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Cable Update (GBPUSD)

  • #6,161
  • Feb 15, 2007 10:38am Feb 15, 2007 10:38am
re the yen...Can you explain that to a novice for me??

Also, can you explain why US$ is strengthenning pn the back of the bad news.... just thought I was getting the hang of all this and go long and the market goes the other way, must be something im missing.

your insight/ wisdom appreciated.
  • #6,162
  • Feb 15, 2007 10:40am Feb 15, 2007 10:40am
Quoting pak7577
Will Cable retrace im going long here
instead of a long profitable position im feeling a hurtful long u know what

Important questions to ask yourself before going long -

What is indicating to me that this move down has exhausted itself?
- Being afraid to miss out is not a valid answer

Is the weight of the evidence Showing me this or is there just one factor?

Has it happened at an important level?

Where will I be proven wrong?

Where will this subsequent move go to if i'm right?

What are the chances of the last two questoins' answers occuring?

Is it worth it?

If not - where would it be worth it?

has there been a price confirmation?

I can find many answers to these that would say go for it - But then again, there is henry carol and price confirmation hasn't occured yet - 9522 has been on my charts as a potential level, but not major - so really need price confirmation and some retrace afterwards to get me in at that level.
Man who scratches ass should not bite fingernails
  • #6,163
  • Feb 15, 2007 10:46am Feb 15, 2007 10:46am
I just forgot fellas - leaving for Portugal today to watch FC Porto Kick the crap out of Chelsea next week - need to pack and I'll be checking in from Portugal later tomorrow. Good trading to you all.
Man who scratches ass should not bite fingernails
  • #6,164
  • Feb 15, 2007 10:50am Feb 15, 2007 10:50am
Quoting Leugimp
Important questions to ask yourself before going long -

What is indicating to me that this move down has exhausted itself?
- Being afraid to miss out is not a valid answer

Is the weight of the evidence Showing me this or is there just one factor?

Has it happened at an important level?

Where will I be proven wrong?

Where will this subsequent move go to if i'm right?

What are the chances of the last two questoins' answers occuring?

Is it worth it?

If not - where would it be worth it?

has there been a price confirmation?

I can find many answers to these that would say go for it - But then again, there is henry carol and price confirmation hasn't occured yet - 9522 has been on my charts as a potential level, but not major - so really need price confirmation and some retrace afterwards to get me in at that level.
1hr pin-bar seems to work fine at this time of the day. Mostly for the upcomig hour, though. Kind of a scalping actually. Need to close above 9531 for confirmation, though. 10 min to go.

The trade to be made today was shorting at 9650 - 9660 and that would be it.
  • #6,165
  • Feb 15, 2007 10:52am Feb 15, 2007 10:52am
Quoting Leugimp
I just forgot fellas - leaving for Portugal today to watch FC Porto Kick the crap out of Chelsea next week - need to pack and I'll be checking in from Portugal later tomorrow. Good trading to you all.
Oh dear, looks like your gonna have a wasted trip, or at least very dissapointing.......and I 'm not a Chelsea Fan!
  • #6,166
  • Feb 15, 2007 10:56am Feb 15, 2007 10:56am
Quoting musicman007
Oh dear, looks like your gonna have a wasted trip, or at least very dissapointing.......and I 'm not a Chelsea Fan!
Never a wasted trip to my favorite city on the Planet.
Man who scratches ass should not bite fingernails
  • #6,167
  • Feb 15, 2007 10:57am Feb 15, 2007 10:57am
Quoting cesarnc
Check this...

A major US FX bank has produced technical analysis highlighting the significance of the 55-day m.a. (233.95) for [GBP/JPY]. According to the research, this line has held all corrections since April of last year, so any close below here (currently 233.29) would be viewed as extremely serious - particularly as model funds are said to have been significant drivers of Jpy weakness over the past few months, implying they will have some seriously large shorts to offload. The research adds that the 200 day m.a. (222.22) is the natural target should the 55-day give way. Given the short state of the market, a significant fall in this carry trade favourite is likely to have major repercussions in the other Jpy crosses.
Whoa it'll be interesting if that happens!
Tra-X
  • #6,168
  • Feb 15, 2007 11:06am Feb 15, 2007 11:06am
Here is an interpreted statistic for you. If 95% of FX traders just sat around picking their noses and drinking beers all day without looking at one chart and triggering one order, they would be financially better off.

Also, if we get a close on 1600 tick on this bar above or at 9550-9565(150 ticks to go) it would be a very bullish signal. Key level will not have been broken on close and 50% of larger move supported!
Man who scratches ass should not bite fingernails
  • #6,169
  • Feb 15, 2007 11:06am Feb 15, 2007 11:06am
Quoting Leugimp
I just forgot fellas - leaving for Portugal today to watch FC Porto Kick the crap out of Chelsea next week - need to pack and I'll be checking in from Portugal later tomorrow. Good trading to you all.
Então boa viagem!
  • #6,170
  • Feb 15, 2007 11:10am Feb 15, 2007 11:10am
Quoting Leugimp
Here is an interpreted statistic for you. If 95% of FX traders just sat around picking their noses and drinking beers all day without looking at one chart and triggering one order, they would be financially better off.

Also, if we get a close on 1600 tick on this bar above or at 9550-9565(150 ticks to go) it would be a very bullish signal. Key level will not have been broken on close and 50% of larger move supported!
70 ticks to go
Man who scratches ass should not bite fingernails
  • #6,171
  • Feb 15, 2007 11:11am Feb 15, 2007 11:11am
Quoting cesarnc
Então boa viagem!

obrigado

ate logo.
Man who scratches ass should not bite fingernails
  • #6,172
  • Feb 15, 2007 11:14am Feb 15, 2007 11:14am
Quoting Traex
Whoa it'll be interesting if that happens!
It is right at the key price 233.29 now... We may see a push today and everybody will go down with it...

That's why Cable is looking weird as of now...
  • #6,173
  • Feb 15, 2007 11:17am Feb 15, 2007 11:17am
Quoting Leugimp
70 ticks to go
didn't get that close above 9550

retraced up to 9550 and bounced down off of it, looks like this may be support turned to resistance now. Really going to pack now - good trading to you all.
Man who scratches ass should not bite fingernails
  • #6,174
  • Feb 15, 2007 11:32am Feb 15, 2007 11:32am
Quoting Leugimp
70 ticks to go
Silly question - what is a tick? I understand pips, points and nasty bugs but not sure where ticks are referenced in charts. As yet I know about fib trading - is it something to do with this trading methodology?

Thx in advance (also expecting sarcastic comment..)
  • #6,175
  • Feb 15, 2007 11:39am Feb 15, 2007 11:39am
Quoting goonergonebad
Silly question - what is a tick? I understand pips, points and nasty bugs but not sure where ticks are referenced in charts. As yet I know about fib trading - is it something to do with this trading methodology?

Thx in advance (also expecting sarcastic comment..)
Wait until he comes with his "bubbles"

Actually instead of using a candle with a certain amount of time (prices within the time range you choose) he uses a candle with a certain amount of ticks, So he doesn't have a 1hr or 4hr candle. He has a 150, 1600 ticks candle. That takes time out of the equation.
  • #6,176
  • Feb 15, 2007 11:41am Feb 15, 2007 11:41am
Quoting goonergonebad
Silly question - what is a tick? I understand pips, points and nasty bugs but not sure where ticks are referenced in charts. As yet I know about fib trading - is it something to do with this trading methodology?

Thx in advance (also expecting sarcastic comment..)
No Problemo.... a tick is a single trade at a single price, so the tick mark representing the open or close refers literally to a single transaction or to a batch of transactions all at the same time and price.

Hope this helps.
  • #6,177
  • Feb 15, 2007 11:51am Feb 15, 2007 11:51am
Quoting musicman007
No Problemo.... a tick is a single trade at a single price, so the tick mark representing the open or close refers literally to a single transaction or to a batch of transactions all at the same time and price.

Hope this helps.
Thx
  • #6,178
  • Feb 15, 2007 11:53am Feb 15, 2007 11:53am
Quoting cesarnc
Wait until he comes with his "bubbles"

Actually instead of using a candle with a certain amount of time (prices within the time range you choose) he uses a candle with a certain amount of ticks, So he doesn't have a 1hr or 4hr candle. He has a 150, 1600 ticks candle. That takes time out of the equation.
Thx
  • #6,179
  • Feb 15, 2007 1:56pm Feb 15, 2007 1:56pm
LOL g/u really hit a low of 1.9515 today

Hopefully more down 2molo cause of g/j down

Hehe...anyway I wish Porto all the best cause I hate Chelsea a lot hahahaa.
  • #6,180
  • Feb 15, 2007 2:03pm Feb 15, 2007 2:03pm
Quoting Leugimp
Important questions to ask yourself before going long -

What is indicating to me that this move down has exhausted itself?
- Being afraid to miss out is not a valid answer

Is the weight of the evidence Showing me this or is there just one factor?

Has it happened at an important level?

Where will I be proven wrong?

Where will this subsequent move go to if i'm right?

What are the chances of the last two questoins' answers occuring?

Is it worth it?

If not - where would it be worth it?

has there been a price confirmation?

I can find many answers to these that would say go for it - But then again, there is henry carol and price confirmation hasn't occured yet - 9522 has been on my charts as a potential level, but not major - so really need price confirmation and some retrace afterwards to get me in at that level.

Support held at 9522 - All the retracement in £ has been mirrored in the rise in eur/gbp whilst euro/dollar has marked time. [maybe gathering strength to break through down trend line from Dec. high] If euro/dollar starts to rise tomorrow and breaks trend line it will drag gbp/usd with it so watch out for possible rise.
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