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Cable Update (GBPUSD)

  • #66,301
  • May 15, 2008 8:45pm May 15, 2008 8:45pm
While euro has come down from earlier highs right after the US negative news, cable has been stubbornly hanging on. Wonder where it means to go. Up or down, guys, will be the next move?
Expected the unexpected
  • #66,302
  • May 15, 2008 9:42pm May 15, 2008 9:42pm
Stay out, do not enter until we get a great signal. Probem is, Ladies and Gentleman, We are up against a major DTL drawn off the 4 Hr. All the signs are up, but this thing is just in the way and combine that with a down trend and you end up with a stalemate. Something is bound to give. I have a long in profit, so Im staying with my stop drawn up. I have been trading the E/J for the past 2 days and I would advise you to find another pair to trade so you don't stress out on this thing all the time. This is normal, I have seen this before. P-A-T-I-E-N-C-E.

Jim


Quoting Bones
To me looking around at other pairs the Forex market seems to be channelling or ranging right now so if that is true of us we are at the bottom with least resistance up.
The Dollar seems to be at a fair price within these ranges.
We just need a trigger, I would look to 9600 then 9730
I know its contrarian but if price retraces today’s bar buy.

Unless your already in.
  • #66,303
  • May 15, 2008 9:53pm May 15, 2008 9:53pm
In case anyone is interested, EUR/JPY is trying to cross the 89 with the Daily Pivot just above. A great opportunity here for a long if we get a cross and a break of the DPP.
Attached Image (click to enlarge)
Click to Enlarge Name: ej.gif Size: 52 KB
  • #66,304
  • May 15, 2008 10:01pm May 15, 2008 10:01pm
Quoting hard1head1
Stay out, do not enter until we get a great signal. Probem is, Ladies and Gentleman, We are up against a major DTL drawn off the 4 Hr. All the signs are up, but this thing is just in the way and combine that with a down trend and you end up with a stalemate. Something is bound to give. I have a long in profit, so Im staying with my stop drawn up. I have been trading the E/J for the past 2 days and I would advise you to find another pair to trade so you don't stress out on this thing all the time. This is normal, I have seen this before. P-A-T-I-E-N-C-E.

Jim
This beast turns without warning. Remember the lesson yesterday? Be careful. I have no idea where it's going. By the way, do you guys sleep at all? Seems like you are constantly watching and posting.
Expected the unexpected
  • #66,305
  • May 15, 2008 10:20pm May 15, 2008 10:20pm
I told Nav I had something for him and here it is. Take this and print it out and tape it to the top of your computer monitor and read it 50 times a day.

The trend is the BEST friend you will ever have in the Forex market. When you trade with the trend, even if you make a mistake, the market will get you out of your problem....If you make a mistake and you are fighting the trend ...YOU ARE STUFFED, BIG TIME !!!

READ IT, LEARN IT AND
MEMORIZE IT!
  • #66,306
  • May 15, 2008 10:22pm May 15, 2008 10:22pm
Quoting hard1head1
I told Nav I had something for him and here it is. Take this and print it out and tape it to the top of your computer monitor and read it 50 times a day.

The trend is the BEST friend you will ever have in the Forex market. When you trade with the trend, even if you make a mistake, the market will get you out of your problem....If you make a mistake and you are fighting the trend ...YOU ARE STUFFED, BIG TIME !!!

READ IT, LEARN IT AND
MEMORIZE IT!


After all of that, I think I need a Hug...
Que
  • #66,307
  • May 15, 2008 10:23pm May 15, 2008 10:23pm
Quoting hard1head1
I told Nav I had something for him and here it is. Take this and print it out and tape it to the top of your computer monitor and read it 50 times a day.

The trend is the BEST friend you will ever have in the Forex market. When you trade with the trend, even if you make a mistake, the market will get you out of your problem....If you make a mistake and you are fighting the trend ...YOU ARE STUFFED, BIG TIME !!!

READ IT, LEARN IT AND
MEMORIZE IT!



http://www.tradingpricepatterns.com/identifying-trends/


http://www.tradingpricepatterns.com/...ing-trends-ii/


http://www.tradingpricepatterns.com/...ng-trends-iii/
Don't chase the market, Let the market come to you
  • #66,308
  • May 15, 2008 10:33pm May 15, 2008 10:33pm
Quoting Runway Trade
Been away all day, did not look at the markets at all. Then read all the days post. Just by reading the post I could see nobody had any real idea what cable was doing today. Some said up now then it went straight down and visa versa. It was strange looking and reading the post after the fact - very insightful.

Then looked at EJ and GJ, much more predictable. I don’t know why we are always stuck with cable when there are other pairs to make "easier" money on. (Well lately) I'll be watching these pair much more closely in future
The last 2-3 days really bore wacthing the cable. Today maybe occured the movement more than 200 pips.
Attached Image
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #66,309
  • May 15, 2008 10:43pm May 15, 2008 10:43pm
Quoting Tmac
http://www.tradingpricepatterns.com/identifying-trends/


http://www.tradingpricepatterns.com/...ing-trends-ii/


http://www.tradingpricepatterns.com/...ng-trends-iii/
Bookmarked! Thank you !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #66,310
  • May 16, 2008 12:15am May 16, 2008 12:15am
Us Dollar
The Trend is only your fiend till it Ends ! ........
------------------------------------------------------------
////////////////////////////////////////////////////////////////////////////////
After that , you should become a Contrarian -


Just look all this support in the Us Dollar ,
Oil is sky high , and it's an election year ......

Now which way could price break , ?

----------------------------------------------------------------------------
Attached Image (click to enlarge)
Click to Enlarge Name: Swiss Franc-05-16-08-01.gif Size: 21 KB
  • #66,311
  • May 16, 2008 12:27am May 16, 2008 12:27am
Quoting marketwavez
Us Dollar
The Trend is only your fiend till it Ends ! ........
------------------------------------------------------------
////////////////////////////////////////////////////////////////////////////////
After that , you should become a Contrarian -


Just look all this support in the Us Dollar ,
Oil is sky high , and it's an election year ......

Now which way could price break , ?

----------------------------------------------------------------------------
Nice, but could you show it in relation to GBP please
  • #66,312
  • May 16, 2008 12:38am May 16, 2008 12:38am
Quoting Tmac
http://www.tradingpricepatterns.com/identifying-trends/


http://www.tradingpricepatterns.com/...ing-trends-ii/


http://www.tradingpricepatterns.com/...ng-trends-iii/
Thanks This is a GREAT site. Now you just messed up my whole weekend (have to study all this)
  • #66,313
  • May 16, 2008 12:40am May 16, 2008 12:40am
Quoting hard1head1
In case anyone is interested, EUR/JPY is trying to cross the 89 with the Daily Pivot just above. A great opportunity here for a long if we get a cross and a break of the DPP.
Do you think it is trying to go long OR just testing the DP before going south. The daily bar for yesterday is a bearish ingulfing and evening star on the 30M now?????
  • #66,314
  • May 16, 2008 1:11am May 16, 2008 1:11am
Us Dollar- Usd/Chf
------------------------------------------------
Here is a Contrarian trade setup -

///////////////////////////////////////////////////////

Price is busy going down , but for how much longer ?

Can price turn around and closes the Gap ? ......................

--------------------------------------------------------
Only a Probability , Not Cast in Stone !

---------------------------------------------------------

Double Click on chart to enlarge
Attached Image (click to enlarge)
Click to Enlarge Name: Swiss Franc-05-16-08-02.gif Size: 23 KB
  • #66,315
  • May 16, 2008 1:15am May 16, 2008 1:15am
Quoting marketwavez
Us Dollar- Usd/Chf
------------------------------------------------
Here is a Contrarian trade setup -

///////////////////////////////////////////////////////

Price is busy going down , but for how much longer ?

Can price turn around and closes the Gap ? ......................

--------------------------------------------------------
Only a Probability , Not Cast in Stone !

---------------------------------------------------------

Double Click on chart to enlarge
I thought USDCHF has been going up since it touched parity at the last month. Even though it went down a bit to around 104, it has come back up and is now around 105.40 area. Are you looking at a bigger picture, and predicting it to go higher to 107 or having a bigger fall down to parity again?
Expected the unexpected
  • #66,316
  • May 16, 2008 1:17am May 16, 2008 1:17am
Quoting marketwavez
Us Dollar- Usd/Chf
------------------------------------------------
Here is a Contrarian trade setup -

///////////////////////////////////////////////////////

Price is busy going down , but for how much longer ?

Can price turn around and closes the Gap ? ......................

--------------------------------------------------------
Only a Probability , Not Cast in Stone !

---------------------------------------------------------

Double Click on chart to enlarge
I am not sure about the relationship between swissy and cable. Could you enlighten me?
Expected the unexpected
  • #66,317
  • May 16, 2008 1:20am May 16, 2008 1:20am
Gbp/Usd - Daily Bars

Here is a look at what may be occurring ..........

------------------------------------------------------------

Only a Probability !....................... Not Cast in Stone.

------------------------------------------------------------
http://i30.tinypic.com/34pkjnk.jpg
  • #66,318
  • May 16, 2008 1:24am May 16, 2008 1:24am
London will be open in 30 minutes. As usually, I expect strong movements around that time. We will know which direction things will go soon.
Expected the unexpected
  • #66,319
  • May 16, 2008 1:26am May 16, 2008 1:26am
Quoting scyang
I am not sure about the relationship between swissy and cable. Could you enlighten me?
i only believe in one Currency Pair Relationship

--------------------------------------------------------
that's the Usd Dollar to the Swiss Franc ---
( all other relationships are manipulated )

sorry , please ask someone else your relationship questions

--------------------------------------------------------------
  • #66,320
  • May 16, 2008 1:28am May 16, 2008 1:28am
Quoting marketwavez
i only believe in one Currency Pair Relation Relationship

--------------------------------------------------------
that's the Usd Dollar to the Swiss Franc ---
( all other relationships are manipulated )

sorry , please ask someone else you relationship questions

--------------------------------------------------------------
I thought there was some strong association between swissy and cable and that's why you posted swissy charts in the cable thread. You might explain more if I didn't get what you are saying. Thanks.
Expected the unexpected
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