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Cable Update (GBPUSD)

  • #60,181
  • Apr 2, 2008 3:34am Apr 2, 2008 3:34am
i cant seem to be sure of the direction right now ....seems cable is becoming more and more unpredictable
  • #60,182
  • Apr 2, 2008 3:55am Apr 2, 2008 3:55am
Quoting nAVIN2007
i cant seem to be sure of the direction right now ....seems cable is becoming more and more unpredictable

it surely aint confusing mate...unless it breaks 1.9730, it will continue to go up...once that is broken, no one knows how hard it will fall....till the usd news this evening, it will continue to range....usd news will determine whether the support would be broken or not...if not, we have to be long...
  • #60,183
  • Apr 2, 2008 4:05am Apr 2, 2008 4:05am
Quoting ns_karthik
it surely aint confusing mate...unless it breaks 1.9730, it will continue to go up...once that is broken, no one knows how hard it will fall....till the usd news this evening, it will continue to range....usd news will determine whether the support would be broken or not...if not, we have to be long...

whats posted is a 1 hr chart ..the white ema (62) is in the way and also its practically overbought and theres diverengce....it could be just building so it can break the down resistance...the direction cable is going is not straight forward

yes we have bounced but ..i wont call this a 70% success trade at all
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  • #60,184
  • Apr 2, 2008 4:07am Apr 2, 2008 4:07am
seems like cable slowly gringing its way to yesterdays highs perhaps 53 then 75s, try a small short there
Trading is 80% Emotional, 20% Technical
  • #60,185
  • Apr 2, 2008 4:16am Apr 2, 2008 4:16am
Quoting fx local
seems like cable slowly gringing its way to yesterdays highs perhaps 53 then 75s, try a small short there
we could and probably are bouncing between the 2 red lines and even if it cross top line u have r1 resistance close by
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  • #60,186
  • Apr 2, 2008 4:27am Apr 2, 2008 4:27am
just a general comment on many of the charts that i see in FF...there should be a balance between the timeframe, the number of lines and the pips in between....many times, there are way too many lines on the charts...i mean, if u have a line every 30 pips, u r bound to hit each and every one of them...so when can u trade then??

choose a proper timeframe and proper strategy....find good resistance and support lines so that there is a gap of atleast 50 pips between those lines on normal days so that u can trade them...if u have just 30 pips between hundreds of lines on the chart, leave out 7 pips on the 2 way spread, u have just 23 pips between the lines...do u think u could trade that??
  • #60,187
  • Apr 2, 2008 4:32am Apr 2, 2008 4:32am
Quoting ns_karthik
just a general comment on many of the charts that i see in FF...there should be a balance between the timeframe, the number of lines and the pips in between....many times, there are way too many lines on the charts...i mean, if u have a line every 30 pips, u r bound to hit each and every one of them...so when can u trade then??

choose a proper timeframe and proper strategy....find good resistance and support lines so that there is a gap of atleast 50 pips between those lines on normal days so that u can trade them...if u have just 30 pips between hundreds of lines on the chart, leave out 7 pips on the 2 way spread, u have just 23 pips between the lines...do u think u could trade that??

depenss on ur trading style, if ur scalper then yes u could trade like that
Trading is 80% Emotional, 20% Technical
  • #60,188
  • Apr 2, 2008 4:35am Apr 2, 2008 4:35am
Quoting fx local
depenss on ur trading style, if ur scalper then yes u could trade like that
absolutely right....but i was not referring to scalpers....sorry for not mentioning that...
  • #60,189
  • Apr 2, 2008 4:42am Apr 2, 2008 4:42am
Quoting ns_karthik
just a general comment on many of the charts that i see in FF...there should be a balance between the timeframe, the number of lines and the pips in between....many times, there are way too many lines on the charts...i mean, if u have a line every 30 pips, u r bound to hit each and every one of them...so when can u trade then??

choose a proper timeframe and proper strategy....find good resistance and support lines so that there is a gap of atleast 50 pips between those lines on normal days so that u can trade them...if u have just 30 pips between hundreds of lines on the chart, leave out 7 pips on the 2 way spread, u have just 23 pips between the lines...do u think u could trade that??
i understand exactly what yur saying and i agree but this is different 1 hr time frame is good for analysis..its not like its a 5 minute chart + plus 62 ema is excellent for judging what happening and also when theres diverengce showing ..if yur going to buy u have to do it at a dip..the price now is expected to fall if it falls and the divergence doesnt kick in ..i will also but right now ....i wont say its the time to go long...

i only interested in 1:2 ratio for reward...otherwise for me it wont be worth the risk...im trying my best to trade properly and get the right setups and u can see yurself theres a indecision formation (inverted hamer maybe) forming on 1 hr chart..
  • #60,190
  • Apr 2, 2008 5:28am Apr 2, 2008 5:28am
Daily R1 area 9843-51 holds cable's intraday rise for now. Was some sequential divergence on the 1 and 5min oscillators at that level.
ex member
  • #60,191
  • Apr 2, 2008 6:14am Apr 2, 2008 6:14am
anyone going long into bernanke testimony at 2.30pm UK time and 9.30am NY time??
Trading is 80% Emotional, 20% Technical
  • #60,192
  • Apr 2, 2008 6:20am Apr 2, 2008 6:20am
Quoting fx local
anyone going long into bernanke testimony at 2.30pm UK time and 9.30am NY time??
do u think he will kick dollar's ass like usual.
because i think this time he wont be so dovish due to the good numbers for home sales e.t.c...
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #60,193
  • Apr 2, 2008 6:42am Apr 2, 2008 6:42am
i got a feeling we going back up ...it makes no sense ...it seem fundamentals are out waying technical ...im not confident about cable direction anymore
  • #60,194
  • Apr 2, 2008 6:45am Apr 2, 2008 6:45am
Quoting nAVIN2007
i got a feeling we going back up ...it makes no sense ...it seem fundamentals are out waying technical ...im not confident about cable direction anymore
wait for ADP Nonfarm Employment Change
it might put cable back on bearish track or sky rocket it to 9900
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #60,195
  • Apr 2, 2008 6:50am Apr 2, 2008 6:50am
Some thoughts... news Coming Up:
1. Non Farm Employment
2. Bernanke speech

Right now, price simply retracing up. typical GBPUSD action. Look at Daily, price has been falling for past 4 days, need to retrace.

Option (1) If news is US bad, price might cross R1, and head to R2 before moving back down. Reason for this also because RSI still oversold in Daily.

Option (2) However, am thinking this more likely to happen on neutral to good US news. Also, because RSI approaching overbought in H4, so likely bounce off R1 or Weekly.

Trade simple, don't over analyse... Watch for divergence.

Disclaimer: Not to be taken as trading calls, trade your own strategy.
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Trade the reaction, not the news!
  • #60,196
  • Apr 2, 2008 6:57am Apr 2, 2008 6:57am
Quoting twofeet
Some thoughts... news Coming Up:
1. Non Farm Employment
2. Bernanke speech

Right now, price simply retracing up. typical GBPUSD action. Look at Daily, price has been falling for past 4 days, need to retrace.

Option (1) If news is US bad, price might cross R1, and head to R2 before moving back down. Reason for this also because RSI still oversold in Daily.

Option (2) However, am thinking this more likely to happen on neutral to good US new. Also, because RSI approaching overbought in H4, so likely bounce off R1.

Trade simple, don't over analyse...
agreed
great and simple analysis

my r1 is at 9875 (yesterday's high)
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #60,197
  • Apr 2, 2008 7:02am Apr 2, 2008 7:02am
Quoting salah k.
do u think he will kick dollar's ass like usual.
because i think this time he wont be so dovish due to the good numbers for home sales e.t.c...
1 months figures doesnt set trend! thier houising still in free fall and hasnt bottomed, he going to get his ass kicked over bear sterns bail out ithink, poses the question where do the FED draw th line!
Trading is 80% Emotional, 20% Technical
  • #60,198
  • Apr 2, 2008 7:11am Apr 2, 2008 7:11am
Quoting fx local
1 months figures doesnt set trend! thier houising still in free fall and hasnt bottomed, he going to get his ass kicked over bear sterns bail out ithink, poses the question where do the FED draw th line!
very true my friend
u know wat ur talking about

but if FED didnt bail out bear sterns many financial institutions would have followed because they are too entangled.

plus look at the equities market and financial market in this quarters begining

u gotta say it is a great start and people are going bullish now.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #60,199
  • Apr 2, 2008 7:19am Apr 2, 2008 7:19am
I hate the news jump around randomly times, it attracts you to the big pips which can be made and more often than not stops you out on it's random stupid moves.

Bring back the market that would jump 100pips instantly, but fxcm would lag 10seconds behind so i could buy the bottom price after the charts moved

Sadly they got wise to me and switched me to a different order type
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #60,200
  • Apr 2, 2008 7:20am Apr 2, 2008 7:20am
DOW has rallied, window dressing by the banks and funds iguess!! nothing great about the US, ADP came out much stronger but its not a great indicator for Non farm
Trading is 80% Emotional, 20% Technical
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