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Cable Update (GBPUSD)

  • #65,521
  • May 13, 2008 4:06am May 13, 2008 4:06am
This pair defies explanation lately... although, USD is kicking every currency's ass right now but still, after inflation news of that sort one would expect a much stronger showing. Bizarre.
  • #65,522
  • May 13, 2008 4:07am May 13, 2008 4:07am
Quoting Subdude
This pair defies explanation lately... although, USD is kicking every currency's ass right now but still, after inflation news of that sort one would expect a much stronger showing. Bizarre.
It defies logic. Good UK news come out, and USD goes up against it, against euro and jpy. What's going on?
Expected the unexpected
  • #65,523
  • May 13, 2008 4:08am May 13, 2008 4:08am
Quoting maverick
It looks like it is coming down to 1.9450-1.9443.
Perhaps double bottom
  • #65,524
  • May 13, 2008 4:09am May 13, 2008 4:09am
Watch the 1.9454-1.9444 area. Anyone think an interesting buying area?
  • #65,525
  • May 13, 2008 4:10am May 13, 2008 4:10am
this is why people sell books cause i think no matter what in the end what ever the market gives it takes away ...this is nuts good figures and ..i go in with 0.3 lots and now at a loss ......all because i entered based on something that should take cable up and it falls ..

at the very least ...there should be a retracement up ....this is madness
  • #65,526
  • May 13, 2008 4:10am May 13, 2008 4:10am
Quoting Mr.Sabah
Perhaps double bottom
perhaps triple bottom??
  • #65,527
  • May 13, 2008 4:11am May 13, 2008 4:11am
Quoting nAVIN2007
this is why people sell books cause i think no matter what in the end what ever the market gives it takes away ...this is nuts good figures and ..i go in with 0.3 lots and now at a loss ......all because i entered based on something that should take cable up and it falls ..
At least you only got in with 0.3 lots, wouldn't be big loss. Besides it still might go up later when the US retail sales news comes out.
Expected the unexpected
  • #65,528
  • May 13, 2008 4:13am May 13, 2008 4:13am
Added to my small long position @ 1.9483... a very expensive lottery ticket. But, seeing how it regains ground sometimes in a matter of hours, we might be looking at a recovery to 1.9600 in four hours' time.
  • #65,529
  • May 13, 2008 4:17am May 13, 2008 4:17am
well i guess we just have to wait. I cant even go short coz its just defies all my logic lol.
  • #65,530
  • May 13, 2008 4:18am May 13, 2008 4:18am
Quoting fxdoc
Sold 1.9575
Stop moved at 1.9550
Cable did 5 quick waves down to Pivot S1 support.
Taken profit 103 pips
Will resell "abc" retracement 1.9510/1.9525 if seen.
  • #65,531
  • May 13, 2008 4:20am May 13, 2008 4:20am
Quoting Subdude
Added to my small long position @ 1.9483... a very expensive lottery ticket. But, seeing how it regains ground sometimes in a matter of hours, we might be looking at a recovery to 1.9600 in four hours' time.

i understand ...good news goes out and the market goes to the bottom to test the damn support...like the major player just wanna to fool every1........i bet it goes up now ..
  • #65,532
  • May 13, 2008 4:22am May 13, 2008 4:22am
Oil should provide some (albeit minor) support against USD going into NY session. Lots of money could have been made on June oil futures in the last half hour... at least oil pricing still makes sense.
  • #65,533
  • May 13, 2008 4:23am May 13, 2008 4:23am
UK CPI jumped to the limit of BOE's tolerance level. Further rate cut is totally out of the question. I don't know why still short cable.
Expected the unexpected
  • #65,534
  • May 13, 2008 4:25am May 13, 2008 4:25am
May 13 (Bloomberg) -- Britain's inflation rate jumped the most since 2002 to the highest in more than a year, making it harder for the Bank of England to cut interest rates to support economic growth as house prices drop.
Consumer prices climbed 3 percent from a year earlier, compared with 2.5 percent in March, the Office for National Statistics said today in London. The result was the highest in 13 months and exceeded the 2.6 percent median prediction of 37 economists in a Bloomberg News survey. Prices rose 0.8 percent on the month, the most in almost seven years.
  • #65,535
  • May 13, 2008 4:28am May 13, 2008 4:28am
Quoting scyang
UK CPI jumped to the limit of BOE's tolerance level. Further rate cut is totally out of the question. I don't know why still short cable.
I'll buy the "invisible hand" argument at least with respect to ECB in that the bank has had it with the euro being so damn strong for so long, and some form of shadow intervention is upon us... I really don't get what's up with GU though. Upside potential looks greater than downside risks here.
  • #65,536
  • May 13, 2008 4:30am May 13, 2008 4:30am
Like I posted a couple hours ago, maybe now that inflation is coming out so high a concern for stagflation is surfacing. That might be why it shot up and then plummeted down.

Regardless, there is a trend-line around 1.945 that I think will cause this to bounce off of if it gets that low. Couple this with the oversold status- I think it is bound to go up soon.
  • #65,537
  • May 13, 2008 4:36am May 13, 2008 4:36am
Anyone catch that release straight up to M3 Mid-Pivot than back with the trend where it left off.
  • #65,538
  • May 13, 2008 4:41am May 13, 2008 4:41am
Its days like this i remember the reason why i used to straddle the news retracement with my retracement robot. Today sadly, i did not use the robot, because i was already long gbpusd.

News came out strong and i was--guess +60 pips up. I was so confident that with such strong numbers, it was going to keep going higher, that even my stop which was at breakeven by that time, i shifted it back below the daily pivot, believing it will go back.

I only woke up to reality, when price still blasted past my stop. Oh how i wish i had used my robot. would have ben at least +35 pips in the black with the sell stop
  • #65,539
  • May 13, 2008 4:43am May 13, 2008 4:43am
Quoting hard1head1
Anyone catch that release straight up to M3 Mid-Pivot than back with the trend where it left off.
nope, missed my barrier by 2 pips
The quality of your life is brought about by the quality of your thinking.
  • #65,540
  • May 13, 2008 4:43am May 13, 2008 4:43am
Hey all, Use caution with your shorts here. There is a textbook double bottom on the 4 Hr, but you can see it better on the 1 Hr.
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