Cable Update (GBPUSD)

Quoting nAVIN2007

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thx m8 i will look in the weekend..
this movement are crazy huh....its like drifting in space..with nothing to stop it! ... trading is becoming very dangerous

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Quoting asyed4

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I agree with you Navin, really trading WITH this PAIR is becoming dangerous and dangerous even with Shorts because you never know that son of ****** (Actually I am in fasting I can't say any swear word) has its own wish and command, no chart, no graph nothing can stop in going upward or going downward.....

I was very stupid enough yesterday night to set Sell Orders in 1.76 handle even I am in learning stage (and you are helping me in understanding ema/sma thanks much buddy) for ema62 for 1 hour chart and I completely understanding that at some point ema62 is showing 1.7570 and the current price was 1.7590 a way up so I should setup Buy orders instead of sell orders but I was stupid enough to do that mistake.

We are only self traders a small part of trillion dollars movement every day in the market, so our struggle and efforts are meaningless if we compare it to their nonsense and not wanted move. Sterling is in deep trouble and will be in deep trouble this month and I still say whatever happened to this curerncy overnight it's all US news/Euro jump nothing else becase dollar is still strong in close (2.5% in index).

On Sunday I would be on the road would not get chance to see everything on the computer until around 12:00 am Eastern time which would be good for me because I want to see everything in one short around the european hour not in installment and chasing the graph number and looking up the forum discussion participants about shorts votes.......

Have a nice and great weekend everybody and don't be disharted because one thing we are working hard this pair is really hard to handle no matter how much technical expertise we have sometimes we have to setaside from trading, if I knew these things overnight I wouldn't place sell orders at all.....

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Quoting cesarg

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Well... the 200 EMA monthly wasn't touched (but almost), and the rebound was fast and strong enough to break the 4h trendline, but i think is not over yet, at least without a touch of the monthly 5 EMA, 38.2 fibo of the fall ( 2.11-1.74) at the moment placed in 1.8864; maybe next week will touch the 23.2 fibo (@ 1.834x)...
another thing, we are placed far away for bollinger in monthly, so i think this kind of movements in such extreme conditions are normal, because price wants to stabilizate itself to more normal conditions, i see it all the time in another TF charts.

i was reading in some replies about next sunday gap too. Most give an downward opinion. how i think the rebound does not finish yet, i believe in an upward movement, till complete the touch of daily 20 EMA placed at the moment around 1.8089 (alpari broker)
maybe i'm wrong, but technically is possible.

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Quoting Obaidah

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The British Pound rallied sharply higher against the Dollar on Friday and posted a closing price reversal on the weekly charts. Talk that the Fed will have to reduce borrowing costs one more time before the end of the year caused a massive short-covering rally in the GBP USD on Friday. Part of this large reversal was due to the grossly oversold conditions in the Pound. With so many shorts in the market, the rally on Friday seemed to be exaggerated. This sets up a possible retracement down next week.

Despite the short-term move, the British economy is still weak due to rising inflation and a declining housing market. Pressure has been building for the Bank of England to cut rates to stimulate the economy. They have been hesitant, however, because of the high inflation. For weeks the selloff in the Pound has been in anticipation of a rate cut by the BoE, but this week’s rally may alleviate some of the pressure. The trend remains down, but the weekly reversal could lead to higher markets next week if there is a follow through. The stronger the indications that the Fed will cut rates, the more the GBP USD will rally. Short traders should tighten up their stops. Counter-trend traders should look to buy a retracement of this first leg up from the recent bottom.


original article by Trout: http://www.forexfactory.com/news.php?do=news&id=106107

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Quoting jcminvest

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Setting up a new chart here... let me know what you all think and of any adjustments I should make. I like to trade on the 4 hour. Im leaving but plz leave comments. Thanks a ton

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Quoting nAVIN2007

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the first thing that comes to mind bro, is i hope u trading with trendlines at least, yur chart is a bit to naked, put trendlines n stuff then we can help but according to yur chart its not suggest what yur thinking at all...i hope u understand what i mean..

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Quoting jcminvest

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Yeah Im going to work on that here.... I just wanted to see what you all thought of the overall layout

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Quoting allserene

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anyone got oanda log on probs ? I have been out since yesterday

ps it just came back up 10.15am pacific

been out since yesterday pm

always a problem with oanda - scary - i had 2 without stoplosses so glad it came back so i could get em on !

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Quoting eohater

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Here's my thought. We broke out of the original channel which has held since 31 July. Now that we've broken out, we should go back and test the original upper channel resistance which now becomes support. She can continue to work down the top side of the channel (RED LINE ON CHARTS). We came close the the 50% Retracement of 1.7423 (High of 2.1164 Nov 2007, Low of 1.3682 June 2001). I believe the rise on Friday was due to the Hurricane and unknown damage to refineries, bad economic data hitting stop losses, and the unknown about what the US Govt. will do to save Lehman Bros. Overall, I think we still need a fair test of the 50% Fib.

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