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Cable Update (GBPUSD)

  • #83,761
  • Aug 23, 2008 11:36am Aug 23, 2008 11:36am
Quoting nAVIN2007
thats quite a interesting chart..based on that..definately down..id say but short term up to make a lower high..then lower low or possibly break the lower trendline ...downtrend is as excellerated as can get..
be careful with the old thinking that a pair MUST retrace or correct, these past few weeks have shown this is not the old forex of 6 months ago and pairs do not need a retrace before making new lows or highs as it may be.
I am not saying it is headed one way or the other, that is for you to decide but just bear in mind the retraces are not as they once were.
Don't chase the market, Let the market come to you
  • #83,762
  • Edited 1:08pm Aug 23, 2008 12:51pm | Edited 1:08pm
my friend.....
Quoting Tmac
be careful with the old thinking that a pair MUST retrace or correct, these past few weeks have shown this is not the old forex of 6 months ago and pairs do not need a retrace before making new lows or highs as it may be.
I am not saying it is headed one way or the other, that is for you to decide but just bear in mind the retraces are not as they once were.
absolutely my friend..that was why last week i really never entered, im looking for candle formation at vital reas to suggest up and the fact is there isnt now signal to say up!....can only wait and see to get a idea of what the hell is happening...

i do agree forex look as if it evolved..new rule : anything is possible

i personally think even if UK doesnt enter a recession.we still going down...sterling is over priced and we went up cause US was in a recession (or very close to it)...UK is likely to be in deep sh*t going into winter..brown is looking for a deal with arabs to bring the price of oil down, which is only going to make USD stronger if it happens....so i see falling fundamentally..

if this dont make any sense please someone enlighten me.cause i havent a clue really
  • #83,763
  • Aug 23, 2008 12:54pm Aug 23, 2008 12:54pm
Quoting scyang
The UK and US government are so much alike. Neither would say the "R" word. They will beat around the bush to avoid calling it like it is.

They are right for not saying the "R" word, there is no negative GDP so there is no point in saying recession. Things are bad I agree, but there is no recession.
  • #83,764
  • Aug 23, 2008 5:42pm Aug 23, 2008 5:42pm
Quoting sonicdeejay
Dear Quik,

R u saying a buy or a sell??
Am confuse!!


sonic

Buy GBP/USD
"Invest With The Insiders, Not The Masses" George Muzea
  • #83,765
  • Aug 23, 2008 7:21pm Aug 23, 2008 7:21pm
Quoting Qu|cksilver
Buy GBP/USD


Im long entery 1,8508, 1,8512, 1,8519
  • #83,766
  • Aug 23, 2008 7:59pm Aug 23, 2008 7:59pm
i think first target from here is 84.75

short from 87.60
  • #83,767
  • Aug 23, 2008 11:05pm Aug 23, 2008 11:05pm
Quoting AmeriTrini
They are right for not saying the "R" word, there is no negative GDP so there is no point in saying recession. Things are bad I agree, but there is no recession.
I agree!
Just digging in the trenches like everyone else!
  • #83,768
  • Aug 24, 2008 2:54am Aug 24, 2008 2:54am
Quoting eohater
I agree!

I don't know guys I think we're getting in the shissel here in UK, I am employer and we have been receiving a hell of a lot more CV's for jobs than usual and there are a lot of my customers being made redundant and looking for more jobs. Gov't is not helping at all helping to make housing crisis worse. I think recession is quite likely, or at least next quarter negative growth. So my longer term bet would be that the pound is weakening against USD even if there are some bounce backs to the upside.

Just what I have noticed over the last couple of months.
please DON'T copy my trades I am still learning
  • #83,769
  • Aug 24, 2008 4:21am Aug 24, 2008 4:21am
Quoting ezmystic
I don't know guys I think we're getting in the shissel here in UK, I am employer and we have been receiving a hell of a lot more CV's for jobs than usual and there are a lot of my customers being made redundant and looking for more jobs. Gov't is not helping at all helping to make housing crisis worse. I think recession is quite likely, or at least next quarter negative growth. So my longer term bet would be that the pound is weakening against USD even if there are some bounce backs to the upside.

Just what I have noticed over the last couple of months.

i share the same view.i live in UK too and it seem evident to that people are starting to feel it!...fuel prices havent risen by 25%, inflation is high , data is comin in worse....it certainly looking bleek....

but as far as going up is concerned it can happen but where the signal, just because we hit 61.8% dont mean we are bouncing....lol
what ever the candle yell me thats where i am gonna try and go..
  • #83,770
  • Aug 24, 2008 4:29am Aug 24, 2008 4:29am
Quoting nAVIN2007
i share the same view.i live in UK too and it seem evident to that people are starting to feel it!...fuel prices havent risen by 25%, inflation is high , data is comin in worse....it certainly looking bleek....

but as far as going up is concerned it can happen but where the signal, just because we hit 61.8% dont mean we are bouncing....lol
what ever the candle yell me thats where i am gonna try and go..
Please don't misunderstood. In forex or any market, dosen't mean when technical shows buy or bouce signal it will exactly happen. It can be opposite. And it happens many time.

My chart posted earlier is just an analysis. and who knows it will bounce from now
"Invest With The Insiders, Not The Masses" George Muzea
  • #83,771
  • Aug 24, 2008 5:57am Aug 24, 2008 5:57am
The Daily chart below shows Friday's Bearish Engulfing (of previous day's candle body.) [another big bearish candle in this fall from 0157 area.]

The Mthly chart above that shows a hidden divergence only on the bottom indicator (cci) although this set-up could develop on this chart so long as price stays above that previous higher swing low at 7049area on that chart.

Friday closes just off the lows in the 8510/00 area, price maing a slightly lower low than the previous week's 8512. Monday is of course a Uk Bank Hol so volumes traded will be lower which may affect overal liquidity particularly until the U.s session kicks on.
Attached Image (click to enlarge)
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Attached Image
ex member
  • #83,772
  • Aug 24, 2008 6:01am Aug 24, 2008 6:01am
Quoting bbmac
The Daily chart below shows Friday's Bearish Engulfing (of previous day's candle body.) [another big bearish candle in this fall from 0157 area.]

The Mthly chart above that shows a hidden divergence only on the bottom indicator (cci) although this set-up could develop on this chart so long as price stays above that previous higher swing low at 7049area on that chart.

Friday closes just off the lows in the 8510/00 area, price maing a slightly lower low than the previous week's 8512. Monday is of course a Uk Bank Hol so volumes traded will be lower which may affect overal liquidity particularly until the U.s session kicks on.
Personally I don't think I'll be trading this Monday.
  • #83,773
  • Aug 24, 2008 6:08am Aug 24, 2008 6:08am
Quoting Qu|cksilver
Please don't misunderstood. In forex or any market, dosen't mean when technical shows buy or bouce signal it will exactly happen. It can be opposite. And it happens many time.

My chart posted earlier is just an analysis. and who knows it will bounce from now
i know bro....it is a strong support too and fibo is there....it absolutely possible for a bounce just for me im looking for a test of the support area for confirmation
  • #83,774
  • Aug 24, 2008 6:26am Aug 24, 2008 6:26am
My simple view:

support @ ~ 1.8500 is now holding and we might be having a new downtrend channel in formation ( the green one) but somehow i doubt that price might reach the utl descending ( green) because we have weekly ascending ltl that was broken (light blue) and above it the yellow tl (neckline) that has been holding huge weight from 2007 that was broken as well. now if the price will be pulling back north these are the levels i will be watching the most. i havent put resistance on my chart because wanted to post a simple chart with as minimum lines as possible. my target is ~1.7 low of 2005 according to monthly macd divergence. lets wait to see what the market offers us this week.

hope many pips to everybody and safe trading

cheers!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd_dayly_channels_250808.jpg Size: 117 KB
  • #83,775
  • Aug 24, 2008 7:04am Aug 24, 2008 7:04am
quicksilver..its been ages not heard from u.

buy pound? whats ur theory bro? kindly share with us.
  • #83,776
  • Aug 24, 2008 8:31am Aug 24, 2008 8:31am
Home Sales Probably Held Near Decade Low: U.S. Economy Preview


By Shobhana Chandra
Aug. 24 (Bloomberg) -- Home sales in the U.S. probably teetered near a 10-year low, property values dropped and consumer spending cooled, signaling the economy has taken another turn for the worse, reports this week are projected to show.



continue :

http://www.bloomberg.com/apps/news?p...220&refer=home
  • #83,777
  • Aug 24, 2008 8:49am Aug 24, 2008 8:49am
I am from Egypt and related with the foriegn exchange business and live in seoul. I use www.stateforex.com for forex rates. Since i have to make a record of the rates, i have to copy the data but they have disabled the copy option of the rates. This is the best website i know as they give all the information of all the countries on a single page region wise. Is there any way that the rate values can be copied?
  • #83,778
  • Edited 9:37am Aug 24, 2008 9:24am | Edited 9:37am
Hey cable guys,

All supports on this baby totally broken at least until 1.8 as I see it and probably lower, as I was saying a couple of weeks ago the pound looks dead and the fundumentals been screaming it long a ago too. I'm going to wait for the bounce on euro and probably pound as well that's hopefully gonna come at the start of the week and then short this baby all the way to 1.8 and maybe lower if history is to be repeated - looking at the monthly charts, when it starts crashing like this it goes for phousands of pips... I think it'll at least touch on the about 1.71 main historical s/r level by the time this fall if fully completed. Will watch for EUR/GBP looks like it might break April's high at 0.81 soon, and GBP/JPY looks like it has a long way to go down to hit ltl on monthly..

All your opinions welcome

Quoting sonicdeejay
WOW...I think so too...

Check This Out!!

sonic
Jesus, are you guys kidding me ??? That trend line was broken at about 1.89-1.9 !!! I can't believe that even with photoshop and crazy scaling changes it could be made to fit like that. It's gone and barried... In fact, last week is about the bounce off of it from below.
On the path to Enrichment.
  • #83,779
  • Aug 24, 2008 10:41am Aug 24, 2008 10:41am
GBP/USD actually bounced at the last 2 minutes of market closing.. comments?

http://img120.imageshack.us/img120/4753/48301089ht8.jpg
  • #83,780
  • Edited 10:54am Aug 24, 2008 10:43am | Edited 10:54am
Quoting titanmelvin
GBP/USD actually bounced at the last 2 minutes of market closing.. comments?

http://img120.imageshack.us/img120/4753/48301089ht8.jpg
profit taking........my friend...also time of day!
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