Cable Update (GBPUSD)

I use Xtick I like it and have done really well with it.

Man xtick would be sooooooooo great... but I am still a cents guy, and not a bucks guy... I simply can't afford it... I just dream of it... I go back and forth with Rob Booker about this time and time again !!!

GBP hits high price so far at 1.9643 now is turning... I am gogin short down to the days opening price of about 1.9586

In case anyone else is interested.

I was just looking around the Oanda website, since I could not seem to be able to get updated quotes, and came across something very interestng in one of their forums--what is supposed to be the best site of current, after hours, trading quotes. The site is

http://www.tenfore.com/uk_markets_eur.htm

That site seems to be constantly updating.

Careful of the dominant long term uptrend Tiki Trader!

Looks like it is performing within the same channel as of Dec 28 and 29, doesn't it?

But I'm still reticent on going in... don't know why, though...

I too have a feeling that it is going to go short now but the trend is up on all my charts.... I have been scared to get in for the past 3 hours!!!

Happy New Year All,

I trust everyone enjoyed a safe holiday. Watching the Rose Bowl....catching up on my thread reading and chart reviews before making any trading statements. Curious little gap over the weekend, cable up approx 30 pips or so. Other than that, things seem relatively quiet.

i just short as well. looking at price again when normal market opens.

Why so much short sentiment?

I'd say short, but not immediately. The Brits have news at 09:30 GMT Tuesday that should push the pound up a wee bit. Combine that with cable's tendency to rise slightly over the next few hours and it seems we have the same old Phase I "mini" long and Phase II short we've seen the last few trades.

Whoa....Michigan just scored in the fourth quarter....19-11 USC.

Looks like 1.9655 for cable before the short. That's 23 pips long from current bid.

Whoa....USC scored right back!!

This is from Action Forex
After seven months of tight range trading, the US dollar broke down and has embarked on a major new trend since late November. However, even though both fundamentals and technicals favor further dollar losses in 2007, the dollar could strengthen before it weakens. Prices move in repeated patterns which is the foundation behind technical analysis. Therefore it should be no surprise that there is a unique repeated pattern in the performance of the US dollar in the month of January based upon seasonality.

http://www.actionforex.com/images/st...2006122984.gif

Thanks for the chart Tom,

Four times in the last decade, sterling rose the first month of the year with the largest increase coming in January of 2006. Looking back at March 2006, cable was around 7300 (2300 pips ago!). Given current dollar weakness, the US recession, FOMC's upcoming rate reduction and other fundies too numerous to mention, I think it highly likely that cable will rise again in January 2007 and continue its bull run.

Now for what really matters....the Fiesta Bowl!!

Yes bodge you were right I lost that short trade but only had a very tight s/l of a few pips... the reason I went short is because I see every week almost that there is a gap, it gets filled in... price is up again now... and I still say good chance to come down... to fill in the gap... after that I am still clueless for the time being...

Is it really a done deal about the rate reduction ???

And if anyone is interested... one year ago Rob Booker predicted we would get to this point where interest rates would go down... at the time I thought that was an amazing prediction... in fact he predicted a whole slue of things which have come true... my wife thought he had a crystal ball....

Tiki Trader,

I posted the following on October 2, 2006:
Quote:
<TABLE cellSpacing=0 cellPadding=6 width="100%" border=0><TBODY><TR><TD class=alt2 style="BORDER-RIGHT: 1px inset; BORDER-TOP: 1px inset; BORDER-LEFT: 1px inset; BORDER-BOTTOM: 1px inset">Originally Posted by MoneyMa$ter

Back in July 2006, I explained, more than once:

(1) why the fed would pause the rate increases prior to November elections;
(2) that the fed would leave rates alone until Q2, FY 2007.


</TD></TR></TBODY></TABLE>


I posted the following on October 11, 2006.
Quote:
<TABLE cellSpacing=0 cellPadding=6 width="100%" border=0><TBODY><TR><TD class=alt2 style="BORDER-RIGHT: 1px inset; BORDER-TOP: 1px inset; BORDER-LEFT: 1px inset; BORDER-BOTTOM: 1px inset">Originally Posted by MoneyMa$ter

As unemployment grows, recession becomes a reality and lower interest rates in Q1 2007 (which is the government's 2nd quarter, FY 2007). When the fed lowers rates early next year, the dollar will decline again.
Enuf said.

</TD></TR></TBODY></TABLE>


So as far as I'm concerned, FOMC rate reduction is a done deal. Q2 refers to the government's calendar - fiscal year begins Oct 1st, so second quarter begins Jan 1st.
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The more I read and the more I listen, the more it appears that the USD is heading into deep S - - T. It almost looks as though no matter what happens, and no matter what is done the USD and the USA are heading in a very bad direction, with anything which is done potentially aggravating the problem.

I have no inside knowledge, and am neither in politics or economics, but as an outsider, this is certainly the way it appears. at least on the medium term.

And when you factor the growing trend for our enemies to dump dollars by transacting crude oil deals in euros, plus our outstanding debt and deficits, I'd say that's an excellent short-mid term analysis Moonchild!!

Dang those darned enemies...

But danged sure you guys are all probably right !!!