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Cable Update (GBPUSD)

  • #71,561
  • Jun 19, 2008 11:19am Jun 19, 2008 11:19am
Quoting AmeriTrini
we heading above 9850 in the next few days



hope ur long buddy, if we can clear this 9700-50 area then 9850 and above looks more probable than downside?!

well, uk retail sales shows things are not as bad as they seem in the UK, too much gloom and doom priced in...
Trading is 80% Emotional, 20% Technical
  • #71,562
  • Jun 19, 2008 11:27am Jun 19, 2008 11:27am
Quoting allserene
Yes right at the daily channel top so the next day or two's trading will tell us if we have a new trend

I reckon there has been too much swing in sentiment from usd to gbp in the last few days/weeks and there is not enough confidence for a new trend to start.

Even if the daily doesn't drop to the channel bottom, I am not expecting a break upwards

If it does break upwards, there will be some nerves when it gets up there

that philly fed number was striking so.....
its seems every1 surprised with that retail number earlier showing UK not dead and buried just yet. the upside opening up certainty looks more favourable as weak shorts cover perhaps... anything possible in cable iguess! UK nowhere near as bad as US at moment, this phantom UK recession here may disappear, drop in housing is only healthy for us....

lets see not all black and white....
Trading is 80% Emotional, 20% Technical
  • #71,563
  • Jun 19, 2008 11:49am Jun 19, 2008 11:49am
Quoting fx local
hope ur long buddy, if we can clear this 9700-50 area then 9850 and above looks more probable than downside?!

well, uk retail sales shows things are not as bad as they seem in the UK, too much gloom and doom priced in...
My daughter went shoe shopping in Leeds last month - that was the reason

Does anyone know whether this number came from volume sales or inflation ?

I always suspect big movements in forex based on single stats - I think it must be the philly plus uk retail as a push-pull and I don't know which was the heaviest factor

Anyway I have done with news as the big factors are usually working on a different level. I find news interesting but dangerous to follow
  • #71,564
  • Jun 19, 2008 11:53am Jun 19, 2008 11:53am
Closed out all LONG on GU and GY for 135 PIPs average gain and reversed, but keeping my SHort on EG hoping for 0.7223 target.
  • #71,565
  • Jun 19, 2008 11:54am Jun 19, 2008 11:54am
Quoting allserene
My daughter went shoe shopping in Leeds last month - that was the reason

Does anyone know whether this number came from volume sales or inflation ?

I always suspect big movements in forex based on single stats - I think it must be the philly plus uk retail as a push-pull and I don't know which was the heaviest factor

Anyway I have done with news as the big factors are usually working on a different level. I find news interesting but dangerous to follow
lol - bit of both sales volume strong by all accounts.... there is so much talk of bad news for UK economy which is consumer led to a degree, a figure as high is as good as any for cable to turn the corner.... unemployment still relatively high here also... inflation lower than EU and US.... i do agree with u fundamentals are tricky to interpret of late.
Trading is 80% Emotional, 20% Technical
  • #71,566
  • Jun 19, 2008 12:04pm Jun 19, 2008 12:04pm
if price close above 1.9700 were heading back down to the 1.9500 area.
If I Go Broke Trying Then I Will die happy.
  • #71,567
  • Jun 19, 2008 12:11pm Jun 19, 2008 12:11pm
Quoting Moe
ok here's one of my trades.

went long at 1.9605, s/l 1.9512, t/p 1.9761 and 1.9828
so u not holding for ur target?
Trading is 80% Emotional, 20% Technical
  • #71,568
  • Jun 19, 2008 12:16pm Jun 19, 2008 12:16pm
Quoting fx local
so u not holding for ur target?
i got intill n.y. close to get my target hit, you don't want to jump on the short boat to quick, as you notice some already did and now there paying a heavy price.
If I Go Broke Trying Then I Will die happy.
  • #71,569
  • Jun 19, 2008 12:24pm Jun 19, 2008 12:24pm
b.t.w im scaling out my trades, now that i know it should go down to around 9500' area.
If I Go Broke Trying Then I Will die happy.
  • #71,570
  • Jun 19, 2008 12:25pm Jun 19, 2008 12:25pm
Quoting Moe
i got intill n.y. close to get my target hit, you don't want to jump on the short boat to quick, as you notice some already did and now there paying a heavy price.
I like your style.......

HOLLA
  • #71,571
  • Jun 19, 2008 12:25pm Jun 19, 2008 12:25pm
Quoting Moe
if price close above 1.9700 were heading back down to the 1.9500 area.
You mean on the daily TF ??.
  • #71,572
  • Jun 19, 2008 12:26pm Jun 19, 2008 12:26pm
Quoting elsayed
You mean on the daily TF ??.
If I Go Broke Trying Then I Will die happy.
  • #71,573
  • Jun 19, 2008 12:27pm Jun 19, 2008 12:27pm
Quoting Turtle
I like your style.......

HOLLA
If I Go Broke Trying Then I Will die happy.
  • #71,574
  • Jun 19, 2008 12:28pm Jun 19, 2008 12:28pm
Quoting Moe
http://forexfactory.com/images/icons/icon14.gif
  • #71,575
  • Jun 19, 2008 12:30pm Jun 19, 2008 12:30pm
http://forexfactory.com/images/icons/icon14.gif
If I Go Broke Trying Then I Will die happy.
  • #71,576
  • Jun 19, 2008 12:36pm Jun 19, 2008 12:36pm
Quoting Moe
Nope the goes to you.

What you taught me in a month was priceless!!!!

Last week was at Myrtle beach with the family, it gave me time to clear my head. My system is slowly coming together.

Lunch time quickie then watch some baseball in HDTV!!!!

CYA at the NY close!

HOLLA
  • #71,577
  • Jun 19, 2008 12:36pm Jun 19, 2008 12:36pm
Quoting allserene
My daughter went shoe shopping in Leeds last month - that was the reason
USD Est Non Mortuus
  • #71,578
  • Jun 19, 2008 12:38pm Jun 19, 2008 12:38pm
Quoting Moe
i got intill n.y. close to get my target hit, you don't want to jump on the short boat to quick, as you notice some already did and now there paying a heavy price.
Until the cable daily chart breaks upwards through the channel convincingly there has to be a chance of a 200 pip drop...

'One swallow doesn't make a summer' which reminds me I need a wee swally this afternoon

I guess it's risk reward right now

who's for a trend reversal ? not many swing traders position to anticipate them, but guard against them nevertheless
  • #71,579
  • Jun 19, 2008 12:42pm Jun 19, 2008 12:42pm
Quoting allserene
Until the cable daily chart breaks upwards through the channel convincingly there has to be a chance of a 200 pip drop...

'One swallow doesn't make a summer' which reminds me I need a wee swally this afternoon

I guess it's risk reward right now

who's for a trend reversal ? not many swing traders position to anticipate them, but guard against them nevertheless
im a little off today, can you explain to me what the heck your talking about.
If I Go Broke Trying Then I Will die happy.
  • #71,580
  • Jun 19, 2008 12:46pm Jun 19, 2008 12:46pm
Quoting Moe
b.t.w im scaling out my trades, now that i know it should go down to around 9500' area.
Hi Moe,

I am new to the forum and hope to learn from all of you. Based on ElliotWave count, I can see five upward wave forming on the 4H chart that the 4th wave should end up around 1.9500-25. Do you use EW or other indicatores to predict your targdet 9500. Thanks
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