Cable Update (GBPUSD)

and up it went......what a total waste of trading time it was for me today....6 hrs on the verge of a heart attack, just to end up losing 7 pips and watching it going more up right after you sold....

yes i do. BIG SHARK and myself .

thanks. actually, nice to see YOU back.
yes, long. long, long, long. tight stops, though.

and don't forget BRAVADO a PRO - the self proclaimed.

strange day, the dow even ended positive. I think cable needs to break 2.0245 ish for things to get really funky this week.

oh well GU just went up 70 pips from this call, should have realized the london close.

And yes, I am trading a real money account since 6 months, not a demo.

When the Dow futures gap up or down overnight (as they did Sun pm/Mon am) there is about a 60% chance gap is filled during day session. As what happened today.

Cable and Euro had already gapped and filled within hours of forex session open last night. Only their gaps were the reverse. Opened up and closed down.

thats interesting to know. I have never tried dow futures live, just demo. Do currency pairs fill the gaps more than 50% of the time? I've never looked into it, it would be interesting to know.

Pete

Ahhhh the long awaited downtrend, here we go again.

NOTME !!!!

Currencies are not as prone to gaps as stocks and futures. Mainly Fri close to Monday open is the time for it to happen but infrequently. Not sure how often there are filled same day as gap though.

But with any gap you have to know what, if anything, is behind the move to determine whether it will fill quickly or stay open for a long time.

Breakout in NZDUSD

I agree. It looks like things are setting up for a downtrend, though at this time to me it looks like a gradual one instead of a plummet.

My prediction for 1/1/2008 is that GBPUSD will be less then 2. One reason is that we are coming up to the biggest buying season of the year in the US. Countries want their imports to look good, so the dollar needs to look strong (or other currencies need to look weaker). After the less than stellar sales reports roll in (a lot of people are going to be crunched this year) after black Friday, we may see a brief spike which will be quickly tamed as the big players step in to soften their currencies one more time for the buying rush before the Christmas/New Year's holiday. The holiday, combined with an effort to shove affordable imports into the largest consumer market in the world will work together in an effort to keep foreign currencies a bit lower than they have been.

Even in an off year, our consumer market still ranks number one.

Temperatures are forecasted to be above normal this winter (big surprise) so I don't really see the typical surge of demand in oil, keeping prices somewhat tamer. While this would normally be a boon for consumers this time of year I believe this will be more than offset by the housing troubles people are finding themselves in.

Post New Years, I expect the currencies to rise as the weaker holiday sales and lower amounts of travel to have an impact on general earnings and acting as a general drag on the economy overall. Combined with an artificial effort to keep currencies low, I expect to see an upswing in the early part of next year.

So currencies will dip a bit at the nd of the year, then go back up after the new year.

Of course, I could just be 100% full of it as well which is more likely the case.

The market is always right.

~X~

Finally a lovely disclaimer signature

go Up Cable, Goooooooooooooooooooo!!!!!!

....waiting for 0370 to confirm my long !

That mouth reminds me of lewinsky

i profit 600pips + yesterday....GJ GU EU.. Thank God

LONG....

not