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Cable Update (GBPUSD)

  • #65,661
  • May 13, 2008 9:05am May 13, 2008 9:05am
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  • #65,662
  • May 13, 2008 9:07am May 13, 2008 9:07am
Quoting rallik
bottom of bearish channel is 1.9415 - we may tap that and see a retrace back to 1.945 to test
How do you figure that?
  • #65,663
  • May 13, 2008 9:07am May 13, 2008 9:07am
Testing the back of S1 Pivot
  • #65,664
  • May 13, 2008 9:08am May 13, 2008 9:08am
Well I am not in on the short right now, was talking to the wife so I was distracted. I have no trades for the day....I'll just watch it for a while..
  • #65,665
  • May 13, 2008 9:10am May 13, 2008 9:10am
Lost 12 pips earlier on the long when I bailed on the 30 min tweezer tops, Should have known then, but you cant ignore all that heavy support. However, back up for the day with the short.
  • #65,666
  • May 13, 2008 9:11am May 13, 2008 9:11am
10.05, interesting trigger for the buy. All my rules are met but I am not taking it because I am pissed and....don't drink and trade is another rule
The quality of your life is brought about by the quality of your thinking.
  • #65,667
  • May 13, 2008 9:11am May 13, 2008 9:11am
lol i love this.
USD Est Non Mortuus
  • #65,668
  • May 13, 2008 9:13am May 13, 2008 9:13am
Quoting LuckyLurker
lol i love this.

Hey Lucky.......... that sounds about nice right now!
  • #65,669
  • May 13, 2008 9:14am May 13, 2008 9:14am
just as well, SL would have been more than 20 pips. So my rules are not all there
The quality of your life is brought about by the quality of your thinking.
  • #65,670
  • May 13, 2008 9:14am May 13, 2008 9:14am
peircing pattern through s1 ....i really should have gone work today and save myself from losing money .....
  • #65,671
  • May 13, 2008 9:17am May 13, 2008 9:17am
Quoting nAVIN2007
peircing pattern through s1 ....i really should have gone work today and save myself from losing money .....
Lol hush...just patience. I left an order and came to work and non were triggered so I removed them....I think the up will come again this week, we basically nearing the very bottom...but trade what u see.
  • #65,672
  • May 13, 2008 9:31am May 13, 2008 9:31am
Quoting nAVIN2007
peircing pattern through s1 ....i really should have gone work today and save myself from losing money .....
Nav, did you get in short? It's still pretty much at the day's low. I went in long. Don't know really what's going to happen.
Expected the unexpected
  • #65,673
  • May 13, 2008 9:33am May 13, 2008 9:33am
Quoting jacko
Quote
One of the long time traders at FF is Jacko. He posted at this thread over the weekend actually.

He trades around 50 lots at a time, he's one of the most successful traders at FF and just over a year ago, he made his first half million USD from trading EURUSD http://www.forexfactory.com/showpost.php?p=1431044

He uses the 50 fib.

Rob

Hi Priceaction

LOL.. I haven't traded that small for quite some time. It makes the losses more "interesting"...LOL
Can't keep up with you Jacko!
You did mention how many contracts you just traded in your mail to me yesterday.

Talk about compounding profits

You're an inspiration.
Rob
  • #65,674
  • May 13, 2008 9:34am May 13, 2008 9:34am
Quoting Gubster
the UK house price fall is just a correction after years of unprecedented gains. This does not mean the economy is faultering. We are not in stagflation!! The property price is coming back down to where it should have been.

Cable will rise as its hit its bottom for today. target 19800
Tell me, what happens when people buy these houses that have been overpriced and it suddenly comes back down to where it should be??

Easy, they end up owing more for the house than it's worth.

What happens when people can't make the payments and they can't sell it because they owe more than it's worth?

Easy, it's gets foreclosed on and the bank has to sell it for less which means that have to do some write-offs.

When that housing bubble bursts- it's not good for any economy. So yes, stagflation is a real concern- maybe not right now, but I'm sure it will be talked about soon.

I know most people look at charts and only go by charts- and that's fine, but how people are seeing this as being a reversal of the bear trend and going back to 2.04 is beyond me.

This thing will retrace- possibly to 1.98- but I don't see it as a reversal of the bear trend, unless the things make a 180 and that hasn't been the case recently.
  • #65,675
  • May 13, 2008 9:35am May 13, 2008 9:35am
1.9460 and then down again

The quality of your life is brought about by the quality of your thinking.
  • #65,676
  • May 13, 2008 9:48am May 13, 2008 9:48am
Quoting DeePipster
Tell me, what happens when people buy these houses that have been overpriced and it suddenly comes back down to where it should be??

Easy, they end up owing more for the house than it's worth.

What happens when people can't make the payments and they can't sell it because they owe more than it's worth?

Easy, it's gets foreclosed on and the bank has to sell it for less which means that have to do some write-offs.

When that housing bubble bursts- it's not good for any economy. So yes, stagflation is a real concern- maybe not right now, but I'm sure it will be talked about soon.

I know most people look at charts and only go by charts- and that's fine, but how people are seeing this as being a reversal of the bear trend and going back to 2.04 is beyond me.

This thing will retrace- possibly to 1.98- but I don't see it as a reversal of the bear trend, unless the things make a 180 and that hasn't been the case recently.

I fully agree. Cable just doesn't have the strength to go anywhere close to 2 , much against the wish of many. It will retrace and might easily go to 1.96, but that's just the normal price movement - up and down and up and down. Because of the general health of the UK economy, I think the general trend for cable is still down. I am in long position right now, but am watching very carefully to get out when some pips are mature.
Expected the unexpected
  • #65,677
  • May 13, 2008 9:56am May 13, 2008 9:56am
Hey, see you all later, got to go to work. I will leave you with one thing. Check out the tweezer bottoms forming on the 30 minute TF. Ibankfx chart
  • #65,678
  • May 13, 2008 9:57am May 13, 2008 9:57am
Quoting scyang
I fully agree. Cable just doesn't have the strength to go anywhere close to 2 , much against the wish of many. It will retrace and might easily go to 1.96, but that's just the normal price movement - up and down and up and down. Because of the general health of the UK economy, I think the general trend for cable is still down. I am in long position right now, but am watching very carefully to get out when some pips are mature.

im long still 0.3 mini lot and in trouble if it doesnt go up ..s1 has a piercing pattern and morning star so if doesnt go up now then nothing will make it..cable is playing games today

go up already!!!

thx god i understand price action otherwise was doomed if i closed the longs as it has every chance to go up from here..

peircing patter on 1 hr now ...just be good to go ...
  • #65,679
  • May 13, 2008 10:25am May 13, 2008 10:25am
Quoting nAVIN2007
im long still 0.3 mini lot and in trouble if it doesnt go up ..s1 has a piercing pattern and morning star so if doesnt go up now then nothing will make it..cable is playing games today

go up already!!!

thx god i understand price action otherwise was doomed if i closed the longs as it has every chance to go up from here..

peircing patter on 1 hr now ...just be good to go ...
Tel it to go up NOW!
  • #65,680
  • May 13, 2008 10:26am May 13, 2008 10:26am
Quoting DeePipster
Tell me, what happens when people buy these houses that have been overpriced and it suddenly comes back down to where it should be??

Easy, they end up owing more for the house than it's worth.

What happens when people can't make the payments and they can't sell it because they owe more than it's worth?

Easy, it's gets foreclosed on and the bank has to sell it for less which means that have to do some write-offs.

When that housing bubble bursts- it's not good for any economy. So yes, stagflation is a real concern- maybe not right now, but I'm sure it will be talked about soon.

I know most people look at charts and only go by charts- and that's fine, but how people are seeing this as being a reversal of the bear trend and going back to 2.04 is beyond me.

This thing will retrace- possibly to 1.98- but I don't see it as a reversal of the bear trend, unless the things make a 180 and that hasn't been the case recently.
And in this market HSBC group posts the best earnings ever or atleast very good earnings, something is not adding up here, like BP fuel prices are crippling high and heading higher and they post record earnings, errrrr.

The worlds gone crazy and you really can't trust a word anyone says these days.


The Fed bloke speaking likely just said " God loves america and will sort out our problems" hence the patriotic gbpusd selling.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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