Cable Update (GBPUSD)

Quoting hard1head1

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Nav, you got to relax. Dont read the articles if they confuse you. Sometimes even the best are wrong. Lets talk about it when the market opens, there is nothing you can do about your open position since you can't close until 5 minutes after the open. I personally do not leave trades on over the weekend, especially the Cable because of the large gaps it produces, unless of course it is in a nice daily trend. Console your self in the fact that 90% of the time gaps fill. But sometimes we have to learn when to cut our losses. I use the following rules for holding weekend positions. See charts below and you can see how holding a long position would not be a good idea, however, its not a lead pips synch that it won't go long, just not likely.

Jim

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Quoting nAVIN2007

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i dunno i must say im getting nervous about my open position..i just wanna break even now .....i have been reading articals and charist are actually predicting in may 1.8 level are possible to be seen ...i dont get it ...but 1.93 seems to just the start.

sentiment is bearish which i think is nuts but what can u do if its bearish it bearish ..why there a morning star right on the bottom of trendline and no move up...technically we supposed to go up so i guess this is one to watch...

i guess cause of the lack of dicussion this week i take people basically confused and really not sure on the direction?

ok this is copy and pasted from somewhere:

Pound Price Action Inching Lower, Hedge Offers Entry

The Pound has been gradually declining against the US dollar along a well-defined downward-sloping channel since mid-March. The latest price action sees the pair at the bottom of this channel, with the coming days sure to bring volatility as the Bank of England readies an interest rate announcement. The decision will be closely watched as policy makers are torn between offering monetary stimulus to contain fallout from the floundering UK housing market and battling commodities-fueled inflationary pressure. Shorts face near-certain volatility coupled with positioning at a major technical support level. This could well bring an up-swing to the channel top before further downside resumes.
Hedging Strategy

Currency Pair: GBPUSD
Long Term Bias: Bearish
Long Term Position: Holding Short
Short Term Bias: Bullish
Short Term Position: Long above 1.9490, Target 1.9897, Stop-Loss at 1.9416

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Quoting hard1head1

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Due to the animosity I have felt from certain 2 people in this thread, I have been thinking of getting out of their way and forming my own thread. I think we need some other input about other pairs that are tied to the pound, such as GBP/JPY, USD/JPY. These 2 pairs have a direct influence on the G/U.

Jim

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Quoting hard1head1

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Take what the market gives you. Below you see a 1 hr chart that tells me this long is short lived. If your carrying long, then I hope it gaps up nicely for you. But just keep in mind, we are at the 61.8 Fib level on Fridays move down.

Jim

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Quoting scyang

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Jim,

If the homepage of http://www.xe.com gives correct prices, then it looks like that cable is gapping down instead of up. What do we do now. I hope NAV can get out BE.

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Quoting nAVIN2007

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1.00 GBP

=

1.94850 USD

thats a gap up yes assuming its working

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Quoting hard1head1

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Due to the animosity I have felt from certain 2 people in this thread, I have been thinking of getting out of their way and forming my own thread. I think we need some other input about other pairs that are tied to the pound, such as GBP/JPY, USD/JPY. These 2 pairs have a direct influence on the G/U.

Jim

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Quoting nAVIN2007

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1.00 GBP

=

1.94850 USD

thats a gap up yes assuming its working

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Quoting nAVIN2007

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nope yur right its a gap down

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Quoting hard1head1

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Due to the animosity I have felt from certain 2 people in this thread, I have been thinking of getting out of their way and forming my own thread. I think we need some other input about other pairs that are tied to the pound, such as GBP/JPY, USD/JPY. These 2 pairs have a direct influence on the G/U.

Jim

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Quoting Tmac

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where is your entry if you dont mind me asking?

and you are long correct?

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Quoting priceaction

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Jim,

You seem to enjoy teaching, you post often and you share some very good material. A dedicated "Jim thread" (as done by others at FF who enjoy teaching) could be an excellent idea.

Your teachings apply to forex trading in general and many others (outside the cable game) might end up tuning in, as well as other regular Cable thread readers.

Oh and then you can tell anyone communicating animosity at your own thread to simply 'bugger off'

At the same time, the Cable thread will still be here to contribute to.

Just my tuppence worth.

Rob

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Quoting nAVIN2007

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well put rob and yes jim ..i think this would be a good idea, u already a teacher in my eyes...

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Quoting nAVIN2007

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i messed it up big time buddy .....especailly as this down trend seems quite strong
entery 1.9582..i so thought buying here would result in bounce of channel trendline like last week but there a lot of resistance and bias is down and actually i read somewhere that cable is forecast to hit low levels such as possible even 1.8 by the end of may...which i find rediculious..but definately worrying

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Quoting ns_karthik77

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navin, i wonder where u get ur news??

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Quoting hard1head1

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Lets not worry about what THEY say it's gonna do. Let's wait till the open and then we can plan our attack. In answer to your question, if we do get a gap down, it may come back up. But I want to see what is shakin elsewhere. If you start planning your moves on speculation, you will lose. PERIOD.

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