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Cable Update (GBPUSD)

  • #6,941
  • Feb 23, 2007 9:51am Feb 23, 2007 9:51am
I dont seem to get my direction at the moment really in a fix.
  • #6,942
  • Feb 23, 2007 9:51am Feb 23, 2007 9:51am
Rumours are coming thick and fast - a RHS fix is said to be set to go through in [EUR/USD] at 16.00GMT, while there are rumours of a pre-emptive US strike on Iran over the weekend. The latter is sourced to an interview in "The Australian" newspaper in which US Vice-President Cheney, when asked about Republican Senator McCain's proposition that the only thing worse than a military confrontation with Iran would be a nuclear armed Iran said "I would guess McCain and I are in pretty close agreement." Given the Usd negative reaction to reports the US has contingency plans in place to attack Iran earlier in the week, Eur/Usd is likely to get a firm lift from the talk. However, offer interest in defense of the touted 1.3200 barrier is reported to be hefty, and held by a sovereign name.

  • #6,943
  • Feb 23, 2007 10:00am Feb 23, 2007 10:00am
If any body is trying to pick top, EUR/USD will get above recent high. USD index is below 84. Keep your longs.
  • #6,944
  • Feb 23, 2007 10:07am Feb 23, 2007 10:07am
Calling it a day.... Wow, exhausted from the last two days...

Managed to b/e today after loosing in the shitty morning. I feel that I have to trust myself a little more... After the big failure at 9534 I started smelling the "bullshit".

But I got way too much hesitating by seeing everybody short and aiming lows 95ers again.... And I mean, everybody.

Not anybody's fault, don't get me wrong. But I decided to step off and see instead of shorting. Then went long at 9580 and sat waiting for another 50 pips loss....

Well, not that bad a Friday.... I'm done... See you guys next week...

Hey, JOHNNIEEEE!!!!
  • #6,945
  • Feb 23, 2007 10:10am Feb 23, 2007 10:10am
Quoting cesarnc
Calling it a day.... Wow, exhausted from the last two days...

Managed to b/e today after loosing in the shitty morning. I feel that I have to trust myself a little more... After the big failure at 9534 I started smelling the "bullshit".

But I got way too much hesitating by seeing everybody short and aiming lows 95ers again.... And I mean, everybody.

Not anybody's fault, don't get me wrong. But I decided to step off and see instead of shorting. Then went long at 9580 and sat waiting for another 50 pips loss....

Well, not that bad a Friday.... I'm done... See you guys next week...

Hey, JOHNNIEEEE!!!!
Good trading, cesarnc. Enjoy weekend and don't forget the girls!
Tra-X
  • #6,946
  • Feb 23, 2007 10:13am Feb 23, 2007 10:13am
Still long. Added and now stop to b/e +10 on nett.
  • #6,947
  • Feb 23, 2007 10:28am Feb 23, 2007 10:28am
Quoting ashoksagar
Still long. Added and now stop to b/e +10 on nett.
Still looking fueled isn't it? I'm still hanging around here. Curious about that rumor....
  • #6,948
  • Feb 23, 2007 10:56am Feb 23, 2007 10:56am
There is smoke here. Period. Now, if there's fire, I don't know....

A central bank is reported to be a seller of [CABLE] around the day's highs, the sales countering what are said to have been good sized bidding from a "quality name," and left the market offered. The sales are likely to make further upside progress in the pair difficult, despite the swathe of Usd-negative talk which has emerged over the past hour or so. In particular, should 1.3200 in Eur/Usd hold, the Usd may be in for a recovery once the current chatter dies down, while the Pound is looking a little soft on the crosses - Eur/Gbp lifting on short covering after a German bank sold it through 0.67 earlier. Model funds have also been sellers to cap Gbp/Jpy after stops above 238 were earlier tripped.
  • #6,949
  • Feb 23, 2007 11:00am Feb 23, 2007 11:00am
Quoting cesarnc
But I got way too much hesitating by seeing everybody short and aiming lows 95ers again.... And I mean, everybody.
The second you let anyone other than yourself make an impression, consideration or decision, you lose. If you're sure of something, no matter if it turns out right or wrong LATER, don't let anyone deter you while YOU are convinced. If you realize you're susceptible to influence of others, isolate yourself. I'm serious. Don't read or post for a week or better several, see how your trading performs, look at what you did (did you trade when uncertain? why did you enter what trade? have a REASON! if not, realize you're trading EMOTIONALLY, meditate on this....if you have a good reason then no 50 others will be able to change your mind anyway) and then check out the result and reflect on that.

Seriously.

Do it.

Just my opinion, but as far as that goes it's my belief you need to be able to trade "autistically" to be able to "perform" well in the end.

Meant as help. Take care y'all.

Small P.S.: stop listening to reports and analysts and news, too. Trade what you SEE not what you (or others!!!) THINK. I read an FX report feed all day,too. It's 100% pure creative BS, but very entertaining *grins*
Trust price. Know yourself.
  • #6,950
  • Feb 23, 2007 11:07am Feb 23, 2007 11:07am
If price keeps ranging for another 2 hours, we will see a nice doji on 4hr chart and then maybe a nice dive..

Good luck all, i'm out for the week
Trade what you see, not what you think.
  • #6,951
  • Feb 23, 2007 11:28am Feb 23, 2007 11:28am
Quoting cesarnc
But I got way too much hesitating by seeing everybody short and aiming lows 95ers again.... And I mean, everybody.
Great indicator to go long, that indicator is the holy grail!
Attached Image
  • #6,952
  • Feb 23, 2007 11:30am Feb 23, 2007 11:30am
Quoting cesarnc
There is smoke here. Period. Now, if there's fire, I don't know....

A central bank is reported to be a seller of [CABLE] around the day's highs, the sales countering what are said to have been good sized bidding from a "quality name," and left the market offered. The sales are likely to make further upside progress in the pair difficult, despite the swathe of Usd-negative talk which has emerged over the past hour or so. In particular, should 1.3200 in Eur/Usd hold, the Usd may be in for a recovery once the current chatter dies down, while the Pound is looking a little soft on the crosses - Eur/Gbp lifting on short covering after a German bank sold it through 0.67 earlier. Model funds have also been sellers to cap Gbp/Jpy after stops above 238 were earlier tripped.

Rumors. LOL

USD selloff will continue next week. 2 cents. GBP/USD 1.97+
  • #6,953
  • Feb 23, 2007 11:38am Feb 23, 2007 11:38am
I've been long since 1 pm EST(software signal) and so far so good. I maybe in this position longer than I first expected.
  • #6,954
  • Feb 23, 2007 12:20pm Feb 23, 2007 12:20pm
Quoting SeekingLight
The second you let anyone other than yourself make an impression, consideration or decision, you lose. If you're sure of something, no matter if it turns out right or wrong LATER, don't let anyone deter you while YOU are convinced. If you realize you're susceptible to influence of others, isolate yourself. I'm serious. Don't read or post for a week or better several, see how your trading performs, look at what you did (did you trade when uncertain? why did you enter what trade? have a REASON! if not, realize you're trading EMOTIONALLY, meditate on this....if you have a good reason then no 50 others will be able to change your mind anyway) and then check out the result and reflect on that.

Seriously.

Do it.

Just my opinion, but as far as that goes it's my belief you need to be able to trade "autistically" to be able to "perform" well in the end.

Meant as help. Take care y'all.

Small P.S.: stop listening to reports and analysts and news, too. Trade what you SEE not what you (or others!!!) THINK. I read an FX report feed all day,too. It's 100% pure creative BS, but very entertaining *grins*

How true! How true! I learned this lesson last fall after listening to all the 'experts' saying the yen was going down to 99usd! I kept waiting for the next move down which never happened. Never again! I'll rely on myself.
  • #6,955
  • Feb 23, 2007 12:25pm Feb 23, 2007 12:25pm
I have the strong feeling that next week is most likely to witness a strong uptrend on gbp/usd if it break through 1.9748/78 zone.What do you think ?
With patience and discipline,you move beyond the sky
  • #6,956
  • Feb 23, 2007 12:55pm Feb 23, 2007 12:55pm
Quoting coolhand
How true! How true! I learned this lesson last fall after listening to all the 'experts' saying the yen was going down to 99usd! I kept waiting for the next move down which never happened. Never again! I'll rely on myself.
With 0.5% rate, USD/JPY to 99?
  • #6,957
  • Feb 23, 2007 1:17pm Feb 23, 2007 1:17pm
Quoting theroller
With 0.5% rate, USD/JPY to 99?
I heard that more than once. And don't forget roller, rates in Japan last year were only .25%.

At least I was close on the gbp today. Reversal at 1.9655, well it stalled at 49. Maybe I could be an expert too?
  • #6,958
  • Feb 23, 2007 1:18pm Feb 23, 2007 1:18pm
Interesting how the price is holding. No retracement means no one is taking profit out of this move up, therefore there's more to come on Monday.

I'm not leaving a long position open due to my broker's policy, that would trigger my SL at open price by Asian open. If Asia gaps to the downside (as it did on the upside last Sunday/Monday), I'll be dead meat.

Too crazy a week and a Friday as to gamble during the weekend

If Bush strikes Iran during the weekend, I'll get very angry. If not, I'm afraid of the a possible gap.
  • #6,959
  • Feb 23, 2007 1:23pm Feb 23, 2007 1:23pm
Euro's also kindda crazy here...

A number of reportedly good sized 1.3170-85 [EUR/USD] strikes are said to be due to expire on Monday. That may couple with a US data-free day to provide the pair with a prop despite overall positive Usd sentiment.

BTW, same report sad that EUR was going to fight for 3080 today after EUR news.... Ended the day fighting the 3180....
  • #6,960
  • Feb 23, 2007 1:42pm Feb 23, 2007 1:42pm
Quoting SeekingLight
T

Small P.S.: stop listening to reports and analysts and news, too. Trade what you SEE not what you (or others!!!) THINK. I read an FX report feed all day,too. It's 100% pure creative BS, but very entertaining *grins*
All nice words, thanks.

The good news is that 99% of FX reports I receive talk about "what caused that big spike" that I missed or not... Just this Iran stuff is bothering me here... CHF being bought heavily in the last 10 days gotta mean something, right?

And I have this BUG behind my ears here telling USD short for days now, but GBP-negative news blurred my vision here. The massive recoveries and turnarounds during this week, gotta mean something, too, specially by NYC session

Bug's still here, lack of news on Monday, marketing holding price up (well, this overall USD price down) gotta mean something, too. Long Cable
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