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Cable Update (GBPUSD)

  • #4,261
  • Jan 2, 2007 12:50am Jan 2, 2007 12:50am
Quoting kapanil
The release of this data at 04.30 EST could trigger the desired action in the price trend.

Worth waiting till 04.30
agree. let the market come to us.
If I Go Broke Trying Then I Will die happy.
  • #4,262
  • Jan 2, 2007 12:51am Jan 2, 2007 12:51am
GBPJPY do yall feel as though the wave pattern is finally going down.?
Quoting itme
Predicted reversal price 1.9715 according to my system

Price just shot up to that price!
  • #4,263
  • Jan 2, 2007 12:56am Jan 2, 2007 12:56am
Not a chance. It is firmly in an uptrend...any retracements close to 233 are a buy with a stop below 232. 50/60. good luck good trades
  • #4,264
  • Jan 2, 2007 12:56am Jan 2, 2007 12:56am
shorted @ 9717 - looking to go to 9677 as initial move then trail the rest
Man who scratches ass should not bite fingernails
  • #4,265
  • Jan 2, 2007 12:59am Jan 2, 2007 12:59am
Quoting turn1to100
GBPJPY do yall feel as though the wave pattern is finally going down.?
If you had asked me, I would have said that I expected cable and poundyen to go south. Since the rules of my system were not met by any pair, I am not in any trade at present. I guess I will just have to wait for the dust to settle.

I really do not see any good evidence that either cable or poundyen have decided to go down. Possibly the upcoming news release will trigger it, or otherwise boost them into orbit.

It helps to have a good sense of humour today. If you cannot laugh at what is going on, I suspect that some of us will be tempted to cry.
  • #4,266
  • Jan 2, 2007 1:05am Jan 2, 2007 1:05am
Thank you and are you talkin about the nonfarm annoc.??
Quoting moonchild
If you had asked me, I would have said that I expected cable and poundyen to go south. Since the rules of my system were not met by any pair, I am not in any trade at present. I guess I will just have to wait for the dust to settle.

I really do not see any good evidence that either cable or poundyen have decided to go down. Possibly the upcoming news release will trigger it, or otherwise boost them into orbit.

It helps to have a good sense of humour today. If you cannot laugh at what is going on, I suspect that some of us will be tempted to cry.
  • #4,267
  • Jan 2, 2007 1:05am Jan 2, 2007 1:05am
Quoting Moe
im gonna be looking for a good entry to go long.

1.9570ish was a good place
The other majors were already running away while cable was still pinned from that massive EURGBP rise. A friend went long there =)
We had a break higher of an IB, but this 1.9730 top s/r is keeping a bit of a lid on it...if we hop over this today or tomorrow things might get interesting
Attached Image
Trust price. Know yourself.
  • #4,268
  • Jan 2, 2007 1:14am Jan 2, 2007 1:14am
Quoting Moe
im gonna be looking for a good entry to go long.
200 sma on 4 hr chart is @ 9445. That may be a good point to go long if that is your view, or a breakout above some current levels although I would consider that a bit late. Otherwise I see a move coming down to the 94's pretty soon.
Attached Image
Man who scratches ass should not bite fingernails
  • #4,269
  • Jan 2, 2007 1:18am Jan 2, 2007 1:18am
Quoting Leugimp
200 sma on 4 hr chart is @ 9445. That may be a good point to go long if that is your view, or a breakout above some current levels although I would consider that a bit late. Otherwise I see a move coming down to the 94's pretty soon.
Watch out Leugimp. In the end of this channel there's a triangle formed in a very thin market. Besides that, all the channel was built during a special moment - end of the year - with low volume.

Resuming back in the channel is indeed a possibility - but cutting loose up - resuming previous strong uptrend - may eat you alive if you place a short too soon.
  • #4,270
  • Jan 2, 2007 1:18am Jan 2, 2007 1:18am
What do you mean long (buy) from IB tl(hr hour) bar
Quoting SeekingLight
1.9570ish was a good place
The other majors were already running away while cable was still pinned from that massive EURGBP rise. A friend went long there =)
We had a break higher of an IB, but this 1.9730 top s/r is keeping a bit of a lid on it...if we hop over this today or tomorrow things might get interesting
  • #4,271
  • Jan 2, 2007 1:21am Jan 2, 2007 1:21am
Quoting cesarnc
Watch out Leugimp. In the end of this channel there's a triangle formed in a very thin market. Besides that, all the channel was built during a special moment - end of the year - with low volume.

Resuming back in the channel is indeed a possibility - but cutting loose up - resuming previous strong uptrend - may eat you alive if you place a short too soon.
Was the strong up move during thanksgiving built on high volume?
Man who scratches ass should not bite fingernails
  • #4,272
  • Jan 2, 2007 1:21am Jan 2, 2007 1:21am
It expect GBP/USD to rise to about 1.9750 - 1.9775, then correct about 100 pips down to 1.9625 - 1.9650, then continuing upwards. My confidence in this prediction is only fair.
  • #4,273
  • Jan 2, 2007 1:24am Jan 2, 2007 1:24am
What I meant was there was a rising TL that coincided with an area of s/r that lent itself to an entry on the last day of the year before the close.

Picture attached.

The IB is an inside bar (inside of prior day's range) and shown on the daily chart with the arrow.
Attached Image
Trust price. Know yourself.
  • #4,274
  • Jan 2, 2007 1:25am Jan 2, 2007 1:25am
Quoting Leugimp
Was the strong up move during thanksgiving built on high volume?
Whatever!

Question is: there's a triangle/pennant since the 9800s high, built from a strong uptrend. What I mean is: there is a strong uptrend still in the air, so getting short into this market is a RISKY BUSINESS.

The naturally expected exit from this triangle/pennant is another strong uptrend...

Am I wrong on this ?
  • #4,275
  • Jan 2, 2007 1:28am Jan 2, 2007 1:28am
went long @ 1.9707
If I Go Broke Trying Then I Will die happy.
  • #4,276
  • Jan 2, 2007 1:29am Jan 2, 2007 1:29am
news is below expected @ 51.9
If you can't produce some results and make some serious PIPS, YOU'RE FIRED!
  • #4,277
  • Jan 2, 2007 1:31am Jan 2, 2007 1:31am
Quoting Leugimp
Was the strong up move during thanksgiving built on high volume?
Prior to that point we were trading in the low 90's - what has fundamentally changed so much since that point? Was $ just extremely overvalued at that point that this sort of adjustment was necessary. I know of the psychological levels at 00, 50, etc - but I can't narrow my focus on those levels - the 1.90's are very psychological as well as people expect the rate to reach 2.0000 and can place alot of bets accordingly. I personally feel like rate is too high, not that it matters so much for my trading, but it is my opinion, and I wouldn't be surprised to see a move this month back to those pre-thanksgiving levels. Like I said, it is just an opinion.
Man who scratches ass should not bite fingernails
  • #4,278
  • Jan 2, 2007 1:32am Jan 2, 2007 1:32am
time will tell,...but the best way to trade news is to go short after the bounce ...
its just money
  • #4,279
  • Jan 2, 2007 1:32am Jan 2, 2007 1:32am
Quoting Moe
went long @ 1.9707
What's telling you to? This holding above 9700?

Just want to know how you're thinking. I'm still out and very unsure...
  • #4,280
  • Jan 2, 2007 1:34am Jan 2, 2007 1:34am
thanks for shedding some light on the matter

Quoting SeekingLight
What I meant was there was a rising TL that coincided with an area of s/r that lent itself to an entry on the last day of the year before the close.


Picture attached.

The IB is an inside bar (inside of prior day's range) and shown on the daily chart with the arrow.
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