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Cable Update (GBPUSD)

  • #5,441
  • Feb 7, 2007 7:52am Feb 7, 2007 7:52am
News was a mixed bag. Nonfarm productivity was up, better than expected but labor/unit costs were down which generally has a drag effect on the dollar. On top of that, the fed's Plosser sounded hawkish, not convinced inflation is under control and hinting at continued tightening, which of course would strengthen the dollar.

Cable spiked down 10, then rose 25 pips, all within 15 minutes but still "slow" by US news standards. I'm currently long in cable but my charts are screaming for shorts possibly as a result of Plosser's statements.
  • #5,442
  • Feb 7, 2007 7:55am Feb 7, 2007 7:55am
Quoting cesarnc
Hey, wassup with your team? Thank God the coach is Brazilian. Even when we loose we win...

Portugal 2 x 0 Brazil
seems like we come out alright in friendlys pretty often - if we could only do it when it counted.
Man who scratches ass should not bite fingernails
  • #5,443
  • Feb 7, 2007 7:56am Feb 7, 2007 7:56am
Kinda frustrating...

This hourly candle + next 30 min are crucial to define direction. A new attempt + breaking of 9720 will take us to 9750 at most.

On the down side, I'm reluctant to short it above 9680... Got an annoying whipsaw after GB news... (Gosh, when will I ever learn?)

Anyway, even with 9680 broken, guess what? F'n 9666 will show its teeth... It very likely that we will be rangebounds for the rest of the day....
  • #5,444
  • Feb 7, 2007 8:04am Feb 7, 2007 8:04am
And 9720 matches with EUR resistance 1.3000 (huuuuge) + USDPJY support 120.2X

Tough times ahead, not big mover in the building, henrycarol running out of selling tickets....
  • #5,445
  • Feb 7, 2007 8:13am Feb 7, 2007 8:13am
Quoting cesarnc
Kinda frustrating...

On the down side, I'm reluctant to short it above 9680... Got an annoying whipsaw after GB news... (Gosh, when will I ever learn?)
You had foreknowledge...how's that possible
  • #5,446
  • Feb 7, 2007 8:26am Feb 7, 2007 8:26am
Quoting MoneyMa$ter
You had foreknowledge...how's that possible
Well, I jumpped in at 9677 and it touched 9671 I was afraid of having few room to run until the dreaded 9666, where I'd take the first profit. And with all this extreme readings in the 4hr this bandwagon seemed a good shot. Then it hanged out at 9680 and the USUAL second assault never happened...

Living and learning... At least I jumpped out at 9727 for a quick profit instead of "wait for the usual second assault"
  • #5,447
  • Feb 7, 2007 8:35am Feb 7, 2007 8:35am
I stayed long too long and finally grew tired of my charts screaming SHORT!! So I reversed at 9710, which is basically today's opening price. I see no indication of a clear direction so perhaps cable will just range until BOE (although I highly doubt another increase).
  • #5,448
  • Feb 7, 2007 8:45am Feb 7, 2007 8:45am
Gosh! what a dull day! Went short at 9710 last night due to Doji on the hourly at 10PM (GMT) which was followed by another. Was looking (or was that hoping?) for a run down to at least 9650, but to no avail. Who said trading was glamorous?!
  • #5,449
  • Feb 7, 2007 8:46am Feb 7, 2007 8:46am
Quoting MoneyMa$ter
I stayed long too long and finally grew tired of my charts screaming SHORT!! So I reversed at 9710, which is basically today's opening price. I see no indication of a clear direction so perhaps cable will just range until BOE (although I highly doubt another increase).
My charts were also screaming short, but there's always some room for a good spike up, you know... Guess not today.

USD is choppy all around, except EUR that is scaring the crap out of the stops above 1.3000...

And we have henrycarol at 9710 selling and some dude at 9705 buying... I can't make profit within this range.. pin-bars being built all over the charts....
  • #5,450
  • Feb 7, 2007 8:59am Feb 7, 2007 8:59am
price is diverging from macd on 1 hr chart, but 50,100,200 ema's are all pointing up. 15 min chart looks better. we need a clear break of 1.97 as well as pivot point (1.9671) for downside to open up.
"i wake up in the morning, and i piss excellence"
  • #5,451
  • Feb 7, 2007 9:04am Feb 7, 2007 9:04am
We are going to 9650 and then we'll either continue from there or upward again.. depends on interest rates tomorrow
Trade what you see, not what you think.
  • #5,452
  • Feb 7, 2007 9:12am Feb 7, 2007 9:12am
Quoting karmostaji
We are going to 9650 and then we'll either continue from there or upward again.. depends on interest rates tomorrow
200 ema is at 1.9654 on 1 hr chart. just be careful of shorting pound here, could easily reverse.
"i wake up in the morning, and i piss excellence"
  • #5,453
  • Feb 7, 2007 9:18am Feb 7, 2007 9:18am
Quoting trader69
200 ema is at 1.9654 on 1 hr chart. just be careful of shorting pound here, could easily reverse.
I agree... This down spike was caused by a quick yen selloff. Cable is just reacting to EUR and YEN while they act smasmodic. There's beeing no Cable trading today....

I may be out of market untill Frankfurt / London open... Easy scalping instead of random spikes when US don't know what to do with their own currency.
  • #5,454
  • Feb 7, 2007 9:40am Feb 7, 2007 9:40am
by the way, oil still unable to break the 60s...& it stoped to make higher highs....but my broker wants to go long....i didnt even check the numbers since they are totaly not relevant & too offen the oposite from current trend...
its just money
  • #5,455
  • Feb 7, 2007 9:49am Feb 7, 2007 9:49am
Fibos 9535 low & 9733 high

23.6 fibo is 9686

The price is sitting on it right now.. let's see if it can break it or not
Trade what you see, not what you think.
  • #5,456
  • Edited Feb 8, 2007 3:00am Feb 7, 2007 9:53am | Edited Feb 8, 2007 3:00am
you mean this
its just money
  • #5,457
  • Feb 7, 2007 10:04am Feb 7, 2007 10:04am
Quoting de123
you mean this
Hope somebody is making pips out of it... On my side... well, I suck in choppy markets... I'm out.

If I place one single tiny scalping attempt we're having a 500 pip breakout against me
  • #5,458
  • Feb 7, 2007 10:06am Feb 7, 2007 10:06am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting cesarnc
Hope somebody is making pips out of it... On my side... well, I suck in choppy markets... I'm out.

If I place one single tiny scalping attempt we're having a 500 pip breakout against me
Then please do so. I'll pay the expenses
  • #5,459
  • Feb 7, 2007 10:08am Feb 7, 2007 10:08am
Quoting ForexDude2
Then please do so. I'll pay the expenses
  • #5,460
  • Feb 7, 2007 10:19am Feb 7, 2007 10:19am
If I place one single tiny scalping attempt we're having a 500 pip breakout against me [/quote]
your not alone!
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