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Cable Update (GBPUSD)

  • #80,521
  • Aug 7, 2008 2:45am Aug 7, 2008 2:45am
Go to the calender on FF. Just before the no. on each line is an icon click on it it gives an explanation of each no.
  • #80,522
  • Aug 7, 2008 2:51am Aug 7, 2008 2:51am
Yea Luck, its happening right now and it has some impetus as it tapped the Daily Pivot Point 3 times and broke thru. I as usual, am trading this retracement up from the smaller timeframes. The 89 SMA is next and then the 1.9582 area where the next daily UTL lies right around the 30 Min 89. This is where it will go thru to your area or bounce, but 1.9580 is critical resistance. There is also a Pivot Bar high in the little grey rectangle on the 15 min chart, that tells me the long will continue.


Quoting LuckyLurker
A dollar selloff till monday/ tuesday. Then buying dollars. Depending on how the market takes the rate announcement we could see 690 - 730's. OF course if they surprise and cut rates, this wont happen but thats really the only thing I can see that would make people not take profits and sell off dollar.
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  • #80,523
  • Aug 7, 2008 2:52am Aug 7, 2008 2:52am
My Daily chart for res. only
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  • #80,524
  • Aug 7, 2008 2:59am Aug 7, 2008 2:59am
Quoting mr.m
hi there, sure... im eyeing the 515 area - and may reverse my position if that is taken out properly but for now im short
i have stopped my short for a 'short' loss hopefully.. long now.. first target 542
  • #80,525
  • Aug 7, 2008 3:01am Aug 7, 2008 3:01am
A very weak attempt on the 9520 resistance area so I'm short with a small position from 518 with a tight stop. Euro's also looking heavy and the dollar via swissy has bounced up off its 550 level.....
  • #80,526
  • Aug 7, 2008 3:03am Aug 7, 2008 3:03am
Quoting major-major
Hi guys,

I am new to forex and have been practising on demo account for the past 3 months. However, i have lost substantial amounts when a news release has occured. Can someone give me an idea as to what effect news releases has on a currency? I see there are 3-4 release scheduled for GBP and so when does this make it go up and when does this go down?

Thanks
Hi major-major,

try this link, http://www.fxstreet.com/fundamental/economic-calendar/ it is an economic calendar that is updated in real-time and gives you the previous and expected figure. Also if you click on each item it will give a brief explanation of what sort of effect the outcome of the news will have.
All the best
  • #80,527
  • Aug 7, 2008 3:05am Aug 7, 2008 3:05am
Quoting Jono
A very weak attempt on the 9520 resistance area so I'm short with a small position from 518 with a tight stop. Euro's also looking heavy and the dollar via swissy has bounced up off its 550 level.....
Agree I want a clear close above 9520 before I consider a buy. US will have the most influence today though.
  • #80,528
  • Aug 7, 2008 3:16am Aug 7, 2008 3:16am
Quoting hard1head1
Yea Luck, its happening right now
Absolutely Jim. Might take a few days, but bias is clearly changing with the market makers.
USD Est Non Mortuus
  • #80,529
  • Aug 7, 2008 3:21am Aug 7, 2008 3:21am
Hello. Everybody is picking bottom right now, but cable might go alot lower this time. Just have you SL and reverse orders ready if it drops.

Cheers
  • #80,530
  • Aug 7, 2008 3:26am Aug 7, 2008 3:26am
if they cut rates or surprise and release a statement for a change it sure as hell could.. But both are unlikely.
USD Est Non Mortuus
  • #80,531
  • Aug 7, 2008 3:29am Aug 7, 2008 3:29am
Spintrader and MR PIP DADDY- Thank you very much for your help and I am now aware of when to avoid bad trades.

Thanks
  • #80,532
  • Aug 7, 2008 3:30am Aug 7, 2008 3:30am
pivot bar and now tweezers. how bout a push on up now.
  • #80,533
  • Aug 7, 2008 3:30am Aug 7, 2008 3:30am
Well triangle seen on dayly has been holding. Monthly shows a huge bullish channel and we can see that price bounced from the UTL of the channel. This makes me think price could be looking for the LTL of this montly channel. Anyway im beying cautios.

Safe trading everybody

Cheers
  • #80,534
  • Aug 7, 2008 3:31am Aug 7, 2008 3:31am
Quoting major-major
Spintrader and MR PIP DADDY- Thank you very much for your help and I am now aware of when to avoid bad trades.

Thanks

No problem just weigh your senario before entry....


(no buy hold or sell)
  • #80,535
  • Aug 7, 2008 3:36am Aug 7, 2008 3:36am
Quoting Jono
A very weak attempt on the 9520 resistance area so I'm short with a small position from 518 with a tight stop. Euro's also looking heavy and the dollar via swissy has bounced up off its 550 level.....
Out for +11 - dont want to worry about whiplash before the news
  • #80,536
  • Aug 7, 2008 3:44am Aug 7, 2008 3:44am
Well i am looking for more down,
  • #80,537
  • Aug 7, 2008 3:46am Aug 7, 2008 3:46am
Hey Guys, I'm back just in time for news.
Unless we see a surprise rate cut then I suppose we heading back up. Need to see some green .
Does anybody know if we will get a rate statement from MPC? I read somewhere that we might not be getting one today so all traders are interested in is the actual rate decision. No clues in a statement????
  • #80,538
  • Aug 7, 2008 3:49am Aug 7, 2008 3:49am
Triple Tweezer Bottoms on the 15, how nice.
  • #80,539
  • Aug 7, 2008 3:54am Aug 7, 2008 3:54am
For those holding shorts, I'm intrigued, it has basically just dropped 400 pips without any significant retracement- how much longer are you expecting it to continue? I agree that in the medium term it probably will fall, but I will hang on for a much better entry, maybe in the 700-800 range.

I guess if they cut rates, then shorting will prove to be a very good idea, but I think they will hold.
  • #80,540
  • Aug 7, 2008 3:56am Aug 7, 2008 3:56am
Quoting spintrader
For those holding shorts, I'm intrigued, it has basically just dropped 500 pips without any significant retracement- how much longer are you expecting it to continue? I agree that in the medium term it probably will fall, but I will hang on for a much better entry, maybe in the 700-800 range.

I guess if they cut rates, then shorting will prove to be a very good idea, but I think they will hold.
agree with u about the rate..
i think its stay at 5%
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