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Cable Update (GBPUSD)

  • #68,461
  • May 29, 2008 2:03pm May 29, 2008 2:03pm
Explains no market movement, high risk of denting my account with $4 per pip worth of longs on a $800 account LOL so no complaint here.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #68,462
  • May 29, 2008 2:39pm May 29, 2008 2:39pm
Quoting Turveyd
Explains no market movement, high risk of denting my account with $4 per pip worth of longs on a $800 account LOL so no complaint here.
U the MAN
  • #68,463
  • May 29, 2008 2:47pm May 29, 2008 2:47pm
Quoting BRForex
GDP, Fed's Tough Talk on Inflation Boost Dollar


This week has so far been a good one for the US dollar - the US currency rallied higher against other currencies like the Euro, Swiss franc, British pound and Japanese yen after the positive US GDP data that met expectations, following Wednesday’s better-than-expected durable goods orders.

The government said today that US gross domestic product, a measure of goods and services produced, rose at a seasonally adjusted 0.9% annual rate in the first quarter, which was slightly higher than the first estimate of 0.6% growth in the first quarter. It’s a little irrelevant to still debate whether the US was “really” in a recession from January to March even though the GDP number shows borderline growth as we are already more than half into the second quarter. The biggest drag on the US economy is the fall in consumer spending, which makes up about 70% of GDP. A huge chunk of the overall GDP - about 1.17 percentage points - was cut by the 25.2% drop in residential fixed investment.

Higher Rates In US Soon?

The US dollar also got a boost from Dallas Fed’s Richard Fisher who hinted that the Fed might raise interest rates “sooner rather than later”. He said that if inflation and inflation expectations keep getting worse, that he would “expect a change of course in monetary policy to occur sooner rather than later, even in the face of an anemic economic scenario”.

Read more here: GDP, Fed's Tough Talk on Inflation Boost Dollar
they all talk and no action
Trading is 80% Emotional, 20% Technical
  • #68,464
  • May 29, 2008 4:17pm May 29, 2008 4:17pm
seems like the market is taking a breather from all the volatility today especially due to crude
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #68,465
  • May 29, 2008 4:47pm May 29, 2008 4:47pm
Quoting salah k.
seems like the market is taking a breather from all the volatility today especially due to crude

the market which is most active will always get more interest, so if say the DOW is having a huge day then lack of interest will equal a slow day for us.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #68,466
  • May 29, 2008 5:56pm May 29, 2008 5:56pm
Consumer Confidence comin out in 6 min


should have an effect
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #68,467
  • May 29, 2008 6:03pm May 29, 2008 6:03pm
Quoting salah k.
Consumer Confidence comin out in 6 min


should have an effect
-29, forecast -25, prev -24 ouch!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #68,468
  • May 29, 2008 6:06pm May 29, 2008 6:06pm
Quoting Turveyd
-29, forecast -25, prev -24 ouch!!!

u can say that again
if bad news keeps piling up for UK it will actually blow south so hard we wont even see it coming.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #68,469
  • May 29, 2008 6:25pm May 29, 2008 6:25pm
Well not really, news is bad in the USA to, but it's all relative, the USA news is bad, but stable ie not getting worse, where as the UK's news is getting worse, so it'll find a fair level between the 2, then the UK will bottom out like the USA has news wise and we'll get a move up ( from where ever we where ) to find that level.

Where this level is ?? who knows, maybe we are in its range already ?? although gut feeling is back to 1.8000-1.8999 range.

Yes it's complicated, best not to worry about it too much or over think it.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #68,470
  • May 29, 2008 7:28pm May 29, 2008 7:28pm
Quoting Turveyd
Well not really, news is bad in the USA to, but it's all relative, the USA news is bad, but stable ie not getting worse, where as the UK's news is getting worse, so it'll find a fair level between the 2, then the UK will bottom out like the USA has news wise and we'll get a move up ( from where ever we where ) to find that level.

Where this level is ?? who knows, maybe we are in its range already ?? although gut feeling is back to 1.8000-1.8999 range.

Yes it's complicated, best not to worry about it too much or over think it.

hi
can i ask you a question please ??
why GBPUSD didn't go down with the bad news ??

thanx
  • #68,471
  • May 29, 2008 7:36pm May 29, 2008 7:36pm
I remember analogous GBP behaviour on this negative consumer confidence release... It will go down, wait till the European session opens... It is already busted down through the daily pivot point (1.9750), and starts to form a trend down
Currently the pair sits on 1.9744 - the mid-pivot between the weekly central (1.9799) and the weekly pivot (1.9689), and GBP loves its mid-pivots more than anything

If we are lucky to see the daily central (1.9763) I will place some serious shorts there.
"Luxury is one of the basic needs", (c), Don Corleone
  • #68,472
  • May 29, 2008 7:47pm May 29, 2008 7:47pm
Quoting ahmadj77
hi
can i ask you a question please ??
why GBPUSD didn't go down with the bad news ??

thanx
It did and it moved it from a vague up channel, to a vague down channel, just it didn't move much, simply because there is no one around at 12:01.

There is always a factor of sell the news so to speak, where the market already knew the answer, had priced it into the market so after a initial retail reaction the direction could change.

Why most people think markets are random, there not random there just highly complex organisms which seem random to the uneducated.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #68,473
  • May 29, 2008 8:44pm May 29, 2008 8:44pm
Prepare For A Nice Drop
Verily, in every difficulties there is relief
  • #68,474
  • May 29, 2008 9:39pm May 29, 2008 9:39pm
Quoting primzvicious
Prepare For A Nice Drop
Could happen. Friday would be the day for this. Lots of bull money to take. Pure tech. /pokes Moe wake up man, your target is going to get hit.
USD Est Non Mortuus
  • #68,475
  • May 29, 2008 10:59pm May 29, 2008 10:59pm
Quoting Firstboss
"the weekly central (1.9799) and the weekly pivot (1.9689) "
Would appreciate how you calculate 1.9799 for the "weekly central"
TIA
  • #68,476
  • May 29, 2008 11:17pm May 29, 2008 11:17pm
fxdoc,

Central pivot is the opening price of the day or the week. Therefore, the daily central is the open of a candle at 17:00 EST

As for the weekly central - this is the open of the first candle on Sunday.
That time is 15:30 EST on Sunday.

Very often price gets stuck for a while between the main pivots (daily and daily central or weekly and weekly central)
"Luxury is one of the basic needs", (c), Don Corleone
  • #68,477
  • May 30, 2008 12:28am May 30, 2008 12:28am
..Friday is a very dangerous day to trade....i'm going long tonight and i'm in at 1.9776,TP after 60 pips!
  • #68,478
  • May 30, 2008 1:07am May 30, 2008 1:07am
So, that's the 7th trading day of consolidation, we'll have to get out of this range one day or another
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD05302008.gif Size: 34 KB
Getting it right is NOT as important as not getting it wrong.
  • #68,479
  • May 30, 2008 1:32am May 30, 2008 1:32am
wow did u guys see german retail sales?
high euro is hurting them a lot.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #68,480
  • May 30, 2008 1:36am May 30, 2008 1:36am
u know looking at all those indicators on the daily (stoch macd rsi...) they show cable going down
i know they are lagging and all but they show that the bullish momentum is braking up

anybody know what happened to beranke's speech?
did he talk at all?
"what doesn't bankrupt me, makes me stronger" modern nietzche
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