Cable Update (GBPUSD)

Guys, I'm still short on Cable from late July (as per my AshFX Daily system)...

You must be paying a lot of interest

Easy, eh?

It's hardly an issue with the drop seen in the past 2 weeks

true true

It do not look easy

Forget about what it looks like! lol Just sell it around 1.8670 and take 15 - 20 pips each time. When it breaks 1.8650 hold it.

I don't see a near term trde yet? there's been no price action confirmation of anything yet.... If it breaks below 8650 we might have something

S/L?

Thank You, that is what I am doing, now I am short @80

Hi All,

I thought as a forex trader, you ought to read this article. What you think of it.

The mystery over what was going on with the dollar the first week in August was solved by James Turk, founder of GoldMoney, who wrote on August 7:
"[T]he banking problems in the United States continue to mount, while the federal government’s deficit continues to soar out of control. . . . So what happened to cause the dollar to rally over the past three weeks? In a word, intervention. Central banks have propped up the dollar, and here’s the proof.
"When central banks intervene in the currency markets, they exchange their currency for dollars. Central banks then use the dollars they acquire to buy US government debt instruments so that they can earn interest on their money. The debt instruments central banks acquire are held in custody for them at the Federal Reserve, which reports this amount weekly.
"On July 16, 2008 . . . , the Federal Reserve reported holding $2,349 billion of US government paper in custody for central banks. In its report released today, this amount had grown over the past three weeks to $2,401 billion, a 38.4% annual rate of growth. . . . So central banks were accumulating dollars over the past three weeks at a rate far above what one would expect as a result of the US trade deficit. The logical conclusion is that they were intervening in currency markets. They were buying dollars for the purpose of propping it up, to keep the dollar from falling off the edge of the cliff and doing so ignited a short covering rally, which is not too difficult to do given the leverage employed in the markets these days by hedge funds and others."2

down boy down!

I just took another 25 pips and am done for the day prabobly, thanks guys for chatting and good trades to You all.

Stops above 81. Around 10 ticks.

It will trade through 1.8650 very shortly.

Screw it, another short @71, I think I'm getting greedy, not good.

short @ 70

T/p?

Don't be too quick to TP, it's about to trade through .50 by the looks of things.

mostly I exit trades manully