Cable Update (GBPUSD)

Grim Week Ahead For Wall Street - MarketWatch Sydney, November 04: Marketwatch is predicting a rough ride ahead this week for Wall Street. Marketwatch states that the market will fall due to concern over poor earnings, oil heading to 100 dollars per barrel and more turmoil in the banking and broking industries. The article states that Citigroup will be at the centre of the turmoil on Monday after an emergency weekend board meeting reportedly ousted Citigroup CEO Charles Prince. The WSJ reported after the market closed on Friday that besides asking for Prince's resignation at the weekend emergency meeting, Citigroup may report further losses on Monday, reflecting continued declines in the value of some mortgage-linked securities since the third quarter ended Sept. 30, people familiar with the matter said.
The article also notes that "The SEC is reviewing how Citigroup accounted for certain off-balance-sheet transactions that are at the heart of a banking- industry rescue plan, according to people familiar with the matter. The review is looking at whether Citigroup appropriately accounted for 80 BLN USD in structured investment vehicles, or SIVs, these people said. SIVs are off- balance-sheet entities that have invested heavily in mortgage-backed securities. A plan pushed by Citigroup and other banks would set up a new "superconduit" to buy assets from SIVs."
Citigroup shares flew higher in after-hours trading and made back more than it lost when the WSJ originally reported that Prince was likely to resign at the emergency board meeting on Sunday. But that was before this second WSJ report.
The worsening state of quarterly results from Corporate America may pull stocks lower as well, with a 1.6% decline in earnings, down from a 1% decline last week, according to data from Thomson Financial.

Wall Street, RBA And Bernanke To Be Key Focus Points This Week Sydney, November 04: It is a rare event when the US non-farm payroll report is overshadowed in determining the fate of financial markets on the day it is released. That is what happened on Friday when concerns over the state of major Wall Street banks and investment banks played a larger role in deciding where stocks, bonds and the US dollar finished the week that the much better than expected US NFPs. A WSJ report stated that Merrill Lynch's dealings with hedge funds were being investigated by the SEC to see if those dealings were a ploy to delay the revelation of large losses. The report raised investor fear and uncertainty, as speculation was rife that there were more hidden time-bombs in the books of other Wall Street giants.
There was speculation in the weekend"s press that the emergency Sunday meeting called by Citigroup would result in the ousting of Charles Prince as CEO and a decision on whether or not to reveal larger write-downs than already announced two weeks ago. The market will also pay close attention to any reports or leaks emanating for the SEC"s investigation on accounting practices associated with SIV"s.
On Thursday Fed Chairman Bernanke will be questioned by the US Congress Joint Economic Committee on the outlook for the US economy and the fallout from rising defaults on subprime loans. Normally everyone would expect the Fed chief to repeat the sentiments expressed in the FOMC Statement that was released only on Wednesday, but a lot has happened since then.
On Wednesday the RBA announces their decision on interest rates with the market fully pricing in a rate hike of 25 BPS to 6.75%. If the RBA decides to stay on hold the usual practice is for the RBA not to comment as to why they left rates unchanged. This would undoubtedly lead to speculation that the RBA is concerned about the problems that continue to arise from the credit markets.
On Thursday the ECB and BOE announce outcomes of their respective meetings and the consensus is that both will stay on hold. A surge in EZ inflation data last week strengthened the case for an ECB hike, but forward growth indicators suggest that growth is peaking, the EUR/USD is flying and the continuing global credit squeeze is likely to keep them sidelined

Possible Stop Loss Orders On Monday Morning Sydney, November 04:
EUR/USD Stops above 1.4530. Sellers ahead of 1.4550 stops above 1.4550.
EUR/USD Small stops below 1.4490 and more stops below 1.4445.
GBP/USD Stops above 2.0900 and below 2.0755.
EUR/JPY Stops above 167.30 and below 164.95.
AUD/USD Stops above 0.9250 and below 0.9100.

Nov 19 2006, quicksilver - see page one.

unlike some threads you don't need to read every page to understand whats going on, but you can if you like.

Citigroup to Take 8 to 11 BLN USD In Additional Writedowns- WSJ Sydney,
November 05: The WSJ is reporting that Charles Prince has resigned as Chairman
and CEO of Citigroup and will be replaced by Robert Rubin as Chairman and Win
Bischoff as interim CEO. The WSJ is also reporting that Citigroup will take 8 to
11 BLN USD in additional writedowns

Quote:
Originally Posted by msmsms http://www.forexfactory.com/images/buttons/viewpost.gif
shamx77, zul...etc

it was good trading days since a week ago on gu. i have been using wma20 and sma30, whenever the price falls, or the so called "correction" then it will bounce back north after touching wma20 and sma30 . we know that it is uptrend and i don't have to worry. looking at 15m, 1hr and 4h chart, it religiously follow that rules that it must bounce up and work all the way up. i wonder all traders using these indicators, which is near perfect. especially when it comes to europe and us session. i use to encounter -60 pips correction and i close later 120 pips above. meaning i gain 60 pips. when blair resigned it went down 130 pips and work all the way up, thrust into higher area. some questions here. which time frame chart that i need to rely on, i might not very good at candlestick but i can read and see something.

if it is going to be a reversal of trend, which chart to look at. on fundamental, exception is non farm, chain effect from this event. how to detect whether that is really a crash and tomorrow price will work all the way down.

i am a chartist. but i don't forget fundamental. say something please.

Hi,everyone !I just finish analyse the set up with the historical chart and it good set up work with any MA but need to combine with the candlestick pattern. The following are the setup rules:

Portfolio: GBP/USD
Time frame : 30 minutes chart
Entry Session: London Session (7am-11am GMT)
New York (7am-1pm EST)
a)Trend following for long position:
1. 20 wma must cross 30 sma.
2. Candlestick must close and touch 20 wma.
3. Place entry order 4 pips above the close candlestick. Entry order will be apply instead of market order to reduce the risk of fake out for trade risk management.
4. Place entry order 4 pips above the close candlestick after it touch 30 sma for buy dip option. Entry order will be apply instead of market order to reduce the risk of fake out for trade risk management.
5.
b) Trend following for short position:
1. 30 sma must cross 20 wma.
2. Candlestick must close and touch 20 wma.
3. Place entry order 4 pips below the close candlestick. Entry order will be apply instead of market order to reduce the risk of fake out for trade risk management.
4. Place entry order 4 pips below the close candlestick after it touch 30 sma for buy dip option. Entry order will be apply instead of market order to reduce the risk of fake out for trade risk management.
c) Trend reversal for short position:
1. 30 sma must cross 20 wma.
2. Candlestick must close at the same time 30 sma cross 20 wma.
3. Place entry order 4 pips below the close candlestick. Entry order will be apply instead of market order to reduce the risk of fake out for trade risk management.
d) Trend reversal for long position:
1. 20 wma must cross 30 sma.
2. Candlestick must close at the same time 20 wma cross 30 sma.
3. Place entry order 4 pips below the close candlestick. Entry order will be apply instead of market order to reduce the risk of fake out for trade risk management.

Risk Management
1. ONLY enter trade using the above setup rules.
2. Money management and profit projection can be applied based on individual risk appetite.
3. Set minimum profit projection using limit order.
4. DO NOT chase the trade.
5. DO NOT enter trade 30 minutes before the economic data out.


Suggestion

In order to prove the consistency of this system I would like to suggest you to demo trade this system for at least 1 month. Place 15 to 25 pips or lower profit projection and record the consistency of the profit projection. You can use this system as forum daily discussion so it can be improve. I may not use this system the fact that I prefer to use my own system but I’m happy to give some idea. All the best!

Zul
Disclaimer-Please Read

All resources are for Educational Purposes Only.
Investing and Trading involves significant financial risk and is not suitable for everyone. Before deciding to invest or trade you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. Investors and Traders should consult with a professional financial advisor for the effects of active investing.
Any opinions, news, research, analyses, prices, or other information is provided as general market commentary and does not constitute investment advice. No acceptance of liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Do Your Due Diligence and take responsibility.

This is the first time i saw someone post trading strategy in cable update thread

But why is it necessary to SCREAM with Extra Large Font!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Yup. and i think he post on the wrong thread

Another Jet crash in Brasil. Somebody else is going to lose their job.

Where did you hear that Sun?

Looks like we got a new breed of terror, another Godzilla perhaps or King Kong...

Local TV station here in South Floride. Reported it was "only" about 5-6 deaths in small Lear jet TAM Airlines in Sao Paulo.

Look's like cable going to drop back to 2.0775 area or maybe 0850 area..

Hey dude, do you have a chart for that Currently trading below the daily pivot but other than that, it's still rangey.

How is all

What your opinion about ur cable direction

Look at 4hr chart and look for the support.

Hi Qu|cksilver Can i ask u to send the chart .... thanks

This is want i see.

Hi

I think long is better