Cable Update (GBPUSD)

Crap day. 12 pip hit on USD/JPY. Cable gave nothing. I want to be completely ready when it starts to move. Who here is holding a position? If so how did you deal with the erratic mvements of today?

On sideways days like today i say to myself not to be greedy, so I trade conservatively and grab 5 pips on a move and then take profit or sometimes a bit more.

We see a lot of this type of trading every day, a good thing is to be able to hit and run and let the small amount of pips add up.

Happy trading !

Here's a chart. Notice the two lines intersecting at the high of the candle at 649. Test of 600 before a move higher?

Wouldn't the upcoming news weaken the USD and make G/U move in a general upward trend today?

One would think, but there have been times when the news turns out against the dollar but still pushes the pound lower and that is one question that i dont have an answer to. In most cases however, yeah the news, if it turns out dollar negative, should push the pound higher.

Actually, I think that you will find if you look at news for the past year and its effects ont he market, that if news is USD negative, it pushes the USD lower. However, in quite a number of cases, news which was USD positive also pushed the USD lower. I cannot remember too many cases of when USD negative news pushed the USD higher.

I would say that news tends to have a USD negative effect, whether the news is USD negative or not.

On the other hand, many times it looks as though the market is going to do what it had already decided to do regardless of what the news is. If the move agrees with what we think the effect of the news should be we say that it was because of the news, if it does not agree then we say that the market did not make sense.

There's an impending breakout soon but technicals are mixed. Current rate is 1.9634. RSI divergence is pointing down. A daily trendline break points up. The previous daily candlestick may also be showing a reversal from the previous bullish run albeit there is no confirmation yet.

I wonder where is this thing going..

I am really quite confused by the look of the stochastics. the 4H and 30M charts are up, the daily, 1H and 15M charts are down.

This is a case of waiting to see which way it is going to go because there are no real consistent clues on the charts.

I hate standstills of this ilk...... I just placed a 20 pip straddle on yesterdays high and low, and am just hoping for the best.

[120.00] has broken in Usd/Yen with Russian specs leaning on Gbp/Yen again, and the Yen paid up against a variety of previously favoured carry trades. This has seen UK names selling Aud/Ye a US investment seen behind the actual drive under 120.00, whilst Japanese names top a wealth of prop type paring of longs since the break back under 120.50. Trusts bank thought with bids into 120.00 have also been seen selling and with m more stops tipped under 119.40 and 119.50, the downside looks very exposed to the surprising shift in sentiment.

Not bad a Tuesday after that bad a Monday, huh?

I jumpped in long at 9614 when Euro started soaring and dollaryen sinking. Same price where I was long y'day.

But I still don't know what is going to be here...

Nice entry cesarnc. I missed this one. Went for coffee came back ....

Just take it easy and wait for break of 9650 15M candle to enter with safety.... But you gonna find 9666 just above.... That London session reaction + upcoming USD-negative news may take us skyhigh today... MY SL is below 9600, TP above 9700

I jumped in at 604 now i'm out +47 pips, nice morning, let's see whats next !!!

Still on track, was already waiting since yesterday. Hope it'll reach 9720.

Edit: "Devil's pivot" 9666 was reached and is being tested.

Got out at 9666 for 50 pips...... May stall over there for a while. Let's see next London hour or Iwll get back by USD-news

Retracement to 9653 and holding above 9650 and I'm back in.... Not that I know what the heck caused this...

jap repatriation of funds cesar, heard it on my news wires

Thanks.... And Dollar is gonna suffer today...

It's why it need to retrace b4... if it do, should be a very nice entry...

We will go down on g/u later.

I expect to see 1.9550 today at least.

See you guys.