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Cable Update (GBPUSD)

  • #2,241
  • Dec 18, 2006 3:22am Dec 18, 2006 3:22am
i got my +20pips for the day .. using the frankfurt range today ... interesting eh?

any comments guys?
  • #2,242
  • Dec 18, 2006 3:24am Dec 18, 2006 3:24am
Quoting VyNNeR
i got my +20pips for the day .. using the frankfurt range today ... interesting eh?

any comments guys?
VyNNer Did you go short when it broke the bottom of the franfurr range
mama
  • #2,243
  • Dec 18, 2006 3:29am Dec 18, 2006 3:29am
Yap,

Just secure pips and pips.


Quoting fxkenny
I am still short GBP/USD and don't see any reason to doubt the decision. Break under 9545 was significant. My take on the China article is total bunk. No confirmations from any reliable sources. This pops up periodically. Definitely need to take it with a very large grain of salt !!
  • #2,244
  • Dec 18, 2006 3:35am Dec 18, 2006 3:35am
Quoting parlenk
Yap,

Just secure pips and pips.
As long as pips are dollars I will take all I can get!!
  • #2,245
  • Dec 18, 2006 3:40am Dec 18, 2006 3:40am
Quoting Mama007
VyNNer Did you go short when it broke the bottom of the franfurr range
yes indeed ... im just waiting for a reverse break through to the high of the range ..usually happens in us session .. it might or might not happen .. if it does .. possible of another 30-40 pips .. if not then .. im good for the day
  • #2,246
  • Dec 18, 2006 3:45am Dec 18, 2006 3:45am
unbelievable, this is the longest time i have hold on to a profit, still short.

hope it won't turn to -ve pips. :
Right teaching produces right believing leads to right living. - J.P
  • #2,247
  • Dec 18, 2006 3:46am Dec 18, 2006 3:46am
what price you short @ ?
  • #2,248
  • Dec 18, 2006 3:49am Dec 18, 2006 3:49am
ken, what's your new hi and lo, if any?
Right teaching produces right believing leads to right living. - J.P
  • #2,249
  • Dec 18, 2006 3:54am Dec 18, 2006 3:54am
biggest profit for day trading, lol. 15 pips. wat a record for me.
long way to go.
looks like i chickened out early.
thanks ken and vyn
Right teaching produces right believing leads to right living. - J.P
  • #2,250
  • Dec 18, 2006 3:55am Dec 18, 2006 3:55am
Quoting barakah
ken, what's your new hi and lo, if any?
Looks like we will re-test 9545/50. I still expect it to continue down from here. Like I said earlier, the holiday markets are a little harder to read.
  • #2,251
  • Dec 18, 2006 3:59am Dec 18, 2006 3:59am
I closed half my position @ 9520 and moved my stop to BE on the rest. I am going to rest a bit and be ready for the NY open. Good Luck everyone !!
  • #2,252
  • Dec 18, 2006 4:00am Dec 18, 2006 4:00am
Quoting fxkenny
Looks like we will re-test 9545/50. I still expect it to continue down from here. Like I said earlier, the holiday markets are a little harder to read.
One thing to consider... Did you notice that the EUR/USD is not falling with the GBP/USD? It's being supported due to comments from Iran saying they will be converting most of their USD assets into Euro's. This could limit downside scope on the GBP/USD as well. Just FYI. I know that Iran has said this kind of stuff before but it is reported that the order has been given to the Central Bank already so we'll have to see what happens. Another factor to consider is that the US Current Account will most likely suck. The major trend is still down but given that there is low volume in the markets from being the last 2 weeks of the year anything can happen.
  • #2,253
  • Dec 18, 2006 4:09am Dec 18, 2006 4:09am
Quoting mmccormac
One thing to consider... Did you notice that the EUR/USD is not falling with the GBP/USD? It's being supported due to comments from Iran saying they will be converting most of their USD assets into Euro's. This could limit downside scope on the GBP/USD as well. Just FYI. I know that Iran has said this kind of stuff before but it is reported that the order has been given to the Central Bank already so we'll have to see what happens. Another factor to consider is that the US Current Account will most likely suck. The major trend is still down but given that there is low volume in the markets from being the last 2 weeks of the year anything can happen.
Thanks for the advise. The EUR/USD not playing ball was instrumental in my decision to close part of my position before I reached my 1st target. As far as Iran is concerned, I understand they have only about 14 billion USD that they could still convert to other currencies. If this is the case I wouldn't think this would have a very big impact on the market.
  • #2,254
  • Dec 18, 2006 4:09am Dec 18, 2006 4:09am
I expect a little more down move (Wave 5 on M5), then a sharp retrace and on NY Session a stronger GBP. I see it this way: The big boys searching for a better buy point.
  • #2,255
  • Dec 18, 2006 4:38am Dec 18, 2006 4:38am
nice, if that's the case, i'll have my chance to release my hedged losses sell @ 1.9482
keeping fingers crossed.
share your thoughts, don't hold back, responsibility lies on the person clicking the mouse.
thanks for the sharings.
Right teaching produces right believing leads to right living. - J.P
  • #2,256
  • Dec 18, 2006 4:47am Dec 18, 2006 4:47am
Quoting katzenhai2
I expect a little more down move (Wave 5 on M5), then a sharp retrace and on NY Session a stronger GBP. I see it this way: The big boys searching for a better buy point.
How far do you or think cable will go down?
mama
  • #2,257
  • Dec 18, 2006 4:49am Dec 18, 2006 4:49am
Quoting Mama007
How far do you or think cable will go down?
Last weeks low was around 9470.
  • #2,258
  • Dec 18, 2006 4:51am Dec 18, 2006 4:51am
Touch 1.9466? any lesser than that would break my new lows to 2 weeks lows.
Right teaching produces right believing leads to right living. - J.P
  • #2,259
  • Dec 18, 2006 4:53am Dec 18, 2006 4:53am
Quoting Mama007
How far do you or think cable will go down?
The Bull run from 11/17-12/1 is a good place to find strong S/R levels. If you put a Fib on that the 38.2% level is around 9460. That would be the lowest I see it going during London (if that low). Plus the drop from Friday gave us a low of 9497... If it can't hold below that level then that would also be a sign of a turn. Price action will tell the story and use candle formations for better turning points.
  • #2,260
  • Dec 18, 2006 4:55am Dec 18, 2006 4:55am
Quoting mmccormac
The Bull run from 11/17-12/1 is a good place to find strong S/R levels. If you put a Fib on that the 38.2% level is around 9460. That would be the lowest I see it going during London (if that low). Plus the drop from Friday gave us a low of 9497... If it can't hold below that level then that would also be a sign of a turn. Price action will tell the story and use candle formations for better turning points.

Also looks like the GBP/JPY has failed a test on last weeks low... Possible double bottom forming.
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