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Cable Update (GBPUSD)

  • #50,021
  • Jan 17, 2008 10:09am Jan 17, 2008 10:09am
Quoting nAVIN2007
I always do something stupid ..i canceled the wrong trade..and when it was losing me money.... any1 ever stupiness like this or is just me
I put it down to the fact that i have a demo account id hate to think i could have dont this on a real account...
try live/real account... you'll know the different...
it was happened to me once... do some mini trade first...

it's process bro'... don't worry.. step by step...
good luck...
Never Give Up.....
  • #50,022
  • Jan 17, 2008 10:32am Jan 17, 2008 10:32am
Quoting asyi
Not just you. Over the years of trading I've realized that I have limited intelligence but unlimited stupidity. The Forex has repeatedly confirmed this. Welcome to the other side.
All I can add to that is “assumption is the mother of all f_ck ups” and I knowing this still assume prices are going to go up/down
  • #50,023
  • Jan 17, 2008 10:59am Jan 17, 2008 10:59am
Quoting Runway Trade
All I can add to that is “assumption is the mother of all f_ck ups” and I knowing this still assume prices are going to go up/down
IMO, assumption is the first step in trading, then you must analize how probable this assumption is, and then check it with price action. If any of these steps are eluded, you are gambling. Of course anyone can have mistakes, that is the stop for.
  • #50,024
  • Jan 17, 2008 11:18am Jan 17, 2008 11:18am
oh no !!!!! ......it come back to bite on the ass ..it come south again .....lol
how the hell is any1 suppose to ride the trend when the trend is like this ....lol
hectic!!!!!!!!
  • #50,025
  • Jan 17, 2008 11:23am Jan 17, 2008 11:23am
hey guys please tell me one thing that whenever ben bernake the fed chairman speaks the currency moves within a minute?
BK
  • #50,026
  • Jan 17, 2008 11:24am Jan 17, 2008 11:24am
Quoting nAVIN2007
oh no !!!!! ......it come back to bite on the ass ..it come south again .....lol
how the hell is any1 suppose to ride the trend when the trend is like this ....lol
hectic!!!!!!!!
retracements exist, we have to live with them
  • #50,027
  • Jan 17, 2008 11:25am Jan 17, 2008 11:25am
Just to show this again as a reminder for some to keep this price in mind weekly.


http://picnac.com/images/858011111gbpusdchart.jpg
  • #50,028
  • Jan 17, 2008 11:31am Jan 17, 2008 11:31am
Quoting Rogue$Trader
Just to show this again as a reminder for some to keep this price in mind weekly.
so, to you is not easy to close the week over 1.9750?
  • #50,029
  • Jan 17, 2008 11:42am Jan 17, 2008 11:42am
Quoting albertotralzt
so, to you is not easy to close the week over 1.9750?

Mainly just saying, this is important area that shouldnt be overlooked. On which side it closes for the week should come into play on peoples minds as they draw up their weekly charts for next week over the weekend. Just trying to share something that maybe some havent saw.

As for my opinions, dont have time to explain again but most are all in my post history.

Happy Trading
  • #50,030
  • Jan 17, 2008 11:49am Jan 17, 2008 11:49am
Quoting Rogue$Trader
Mainly just saying, this is important area that shouldnt be overlooked. On which side it closes for the week should come into play on peoples minds as they draw up their weekly charts for next week over the weekend. Just trying to share something that maybe some havent saw.

As for my opinions, dont have time to explain again but most are all in my post history.

Happy Trading
thanks for sharing
  • #50,031
  • Jan 17, 2008 12:24pm Jan 17, 2008 12:24pm
Quoting Rogue$Trader
Mainly just saying, this is important area that shouldnt be overlooked. On which side it closes for the week should come into play on peoples minds as they draw up their weekly charts for next week over the weekend. Just trying to share something that maybe some havent saw.

As for my opinions, dont have time to explain again but most are all in my post history.

Happy Trading

thx for the heads up .. happy trading hope the pips are being kind to u
  • #50,032
  • Jan 17, 2008 12:33pm Jan 17, 2008 12:33pm
18:11 GBP/USD: Virgin Group Expected Takeover of Northern Rock Props New York, January 17. Despite trading off from session and daily highs by 1.9790, Cable remains bid with the recent demand for the GBP coming on the back of profit taking from short-term technical accounts also aided by recent comments from BoE governor Gieve. The governor highlighted that inflation is still a concern for the central bank with the rate set to rise well above target in the coming months. This has sent a chill down the spines of GBP bears with many accounts seen exiting their existing short positions as a result. Data released overnight from the British Chamber of Commerce showing that more firms planned to up their prices in light of the current economic conditions is reflective of the need for the BoE to continue to keep a watchful eye on inflation. Bond yield differentials are also supportive with spreads widening today by nearly 9 points in favor of the GBP.
Also seen generating support for Cable is the latest news surrounding the beleaguered Northern Rock. Britain based Virgin Group has put a proposal in for the takeover of the mortgage bank and expects details of the financing package from Goldman Sachs over the next few days. The takeover of the firm by Richard Branson is viewed as a positive for the GBP with fears of a government takeover now abating. Cable currently trades 1.9725.
  • #50,033
  • Jan 17, 2008 1:20pm Jan 17, 2008 1:20pm
nice bounce @ 1.9700
Attached Image (click to enlarge)
Click to Enlarge Name: trendline4.gif Size: 10 KB
  • #50,034
  • Jan 17, 2008 1:23pm Jan 17, 2008 1:23pm
are you saying you think its going back up from here?
  • #50,035
  • Jan 17, 2008 1:31pm Jan 17, 2008 1:31pm
Quoting Runway Trade
are you saying you think its going back up from here?
it may do, im not making trade call tho! im still learning

but a buy at 1.9700 would be in profit right now
  • #50,036
  • Jan 17, 2008 1:38pm Jan 17, 2008 1:38pm
looking at everything it seems the body of the candles are really small and theres no volume...i doubt the trade u place right no will go anywhere especially if yur looking for a long position...

it be gambling not trading!!!!
  • #50,037
  • Jan 17, 2008 1:39pm Jan 17, 2008 1:39pm
it may go back down again
Attached Image (click to enlarge)
Click to Enlarge Name: trendline4.gif Size: 9 KB
  • #50,038
  • Jan 17, 2008 1:43pm Jan 17, 2008 1:43pm
Quoting tim1234
it may do, im not making trade call tho! im still learning

but a buy at 1.9700 would be in profit right now
I think it will still go down to 1.9625 around the 100ema
  • #50,039
  • Jan 17, 2008 1:48pm Jan 17, 2008 1:48pm
So BOE are talking about inflation

homo erectus george w is saying he will act to ease US fiscal policy

bernakepanke says he is going to cut interest rates

everyone from Cramer down (or up) says US is sinking

major US banks totally insolvent - merrill and pals baled out by terrorist countries and communists (more Cramer talk )

stocks tanking...

now where is the dollar going to go - hum

a lot of people on forexfactory say gbp is going to 1.92

now should i figure it out for myself or do what the herd say ?

of course if i am only trading with a 2 hour or 30 minute horizon then i dont listen to anyone and follow the merry gang - but if i want a 10 day trade with 100's of pips ?....
  • #50,040
  • Jan 17, 2008 1:57pm Jan 17, 2008 1:57pm
19:54 GMT January 17 Cable opened in New York at 1.9670 and saw a relatively
well bid session of trade despite the pullback into the afternoon. Early gains
were seen on the back of the less than dovish comments out from the BoE"s Gieve,
with additional cross related GBP interest in EUR/GBP driving Cable higher to
1.9790 into the London fix aided by the much worse than expected Philly Fed and
dovish Bernanke comments. However, the broader sentiment could not be ignored
with longer-term macro funds selling ahead of 1.9800, building on their existing
short positions. Yet another day of heavy setbacks in US equities was also seen
weighing on the higher yielding major into the close.
Also seen generating support for Cable was the latest news surrounding the
beleaguered Northern Rock. Britain based Virgin Group has put a proposal in for
the takeover of the mortgage bank and expects details of the financing package
from Goldman Sachs over the next few days. Tomorrow"s key UK event risk is the
09:30GMT disclosure of December retail sales figures. Forecast: +0.2% m/m, +3.3%
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