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Cable Update (GBPUSD)

  • #96,181
  • Nov 7, 2008 1:16am Nov 7, 2008 1:16am
Went to bed last night at 12gmt expecting £ to tumble if it closed below 1.5555 resistance. It dropped to 1.5531 before climbing! Glad I didnt set up an overnight trade.

Any ideas why it climbed to 1.57?
  • #96,182
  • Nov 7, 2008 1:26am Nov 7, 2008 1:26am
Asian markets turned positive last night. May be a sign of optimism which may mean less buying of safe haven $$ at this low level. My opinion is that the level of optimism in the UK rate cut may actually cause a bit of pound strength or if anything a reluctance to buy Dollars over £. UK press is certainly the most optimistic it has been for some time.

I know its probably premature and against the overall trend but I am looking for safe buys at low levels today with BE stops. If this girl were going lower, she would have started to do so by now...
Ride the Bulls bearback!
  • #96,183
  • Nov 7, 2008 1:29am Nov 7, 2008 1:29am
Quoting Barry Cade
Karmo is a regular contributor on JPY blog that includes GBP. He is usually good, albeit (over?)confident.
I too am amazed at the number of seemingly successful traders given that 80% statistically lose money. Loneliness perhaps necessitates some bragging to get respect & acknowledgement?

Ive been keeping out of the market as I cant comprehend the scale & speed of the movements. Too risky. Its not technical to me, its seems totally emotional, but that may be that I dont spend enough time analysing enough data. Its frustrating for me seeing people apparently make so many pips, but I suspect they are all suffering a bit, like yourself, only they wont admit it!

However, its very interesting getting...
When life gives you lemons, make lemonade
  • #96,184
  • Nov 7, 2008 1:56am Nov 7, 2008 1:56am
morning guys
short from 5691 iff double top formation on 15min profit locked
please DON'T copy my trades I am still learning
  • #96,185
  • Nov 7, 2008 2:14am Nov 7, 2008 2:14am
Quoting ezmystic
morning guys
short from 5691 iff double top formation on 15min profit locked
sh*t got stopped out at +10 pips
please DON'T copy my trades I am still learning
  • #96,186
  • Nov 7, 2008 2:21am Nov 7, 2008 2:21am
I am long from 15616 - traded the bounce. Waiting for FTSE direction now
Ride the Bulls bearback!
  • #96,187
  • Nov 7, 2008 2:26am Nov 7, 2008 2:26am
Out for +65 pips. Cant trust direction. I'll buy on a low again or on breakout above the spike resistance point 15717. Or if the FTSe tanks which it seems it may do after all I will sell. Give us the sign oh market one.
Ride the Bulls bearback!
  • #96,188
  • Nov 7, 2008 2:48am Nov 7, 2008 2:48am
Good luck if you are long again!

Euro is still moving up, but has been around 38% FIB, so maybe both £ and € will stick together. However, my guess (!) is that Euro will go up beyond, but I really dont understand £, so I still refuse to trade.

You are probably best sticking to stock market indicators!
  • #96,189
  • Nov 7, 2008 2:50am Nov 7, 2008 2:50am
I suspect the stock market money movements are the main drivers here at the moment but its a bit of a guess
Ride the Bulls bearback!
  • #96,190
  • Nov 7, 2008 2:54am Nov 7, 2008 2:54am
I am a bit untrusting too so I am just chipping off 20 pip bites. Equities are very unstable but Euro is flying
Ride the Bulls bearback!
  • #96,191
  • Nov 7, 2008 2:57am Nov 7, 2008 2:57am
€ has just bounced off 38% fib & £ also bounced at same time. I would not be surprised to see € going to 62% (another 100 pips) but I am not confident in market. FTSE 100 also fluctuating a bit with big candle wicks at both ends, so I am out of here, its all too risky.
  • #96,192
  • Nov 7, 2008 3:04am Nov 7, 2008 3:04am
I've got it pegged for a bounce off 15780...
Ride the Bulls bearback!
  • #96,193
  • Nov 7, 2008 3:06am Nov 7, 2008 3:06am
It looks very interesting moment - will it break?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: corridor eur.gif Size: 18 KB
Click to Enlarge Name: corridor gbp.gif Size: 19 KB
Jesus Christ is my only Lord !
  • #96,194
  • Nov 7, 2008 3:15am Nov 7, 2008 3:15am
Quoting alcando
I've got it pegged for a bounce off 15780...
Is that off a trendline low from 27/10 thro low 4/11?
  • #96,195
  • Nov 7, 2008 3:15am Nov 7, 2008 3:15am
I'm wondering if it can make it to the 1hr 62ema, it looks like it's trying to push that way. I have an order set there if it does
please DON'T copy my trades I am still learning
  • #96,196
  • Nov 7, 2008 3:16am Nov 7, 2008 3:16am
The way I see it the next 20 pip zone is crucial. I don't see it happening tho as the volumes seem quite small and there is a bucket resistance, trend line, 50 Fibo and previously used resistance level. If we break thru there we will be in for a decent ride otherwise hello 15600 again. I am out for now.
Ride the Bulls bearback!
  • #96,197
  • Nov 7, 2008 3:20am Nov 7, 2008 3:20am
Quoting alcando
Out for +65 pips. Cant trust direction. I'll buy on a low again or on breakout above the spike resistance point 15717. Or if the FTSe tanks which it seems it may do after all I will sell. Give us the sign oh market one.
nice one maybe you should try tailing stop, that way if it comes back you still be in profit
please DON'T copy my trades I am still learning
  • #96,198
  • Nov 7, 2008 3:22am Nov 7, 2008 3:22am
Quoting ezmystic
I'm wondering if it can make it to the 1hr 62ema, it looks like it's trying to push that way. I have an order set there if it does
looks like going there
but I wonder if it would not break it down - acc. to me it is more than possible
Jesus Christ is my only Lord !
  • #96,199
  • Nov 7, 2008 3:24am Nov 7, 2008 3:24am
I would be now - but who knows
Jesus Christ is my only Lord !
  • #96,200
  • Nov 7, 2008 3:40am Nov 7, 2008 3:40am
True, I just seem to lose more with a trailing stop than I gain with a good exit

Euro has hit double top. They may both be priming to turn?


Quoting ezmystic
nice one maybe you should try tailing stop, that way if it comes back you still be in profit
Ride the Bulls bearback!
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