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Cable Update (GBPUSD)

  • #65,441
  • May 12, 2008 10:40pm May 12, 2008 10:40pm
Morning Star formed in pocket
  • #65,442
  • May 12, 2008 10:43pm May 12, 2008 10:43pm
I am being very cautious here guys and gals. The push down is strong. Will the DPP hold??? or will the 89 win out.
  • #65,443
  • May 12, 2008 10:46pm May 12, 2008 10:46pm
1 Hr TF may be starting to turn bearish again.
  • #65,444
  • May 12, 2008 10:47pm May 12, 2008 10:47pm
Quoting hard1head1
I am being very cautious here guys and gals. The push down is strong. Will the DPP hold??? or will the 89 win out.
The 89 will win out
When life gives you lemons, make lemonade
  • #65,445
  • May 12, 2008 10:47pm May 12, 2008 10:47pm
So what position are you in? Im currently shorting that pair. Been in there from morning but refuse to close the trade and prefer to ride it out.
  • #65,446
  • May 12, 2008 10:48pm May 12, 2008 10:48pm
This is why I eas saying this morning, star formations usually are more prolific with the trend.
  • #65,447
  • May 12, 2008 10:50pm May 12, 2008 10:50pm
I am waiting for the safe trade which is looking more and more bearish all the time. I am hoping for an Evening star on the 1 Hr at 1 AM London open

Quoting Donyouth4eva
So what position are you in? Im currently shorting that pair. Been in there from morning but refuse to close the trade and prefer to ride it out.
  • #65,448
  • Edited 11:26pm May 12, 2008 11:16pm | Edited 11:26pm
Quoting hard1head1
I am waiting for the safe trade which is looking more and more bearish all the time. I am hoping for an Evening star on the 1 Hr at 1 AM London open
Morning Jim... ur yesterday analyzing was perfectly.
Currently H4 chart indicates trend down --> New candle open below 1.9535, but feelling says trend up if see D1 chart. Hmmm .....maybe down 1st about not more than 1.9465 and then huge up. Just 2 cents opinion. Count me wrong !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #65,449
  • May 12, 2008 11:21pm May 12, 2008 11:21pm
Cable is at 50% retracement of yesterday's move.......This will go up on the next 4 hour candle.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 41 KB
  • #65,450
  • May 12, 2008 11:33pm May 12, 2008 11:33pm
Quoting DollaBill
Cable is at 50% retracement of yesterday's move.......This will go up on the next 4 hour candle.

Im thinking up if it can move past 9550.
taking small long with tight stop.

looking for 9600/9650
  • #65,451
  • May 12, 2008 11:43pm May 12, 2008 11:43pm
Quoting akirax
Im thinking up if it can move past 9550.
taking small long with tight stop.

looking for 9600/9650
Aren't you completely ignoring RICS house price in RED and BRC Retail Sales Monitor also could weigh Cable hardly in pre-UK trading and the first hour of London Opening. I am thinking short with this pair for at least 3 hours (12:00 am - 3:00 am US Central Zone timing) then it could go up if the CPI news would be better....
  • #65,452
  • May 12, 2008 11:46pm May 12, 2008 11:46pm
Quoting asyed4
Aren't you completely ignoring RICS house price in RED and BRC Retail Sales Monitor also could weigh Cable hardly in pre-UK trading and the first hour of London Opening. I am thinking short with this pair for at least 3 hours (12:00 am - 3:00 am US Central Zone timing) then it could go up if the CPI news would be better....
Just be careful, whichever way you are going. Also to consider, before the US open, Bernanke will speak. It seems like every time he speaks, the dollar goes down. The 10 minutes later, there is the US retail sales number coming out. It's expected to be bad. So they all might jerk cable in a violent way.
Expected the unexpected
  • #65,453
  • May 12, 2008 11:50pm May 12, 2008 11:50pm
Quoting asyed4
Aren't you completely ignoring RICS house price in RED and BRC Retail Sales Monitor also could weigh Cable hardly in pre-UK trading and the first hour of London Opening. I am thinking short with this pair for at least 3 hours (12:00 am - 3:00 am US Central Zone timing) then it could go up if the CPI news would be better....
good point. yes it could, using tight stop. I think overall it will go north today. trying to start a early entry but taking a short for the london open isnt a bad idea.
  • #65,454
  • May 12, 2008 11:57pm May 12, 2008 11:57pm
Quoting scyang
Just be careful, whichever way you are going. Also to consider, before the US open, Bernanke will speak. It seems like every time he speaks, the dollar goes down. The 10 minutes later, there is the US retail sales number coming out. It's expected to be bad. So they all might jerk cable in a violent way.
I find it interesting that he speaks just 10 minutes prior to that number being released. Kind of hints at it being at one extreme or the other. With many of the transports now talking about very weak numbers due to gas prices I wonder how many of the retailers are being hit by the same. Should be an interesting morning.
  • #65,455
  • May 13, 2008 12:00am May 13, 2008 12:00am
Quoting magnumfreak
I find it interesting that he speaks just 10 minutes prior to that number being released. Kind of hints at it being at one extreme or the other. With many of the transports now talking about very weak numbers due to gas prices I wonder how many of the retailers are being hit by the same. Should be an interesting morning.
Didn't consider that point till you mentioned it. It is truly interesting that he speaks 10 minutes prior. Everybody already expects the numbers out of the US being bad. It's all a matter of expectation. The question is how bad is considered bad. I would think with the high gas prices, the retail sales number should be pretty decent. Just saw news out yesterday that Ann Taylor, Walmart and some others are doing very well. Not sure where things are going. Can be very stressful for some people.
Expected the unexpected
  • #65,456
  • May 13, 2008 12:06am May 13, 2008 12:06am
I am not convinced we are going up. 2 red spinners on the 1 hr tell me down, down. Need more confirmation.
  • #65,457
  • May 13, 2008 12:07am May 13, 2008 12:07am
Quoting hard1head1
I am not convinced we are going up. 2 red spinners on the 1 hr tell me down, down. Need more confirmation.
OK will watch patiently.
Expected the unexpected
  • #65,458
  • May 13, 2008 12:14am May 13, 2008 12:14am
There is a small inverted hammer on the 30. I think we are going down. but still need something more like a clear 5,15 min signal away from the damn Daily pivot point it has been playing with all evening now. Still no place to go.
  • #65,459
  • May 13, 2008 12:27am May 13, 2008 12:27am
What does this mean on the 1H?
Attached Image (click to enlarge)
Click to Enlarge Name: gbp1.gif Size: 17 KB
  • #65,460
  • May 13, 2008 12:30am May 13, 2008 12:30am
Good Morning guys and girls,

this could be going either way, I need to see more before I decide on direction.
The quality of your life is brought about by the quality of your thinking.
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