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Cable Update (GBPUSD)

  • #80,641
  • Aug 7, 2008 10:19am Aug 7, 2008 10:19am
hey guys should test the 20 area again but am not really sure incase we break 410 it can take us to the 370
  • #80,642
  • Aug 7, 2008 10:22am Aug 7, 2008 10:22am
Quoting Pennypacker
I just found out I am going to be laid off on Monday

Time to see if I can really trade for a living!
Thats bad, been there before and it turned out to be the best thing that ever happened to me. It forced me to open my own business that I had been threatening to do but did have the guts to leave a fixed income to open un unknown business. Being laid off forced me to take the step. One door closes and a nother opens. Forex could be an answer, just keep a cool head
  • #80,643
  • Aug 7, 2008 10:28am Aug 7, 2008 10:28am
Quoting Runway Trade
Thats bad, been there before and it turned out to be the best thing that ever happened to me. It forced me to open my own business that I had been threatening to do but did have the guts to leave a fixed income to open un unknown business. Being laid off forced me to take the step. One door closes and a nother opens. Forex could be an answer, just keep a cool head

the problem is , we think that there is only 2 direction north or south and we need to bi millionaire in one trade
again money managment is the most important in this business

good luck all
  • #80,644
  • Aug 7, 2008 10:33am Aug 7, 2008 10:33am
I hope you all had a nice trading day today!!!!!!!!!!

Well I said so before that it will hit 1.94217
http://www.forexfactory.com/showthread.php?p=2150325#post2150325

It did touched 1. 94270 today
Where are we going ? No one can tell. I also said so here
http://www.forexfactory.com/showthread.php?p=2150381#post2150381

This is what I made from three different platforms for different clients
64+84+93+92 = 333pips for myself. for Jesus !!!!!!!!!!
I must confess it has been a difficult day, I am still operating below daily target.
Currently I am scalping to make up for the 64pips and see if it can be pushed
to 100pips, let see what happens, the day is still young
  • #80,645
  • Aug 7, 2008 10:41am Aug 7, 2008 10:41am
for me it went down to 1.9419
  • #80,646
  • Aug 7, 2008 10:43am Aug 7, 2008 10:43am
It feels like that cable is never going to crawl out of the dog house. The market is finding every reason to buy the $ for the last week. It looks like that technicals support levels have been smashed one after another. Is there a bottom or is cable, and euro, going to hell? (
Expected the unexpected
  • #80,647
  • Aug 7, 2008 10:49am Aug 7, 2008 10:49am
Quoting scyang
It feels like that cable is never going to crawl out of the dog house. The market is finding every reason to buy the $ for the last week. It looks like that technicals support levels have been smashed one after another. Is there a bottom or is cable, and euro, going to hell? (
oil in a word..this has to happen otherwise UK will definately see a big recession
  • #80,648
  • Aug 7, 2008 10:53am Aug 7, 2008 10:53am
breaking 410 mean easy 360 area
  • #80,649
  • Aug 7, 2008 10:55am Aug 7, 2008 10:55am
Quoting nAVIN2007
oil in a word..this has to happen otherwise UK will definately see a big recession
Oil is traded in $ term, so while oil has been down, $ has been strengthening, which is one big reason why cable has been down. I don't see how lower oil prices will help UK economy. It's mainly caused by the credit crisis and housing slump, similar to the US situation. So if the oil prices continue to go down, BOE might actually start considering cutting rates, which will continue to send cable down. I don't see how oil will help cable.
Expected the unexpected
  • #80,650
  • Aug 7, 2008 10:58am Aug 7, 2008 10:58am
Quoting scyang
Oil is traded in $ term, so while oil has been down, $ has been strengthening, which is one big reason why cable has been down. I don't see how lower oil prices will help UK economy. It's mainly caused by the credit crisis and housing slump, similar to the US situation. So if the oil prices continue to go down, BOE might actually start considering cutting rates, which will continue to send cable down. I don't see how oil will help cable.
Quite simple actually, if the pound is strong, it takes less pounds to buy oil where as if the pound is weak it takes more pounds to buy oil, again quite simple.

  • #80,651
  • Aug 7, 2008 11:19am Aug 7, 2008 11:19am
this has been a hell of a week...last week we were at a extreme this week we at the other extreme..in one move....it shows anything is possible
  • #80,652
  • Aug 7, 2008 11:24am Aug 7, 2008 11:24am
Quoting nAVIN2007
this has been a hell of a week...last week we were at a extreme this week we at the other extreme..in one move....it shows anything is possible

there is more short room with E/U
  • #80,653
  • Aug 7, 2008 11:25am Aug 7, 2008 11:25am
Quoting scyang
Oil is traded in $ term, so while oil has been down, $ has been strengthening, which is one big reason why cable has been down. I don't see how lower oil prices will help UK economy. It's mainly caused by the credit crisis and housing slump, similar to the US situation. So if the oil prices continue to go down, BOE might actually start considering cutting rates, which will continue to send cable down. I don't see how oil will help cable.
oil affects ecomony like nothing else, what drive machines? petrol prices where inflation is to high oil need to kept at a good prices otherwise profits will be ofset, business will cease..major recession

weak £ = strong dollar = lower oil prices ....this is there aim im sure

but as usaul fundamentally i know jack.....just blagging it! ..but sounds logical?
  • #80,654
  • Aug 7, 2008 11:29am Aug 7, 2008 11:29am
Quoting Coconut
for me it went down to 1.9419
Waoo how accurate you were; I just checked the day low so far and it went down as below as 1.9418........ good call

I hope it won't visit again until Friday 4:00 pm Eastern time. I said this because the cable is still going down because the current week hasn't completed yet and its sentiment for this week is 100% negative no matter what so I think cable will close this week to at most 1.9475-1.9525 by Friday at 4:00 pm.

I already had a deep breath yesterday morning and keep checking all of my accounts periodically. I also understand that cable is at the bottom bottom throughout this week so it is very tough for cable to go back to even 1.96 level this week because sentiment is still full negative unless BOE hiked the interest rate.....

I would like to withdraw Stocks attention to those people who have been long, forget the cable for right now and focus on stocks side because DJIA is almost 130 points negative after many days and we can hunt a good stock today to be prepare for Chicken Kabab in the next couple of weeks because Dollar can't be its full strength for more than 4 weeks and its forth week of strength is going to be ended by the end of this week.

Do not worry about oil going down because if I say Oil might go down as below as 83-86 then you guy will kill me right or you guys say that means cable will be in 1.86 level. No way you need to understand G/U is not a commodity pair I admit that sometimes it follows Euro across the board in terms of up and down but that does not mean that Cable is directly proportional to oil.

I think I am gonna take early off for this week because I can't see cable crawling in 1.94-1.95 level, I would like to see cable running in 1.97-1.98 level and I think is not impossible but it may take few days to get there so I will close everything except of-course forum and my total attention is going towards stocks hopefully by COB Friday.....
  • #80,655
  • Aug 7, 2008 11:34am Aug 7, 2008 11:34am
Quoting nAVIN2007
oil affects ecomony like nothing else, what drive machines? petrol prices where inflation is to high oil need to kept at a good prices otherwise profits will be ofset, business will cease..major recession

weak £ = strong dollar = lower oil prices ....this is there aim im sure

but as usaul fundamentally i know jack.....just blagging it! ..but sounds logical?
I am really not convinced lower oil prices will help UK economy. At least not in the immediate terms. Simply look at the oil prices going down in the last week or so, and cable going down along with it. Maybe in a longer term, it will help the UK economy. But hey, we are day traders here. We are not waiting till the end of the year to see whose economy will come out most unscathed.
Expected the unexpected
  • #80,656
  • Aug 7, 2008 11:37am Aug 7, 2008 11:37am
there has to be a up move now...to creat some kind of reason for people to buy..this is the problem technically every1 that know what there doing is selling from the next resistance level cause theres no bullish candles (dailly) if theres a upmove its goig to have to show a spike towards a support otherwise nobody gonna buy..

till this happens we stuffed on the longs..
  • #80,657
  • Aug 7, 2008 11:43am Aug 7, 2008 11:43am
Quoting nAVIN2007
there has to be a up move now...to creat some kind of reason for people to buy..this is the problem technically every1 that know what there doing is selling from the next resistance level cause theres no bullish candles (dailly) if theres a upmove its goig to have to show a spike towards a support otherwise nobody gonna buy..

till this happens we stuffed on the longs..

navin u dont have to look after who is buyn now but when the big boy will start take profit
  • #80,658
  • Aug 7, 2008 11:45am Aug 7, 2008 11:45am
Quoting scyang
I am really not convinced lower oil prices will help UK economy. At least not in the immediate terms. Simply look at the oil prices going down in the last week or so, and cable going down along with it. Maybe in a longer term, it will help the UK economy. But hey, we are day traders here. We are not waiting till the end of the year to see whose economy will come out most unscathed.
i hear u and i understand what u mean...however i think u under estimate the power of oil and how it can effect ecomony...its is the most valued comodity "the blood of the earth"
  • #80,659
  • Aug 7, 2008 11:47am Aug 7, 2008 11:47am
Quoting warta
navin u dont have to look after who is buyn now but when the big boy will start take profit
good point..let just hope it isnt at 1.8
  • #80,660
  • Aug 7, 2008 11:51am Aug 7, 2008 11:51am
Quoting nAVIN2007
good point..let just hope it isnt at 1.8

maybe we have to send them a call that greedy kills
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