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Cable Update (GBPUSD)

  • #3,981
  • Dec 29, 2006 7:32am Dec 29, 2006 7:32am
Honestly Ghost I'm a newer trader but IMO the market is exhausted for the year and it would take some major news to have this thing push up to 9700 and over. The GBP had news earlier this morning and it was favorable for GBP but the move wasn't significant plus there is a lot of resistance around the 9650 and 9679 levels.
If you can't produce some results and make some serious PIPS, YOU'RE FIRED!
  • #3,982
  • Dec 29, 2006 7:34am Dec 29, 2006 7:34am
Quoting Qwiktrader
Honestly Ghost I'm a newer trader but IMO the market is exhausted for the year and it would take some major news to have this thing push up to 9700 and over. The GBP had news earlier this morning and it was favorable for GBP but the move wasn't significant plus there is a lot of resistance around the 9650 and 9679 levels.
well the big boys would make alot more money around 9650 - 9700 than below 9600 is why i say that as well and yes the GBP had good news last night
Ghost Swoopen in for my pips while no one is lookin !!
  • #3,983
  • Dec 29, 2006 7:35am Dec 29, 2006 7:35am
Quoting MoneyMa$ter
Closing this candle below 9610 will be encouraging for the short....otherwise buying dips and selling tops....
hey money what candle time are u refferring to?
Ghost Swoopen in for my pips while no one is lookin !!
  • #3,984
  • Dec 29, 2006 7:36am Dec 29, 2006 7:36am
Hourly?
  • #3,985
  • Dec 29, 2006 7:44am Dec 29, 2006 7:44am
2 and 24hour Downtrends here, but Eur's 24hour isn't confirming so not expecting a trend move ( Doesn't mean can't happen but odds lower ish )

Support @1.9600


Plan 1/2 in Long 1.9608, 2nd half if we see @10pips lower, all out at 9585.


70% odds of winning 20+ pips.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #3,986
  • Dec 29, 2006 7:44am Dec 29, 2006 7:44am
QwikTrader,

That's what I like to hear!!!

GP,

donadoney is correct...the one hour candle. And nope, I agree with QwikTrader as I don't see 9700 today.

Let's see....we're below 9610 for a moment...if it closes below 9610 that's encouraging.....
  • #3,987
  • Dec 29, 2006 7:45am Dec 29, 2006 7:45am
Between 9600 and 9620 and feel just like the blind guy in the middle of a gunfire
  • #3,988
  • Dec 29, 2006 7:47am Dec 29, 2006 7:47am
Quoting SeekingLight
A chart for the pin and possible targets, short from 1.9634 here, stop at 1.9640 now. Expecting ranging and failure however, as today is not feeling like very coordinated trading...
Hey seek

Although i wasnt gonna trade today i woke up right as that last pin formed so i had to trade it, my stops at b/e now cause i dont want to get carried away. Also that S/R line you show throw the 365 in there thats definitley my target and i will definitley call it a year after that haha

Best,
Mike

edit not to mention the weekly pivot sits there also
  • #3,989
  • Dec 29, 2006 7:48am Dec 29, 2006 7:48am
Quoting MoneyMa$ter
QwikTrader,

That's what I like to hear!!!

GP,

donadoney is correct...the one hour candle. And nope, I agree with QwikTrader as I don't see 9700 today.

Let's see....we're below 9610 for a moment...if it closes below 9610 that's encouraging.....
yes but the 3am candle closed below 9610 and she went up to 9655, im not arguing with u i am just trying to learn your reasoning
Ghost Swoopen in for my pips while no one is lookin !!
  • #3,990
  • Dec 29, 2006 7:52am Dec 29, 2006 7:52am
Definately Buyers around here currently people ( Possible Lambs to the slaughter )

Eur sitting on 12hour support, trying to break 1hour down trend, GBP shouldn't go anywhere without Eur doing much the same.

I should put a limit in, incase I die of boredom though
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #3,991
  • Dec 29, 2006 7:53am Dec 29, 2006 7:53am
That Fib at 9607 is becoming a real pain the arse! especially over last 2 days
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #3,992
  • Dec 29, 2006 7:55am Dec 29, 2006 7:55am
Quoting MoneyMa$ter
Closing this candle below 9610 will be encouraging for the short....otherwise buying dips and selling tops....
That MF's gonna close at 9610 just to blow up our minds here
  • #3,993
  • Dec 29, 2006 7:57am Dec 29, 2006 7:57am
Quoting cesarnc
That MF's gonna close at 9610 just to blow up our minds here
LMAO thanks for easing my stress.....
  • #3,994
  • Dec 29, 2006 8:03am Dec 29, 2006 8:03am
Quoting Ghostpipper
yes but the 3am candle closed below 9610 and she went up to 9655, im not arguing with u i am just trying to learn your reasoning
Presumably you mean 3:00 am est or 8:00 GMT. Not sure what London open has to do with the here and now. GP, first make sure you state the facts in sequence. 08:00 gmt candle had a HIGH of 9657 but CLOSED at 9609. The next period opened at 9608, moved 20 pips up for the high and closed at 9609. The price action for that market has little or nothing to do with what's going on now other than distracting me to explain this matter for you.

If the candle closes below 9610, and I see it did, then because I'm expecting a short move today, I'd monitor the next candle, which opened at 9607, on the expectation it will continue moving down (in this market, not the London market). IMHO, that's encouraging for the short as I said in my earlier post. On the other hand, if it goes up, buy the dips and sell the tops....or scalp...or whatever you want to call it.
  • #3,995
  • Dec 29, 2006 8:04am Dec 29, 2006 8:04am
FXCM's IFR Watch,

Momentum is fading following the 2 day climb from 1.9530 and a bear bias intraday has put the bear side back in play. The Daily chart shows price moving towards the apex of a triangle and with a series of falling tops the risk is growing for a downside break. the triangle parameters are 1.9540 and 1.9695.


* Wish that'd copy and paste, damn I'm bored *


1hour sma just turned it down
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #3,996
  • Dec 29, 2006 8:08am Dec 29, 2006 8:08am
9603...9602...9601.... gotta break 9600 and stay below then ladies and gentlemen, we may be on our way to 9570ish.
  • #3,997
  • Dec 29, 2006 8:10am Dec 29, 2006 8:10am
Conservative trade is to get ahead of the short, on the other side of 9600. Less risk averse can be in now. In any event, include a typical cable SL of 25-35 pips.
  • #3,998
  • Dec 29, 2006 8:13am Dec 29, 2006 8:13am
Quoting MoneyMa$ter
9603...9602...9601.... gotta break 9600 and stay below then ladies and gentlemen, we may be on our way to 9570ish.
I hope your right since Im short atm
Greed Kills
  • #3,999
  • Dec 29, 2006 8:13am Dec 29, 2006 8:13am
my target hit I am NOW OFFICIALY DONE FOR THE YEAR I SWEAR

good luck for everyone today

ill keep an eye on this thread,

Mike
  • #4,000
  • Dec 29, 2006 8:15am Dec 29, 2006 8:15am
Quoting mhughes104
I hope your right since Im short atm
This ain't got nothin' to do with hope. Or should I say hope is irrelevant in this matter as what counts is whether you believe in your current transaction, based on the information provided.
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