a bearish trend, sell at resistance. Pivots could do the job.
  • #1,892
  • Dec 14, 2006 7:39pm Dec 14, 2006 7:39pm
correct jest, Heiken Ashi shows the downtrend in progress..
"Invest With The Insiders, Not The Masses" George Muzea
  • #1,893
  • Dec 14, 2006 7:55pm Dec 14, 2006 7:55pm
Ok nice comments, i'm stubborn so i'm gonna hold my L cable and if it happens to kill me well, i'll be the first one in hell. If it doesn't i'll live another day. Anyone care to join me in hell?
  • #1,894
  • Dec 14, 2006 8:17pm Dec 14, 2006 8:17pm
Quoting yulvme
Ok nice comments, i'm stubborn so i'm gonna hold my L cable and if it happens to kill me well, i'll be the first one in hell. If it doesn't i'll live another day. Anyone care to join me in hell?
Does anyone expect this to trend through London? I only expect chop unless the big "B" says something crazy tonight... Anyone have any thoughts on this?
  • #1,895
  • Dec 14, 2006 8:30pm Dec 14, 2006 8:30pm
[quote=yulvme]Ok nice comments, i'm stubborn so i'm gonna hold my L cable and if it happens to kill me well, i'll be the first one in hell. If it doesn't i'll live another day. Anyone care to join me in hell?[/QUOTE

Not the exact place I want to be, but my trade is heading that way quickly.

I jumped in this morning about the same time you did with my Long.

My stop loss is set, let it run its course, either gain or lose, I am still here. LOL

Monarch
  • #1,896
  • Dec 14, 2006 8:45pm Dec 14, 2006 8:45pm
im hoping for a little correction on gbp a little... at around 9650 level near or above b4 i make my shorts,,, hope this will favor my current positions,,, pls comment if my plan is workable,,, i syill have some locks to take care off,,

thanx so much GUYs
  • #1,897
  • Dec 14, 2006 8:48pm Dec 14, 2006 8:48pm
art you were watching my account!!! i have a sell limit at that level!
  • #1,898
  • Dec 14, 2006 8:53pm Dec 14, 2006 8:53pm
Cant understand why some of you are long when everything indicates a downtrend?
mama
  • #1,899
  • Dec 14, 2006 8:58pm Dec 14, 2006 8:58pm
Hope for your sake that it is short, it may help you in regaining the losses from today.

Monarch
  • #1,900
  • Dec 14, 2006 9:12pm Dec 14, 2006 9:12pm
Quoting Mama007
Cant understand why some of you are long when everything indicates a downtrend?
I think this is why it is so important for every trader to develop his/her own strategy and follow the signals provided by that strategy--AND use stops! It is impossible to be "right" 100% of the time, but if you have a strategy that "wins" 50% of the time and provides at least a 1:1.5 risk/reward, then you can make money if you follow your system. (I personally have both a long AND a short GBP/USD position right now.) I know from trial and error (mostly error) that it is next to impossible to make money by using somebody else's system. Happy trading. Follow your system.
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