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Cable Update (GBPUSD)

  • #107,381
  • Dec 17, 2008 12:46am Dec 17, 2008 12:46am
Quoting alcando
As much as I think the trend is North now I do agree there needs to be some more retracement before the big guys will find acceptable buying prices for cable....
Yesterday the USD took a beating on all fronts.

This 4H close (on all USD pairs) shows some potential for a comeback for the dollar...

Let's wait and see how this 4H candle closes. If they stay like this I will be choosing the USDJPY for becoming a greenback bull...
  • #107,382
  • Dec 17, 2008 12:54am Dec 17, 2008 12:54am
sleeping..

short at 572x

thanks for sonic, your indicator make me more profit
  • #107,383
  • Dec 17, 2008 12:55am Dec 17, 2008 12:55am
This baby has retraced more than 100 pips from it's high.
It's time for it to go further north.
Let's see 1.5900 now
  • #107,384
  • Dec 17, 2008 12:57am Dec 17, 2008 12:57am
Quoting gagakrimba
This baby has retraced more than 100 pips from it's high.
It's time for it to go further north.
Let's see 1.5900 now
Are u in gag?
  • #107,385
  • Dec 17, 2008 1:00am Dec 17, 2008 1:00am
Quoting gagakrimba
This baby has retraced more than 100 pips from it's high.
It's time for it to go further north.
Let's see 1.5900 now
1.59 not out of the ?
  • #107,386
  • Dec 17, 2008 1:00am Dec 17, 2008 1:00am
Quoting svirgo
Are u in gag?
Yeah....entered @ 1.5600 and with 2 posts entered yesterday still holding
  • #107,387
  • Dec 17, 2008 1:05am Dec 17, 2008 1:05am
Quoting gagakrimba
Yeah....entered @ 1.5600 and with 2 posts entered yesterday still holding
.
  • #107,388
  • Dec 17, 2008 1:08am Dec 17, 2008 1:08am
Originally Posted by Bullfx http://www.forexfactory.com/images/buttons/viewpost.gif
Oh good short at 1.57 and you will make
hundreds pips when wake up
Now UK has more interest rate to cut than US, ha ha
Quoting svirgo
what are your TP?


My TP 1.5000 this week
Give me patience
  • #107,389
  • Dec 17, 2008 1:10am Dec 17, 2008 1:10am
Quoting biax
sleeping..

short at 572x

thanks for sonic, your indicator make me more profit
Uh you can short right at the top
Give me patience
  • #107,390
  • Dec 17, 2008 1:16am Dec 17, 2008 1:16am
Yes, but the USD deserved the beating it took. It's about time. The problem with this big move is that a lot of it may have been the offloading of USd positions established over the past few months during the fierce downtrend. Effectively, the move up is a retracement and it may not be probable for it to retrace further down. For traders to open new positions short now so close to year end is imo unlikely so it would be more likely that they look to close further positions driving this north again or leading to a sideways consolidation till they do that. Obviously there would be some speculators like us who bet against the dollar and would like to book profits as high as possible so a move up would be beneficial.

With the better rate differential between EUR,GBP and USD, the European and Brit currencies make a better parking space for the year end providing a return at least so there is less reason to move GBP's to USD's.

The H1 and H4 pattern was a bull flag yesterday and looks like one again today. North is likely but not without further consolidation time. Sideways is likely. South will probably meet buyers often and cause spikes.

Quoting Vourvoul
Yesterday the USD took a beating on all fronts.

This 4H close (on all USD pairs) shows some potential for a comeback for the dollar...

Let's wait and see how this 4H candle closes. If they stay like this I will be choosing the USDJPY for becoming a greenback bull...
Ride the Bulls bearback!
  • #107,391
  • Dec 17, 2008 1:22am Dec 17, 2008 1:22am
Sell stop

1.5578

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 22 KB
  • #107,392
  • Dec 17, 2008 1:24am Dec 17, 2008 1:24am
Time to stir the pot and call 1.66....... Holding long from 1.5077 with 50% position liquidated at 1.5500. Good luck all you scalpers. Ask yourselves if you would want to hold USD right now.
  • #107,393
  • Dec 17, 2008 1:26am Dec 17, 2008 1:26am
That is a terrible level for a sell. I will buy at 15560 and wipe you back up for ages. keep it below that or sell at resistance at the high above here. Please, nobody place that sell stop.

Quoting Shermenator
Sell stop

1.5578

Attachment
Ride the Bulls bearback!
  • #107,394
  • Dec 17, 2008 1:27am Dec 17, 2008 1:27am
Quoting alcando
That is a terrible level for a sell. I will buy at 15560 and wipe you back up for ages. keep it below that or sell at resistance at the high above here. Please, nobody place that sell stop.

LOL trade your charts ...and I trade my chart...goodluck
  • #107,395
  • Dec 17, 2008 1:31am Dec 17, 2008 1:31am
I am not worried about you. Just about others who might follow that call.
For the sake of 20 pips it is not a good location for a sell stop in this market.

Quoting Shermenator
LOL trade your charts ...and I trade my chart...goodluck
Ride the Bulls bearback!
  • #107,396
  • Dec 17, 2008 1:34am Dec 17, 2008 1:34am
Quoting alcando
Yes, but the USD deserved the beating it took....
For sure! I wouldn't consider shorting cable or the fiber now...

I was only thinking that now the dollar is the new yen and as I was getting 4H signals for, albeit short term comeback of the dollar, I might as well go with USDJPY. I did place a v. small order on just to see. I don't think it will come to play though as I put it just above a few bar highs. If it gets past that within the hour I may get a trade that I will closely manage.

In fact I agree with you with going long once cable reaches to 1.5550-60. That 1.5550 is one tough support to crack. I wouldn't dream of shorting at Sherm's level.
  • #107,397
  • Dec 17, 2008 1:38am Dec 17, 2008 1:38am
The risk is too high to short at this level.
This is just a retracement not a reversal.
I'll go for long on the dip instead
  • #107,398
  • Dec 17, 2008 1:45am Dec 17, 2008 1:45am
Quoting gagakrimba
The risk is too high to short at this level.
This is just a retracement not a reversal.
I'll go for long on the dip instead

i agree not a good place to short... short on the rallies... however, i think we have seen the high for the week... i got a short at 1.5700.... so far so good :-)
  • #107,399
  • Dec 17, 2008 1:48am Dec 17, 2008 1:48am
Quoting mpurdy1973
i agree not a good place to short... short on the rallies... however, i think we have seen the high for the week... i got a short at 1.5700.... so far so good :-)
Hey... I thought you went to sleep!
  • #107,400
  • Dec 17, 2008 1:49am Dec 17, 2008 1:49am
That was a great level for a short. Not much question of a loss and the only question would be when to take profit. Great sell. Wish I had got in then. The 15530-60 area is a real toughie and has been used a lot in the past so I see it being used again for buyers. Either way you have great profit potential.

Quoting mpurdy1973
i agree not a good place to short... short on the rallies... however, i think we have seen the high for the week... i got a short at 1.5700.... so far so good :-)
Ride the Bulls bearback!
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