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Cable Update (GBPUSD)

  • #83,721
  • Aug 22, 2008 11:38am Aug 22, 2008 11:38am
Quoting Optimum
up
sorry...
Patience + Discipline - Greed = Success
  • #83,722
  • Aug 22, 2008 11:39am Aug 22, 2008 11:39am
Quoting steelhead
Thanks man. I dont sell as market is going down I buy as market is going down. Again the time to sell this thing was 300 pips ago not now.

The olympics do have an effect on things. With China being the host nation that is a big reason for these down moves this month.

Now that that is coming to an end. Oil should spike up again.

Focus will again be turned to the crappy US economy.
sorry but can u explain to me what china has to do with cable sinking and oil..im clueless when it comes to knowing this sort of stuff?
  • #83,723
  • Aug 22, 2008 11:40am Aug 22, 2008 11:40am
Quoting Infinity
sorry...
she's gonna stop at 0
Just digging in the trenches like everyone else!
  • #83,724
  • Aug 22, 2008 11:42am Aug 22, 2008 11:42am
Quoting eohater
she's gonna stop at 0
naked gu weekly chart is looking like this...
Attached Image (click to enlarge)
Click to Enlarge Name: week.GIF Size: 15 KB
Patience + Discipline - Greed = Success
  • #83,725
  • Aug 22, 2008 11:46am Aug 22, 2008 11:46am
Quoting nAVIN2007
sorry but can u explain to me what china has to do with cable sinking and oil..im clueless when it comes to knowing this sort of stuff?


Its one of the major consumers of oil. It has basically had a two week holiday. I could be wrong but, im really feeling a nice move up for this pair in the coming weeks.

Guess we will see
  • #83,726
  • Aug 22, 2008 11:48am Aug 22, 2008 11:48am
It's funny when you look at the bigger picture and see that we're touching support from 2 years ago.
Just digging in the trenches like everyone else!
  • #83,727
  • Aug 22, 2008 11:50am Aug 22, 2008 11:50am
Quoting steelhead
Its one of the major consumers of oil. It has basically had a two week holiday. I could be wrong but, im really feeling a nice move up for this pair in the coming weeks.

Guess we will see
I think a good move up will come but if the week closes at these levels, we will go down some more first...
Patience + Discipline - Greed = Success
  • #83,728
  • Aug 22, 2008 11:51am Aug 22, 2008 11:51am
Quoting eohater
It's funny when you look at the bigger picture and see that we're touching support from 2 years ago.

Yeah took 2 years to go up and 3 weeks to come down......
  • #83,729
  • Aug 22, 2008 11:51am Aug 22, 2008 11:51am
Quoting steelhead
Thanks man. I dont sell as market is going down I buy as market is going down. Again the time to sell this thing was 300 pips ago not now.

The olympics do have an effect on things. With China being the host nation that is a big reason for these down moves this month.

Now that that is coming to an end. Oil should spike up again.
I would say it also has a lot to do with a moderately crappy economy in the UK that seems to be getting worse right now, as the US economy is showing some signs of rebounding. Still quite a ways to go but... As for oil, that huge run up was due to "fear of shortage" and a very profitable move for those who play on that fear. Show me where the shortage/crisis occurred. I don't know how much you know about the US, but the glutenous Americans ARE cutting back. I know it seems impossible, but people are car pooling and using public transportation etc...The only thing China has shown during the Olympics is their ability to influence the judges and rip off some medals that should have gone to other countries. JMHO.
  • #83,730
  • Aug 22, 2008 11:53am Aug 22, 2008 11:53am
Quoting Infinity
I think a good move up will come but if the week closes at these levels, we will go down some more first...

Good support here if we can get a four hour candle close near lows I will enter.
  • #83,731
  • Aug 22, 2008 11:57am Aug 22, 2008 11:57am
Quoting nAVIN2007
sorry but can u explain to me what china has to do with cable sinking and oil..im clueless when it comes to knowing this sort of stuff?
Can't speak for another poster, but there is a view that China has been holding back on its industrial production in the lead up to, and during, the Olympics, in a bid to reduce air pollution and traffic in and around Beijing. For this reason, some beleive China's demand for oil is not as great as usual, which, if true, could cause the price of Crude Oil to drop, meaning the dollar will rise etc...

Once the Olympics are out of the way, the belief is that China will ramp up production levels and throw money at the economy in a bid to stimulate growth -which looks set to fall by 2 full percentage points in 2009. This extra production in the economy will mean a greater demand for commodities, which may put upward pressure on the price of crude oil, which could weaken the dollar. It seems the focus on the Chinese government has moved from controlling inflation to promoting growth, especially since their headline inflation rate appears to be subsiding.

However, there is another school of thought that believes some of the spike in crude oil prices to $147 a barrel was in fact caused by China stockpiling huge quantities of the stuff in the months preceding the games, as they wanted to guarantee there would be no shortfalls or supply disruptions during the past fortnight when the eyes of the world are watching their coming out party. Such stockpiling by China would not register on any inventory data.

Personally, I don't believe any appreciation of Cable or crude oil next week, should it actually happen, can be attributed to the Olympics. I see Cable itching to follow the sharp fall in crude oil and get below 1.85, but traders are reluctant to do the necessary at the end of the trading week.
  • #83,732
  • Aug 22, 2008 12:00pm Aug 22, 2008 12:00pm
Quoting PipAV8tor
I would say it also has a lot to do with a moderately crappy economy in the UK that seems to be getting worse right now, as the US economy is showing some signs of rebounding. Still quite a ways to go but... As for oil, that huge run up was due to "fear of shortage" and a very profitable move for those who play on that fear. Show me where the shortage/crisis occurred. I don't know how much you know about the US, but the glutenous Americans ARE cutting back. I know it seems impossible, but people are car pooling and using public transportation etc...The only thing China has shown during the Olympics is their ability to influence the judges and rip off some medals that should have gone to other countries. JMHO.
Agree 100%, apart from the bit about China influencing the judges and ripping off medals. The UK's economy is dire, second quarter "growth" recorded at 0% Q/Q, AND the worst is definitely yet to come.
  • #83,733
  • Aug 22, 2008 12:01pm Aug 22, 2008 12:01pm
Quoting gammase1
Can't speak for another poster, but there is a view that China has been holding back on its industrial production in the lead up to, and during, the Olympics, in a bid to reduce air pollution and traffic in and around Beijing. For this reason, some beleive China's demand for oil is not as great as usual, which, if true, could cause the price of Crude Oil to drop, meaning the dollar will rise etc...

Once the Olympics are out of the way, the belief is that China will ramp up production levels and throw money at the economy in a bid to stimulate growth -which looks set to fall by 2 full percentage points in 2009. This extra production in the economy will mean a greater demand for commodities, which may put upward pressure on the price of crude oil, which could weaken the dollar. It seems the focus on the Chinese government has moved from controlling inflation to promoting growth, especially since their headline inflation rate appears to be subsiding.

However, there is another school of thought that believes some of the spike in crude oil prices to $147 a barrel was in fact caused by China stockpiling huge quantities of the stuff in the months preceding the games, as they wanted to guarantee there would be no shortfalls or supply disruptions during the past fortnight when the eyes of the world are watching their coming out party. Such stockpiling by China would not register on any inventory data.

Personally, I don't believe any appreciation of Cable or crude oil next week, should it actually happen, can be attributed to the Olympics. I see Cable itching to follow the sharp fall in crude oil and get below 1.85, but traders are reluctant to do the necessary at the end of the trading week.
THANKS GUYS ...
  • #83,734
  • Aug 22, 2008 12:06pm Aug 22, 2008 12:06pm
Quoting steelhead
Good support here if we can get a four hour candle close near lows I will enter.
If you see a long on this 4h, fine, but maybe I need glasses...:nerd:

bar closes 45 minutes..
Attached Image (click to enlarge)
Click to Enlarge Name: week.GIF Size: 21 KB
Patience + Discipline - Greed = Success
  • #83,735
  • Aug 22, 2008 12:09pm Aug 22, 2008 12:09pm
Quoting Infinity
If you see a long on this 4h, fine, but maybe I need glasses...:nerd:

bar closes 45 minutes..

If it closes on the lows then yes i see a long. So I might go get those eyes checked for your glasses lol
  • #83,736
  • Aug 22, 2008 12:14pm Aug 22, 2008 12:14pm
Quoting nAVIN2007
Yeah took 2 years to go up and 3 weeks to come down......
Just digging in the trenches like everyone else!
  • #83,737
  • Aug 22, 2008 12:17pm Aug 22, 2008 12:17pm
Quoting steelhead
If it closes on the lows then yes i see a long. So I might go get those eyes checked for your glasses lol
Attached Image
Patience + Discipline - Greed = Success
  • #83,738
  • Aug 22, 2008 12:20pm Aug 22, 2008 12:20pm
Quoting steelhead
If it closes on the lows then yes i see a long. So I might go get those eyes checked for your glasses lol
good support ..i will say that but i dunno...1.75 is where the lower emas are
Attached Image (click to enlarge)
Click to Enlarge Name: picturebmp.JPG Size: 117 KB
  • #83,739
  • Aug 22, 2008 12:42pm Aug 22, 2008 12:42pm
maybe on Sunday we will get a gap down
When life gives you lemons, make lemonade
  • #83,740
  • Aug 22, 2008 12:52pm Aug 22, 2008 12:52pm
Quoting micho
maybe on Sunday we will get a gap down
that support will break today and next week even lower..

how long has america been in recession? any1 know?
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