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Cable Update (GBPUSD)

  • #61,721
  • Apr 16, 2008 2:50am Apr 16, 2008 2:50am
I'd close my long within the next 40 minutes if I had one. High impact data is slated for release soon - lately it hasn't been too bullish for the cable.
  • #61,722
  • Apr 16, 2008 3:01am Apr 16, 2008 3:01am
does anyone agree that we are now at "C" of an Fibo ABCD wave and that "D" could end around 1.9559.
A being the 1.9893 high of the 14th
B being yesterdays low of 1.9599
c being now around1.9729

Any comments, please
  • #61,723
  • Apr 16, 2008 3:17am Apr 16, 2008 3:17am
we have very important UK data coming out. If it comes it will kill cable.

and we also have housing data which could show a good number like last month and that would make 2 months in a row for good housing data from US

which means stronger dollar and weaker cable so today could be the day where we c cable in the 9400 area

thats one way to c the picture

of course the news can be exactly opposite and extend cables correction possibly to 9800.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #61,724
  • Apr 16, 2008 3:18am Apr 16, 2008 3:18am
if there was no news coming soon id enter right now for a short ...but i think the news will send cable up!
  • #61,725
  • Apr 16, 2008 3:27am Apr 16, 2008 3:27am
Quoting salah k.
we have very important UK data coming out. If it comes it will kill cable.

and we also have housing data which could show a good number like last month and that would make 2 months in a row for good housing data from US

which means stronger dollar and weaker cable so today could be the day where we c cable in the 9400 area

thats one way to c the picture

of course the news can be exactly opposite and extend cables correction possibly to 9800.
Just basing on the numbers you posted, then regardless shorting would seem like a good way to go doesn't it.

e.g. current price 1.9700, upside risk 1.9800, downside risk 1.9400 => 1:3 risk reward ratio

Let's see how it pans outs
Trade the reaction, not the news!
  • #61,726
  • Apr 16, 2008 3:29am Apr 16, 2008 3:29am
Quoting twofeet
Just basing on the numbers you posted, then regardless shorting would seem like a good way to go doesn't it.

e.g. current price 1.9700, upside risk 1.9800, downside risk 1.9400 => 1:3 risk reward ratio

Let's see how it pans outs

absolutely bro but the impact of news can never be underestimated lets hope it goes as high as possible ..
  • #61,727
  • Apr 16, 2008 3:34am Apr 16, 2008 3:34am
Quote
JPMORGAN

* GBP/USD (1.9703 at 8.027GMT +0.0077):
"We are back to the wedge support levels and as such with momentum over done and in a range environment we look for the current bounce to develop further back towards $1.98."
http://www.goldessential.com/index.p...=1121&Itemid=1
  • #61,728
  • Apr 16, 2008 3:38am Apr 16, 2008 3:38am
Quoting nAVIN2007
if there was no news coming soon id enter right now for a short ...but i think the news will send cable up!
Agree with you there Nav.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #61,729
  • Apr 16, 2008 3:44am Apr 16, 2008 3:44am
Quoting Bones
Agree with you there Nav.
yes buddy ...im thinking the same thing ...i want to to go right to the top and sell......i need a good win and im hoping this one is it..good to have u back bro..
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  • #61,730
  • Apr 16, 2008 3:48am Apr 16, 2008 3:48am
Quoting nAVIN2007
yes buddy ...im thinking the same thing ...i want to to go right to the top and sell......i need a good win and im hoping this one is it..good to have u back bro..
Thanks mate its good to be back
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #61,731
  • Apr 16, 2008 4:07am Apr 16, 2008 4:07am
well at least it went up ...not much but at least went up ....
  • #61,732
  • Apr 16, 2008 4:14am Apr 16, 2008 4:14am
Quoting nAVIN2007
well at least it went up ...not much but at least went up ....
I still have a lack of patience. I went for long at 1.9720 in my Standard account and I was so unpatient that I took out with +1 pip profit even I had a limit of 1.9731 so I lost +100 profit. I agree with someone that if you monitor second by second to your screen, you would cut your profit, rather than busy with something else. If I waited 10 more seconds then in my bank I would get $110 instead of $10...... still need a lot of patience and I am still in learning curve...........
  • #61,733
  • Apr 16, 2008 4:14am Apr 16, 2008 4:14am
take a look ...

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  • #61,734
  • Apr 16, 2008 4:29am Apr 16, 2008 4:29am
Quoting asyed4
I still have a lack of patience. I went for long at 1.9720 in my Standard account and I was so unpatient that I took out with +1 pip profit even I had a limit of 1.9731 so I lost +100 profit. I agree with someone that if you monitor second by second to your screen, you would cut your profit, rather than busy with something else. If I waited 10 more seconds then in my bank I would get $110 instead of $10...... still need a lot of patience and I am still in learning curve...........
the main thing is buddy u realise this and it means u can work on it ...slowly by slowly we shall become stronger and better, what u just said is something which is very common and your not alone 90% of traders do this..so dont see it as a weakness as 90% of people have the same problem, means u actually normal..hehe

but look at how u can prevent yourself doing the very thing that makes u lose money ..if u can do this then yur successfull..its just your paying to learn and this is something sadily we all have to do one way or other ...

u can only get better in time not worse so long and use use mm....
  • #61,735
  • Apr 16, 2008 4:42am Apr 16, 2008 4:42am
some good price action after euro CPI came in higher and crude hitting new record highs

GBP/USD: Buoyed by EUR/USD Rise to Record High London, April 16. Cable has leapt to a two-day peak of 1.9790 on the back of the EUR/USD rise to new record highs just shy of 1.5950 (an exotic option barrier level). EUR/GBP has simultaneously scaled a fresh intra-day peak of 0.8062. The cross notched a euro lifetime high of 0.8065 yesterday.
Trading is 80% Emotional, 20% Technical
  • #61,736
  • Apr 16, 2008 4:44am Apr 16, 2008 4:44am
Hope some of you got on with Lucky and I this morning...... 4 hr Tweezer tops and hit the bottom of that 4 hr falling wedge, good fundys, great stuff. Just had to hang in there after that 50 pip retracement after a news release..

Jim
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  • #61,737
  • Edited 5:17am Apr 16, 2008 4:48am | Edited 5:17am
1.9848 ....if it get there would be fantastic ..

im short 1.9775 ...got a hamer on 15 minute chart hopefully it will be a good signal ..
developed into a evening star formation .lets hope fpr the best ...
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  • #61,738
  • Apr 16, 2008 4:58am Apr 16, 2008 4:58am
Quoting Lily
http://www.goldessential.com/index.p...=1121&Itemid=1

touchdown
  • #61,739
  • Apr 16, 2008 5:00am Apr 16, 2008 5:00am
I hope so, but that may be a reach now, Nav... I pulled mine at M4, if it goes, it goes......But Im happy. It would be nice to jump right back in with the trend at the top of the wedge though, now wouldn't it?

Jim

Quoting nAVIN2007
1.9848 ....if it get there would be fantastic ..
  • #61,740
  • Apr 16, 2008 5:06am Apr 16, 2008 5:06am
Quoting hard1head1
I hope so, but that may be a reach now, Nav... I pulled mine at M4, if it goes, it goes......But Im happy. It would be nice to jump right back in with the trend at the top of the wedge though, now wouldn't it?

Jim

for sure...buddy ..i thought rather than miss the buss i should catch this one just incase ..
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