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Cable Update (GBPUSD)

  • #56,041
  • Feb 26, 2008 6:00pm Feb 26, 2008 6:00pm
Quoting salah k.
euro 50 pip correction so far
pound not yet ready to enter correction mode??

Im sure, resistance 9885, pivot 9796, MA 9794 or 9788 way is DOWN... my entry 9885 TP 9820 DOWN CABLE DOWN !
  • #56,042
  • Feb 26, 2008 6:02pm Feb 26, 2008 6:02pm
Quoting salah k.
euro 50 pip correction so far
pound not yet ready to enter correction mode??

A bearish PB or close below 1.9871's would ring the bell:

Just waiting... Patience
  • #56,043
  • Feb 26, 2008 6:03pm Feb 26, 2008 6:03pm
Quoting Scrat
this is not true.
the only time when you start to worry about your longs is when you see a classic bearish divergence on stochastic. which i don't see in this case, so i hold on to my longs and i hope to add some more until we reach the top.
Thanx for the enlightenment, there's very little on the board for wannabees.

However wouldn't this qualify as bearish divergence? (of course one at that stage one doesn't know the big rise is coming).

Or could you post an example of the divergence you are referring to?

TIA
Attached Image (click to enlarge)
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Darkness lies one inch ahead..
  • #56,044
  • Feb 26, 2008 6:12pm Feb 26, 2008 6:12pm
Took my 25pips thanks muchly, think Mid term we'll go higher, so not sticking my neck out to far!!

Expect Ranged market to 06:00, 55 - 85 range area ish!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #56,045
  • Feb 26, 2008 6:18pm Feb 26, 2008 6:18pm
Quoting Ironman
Im sure, resistance 9885, pivot 9796, MA 9794 or 9788 way is DOWN... my entry 9885 TP 9820 DOWN CABLE DOWN !
good luck with that my friend
very bold move
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #56,046
  • Feb 26, 2008 6:20pm Feb 26, 2008 6:20pm
Quoting 4x_Trader
Whew you made it again Moe 200+ pips profit not bad for yesterday's trading I was thinking then that I have to wait for your confirmation before I square off my pos once again the COT report was right they dump the $ M planning to re-buy the cable later. What a trade it was!
yes i did, there more room to go longer.:surprised
If I Go Broke Trying Then I Will die happy.
  • #56,047
  • Feb 26, 2008 6:21pm Feb 26, 2008 6:21pm
Exited too soon, got to work on that
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #56,048
  • Feb 26, 2008 6:24pm Feb 26, 2008 6:24pm
Quoting Turveyd
Exited too soon, got to work on that
didn't you have a set amout of t/p pips before you enter that trade.
If I Go Broke Trying Then I Will die happy.
  • #56,049
  • Feb 26, 2008 6:31pm Feb 26, 2008 6:31pm
....my charts shows short at 1.9840!
  • #56,050
  • Feb 26, 2008 6:50pm Feb 26, 2008 6:50pm
WELCOME 2.xxxx ..............

LoNG Gu LONG
I Deeply Love My Virtual Life In Virtual World , RLC
  • #56,051
  • Feb 26, 2008 6:53pm Feb 26, 2008 6:53pm
looks like gdp might trigger the correction if it was weak. otherwise i dont think technically cable can be stopped.
since weak dollar and strong euro are helping in bullish movement.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #56,052
  • Feb 26, 2008 6:55pm Feb 26, 2008 6:55pm
Moe, No doesn't work with my trading style / system, wasn't more than 5pip in it before it bounced anyway.

Hands off doesn't work with small account and 13pip stops I find.


More setups tomorrow, is practically guaranteed thankfully
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #56,053
  • Feb 26, 2008 7:07pm Feb 26, 2008 7:07pm
Quoting salah k.
looks like gdp might trigger the correction if it was weak. otherwise i dont think technically cable can be stopped.
since weak dollar and strong euro are helping in bullish movement.
The euro should correct in the next 48 hours as well, unless Bernanke says something outrageous during his testimony (e.g. "it won't hurt the economy if we give you two bucks for each one of yours"). It is way overbought and now that everyone have seen it above $1.5, it is time for it take a break. And I mean - come on, when inflation data far exceeds expectations, isn't that a bullish signal for the currency???

Not as bearish on the EU short-term as on cable, though.
  • #56,054
  • Feb 26, 2008 7:18pm Feb 26, 2008 7:18pm
Quoting Subdude
The euro should correct in the next 48 hours as well, unless Bernanke says something outrageous during his testimony (e.g. "it won't hurt the economy if we give you two bucks for each one of yours"). It is way overbought and now that everyone have seen it above $1.5, it is time for it take a break. And I mean - come on, when inflation data far exceeds expectations, isn't that a bullish signal for the currency???

Not as bearish on the EU short-term as on cable, though.
Not neccessarily, it depends on the central bank of the respective country. The FOMC is dovish at the moment (I really dont care what they say, their actions speaks louder than words. They are cutting rates and still plan on doing so) and will continue to be until there is a turnaround in the housing sector. Inflation can be caused by alot of stimuli, the most volatile component of inflation right now is CRUDE but, we are adjusting to this and unless crude consistently stays above $100 a barrel, inflation comes second to growth. In other words, if prices are high (inflation) people will still spend money, granted it would not be as much but if growth is the problem, how can people spend what they dont have.
  • #56,055
  • Feb 26, 2008 7:20pm Feb 26, 2008 7:20pm
really seeing people saying here, oh the mighty gbp and thats stuff.
come on....

gbp has even lost today, but the overall dollar minicrash. just driving gu up.
still favoring gu donwside even when the usd is really weak.
hope mr. ben benny recue the dollar tomorrow like Trichet always does with the euro.

BEN BENNIE, work for americans. not for wallstreet.
  • #56,056
  • Feb 26, 2008 7:24pm Feb 26, 2008 7:24pm
stochastic is not lagging, theoretically... because it is an oscillator.

Quoting Bones
Ya know Scrat you are absolutely correct on that, these indicators are not being used correctly and can be profitable but they are bit lagging for instance if we close below 1.9870 there not telling you there’s a high probability of a retrace back closer to the rising 4hr Tl are they ?
Nihil Sine Deo.
  • #56,057
  • Feb 26, 2008 7:28pm Feb 26, 2008 7:28pm
O.k. thanks´ buddy, Im out 9857 +28, but I mean that price will be low later, sell higher and buy lower down, I saw many times this figure I belive that the price fall down...

Quoting salah k.
good luck with that my friend
very bold move
  • #56,058
  • Feb 26, 2008 7:29pm Feb 26, 2008 7:29pm
yes. the bearish divergence was right there. BUT it hasn't been confirmed.
here is an example on 30 min chart, and here's how i act:
1. i identify the divergence (see white lines)
2. i put the trendline (see red line)
3. i enter on breakout, ALWAYS ON BREAKOUT. you will see that at the same time, the oscillator you're using crosses to the other part (in this case, stochastic crossed above 50... CCI would cross above 0... and so on)
the example you gave was missing the confirmation. the trendline (which you didn't put on the chart) was never broken, and price went up again.


Quoting TraderJR
Thanx for the enlightenment, there's very little on the board for wannabees.

However wouldn't this qualify as bearish divergence? (of course one at that stage one doesn't know the big rise is coming).

Or could you post an example of the divergence you are referring to?

TIA
Attached Image (click to enlarge)
Click to Enlarge Name: gu30.gif Size: 17 KB
Nihil Sine Deo.
  • #56,059
  • Feb 26, 2008 7:36pm Feb 26, 2008 7:36pm
I use SMA's in a none lagging manner as support and resistance ( ofcourse if you draw enough lines on a chart 1 is bound to work )

if your Bullish because the US data is bad, don't forget the GB data is also bad, serious world wide debt fueled recession is pretty much global.

I've got 4 clients which have been forced to close in the last 3months, not a single client in the 13years previously and another 2 I expect to quit soon to, so if this isn't a recession what is and this is just the start I expect a depression

* hence taking trading seriously, running out of clients and the ones that are left aren't exactly flush these days *
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #56,060
  • Feb 26, 2008 7:38pm Feb 26, 2008 7:38pm
Quoting AmeriTrini
They are cutting rates and still plan on doing so) and will continue to be until there is a turnaround in the housing sector.
I would argue that a turnaround in the housing sector cannot be ignited by lowering the interest rates alone, and it seems I'm not the only one who realizes that. Demand is a function of more than just low rates; if the wealth is not there there'll be no appreciable demand increase. Eroding the dollar indefinitely is actually detrimental to housing sector turnaround.

Quote
Inflation can be caused by alot of stimuli, the most volatile component of inflation right now is CRUDE but, we are adjusting to this and unless crude consistently stays above $100 a barrel, inflation comes second to growth. In other words, if prices are high (inflation) people will still spend money, granted it would not be as much but if growth is the problem, how can people spend what they dont have

Inflation is sort of like a dog chasing its own tail - if you try and put more money in people's hands, there will not be enough of it to catch up with the resulting price increases - if you don't, then consumption suffers, and hence the slowdown in the economy. Perhaps I'm completely wrong and FOMC will forego the long term interests of the economy to try and keep appearances, but I'm guessing even this Fed knows what happens when your money is good for little more than wallpaper in the bathroom.
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