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Cable Update (GBPUSD)

  • #82,441
  • Aug 15, 2008 3:20am Aug 15, 2008 3:20am
Quoting boxingislife
i think its a bit too late
i say relax and watch for today

i personally think itl continue down even today but at the same time being friday and market dropped so much already the risk is a bit higher

i think next week will be a retracement for at least monday and tuesday and possibly more
then itl continue down.
ill post some charts in a bit
Thank you.
Keep It Simple Stupid
  • #82,442
  • Aug 15, 2008 3:42am Aug 15, 2008 3:42am
Guys forget this currency, I am starting a new one from Monday. Name suggestions are welcome! Attractive prizes for best suggestions
  • #82,443
  • Aug 15, 2008 3:58am Aug 15, 2008 3:58am
This Drop has been in the making since March and at this rate we should see 1.8424 - 1.8208 by next week. Two year lows.
Don't Get Bitter, Get Better
  • #82,444
  • Aug 15, 2008 4:21am Aug 15, 2008 4:21am
Quoting bbmac
valiant attempt at a daily bullish candle yesterday, but close bearish with a 'with trend' follow thru sell off from the 1hr hidden / reverse divergence pattern at 8785 area yesterday. If today closes bearish it will make it 11 consecutive bearish daily candles which is almost unheard of and speaks as to the strength of this downtrend.

Potential weekly support zone runs 8560-00, mni saying bids 8550/40. Next significant fib isn't until 8310 area. 8520 is the reversal low from October 2006. Daily S2 falls 8518-32 around there, and bids likely, possibly 8500 too.

First real upside hurdle is the 8618-37 area, being prev swing lo area on 1hr, although 8590-00 could again provide some supply as 2 x fibs there being 38.2% of today's fall and 23.6% of fall from yesterday's hi.

G/L all.

hey bbmc, hows trading?

check charts for 1992 September lost 33% without looking back, then October further 22%, therfore it has happened before, and anything wouldnt be a surprise! I can see based on techincals this moving down to 1.76, without the need to look back, 1.80-82 would be good support but longs looking for a greedy entry should with caution unless they see clear sign of basing. None apparant as yet.

Happy trading
Trading is 80% Emotional, 20% Technical
  • #82,445
  • Aug 15, 2008 4:32am Aug 15, 2008 4:32am
seems we gonna av a lil retrace
  • #82,446
  • Aug 15, 2008 4:35am Aug 15, 2008 4:35am
Quoting fx local
hey bbmc, hows trading?

check charts for 1992 September lost 33% without looking back, then October further 22%, therfore it has happened before, and anything wouldnt be a surprise! I can see based on techincals this moving down to 1.76, without the need to look back, 1.80-82 would be good support but longs looking for a greedy entry should with caution unless they see clear sign of basing. None apparant as yet.

Happy trading

Hi fx local, good here thanks...hope all is well with you too. Yeh, Sept 92 was of course Black Wednesday as it became known, when the £ was sold through it's lower level of it's DM peg as it was then, and forced out of the ERM, and of course October saw the sell off continue. Probably like now traders then realised that the fundamentals didn't support the £ at the pre-black weds levels, and maybe now like then, the easing of the bank rate following ERM ejection coupled with the easier export prices that eventually led to a recovery, will do so again. Whatever, interesting times, and thanks for pointing out the precedent.
ex member
  • #82,447
  • Aug 15, 2008 4:36am Aug 15, 2008 4:36am
Quoting oolides
seems we gonna av a lil retrace
Nah, that's no retrace. Just a bit of ranging. Will keep going down. lol. But seriously, it's just unbelievable how it can have been going down for straight 10 days without hardly a bounce or an attempt. Is it really the end of UK and Europe?
Expected the unexpected
  • #82,448
  • Aug 15, 2008 4:42am Aug 15, 2008 4:42am
i m presently on a loss trade.-207 pips.forgot to put a stop yesterday.was rushing for a class.i m not planning to close it anywayz
  • #82,449
  • Aug 15, 2008 4:46am Aug 15, 2008 4:46am
Quoting oolides
i m presently on a loss trade.-207 pips.forgot to put a stop yesterday.was rushing for a class.i m not planning to close it anywayz
What you studying?
Keep It Simple Stupid
  • #82,450
  • Aug 15, 2008 4:51am Aug 15, 2008 4:51am
i am studing for a degree in geology.although hope to be a trader with goldman.
  • #82,451
  • Aug 15, 2008 4:53am Aug 15, 2008 4:53am
Quoting bbmac
Hi fx local, good here thanks...hope all is well with you too. Yeh, Sept 92 was of course Black Wednesday as it became known, when the £ was sold through it's lower level of it's DM peg as it was then, and forced out of the ERM, and of course October saw the sell off continue. Probably like now traders then realised that the fundamentals didn't support the £ at the pre-black weds levels, and maybe now like then, the easing of the bank rate following ERM ejection coupled with the easier export prices that eventually led to a recovery, will do so again. Whatever, interesting times, and thanks for pointing out the precedent.
interesting resemblence!!! economy wise as well! sterling lost 30% against euro since Darling became chancellor!! Lamont policy killed sterling, seems Chancellor lack of policy and dithering going down the same path!!
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Trading is 80% Emotional, 20% Technical
  • #82,452
  • Aug 15, 2008 5:02am Aug 15, 2008 5:02am
Lol, the message seems to be don't appoint chancellors with different coloured eyebrows to their hair, as this conflict causes all kinds of conbflict in their policy making, Lol.

Next chancellor below?
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ex member
  • #82,453
  • Aug 15, 2008 5:06am Aug 15, 2008 5:06am
Quoting oolides
i am studing for a degree in geology.although hope to be a trader with goldman.

That degree in geology should come in handy when you find yourself in a hole, like now, lol...metaphorically speaking, or is that metamorphically?
ex member
  • #82,454
  • Aug 15, 2008 5:17am Aug 15, 2008 5:17am
Quoting bbmac
Lol, the message seems to be don't appoint chancellors with different coloured eyebrows to their hair, as this conflict causes all kinds of conbflict in their policy making, Lol.

Next chancellor below?
lol prb do better job, just loo at how they have frozen the UK housing market with dithering over stamp duty cut - no wonder sterling in the dumps. who the hell would want to invest here now. yet no 1 is held accountable ohh well democracy for u!!

anyway enough moaning back to trading! gl
Trading is 80% Emotional, 20% Technical
  • #82,455
  • Aug 15, 2008 5:42am Aug 15, 2008 5:42am
any one see cable coming down. im short @ 1.8560
Keep It Simple Stupid
  • #82,456
  • Aug 15, 2008 5:45am Aug 15, 2008 5:45am
Quoting shiva
Guys forget this currency, I am starting a new one from Monday. Name suggestions are welcome! Attractive prizes for best suggestions

no way this is the best currency ever
the money maker
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #82,457
  • Aug 15, 2008 5:51am Aug 15, 2008 5:51am
Quoting scyang
Nah, that's no retrace. Just a bit of ranging. Will keep going down. lol. But seriously, it's just unbelievable how it can have been going down for straight 10 days without hardly a bounce or an attempt. Is it really the end of UK and Europe?
no bro not that bad
they are just in US place 8 months back and not as bad as US even
but they will keep going down until im done with shorts
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #82,458
  • Aug 15, 2008 5:52am Aug 15, 2008 5:52am
Quoting Alastair
any one see cable coming down. im short @ 1.8560

I don't think anyone really knows the answer to that quesion, most retraces/pullbacks in this trend from 0157 Hi so far fall below 150pips, only 2 exceeding that, one yesterday at 167pips and one around the 180pips. retrace off the current 8512 bottom has been 75pips so far.

Today's fall has been 172pips hi-lo which is inside the 5 and 20 10 day average pip ranges but outside the 20day average pip range.

MNi are touting offers at this previous recovery high area 8590/00 and at 8620 above it with strong offers at 8640/50. 3 x fib retraces of the drops from 9036, 8787 and today's current hi fall between 8637-50.

At this local high at 8588 area we had reg divergence up to 5min and hidden divergence on 15min, but whether that will see a with trend follow thru is open to question. U.s data due later may again influence the near term direction. G/L
ex member
  • #82,459
  • Aug 15, 2008 5:56am Aug 15, 2008 5:56am
Quoting Alastair
any one see cable coming down. im short @ 1.8560
I think if the trend is down cable will go down, if the trend is up, it will move up, if not it will range
  • #82,460
  • Aug 15, 2008 5:59am Aug 15, 2008 5:59am
Thanx bbmac.
Keep It Simple Stupid
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