Cable Update (GBPUSD) | Page 1623 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD

Similar Threads

Cable Update - Continued 118 replies

Cable Update (GBP/USD) without Idiots 25 replies

cable short for gbpusd? 10 replies

Why is GBPUSD called cable? 76 replies

Cable (GBPUSD) vs Euro (EURUSD) 31 replies

Attachments: Cable Update (GBPUSD)
Exit Attachments

Cable Update (GBPUSD)

  • #32,441
  • Sep 24, 2007 6:38pm Sep 24, 2007 6:38pm
Quoting Plutonite
Well, it just means that in the same day the price went up a lot and for *some unknown reason* dropped down powerfully to where it started or lower. Now I agree with you that extreme volatility (i. when the noses get REALLY big) is a problem because volatile motion leads to violent corrections, but in this case the action has been very steady. Anyway, lets see what happens, I'm not very comfortable putting money into dollars right now either
Me neither. The right way to trade that - as I learned - would be short cable 10 pips below previous daily candle's low, SL 10 pips above the high.

As I use GMT, the entry would be short 0191 (so far, awaiting confirmation) SL 0326 - so a 135 pips stoploss.

I just don't like that idea as cable is much more ranging than anything else. I'm bound to wait for the breakout from this triangle whatever the direction as to get back in this pair...

As we debate, euro is slowly and streadly giving my pips. Why bother?
  • #32,442
  • Sep 24, 2007 6:44pm Sep 24, 2007 6:44pm
Quoting Warper
Exactly, i follow that procedure...

Trading candle patterns is more conservative, but pin bars you just put the SL the day after and here we go... not good idea i think...

Well, i disagree in the part where you say, that is a lower impact formation (shooting star).

The example you gave is against the trend.

This type of candle have the same psicology of a Doji, so i think it has impact, we just have to know how to filter.
yup, the daily trend was uptrend on my example chart (I just reattached my example chart).
Shooting star formation has the lower impact, I read that information in the Steve Nison book. Yes, you are right that shooting star candle formation has the same impact or psychology as Doji candle formation.
  • #32,443
  • Sep 24, 2007 7:05pm Sep 24, 2007 7:05pm
LOL... Barely closed the daily and the son of a gun's already melting down...
  • #32,444
  • Sep 24, 2007 7:19pm Sep 24, 2007 7:19pm
Oh yea, no PinBar huh. Not bearish. Look out belowwwww.

Not you, Cesar.
  • #32,445
  • Sep 24, 2007 7:21pm Sep 24, 2007 7:21pm
Me to Bullrock...

Quoting Warper
you as a quant might know better than me that rare are the weeks when a Weekly candle on GU doesn't have a more visible lower shadow.

I mean, i'm not saying it will go down a lot, but statisticaly speaking its rare a weekly candle not to retrace a little bit more below opening and only then proceed with the trend main direction.

What do you think?
Damn it. I was right! But did i trusted me? No...
  • #32,446
  • Sep 24, 2007 7:26pm Sep 24, 2007 7:26pm
What the hell happened, why did it fall like that? Anybody know what's happening? I'm happy it's in my favor and all, but it would be nice to have a clue who's buying the dollars back
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #32,447
  • Sep 24, 2007 7:30pm Sep 24, 2007 7:30pm
Dow / S&P futures are down as well.

Might have something to do with GM auto workers going on strike??
  • #32,448
  • Sep 24, 2007 7:32pm Sep 24, 2007 7:32pm
Most likely profit taking, plus it went through a few fibo levels therefore it is getting all crazy...but carefoul with USA home sales tomorrow...most likely it will suck, bringing it back up.

If fibos work good, it should go down until 2.0130 and then take a breath...let's see...
"Lunch ? Lunch Is For Wimps !"
  • #32,449
  • Sep 24, 2007 7:38pm Sep 24, 2007 7:38pm
Eur/usd hasn't broken or moved below their support line 1.4066. I am afraid of the up retracement cable. So tight your stop loss.
  • #32,450
  • Sep 24, 2007 7:42pm Sep 24, 2007 7:42pm
what is happenning now???any good news for dollar??i don t understan this moviment on this time.
Sorry about my english...
  • #32,451
  • Sep 24, 2007 7:44pm Sep 24, 2007 7:44pm
Quoting Warper
Not a pin bar!

Psicologicaly its almost the same , inverted hammer...
English enough?

I guess in trading... we must go to foruns ask around... "hey you have a pin bar? i don't, can you confirm?"


I bought yesterday the close above the daily 50 SMA at 2.0200, when i woke up and saw that rejection up there, i pushed my stop to 2.0190

I lost 0.25% wow!
  • #32,452
  • Sep 24, 2007 7:51pm Sep 24, 2007 7:51pm
Quoting SunTrader
Dow / S&P futures are down as well.

Might have something to do with GM auto workers going on strike??
There was a warning on economic instability issued by IMF. Whatever the cause, this was a quick carry trade unwinding right at the Tokyo open.

And I CANNOT believe I missed that train... The whole freaking day awaiting a close below 0212 to start flerting with a short and BANG 50 pips down in half an hour....

I love forex
  • #32,453
  • Sep 24, 2007 8:05pm Sep 24, 2007 8:05pm
Quoting CIORIMAU--
what is happenning now???any good news for dollar??i don t understan this moviment on this time.
major downtrend is in progress... target 1.9665
  • #32,454
  • Sep 24, 2007 8:07pm Sep 24, 2007 8:07pm
So much money moving... it looks scary!

I maybe a buyer at 2.0070 with tight sl. Who wants to sell it to me?

Probably many ppl... xD
  • #32,455
  • Sep 24, 2007 8:15pm Sep 24, 2007 8:15pm
Quoting soros_junior
major downtrend is in progress... target 1.9665
If eur/usd are insisted to stay at its support line 1.4065, cable may reverse to up trend.
  • #32,456
  • Edited 9:22pm Sep 24, 2007 8:16pm | Edited 9:22pm
00:50 GMT

Part of the reason for the GBP sell off in early Asia has been attributed to an article in today"s UK Independent that the UK"s deposit protection scheme currently holds funds of just 4.4 MLN GBP from 9 MLN GBP before the FSA took control of the scheme. Analysts feel that if that was behind the selling it might be short-lived, as the 9 MLN GBP originally in the Deposit protection Scheme was tiny to begin with. Other traders say that the article may have provided an excuse to trigger stops below 2.0200 and 2.0170
  • #32,457
  • Sep 24, 2007 8:17pm Sep 24, 2007 8:17pm
It amazes me sometimes how fibos work well...incredible !
"Lunch ? Lunch Is For Wimps !"
  • #32,458
  • Sep 24, 2007 8:18pm Sep 24, 2007 8:18pm
Quoting Warper
00:50

Part of the reason for the GBP sell off in early Asia has been attributed to an article in today"s UK Independent that the UK"s deposit protection scheme currently holds funds of just 4.4 MLN GBP from 9 MLN GBP before the FSA took control of the scheme. Analysts feel that if that was behind the selling it might be short-lived, as the 9 MLN GBP originally in the Deposit protection Scheme was tiny to begin with. Other traders say that the article may have provided an excuse to trigger stops below 2.0200 and 2.0170
I still don't know if I want to be around when bullrock sees THIS

  • #32,459
  • Sep 24, 2007 8:20pm Sep 24, 2007 8:20pm
there is a good pivot suport at 2.0122
Sorry about my english...
  • #32,460
  • Sep 24, 2007 8:25pm Sep 24, 2007 8:25pm
Quoting soros_junior
major downtrend is in progress... target 1.9665

1.9665 too far i think..
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.jpg Size: 121 KB
"Invest With The Insiders, Not The Masses" George Muzea
290 traders viewing now, 4 are registered:
melord
,
,
sam3234
,
RSdecompose