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Daily Cable Analysis

  • #1,241
  • Jan 11, 2007 9:31am Jan 11, 2007 9:31am
Quoting goonergonebad
No earth shattering news out of USA - half% hike in GB rates, overbought £ at 1-30pm GMT agreed - BUT - Why exact downturn?

Newbie...
yes, anyone know, what's going on? GBP hike rate happend, but it's going down, it suppose to go up, this is forex market, maybe some big boys sold gbp , who knows?!
  • #1,242
  • Jan 11, 2007 9:39am Jan 11, 2007 9:39am
u.s. unemployment claims were down from estimate by 21000.
  • #1,243
  • Jan 11, 2007 9:42am Jan 11, 2007 9:42am
anyone have strong opinion we will see low 200s?
Right teaching produces right believing leads to right living. - J.P
  • #1,244
  • Jan 11, 2007 9:42am Jan 11, 2007 9:42am
seems like its going to be quiet from here out till 2am or so...

im holding short..
  • #1,245
  • Jan 11, 2007 9:46am Jan 11, 2007 9:46am
thanks, gives me an idea to get some sleep and check it out on charts posted tomor morning.
Right teaching produces right believing leads to right living. - J.P
  • #1,246
  • Jan 11, 2007 9:49am Jan 11, 2007 9:49am
Quoting mohsen57
yes, anyone know, what's going on? GBP hike rate happend, but it's going down, it suppose to go up, this is forex market, maybe some big boys sold gbp , who knows?!
sh**t who knows??? what a day, all my 2 weeks profits wiped out in a crazy hour! - guess i will just pack it in for the day, been following one of the guys trade journal on fx-forum, and today he's made over 400 pips, and whats more most of his trades were live! makes it so easy! yet how come so many lose. the guy says he is targeting 2000 pips in a month

feeling so depressed!
  • #1,247
  • Jan 11, 2007 9:53am Jan 11, 2007 9:53am
Quoting monarch
What I meant was that the retracement on this news movement is now in play at the 1.9379-81 mark, then a continuation upward to 1.94501.9500 area would be my projection for the weekly high.

Any one else on this?
I had my Long opened from news last night with my Target at 1.9499 and that hit while I was asleep.

Had a Short waiting at 1.9550 with expectation of hitting a 50% Fibo, but missed it by a lousy 15 pips, man I shoud have been awake.

Nice profit for the day with over 150 pips in that one upwards move, not counting the other positions that locked in profits during the afternoon of scalping. Nice +250 pip day of trading.

Now the Fibo 38.2% has cleared from the downward movement last week, and we have a 275 pip range from Low to High this week, I am looking for a continuation in prices dropping the remainder of the week.

This helps confirm the ananlysis we are sharing helps greatly.

Thanks everyone, hope your trades were profitable also.
  • #1,248
  • Edited 10:00am Jan 11, 2007 9:56am | Edited 10:00am
dude, your not the only one. if you are trading the news, gotta watch the time of release. 2 news released and pushed cable up, enough for traders to take their chips off the table, 150 pips or more(might be more), i was out, (in bible study class) not giving you exact pip counts.
Pullbacks like this is very common. Price change every second. End of bull, buyers run. End of bear, sellers run. Don't be the one to stay.
Right teaching produces right believing leads to right living. - J.P
  • #1,249
  • Jan 11, 2007 9:56am Jan 11, 2007 9:56am
Hi all
Do you think GBP/USD go down more now EST 11 noon an its trading at 1.9421 ......

appreciate you insight on this regard
Tke care happy pipping '
Banda
BANDA333
  • #1,250
  • Jan 11, 2007 9:57am Jan 11, 2007 9:57am
Quoting marwan2010
sh**t who knows??? what a day, all my 2 weeks profits wiped out in a crazy hour! - guess i will just pack it in for the day, been following one of the guys trade journal on fx-forum, and today he's made over 400 pips, and whats more most of his trades were live! makes it so easy! yet how come so many lose. the guy says he is targeting 2000 pips in a month

feeling so depressed!
Do not let losses get to you, I have had a few losses this week also, but I keep coming back after taking a break and hitting it again.

Right after I lose in a trade, I step back and evaluate what things went wrong, then I come back and usually make those losses back, and with time your wins will be more than your losses.

Work your system, but if your system is not working, find one that will.

Keep your head up.
  • #1,251
  • Jan 11, 2007 10:01am Jan 11, 2007 10:01am
From the movement upwards last night Low of 1.9327 to the High at 1.9534 we have the 61.8% Fibo Retracement level at 1.9408.

This is where the price is straddling some now.

Waiting for a break under this price for a continuation of price.

Keep in mind, we may have only cleared the Fibo from last nights upward swing, and now we may head back up to 1.9561 to clear the 50% Fibo from the complete downward move from 1.9749 to 1.9260.

Watching here for direction.
  • #1,252
  • Jan 11, 2007 10:03am Jan 11, 2007 10:03am
Quoting monarch
I am looking for a continuation in prices dropping the remainder of the week.
Do you see 92XX?
  • #1,253
  • Jan 11, 2007 10:12am Jan 11, 2007 10:12am
I woke up at 6:45, tired as all heck, I had a short position, went back to sleep for a nap for 15 minutes wokeup at 8:30-9 and realized I lost a lot.. Got stopped out, but could have made some good $ riding the wave.

Oh well, just made a quick 15 pips going long, now shorting @ 1.9421

dtb
David
  • #1,254
  • Jan 11, 2007 10:15am Jan 11, 2007 10:15am
Quoting cesarnc
Do you see 92XX?
I have this in the back of my head, and I can't get away from thinking we are soon going to be heading there.

The one thing that is stopping me here on a long term short would be the fact that we probably still need to clear the 50% Fibo at 1.9550-9560 for the complete retracement of the downward move from the high 1.9846 to the low 1.9360.

We came within striking distance, but we may need to clear this hurdle before we can complete the Retracement on the large move up from
10-11-06 to 12-1-06.

I have several Shorts in position for the expected move down, but I have these stationed apart so I can maximize my profits, and minimize my drawdown.

Looking for the 1.9430 to either support or resist here, this is the 50% Fibo for our move upwards just completed
  • #1,255
  • Jan 11, 2007 10:17am Jan 11, 2007 10:17am
Quoting monarch
Keep your head up.
Thnks - did go long at 9409, will not give up!
Yes have a good system but just not following it!
yes got to keep the head up and be ruthless in following the system
  • #1,256
  • Jan 11, 2007 10:23am Jan 11, 2007 10:23am
My go to 1.9447 before resistance is seen.

It may be this hour or the next to hit this area.
  • #1,257
  • Jan 11, 2007 10:32am Jan 11, 2007 10:32am
I am watching the Pin Bar setup on the Daily.

We have a very large Bar (nose) here, but the price for the day would have to close below 1.9421 to 1.9400 to form into tomorrows right ear, that is if price stays below 1.9421-30 area for the next candle also.

The Close of the bar will be important today and tommorow for our setup into next week.
  • #1,258
  • Jan 11, 2007 10:36am Jan 11, 2007 10:36am
Quoting monarch
My go to 1.9447 before resistance is seen.

It may be this hour or the next to hit this area.
Agree. 38.2% up the annoucement wave possibly to 50% at 9465.
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #1,259
  • Jan 11, 2007 10:38am Jan 11, 2007 10:38am
185 pips today. Good enough for me, I think I may go golfing.

ENORMOUS thanks to everyone, this thread has been instrumental in my learning.
Pip By Pip
  • #1,260
  • Jan 11, 2007 10:42am Jan 11, 2007 10:42am
a break above 1.9442 exposes 1.9583
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