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Cable Update (GBPUSD)

  • #68,621
  • Jun 1, 2008 5:52pm Jun 1, 2008 5:52pm
Here

http://news.bbc.co.uk/1/hi/business/7430460.stm

For health reasons LOL on the news of a profit warning, normal PR, ohhhh it was his fault he's gone, don't sell our stocks pls.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #68,622
  • Jun 1, 2008 6:15pm Jun 1, 2008 6:15pm
we broke the min.. so we will go down.. but where's the support?
  • #68,623
  • Edited 6:29pm Jun 1, 2008 6:18pm | Edited 6:29pm
As I expected, the price bounced off 1.9773 which is today's daily pivot AND weekly central. Although the immediate direction seems to be down (next support is the daily S1 at 1.9728), the gap should eventually close even if briefly. It can take as long as until Tuesday Asian session tough.

However, right now is not the best timing for long entry. We have a bearish signal on the weekly candles, slow_k indicator on 2-hour chart showed overbought condition since Friday close. The best strategy is shorting another attempt on closing the gap. 1.9800 looks good for such an entry
"Luxury is one of the basic needs", (c), Don Corleone
  • #68,624
  • Jun 1, 2008 6:50pm Jun 1, 2008 6:50pm
Anyone trading the gap?? Got 10 positions running. There's also a 60 pip gdp/jpy gap.
  • #68,625
  • Jun 1, 2008 6:55pm Jun 1, 2008 6:55pm
Quoting gkumar
The reason for this acute fall in cable seems to be from the problems at Bradford and Bingley, building society - CEO resigns, increased bad mortages and probable profits warning. So the gap may not fill till 9am UK time, when B&B is expected to release a statement.
06:07 UK Lender To Stun London With Profit Warning - UK Times Sydney, June 01: The UK Times reports on Sunday that the UK"s largest lender of buy-to-let mortgages, Bradford & Bingley, which is in the middle of a rights-issue roadshow, will stun the City this week with a profit warning and the departure of its embattled chief executive, Steven Crawshaw. The Times states that the announcement will trigger widespread concern that British banks are sitting on a time-bomb of rising mortgage arrears and mounting bad debt. It will also reignite fears about the viability of some of the UK"s top financial institutions. The profit warning is expected to be contained within the bank"s rights-issue document that will be sent to investors in the next five days. Profits for this financial year will be significantly lower than analyst"s forecasts. The bank has been hit hard by mounting arrears from borrowers and squeezed margins. [email protected]
Don't chase the market, Let the market come to you
  • #68,626
  • Jun 1, 2008 9:02pm Jun 1, 2008 9:02pm
Quoting eye4spot
we broke the min.. so we will go down.. but where's the support?
9500
If I Go Broke Trying Then I Will die happy.
  • #68,627
  • Jun 1, 2008 9:04pm Jun 1, 2008 9:04pm
Quoting Moe
9500
Are you getting the roller coaster started for us again?
Expected the unexpected
  • #68,628
  • Jun 1, 2008 9:29pm Jun 1, 2008 9:29pm
Just wake up................ oh big gap.........thats why i love Fx......
I Deeply Love My Virtual Life In Virtual World , RLC
  • #68,629
  • Jun 1, 2008 9:31pm Jun 1, 2008 9:31pm
Could be forming a H1 triple bottom 19708/9 which is a H4 double bottom ATM.

Then - just maybe - the long awaited gap closing of the gap will occur and the daily tweezers fulfil their potential..

Nobody ever said FOREX was dull
Darkness lies one inch ahead..
  • #68,630
  • Jun 1, 2008 9:33pm Jun 1, 2008 9:33pm
Quoting Moe
, we could see 9500 by tommorow,
dude i love you. lol
USD Est Non Mortuus
  • #68,631
  • Jun 2, 2008 12:22am Jun 2, 2008 12:22am
as I see big gap on cable.
I gonna hedge all my short position and gonna open the hedge with take profit for long at the end of the gap.
p/s;I believe gap trading!
  • #68,632
  • Jun 2, 2008 1:07am Jun 2, 2008 1:07am
Quoting Moe
9500
halifax and manufacturing pmi should decide that today.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #68,633
  • Jun 2, 2008 1:13am Jun 2, 2008 1:13am
Quoting salah k.
halifax and manufacturing pmi should decide that today.
I am not sure when Halifax would come out becaue it is still tantative but PMI will have more chances to come out positive. But I think this pair might go down hardly by 2:00 am eastern time because of B&B news. Then PMI and Halifax might decide Cable to go up for the rest of London Session....

Actually in Asia Cable dropped 114 pips altogether because of B&B news so London might drop at least 50+ pips because of this news.....
  • #68,634
  • Jun 2, 2008 1:22am Jun 2, 2008 1:22am
Quoting B@by trader
as I see big gap on cable.
I gonna hedge all my short position and gonna open the hedge with take profit for long at the end of the gap.
p/s;I believe gap trading!
My experience with gap trading is that it's not consistent enough.
  • #68,635
  • Jun 2, 2008 1:38am Jun 2, 2008 1:38am
Waooooooooooooo pretty hard support between 1.9693-1.9699
  • #68,636
  • Jun 2, 2008 1:43am Jun 2, 2008 1:43am
Quoting B@by trader
as I see big gap on cable.
I gonna hedge all my short position and gonna open the hedge with take profit for long at the end of the gap.
p/s;I believe gap trading!
How Do You Think About Gap on 2.0870 ?
can you explain the answer
Verily, in every difficulties there is relief
  • #68,637
  • Jun 2, 2008 1:45am Jun 2, 2008 1:45am
Quoting LuckyLurker
dude i love you. lol
, ,
If I Go Broke Trying Then I Will die happy.
  • #68,638
  • Jun 2, 2008 1:48am Jun 2, 2008 1:48am
Quoting forexmoments
My experience with gap trading is that it's not consistent enough.
your right but if one don't get greedy and wait for the gap to close your hit rate will be 100%
If I Go Broke Trying Then I Will die happy.
  • #68,639
  • Jun 2, 2008 1:49am Jun 2, 2008 1:49am
Quoting salah k.
halifax and manufacturing pmi should decide that today.
we never touch 9650 last week mabe we get it today
If I Go Broke Trying Then I Will die happy.
  • #68,640
  • Jun 2, 2008 1:50am Jun 2, 2008 1:50am
9870 is possibly a strong support at the moment

what do u guys think about london open
does it usually in cases like this open bullish or bearish
"what doesn't bankrupt me, makes me stronger" modern nietzche
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