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Cable Update (GBPUSD)

  • #39,821
  • Nov 16, 2007 4:55am Nov 16, 2007 4:55am
GBP/USD: Stops Below 2.0380 Tripped as Rout Continues London, November 16. Another batch of tripped sell stops, this time below 2.0380, has helped depress cable to new 24-day lows just shy of 2.0350 as the rout of the pound continues apace. Seven days ago, GBP/USD scaled a 26-year peak of 2.1162. A little over 48 hours ago, sterling was trading at 2.0845--prior to the publication of a dovish BoE quarterly inflation report.
Helping weigh on GBP is the risk of a 25bp UK base rate cut to 5.5% as early as next month (Dec 6) and the potential for an even lower base rate in 2008. A leading French bank is forecasting that the base rate will be 4.5% at the end of next year.
2.0335 (100-day moving average) and 2.0320 (2% MA band) are support points south of 2.0350. The earlier 2.0386 stall point is now a resistance level ahead of 2.0407 (today"s Asian session base).
  • #39,822
  • Nov 16, 2007 4:57am Nov 16, 2007 4:57am
went short at 427 and closed at 360

I'm now long of 472

whats your target Qu|cksilver?
  • #39,823
  • Nov 16, 2007 4:57am Nov 16, 2007 4:57am
Quoting forexguru
yes for a while.. do not forget the us news.. this will give a boos to $
who are you to predict the news? i know you trade for 5 years and im just 2 years... doesnt mean i dont know how to trade.

Just trade what you see.. you have your own system and i have my own
"Invest With The Insiders, Not The Masses" George Muzea
  • #39,824
  • Nov 16, 2007 5:00am Nov 16, 2007 5:00am
Quoting welshguy2000
went short at 427 and closed at 360

I'm now long of 472

whats your target Qu|cksilver?
ask forexguru i think he know more better than me..
"Invest With The Insiders, Not The Masses" George Muzea
  • #39,825
  • Nov 16, 2007 5:01am Nov 16, 2007 5:01am
Quoting Qu|cksilver
300? no way... price will bouce at 350.

i have seen you trading against the trend for several times. but hey, how do u actually predict when the low/high end of a small trend ?
  • #39,826
  • Nov 16, 2007 5:02am Nov 16, 2007 5:02am
Quoting Qu|cksilver
ask forexguru i think he know more better than me..

HAHAHA Nah i'll pass!! i'm thinking a re-test of the 400 level i'll aim for that!

Good luck
  • #39,827
  • Nov 16, 2007 5:05am Nov 16, 2007 5:05am
Quoting hijackxx@hotmai
i have seen you trading against the trend for several times. but hey, how do u actually predict when the low/high end of a small trend ?
Check pivot points & Fib extentions - also you will get a feel for it with experience from watching price action. Never trade off that tho Will probs bounce to 400 and then continue down - only my thoughts tho.
  • #39,828
  • Nov 16, 2007 5:07am Nov 16, 2007 5:07am
Quoting Qu|cksilver
ask forexguru i think he know more better than me..

c'mon quicksilver, ur a good trader after all. no hard feelings on that.
  • #39,829
  • Nov 16, 2007 5:13am Nov 16, 2007 5:13am
Quoting hijackxx@hotmai
c'mon quicksilver, ur a good trader after all. no hard feelings on that.

by the way there's a strong resistant on the daily chart.. i just noticed it few seconds ago. hmm,mmmm,,
  • #39,830
  • Nov 16, 2007 5:17am Nov 16, 2007 5:17am
Quoting hijackxx@hotmai
c'mon quicksilver, ur a good trader after all. no hard feelings on that.
im no hard feelings ... but what i say is true.. compare with 2years experience with 5 yrs? who do you believe? Think.. think... i have seen traders with more than 5 yrs experience blow thier account many times.

the right answer for you is.. BELIEVE IN YOURSELF.
don't trust anyone even your broker. don't trust me too..
"Invest With The Insiders, Not The Masses" George Muzea
  • #39,831
  • Nov 16, 2007 5:20am Nov 16, 2007 5:20am
Quoting welshguy2000
HAHAHA Nah i'll pass!! i'm thinking a re-test of the 400 level i'll aim for that!

Good luck
If thats what your target.. then let it be 400..

why you have to ask me tho.. ?
"Invest With The Insiders, Not The Masses" George Muzea
  • #39,832
  • Nov 16, 2007 5:22am Nov 16, 2007 5:22am
Quoting Qu|cksilver
im no hard feelings ... but what i say is true.. compare with 2years experience with 5 yrs? who do you believe? Think.. think... i have seen traders with more than 5 yrs experience blow thier account many times.

the right answer for you is.. BELIEVE IN YOURSELF.
don't trust anyone even your broker. don't trust me too..
I agree "BELIEVE IN YOURSELF" is the most important part

I'm out of my long 372 - 404
  • #39,833
  • Nov 16, 2007 5:24am Nov 16, 2007 5:24am
Hmm i asked you as you seem to trade the reversals like me

I'm out now anyways 404 which makes 92 pips today! I'm off swimming!!

Catch u guys later! Good luck
  • #39,834
  • Nov 16, 2007 5:31am Nov 16, 2007 5:31am
i short again at 2.0395
  • #39,835
  • Nov 16, 2007 5:36am Nov 16, 2007 5:36am
Quoting tim1234
i short again at 2.0395
Why do you short? You believe in yourself right??

Let me know later how much pips you get from this short..
"Invest With The Insiders, Not The Masses" George Muzea
  • #39,836
  • Nov 16, 2007 5:38am Nov 16, 2007 5:38am
Quoting Qu|cksilver
Why do you short? You believe in yourself right??

Let me know later how much pips you get from this short..
ok will do
  • #39,837
  • Nov 16, 2007 5:53am Nov 16, 2007 5:53am
GMT November 16 Tripped sell stops below 2.0400-05 and 2.0380 helped
depress cable to 24-day lows just shy of 2.0350 during the European morning, as
the pound continued to suffer on UK rate cut fears. The probability of a 25bp UK
rate cut to 5.5% as early as next month has risen on the back of yesterday"s
disappointing UK retail sales data and Wednesday"s dovish BoE inflation report.
If there is a UK rate cut on December 6, it is unlikely to be a one-off
"insurance" move as per August 2005. A leading French bank is forecasting that
the UK base rate will be 4.5% at the end of next year.
The Nationwide forecasts that annualized UK house price inflation will fall
to zero next year, from 9.7% at present (Times website).
2.0335 (100-day moving average) and 2.0320 (2% MA band) are support points
south of 2.0350. Sterling resistance levels include 2.0407 (today"s Asian
session base), 2.0418 (yesterday"s floor), 2.0455, 2.0483 and 2.0500-05.
US TIC data is due at 14:00GMT today. Minutes from the November 7/8 BoE MPC
meeting will be published next week (Nov 21)
  • #39,838
  • Nov 16, 2007 5:53am Nov 16, 2007 5:53am
Quoting tim1234
i short again at 2.0395

Good choice there.
  • #39,839
  • Nov 16, 2007 6:02am Nov 16, 2007 6:02am
Quoting Qu|cksilver
Why do you short? You believe in yourself right??

Let me know later how much pips you get from this short..
i was looking 4 high points to sell from.
have just got out for 4 pips, lost my bottle!
  • #39,840
  • Nov 16, 2007 6:02am Nov 16, 2007 6:02am
Quoting sifoorex
Good choice there.
it was but not anymore
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