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Cable Update (GBPUSD)

  • #111,001
  • Jan 13, 2009 7:48am Jan 13, 2009 7:48am
Quoting eohater
I'm in the same boat brother! I'm currently long from 1.4550 though, we'll see how this holds up.
Great entry bro!!
Patience + Discipline - Greed = Success
  • #111,002
  • Jan 13, 2009 7:49am Jan 13, 2009 7:49am
Thanks Guys, makes me feel a bit better about my banking with the broker. It's not nice to hear guys take a loss (even tho you will make it up again quickly) but it is good to hear that I was not the only one who took a small hit in this move.
Quoting eohater
I'm in the same boat brother! I'm currently long from 1.4550 though, we'll see how this holds up.
Ride the Bulls bearback!
  • #111,003
  • Jan 13, 2009 7:51am Jan 13, 2009 7:51am
Quoting Mooser
I hear you Gammase. I am surprised though at the divergence between the actual trade deficit and Mervyn King's view that the weakness in the pound would tame this. Can't believe he didn't know the figures when he made the statement in the last minutes.

Maybe I put it the wrong way. The BOE know EXACTLY how screwed the UK is, but are refusing to admit it in an attempt to shore up the currency.

I think this is why sterling is getting punished.
But the positive effects of exchange rate adjustments, and cuts to policy rates, only occur with a time lag. Inded, the MPC intimated as much in their statement accompanying January's decision, that the weaker sterling would likely have a positive effect in the year ahead, rather than being an instant hit. The trouble is though, the benefits will be muted somewhat due our export markets stagnating.

I agree, of course, there is an element of talking up your currency, which all central banks are guilty of. However, Mervyn King has been quite frank in his appraisal of the difficulties facing the UK, much more so than Alastair Darling or Gordon Brown.

If you're looking for a central bank that bury their head in the sand, then look no further than the ECB.
  • #111,004
  • Jan 13, 2009 7:51am Jan 13, 2009 7:51am
Quoting Infinity
Not a good day for me so far..... I loaned about 70 pips to the market and missed almost all of this downmove waiting for retracement....1.4350 seems to be where everybody wants it.....
Bad luck buddy.
  • #111,005
  • Jan 13, 2009 7:53am Jan 13, 2009 7:53am
Short @ 4600 TS 4550 TP 44xx
  • #111,006
  • Jan 13, 2009 7:54am Jan 13, 2009 7:54am
Quoting Infinity
Not a good day for me so far..... I loaned about 70 pips to the market and missed almost all of this downmove waiting for retracement....1.4350 seems to be where everybody wants it.....
All the people in here can say it's going to go to 1.4350, but that doesn't mean it will.
Probability Professor
  • #111,007
  • Jan 13, 2009 7:56am Jan 13, 2009 7:56am
Quoting trader2160
Bad luck buddy.
It's a part of this business.....
Patience + Discipline - Greed = Success
  • #111,008
  • Jan 13, 2009 7:59am Jan 13, 2009 7:59am
quite a good day for me today got 150+ pips for the past an hour. caught the move up and down. wish you guys great piping too!!
  • #111,009
  • Jan 13, 2009 7:59am Jan 13, 2009 7:59am
Quoting Infinity
It's a part of this business.....
I used to trade both ways a lot before but Ive stopped recently.Counter trend trades are a bit risky for me on a day like today.
  • #111,010
  • Jan 13, 2009 8:02am Jan 13, 2009 8:02am
Agree 100% on the ECB Gammase. As I said yesterday ECB is the emperor with no clothes.

I'm of the view that GBP is screwed mid-term and expect a test of 1.37.

After that I think USD may well get pressured again due to printing so many notes.

Overall it seems to me that the whole world is screwed the whole time banks won't take a risk and lend to some 'risky' people. Lending money has to build in an element of loss. They seemed to forget to add in the loss factor in the last few years and then were surprised when they encountered default.

Interesting times.
  • #111,011
  • Jan 13, 2009 8:04am Jan 13, 2009 8:04am
Quoting Infinity
It's a part of this business.....
But you da man buddy.youre right,just one off-day.
  • #111,012
  • Jan 13, 2009 8:06am Jan 13, 2009 8:06am
Is it possible 4 cable 2 stop at 1.3+++ ?
  • #111,013
  • Jan 13, 2009 8:07am Jan 13, 2009 8:07am
Quoting Mooser
Agree 100% on the ECB Gammase. As I said yesterday ECB is the emperor with no clothes.

Interesting times.
Hmmm... I used the emperor analogy only the other week to describe the rise of the euro. Great minds and all that...

Indeed, interesting times. It's a great time to be a trader though!
  • #111,014
  • Jan 13, 2009 8:36am Jan 13, 2009 8:36am
Quoting Infinity
Great entry bro!!
but think i see H&S on 15 min EURGBP
may be it'hsas some effect to GU?
  • #111,015
  • Jan 13, 2009 8:41am Jan 13, 2009 8:41am
Quoting uut
but think i see H&S on 15 min EURGBP
may be it'hsas some effect to GU?
This could be positive for Cable if it continues to play out.
  • #111,016
  • Jan 13, 2009 8:43am Jan 13, 2009 8:43am
Quoting Infinity
Great entry bro!!
Thanks bro! I've just pulled my cover to +2.
Just digging in the trenches like everyone else!
  • #111,017
  • Jan 13, 2009 8:45am Jan 13, 2009 8:45am
Quoting alcando
Thanks Guys, makes me feel a bit better about my banking with the broker. It's not nice to hear guys take a loss (even tho you will make it up again quickly) but it is good to hear that I was not the only one who took a small hit in this move.
Brother, bad trades happen and we have to have losses to make us stronger for the gains. I didn't hit quota yesterday, today I'm in the hole. I'm not even going to go into the loss I had last week. Shit happens though and we continue to trade. You have too!
Just digging in the trenches like everyone else!
  • #111,018
  • Jan 13, 2009 8:47am Jan 13, 2009 8:47am
Quoting gammase1
This could be positive for Cable if it continues to play out.
Referring to GU 15min: 1.4575 +/_ 15 - is it support area or resistance? Or, it is our trading range for today.
  • #111,019
  • Jan 13, 2009 8:48am Jan 13, 2009 8:48am
Ok, oil is in the shit and cable is in the shit. I'm long on both and oil with multiple positions. I'm ready to see it go back up as well. Sorry everyone, I know that means gas prices are going to rise.
Just digging in the trenches like everyone else!
  • #111,020
  • Jan 13, 2009 8:50am Jan 13, 2009 8:50am
Quoting Komissar
Referring to GU 15min: 1.4575 +/_ 15 - is it support area or resistance? Or, it is our trading range for today.
It can be both support and then resistance as spot breaks through, given it's a key fib area.
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