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Cable Update (GBPUSD)

  • #83,621
  • Aug 22, 2008 4:27am Aug 22, 2008 4:27am
Quoting salah k.
GDP is a big part of news and fundamental trading
u shouldnt cosider as a peice of "short term effect" news

its actually directly linked to rate decisions
No it was just false breakout. We will see upward movement again or soon..
  • #83,622
  • Aug 22, 2008 4:29am Aug 22, 2008 4:29am
Quoting rosssurf
I am new to this. What is stop hunting and how, and who does it?

lol
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When life gives you lemons, make lemonade
  • #83,623
  • Aug 22, 2008 4:36am Aug 22, 2008 4:36am
Quoting trading801
pls give us shorters some break man.. i have been holding out at -200 pips since 36 hours... sweating man.. finally now i am +pips
Yeah man,That's just what i decided to do. I had the trend go against me over 100pips (meanwhile had a pending long so together, i had -300pips). It is come up little for now (+25)... i'll wait for it to clear my stand. Even if not all -300pipsPlease dont follow me... am still demo trading!
  • #83,624
  • Aug 22, 2008 4:36am Aug 22, 2008 4:36am
Quoting Ya-Razzaq
No it was just false breakout. We will see upward movement again or soon..
I agree with Salah K that GDP is a very important piece of economic news as it helps directly with the rate decision. Retail sales yesterday was also important because retail sales is a large part of GDP in most countries. Although UK retail sales yesterday was better than expected, today's GDP was gloomy. With oil and commodities down, it can very well prompt BOE to go ahead with their rate cut decision as they intimated in the last meeting. The big question is whether the rate cut has been priced in already in the last 2 weeks with the 1400-pip drop from 2.01+.
Expected the unexpected
  • #83,625
  • Aug 22, 2008 5:09am Aug 22, 2008 5:09am
Take a look at the H4 chart. The more often a barrier is hit, the more likely it will be broken. H4 has hit the 1.8570 for the fourth time now. Its going to break once Bernanke starts talking....or maybe even before.

We ar in for a long bear trend with intermitent retracements. GBP has only one thing to do : cut rates, USD has only one thing to do : raise rates.

Theres's nothing else to do than short the pair. Of course very short term daytraders don't care about this, they are looking for a few pips only
  • #83,626
  • Aug 22, 2008 5:29am Aug 22, 2008 5:29am
Quoting ngforexman
Take a look at the H4 chart. The more often a barrier is hit, the more likely it will be broken. H4 has hit the 1.8570 for the fourth time now. Its going to break once Bernanke starts talking....or maybe even before.

We ar in for a long bear trend with intermitent retracements. GBP has only one thing to do : cut rates, USD has only one thing to do : raise rates.

Theres's nothing else to do than short the pair. Of course very short term daytraders don't care about this, they are looking for a few pips only
Couldn't have said it better my friend. We're in for some GBP down and soon. It's been obvious their very affected by all the global slowdown turmoil, and only one way to go
Helping the philosophically challenged
  • #83,627
  • Edited 5:35am Aug 22, 2008 5:33am | Edited 5:35am
  •  pipu
  • | Joined Dec 2007 | Status: Gathering pips on forex ocean shore | 4 Posts
Quoting ngforexman
Take a look at the H4 chart. The more often a barrier is hit, the more likely it will be broken. H4 has hit the 1.8570 for the fourth time now. Its going to break once Bernanke starts talking....or maybe even before.

We ar in for a long bear trend with intermitent retracements. GBP has only one thing to do : cut rates, USD has only one thing to do : raise rates.

Theres's nothing else to do than short the pair. Of course very short term daytraders don't care about this, they are looking for a few pips only
I completely agree with ngforexman. This will be the fourth time the cable is going to test the 1.8536 support level since 15th august in my 1H chart. On 15th august, the daily low was 1.8511.

Today it has dropped from a high of 1.8796. There are support below 1.8540 region. If it penetrates the 1.8536 level (incidentally is the S2 pivot today) and the mental barrier-like 1.8500, then just hold on and let the fireworks begin.

At this moment, the UK GDP is 0.0%. Think and trade.
Gathering pips on the great forex ocean shore...
  • #83,628
  • Aug 22, 2008 5:35am Aug 22, 2008 5:35am
Limit buy 18490/70

stop 18425

target 18909

for 1 week
  • #83,629
  • Aug 22, 2008 5:56am Aug 22, 2008 5:56am
Quoting bye2000
Limit buy 18490/70

stop 18425

target 18909

for 1 week
lol bro 1.8909 is very ambitious hahaha
When life gives you lemons, make lemonade
  • #83,630
  • Aug 22, 2008 5:58am Aug 22, 2008 5:58am
Quoting peulthai
Yeah man,That's just what i decided to do. I had the trend go against me over 100pips (meanwhile had a pending long so together, i had -300pips). It is come up little for now (+25)... i'll wait for it to clear my stand. Even if not all -300pipsPlease dont follow me... am still demo trading!
lol why are you doing this to yourself
When life gives you lemons, make lemonade
  • #83,631
  • Aug 22, 2008 5:59am Aug 22, 2008 5:59am
Quoting Ya-Razzaq
No it was just false breakout. We will see upward movement again or soon..
200 pips isnt a false breakout
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #83,632
  • Aug 22, 2008 6:00am Aug 22, 2008 6:00am
Quoting micho
lol why are you doing this to yourself
khallas wle
bala habal
  • #83,633
  • Aug 22, 2008 6:00am Aug 22, 2008 6:00am
Quoting salah k.
200 pips isnt a false breakout
come on salah maybe 1000 pips is a false break
When life gives you lemons, make lemonade
  • #83,634
  • Aug 22, 2008 6:01am Aug 22, 2008 6:01am
Quoting micho
come on salah maybe 1000 pips is a false break
could be man
shou be boxing
3m bimashkela
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #83,635
  • Aug 22, 2008 6:09am Aug 22, 2008 6:09am
Quoting boxingislife
khallas wle
bala habal
Attached Image
When life gives you lemons, make lemonade
  • #83,636
  • Aug 22, 2008 6:18am Aug 22, 2008 6:18am
Quoting salah k.
200 pips isnt a false breakout
If that you said 200 pips is not false breakout, where the price didn't break the 4hr or daily support?

The news don't have enough power to break that support. Therefor we will go back up at where the price at before GBP news just now.
  • #83,637
  • Aug 22, 2008 6:23am Aug 22, 2008 6:23am
Quoting Ya-Razzaq
If that you said 200 pips is not false breakout, where the price didn't break the 4hr or daily support?

The news don't have enough power to break that support. Therefor we will go back up at where the price at before GBP news just now.
look man i dont think its a good idea to open a trade now on Friday evening...
so if you wanna go long, go long and leave salo alone cause he doesn't wanna lose his money over weekend ahsan ma kasrak shou fehim
When life gives you lemons, make lemonade
  • #83,638
  • Aug 22, 2008 6:26am Aug 22, 2008 6:26am
Quoting micho
look man i dont think its a good idea to open a trade now on Friday evening...
so if you wanna go long, go long and leave salo alone cause he doesn't wanna lose his money over weekend ahsan ma kasrak shou fehim
Great point, especially with UK on Holiday come Monday.

HOLLA
  • #83,639
  • Aug 22, 2008 6:27am Aug 22, 2008 6:27am
Quoting Turtle
Great point, especially with UK on Holiday come Monday.

HOLLA
When life gives you lemons, make lemonade
  • #83,640
  • Aug 22, 2008 6:40am Aug 22, 2008 6:40am
Quoting Ya-Razzaq
If that you said 200 pips is not false breakout, where the price didn't break the 4hr or daily support?

The news don't have enough power to break that support. Therefor we will go back up at where the price at before GBP news just now.
Your language, using terms like "therefore we will go back up", rather than "therefore, I believe it is probable for us to go back up", is dangerous when it comes to trading.

I hope no new traders are following from your posts, as there is nothing definite or inevitable about future spot moves.

US equity futures have spiked higher, crude oil lower, which has pulled the dollar higher in the past 30 minutes. I think these will be the main driver of cable today.

Good luck
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