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Cable Update (GBPUSD)

  • #84,261
  • Aug 27, 2008 3:18am Aug 27, 2008 3:18am
I just closed out +8 pips. I really don't like how the market is, so i'm done trading for today, i will be observing. Good luck to everyone
  • #84,262
  • Aug 27, 2008 3:22am Aug 27, 2008 3:22am
This pairing caught inbetween the asc and desc trend lines (both 1 test...hot and hold)on 1hr atm,

Upside or downside break? Some commentators warning of potential bear flag forming...time will tell
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ex member
  • #84,263
  • Aug 27, 2008 3:32am Aug 27, 2008 3:32am
please correct me if im wrong.
the main trend is down.
So, every up move is a small retracement,
so we should be safe shorting?
Keep It Simple Stupid
  • #84,264
  • Aug 27, 2008 3:35am Aug 27, 2008 3:35am
Quoting Alastair
please correct me if im wrong.
the main trend is down.
So, every up move is a small retracement,
so we should be safe shorting?
Yes the MAIN trend is still down, ofcourse currency has to retrace little bit before going back with the trend. Now there are some levels that if it broke on its way up, it could change the trend but today it didnt reach it so it is still DOWN overall..=]
  • #84,265
  • Aug 27, 2008 3:35am Aug 27, 2008 3:35am
Quoting Alastair
please correct me if im wrong.
the main trend is down.
So, every up move is a small retracement,
so we should be safe shorting?
Yes.
"Invest With The Insiders, Not The Masses" George Muzea
  • #84,266
  • Aug 27, 2008 3:37am Aug 27, 2008 3:37am
Thank you.
so my timing is horribly off as i kep shorting but keep seeing my rear end without a mirror!!
Keep It Simple Stupid
  • #84,267
  • Aug 27, 2008 3:39am Aug 27, 2008 3:39am
Quoting Alastair
please correct me if im wrong.
the main trend is down.
So, every up move is a small retracement,
so we should be safe shorting?

No question that the trend on 1hr+ is down and yesterday's daily candle was bearish...however intraday trend so far is mixed/rangy with upside biais atm...Price has now pulled back 145pips off the last low of the 1hr+ downtrend of 8332, and historically in this downtrend from 0157 we are in the ball park of the retracement ending and the trend continuing....but nothing is certain.

My best advice is to await a shorting set-up in an area of former support that now may act as resistance, lookinfg for fibs confluence as well if you use them.
ex member
  • #84,268
  • Aug 27, 2008 3:50am Aug 27, 2008 3:50am
very littly buyers in this market hey ..it just dont want to go up!
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  • #84,269
  • Aug 27, 2008 3:56am Aug 27, 2008 3:56am
the 1hr chart below shows the former support area that acted briefly as resistance yesterday afternoon seeing a 60pip sell off before a rally to today's highs and then a rettest of the area as support again.

There is a further area of former support at 8510-40 that too could act as resistance on any extended pullback/reversal.

Your alternative is to play a break of the ascending support trend line on the 1hr, has had 1 test-hit&held so far.
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ex member
  • #84,270
  • Aug 27, 2008 3:59am Aug 27, 2008 3:59am
MNI Cable: Fundamental levels (orders, options, technicals)
$1.8550/60 Medium offers
$1.8530 Medium offers
$1.8500/10 Strong offers/Stops on break/$1.8500 option expiry
$1.8490 Stops
$1.8470/80 Medium offers/Int.Day high $1.8479 (Early Europe)
$1.8442 ***Current market rate 0834GMT Wednesday
$1.8400 Medium demand
$1.8380/70 Medium demand/$1.8370 Int.Day low (Asia)
$1.8355/45 Medium demand
$1.8330 Strong demand/Tuesday low
$1.8300 Strong demand on approach/Option barrier at $1.8300
Trading is 80% Emotional, 20% Technical
  • #84,271
  • Aug 27, 2008 4:24am Aug 27, 2008 4:24am
Quoting fx local
MNI Cable: Fundamental levels (orders, options, technicals)
$1.8550/60 Medium offers
$1.8530 Medium offers
$1.8500/10 Strong offers/Stops on break/$1.8500 option expiry
$1.8490 Stops
$1.8470/80 Medium offers/Int.Day high $1.8479 (Early Europe)
$1.8442 ***Current market rate 0834GMT Wednesday
$1.8400 Medium demand
$1.8380/70 Medium demand/$1.8370 Int.Day low (Asia)
$1.8355/45 Medium demand
$1.8330 Strong demand/Tuesday low
$1.8300 Strong demand on approach/Option barrier at $1.8300
thx bro
  • #84,272
  • Aug 27, 2008 4:33am Aug 27, 2008 4:33am
Title: GBP/USD intraday: The downside prevails.Summary: Update on supports and resistances.Story: Pivot: 1.855

Our preference: Short positions below 1.855 with targets @ 1.837 & 1.83 in extension.

Alternative scenario: Above 1.855 look for further upside with 1.8605 & 1.8705 as targets.

Comment: the RSI lacks upward momentum, the pair should reach its intermediary support.
  • #84,273
  • Aug 27, 2008 4:42am Aug 27, 2008 4:42am
i think it just died!
Keep It Simple Stupid
  • #84,274
  • Aug 27, 2008 5:00am Aug 27, 2008 5:00am
Quoting fx local
MNI Cable: Fundamental levels (orders, options, technicals)
$1.8550/60 Medium offers
$1.8530 Medium offers
$1.8500/10 Strong offers/Stops on break/$1.8500 option expiry
$1.8490 Stops
$1.8470/80 Medium offers/Int.Day high $1.8479 (Early Europe)
$1.8442 ***Current market rate 0834GMT Wednesday
$1.8400 Medium demand
$1.8380/70 Medium demand/$1.8370 Int.Day low (Asia)
$1.8355/45 Medium demand
$1.8330 Strong demand/Tuesday low
$1.8300 Strong demand on approach/Option barrier at $1.8300
hey man how r u
can u tell me from where u get those info
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #84,275
  • Aug 27, 2008 5:07am Aug 27, 2008 5:07am
Ldn FX: Stg Takes Direction From Dlr; Cable Consolidates Gains Aug 27 / 06:01


LONDON, August 27 (MNI) - Sterling continued to take direction from
dollar action, during European morning trade Wednesday, with cable
consolidating overnight gains against the US unit, after rate had
extended its recovery from Tuesday's lows of $1.8330 to Asia highs of
$1.8474, holding around $1.8450 ahead of the NY open.

Dollar moves were seen controlled by Asian sovereign demand versus
model supply.

STERLING SUMMARY: Opened early Europe at $1.8430, stg0.7973
-- Cable opened Asia around $1.8380, marking lows in early trade at
$1.8370 before bouncing back in tandem with euro-dollar. Stops
triggered through $1.8420 provided the added impetus to take rate to
eventual session highs of $1.8474, settling into a $1.8450/70 range
ahead of the European open. Euro-sterling was contained within a
range of stg0.7964/80 in Asia. Dollar demand into early European
trade saw rate ease to $1.8420, with early business restricted to
$1.8420/50. The break below $1.8420 allowed rate to challenge next
support at $1.8400, meeting decent demand in the area around before
bouncing back. However, cable decoupled from euro-dollar allowing
euro-sterling to edge up to stg0.7986, but offers to stg0.7990
contained. Cable settled around $1.8450, euro-sterling at stg0.7980.
-- Cable bids $1.8400, $1.8370. Offers $1.8470/80, $1.8490, $1.8500/10
-- Euro-sterling bids stg0.7960, 0.7945/40. Offers stg0.7990, 0.8000/05
Trading is 80% Emotional, 20% Technical
  • #84,276
  • Aug 27, 2008 5:09am Aug 27, 2008 5:09am
Quoting salah k.
hey man how r u
can u tell me from where u get those info
im good thanks, urself?

http://www.marketnews.com/mni-bin/mni.cgi?page=0
Trading is 80% Emotional, 20% Technical
  • #84,277
  • Aug 27, 2008 5:12am Aug 27, 2008 5:12am
this is an example of the fake breakout which dollar has been doing all week..its just messing around trying to take my money....
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  • #84,278
  • Aug 27, 2008 5:13am Aug 27, 2008 5:13am
Quoting fx local
im good thanks, urself?

http://www.marketnews.com/mni-bin/mni.cgi?page=0
doing good man

thnx a lot for the url
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #84,279
  • Aug 27, 2008 5:27am Aug 27, 2008 5:27am
Quoting salah k.
doing good man

thnx a lot for the url
06:25 08/27 WEBER COMMENTS FROM BLOOMBERB INTERVIEW
06:24 08/27 WEBER: AIM TO TAKE DECISION ON COLLATERAL FRAMEWORK IN FALL
06:24 08/27 BUND 2-10 YEAR YIELD CURVE REVERSES STEEPENING POST ECB WEBER
06:24 08/27 WEBER: MUST ASSURE COLLATERAL FRAMEWORK NOT ABUSED
06:23 08/27 WEBER: ECB INFL FCSTS MAY BE REVISED UP SLIGHTLY FOR 2008-09
06:23 08/27 WEBER: EMU ECONOMY TO BE ROBUST AFTER DRY SPELL
06:22 08/27 WEBER: EXPECT SLIGHT DOWN REVISION OF GDP FCSTS FOR 2008-2009
06:21 08/27 WEBER: IF MORE INFL RISKS MATERIALIZE MUST REVIEW POL STANCE
06:21 08/27 WEBER: NOT SURE IF AVG EMU INFLATION BELOW 2% IN 2010
06:20 08/27 WEBER: ECB RATES MORE ACCOMMODATIVE THAN NEUTRAL
06:20 08/27 SMR: Euro CDS: Spreads Mildly Wider On Mixed Newsflow, Low Volumes
06:19 08/27 WEBER: DON'T EXPECT INFLATION TO SLOW WITH WEAKER GROWTH
06:19 08/27 WEBER: IF ECON OUTLOOK BRIGHTENS WILL SEE IF ACTION NEEDED
06:19 08/27 SEPT BUNDS REVERSE GAINS AFTER HAWKISH COMMENTS FROM ECB WEBER
06:18 08/27 ECB'S WEBER: TALK OF INTEREST RATE CUTS IS PREMATURE


made euro rise, cable pulled up with it
Trading is 80% Emotional, 20% Technical
  • #84,280
  • Aug 27, 2008 5:38am Aug 27, 2008 5:38am
What is the verdict now guys ?
Is the pair on the upswing now ?
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Meer-Shayhak