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Cable Update (GBPUSD)

  • #113,401
  • Jan 21, 2009 1:21am Jan 21, 2009 1:21am
Quoting fry2010
cud we be seeing yet another descending triangle on m15?
This will be the third iv seen past few days.

will we see 1.35x today?
  • #113,402
  • Jan 21, 2009 1:22am Jan 21, 2009 1:22am
Happy Trading,
Attached Image
  • #113,403
  • Jan 21, 2009 1:34am Jan 21, 2009 1:34am
Quoting blurrcow
will we see 1.35x today?
Well pa certainly favours it eh. Not a lot of buying going on.
  • #113,404
  • Jan 21, 2009 1:37am Jan 21, 2009 1:37am
Cable looks heavy again today and most likely we will go take out 1.3680- the low of some years ago- Sterling looks very heavy and will keep going at even faster pace should we read in todays minutes some hint of quantitative easing in the cards
  • #113,405
  • Jan 21, 2009 2:04am Jan 21, 2009 2:04am
MPC Meeting Minutes (GBP) will be in 4:30 AM . WHat are ur thoughts guys about it?
  • #113,406
  • Jan 21, 2009 2:43am Jan 21, 2009 2:43am
I'm posting my post from last night again because it is higihly relevant to what is going to happen with this currency.

"This is my analysis on this currency pair. I believe there is a high probability we will test the 1.3680 support level. If that support level is broken significantly, a further large drop is probably on the cards. I am currently in a short position, from basis 1.3965.

p.s. You will have to click on the chart and enlarge it to see it properly."
Attached Image (click to enlarge)
Click to Enlarge Name: gbp usd long term.gif Size: 48 KB
Probability Professor
  • #113,407
  • Jan 21, 2009 2:45am Jan 21, 2009 2:45am
Thanks Galation. Good post and some nice articles you posted last night. Thanks.

Quoting Galation
I'm posting my post from last night again because it is higihly relevant to what is going to happen with this currency.

"This is my analysis on this currency pair. I believe there is a high probability we will test the 1.3680 support level. If that support level is broken significantly, a further large drop is probably on the cards. I am currently in a short position, from basis 1.3965.

p.s. You will have to click on the chart and enlarge it to see it properly."
Ride the Bulls bearback!
  • #113,408
  • Jan 21, 2009 2:46am Jan 21, 2009 2:46am
Do most of you think we at least test 3680? What happens if we break it? I have a couple good shorts on right now and holding for 3680, hoping for 3550.
therealisttruest (FF wouldn't let me put my full ID because of length)
  • #113,409
  • Jan 21, 2009 2:50am Jan 21, 2009 2:50am
Quoting Abuawad
Happy Trading,
Thanks Abuawad for your analysis table.

FerruFx
MT4/MT5 EAs/Indicators/Alerts coder
  • #113,410
  • Jan 21, 2009 2:51am Jan 21, 2009 2:51am
Quoting Galation
I'm posting my post from last night again because it is higihly relevant to what is going to happen with this currency.

"This is my analysis on this currency pair. I believe there is a high probability we will test the 1.3680 support level. If that support level is broken significantly, a further large drop is probably on the cards. I am currently in a short position, from basis 1.3965.

p.s. You will have to click on the chart and enlarge it to see it properly."

Way to ride it down. You have some major pips to bank now.

I just woke up from a two hour nap and I was pleasantly surprised to see Cable down at my partial profit area. Banked partial profits here from some of my shorts yesterday at 13900, 13950 & 14000 levels (missed the 14050 level).

Now I will wait and see how the 13700 level is going to treat me. Looking for a bounce here and will possible add shorts a little bit higher.
  • #113,411
  • Jan 21, 2009 2:52am Jan 21, 2009 2:52am
I have closed my shorts now in anticipation of a potential retracement prior to the news and respecting the potential support zone that Galation is referring to here. 30pips shy is not a big sacrifice. I will consider a re-short later but this could bounce quite a bit with profit takers at this level.

Quoting therealist
Do most of you think we at least test 3680? What happens if we break it? I have a couple good shorts on right now and holding for 3680, hoping for 3550.
Ride the Bulls bearback!
  • #113,412
  • Jan 21, 2009 2:52am Jan 21, 2009 2:52am
I hope that from 1.38 it will go down very strongly
  • #113,413
  • Jan 21, 2009 2:53am Jan 21, 2009 2:53am
Quoting therealist
Do most of you think we at least test 3680? What happens if we break it? I have a couple good shorts on right now and holding for 3680, hoping for 3550.
targeting 3400
  • #113,414
  • Jan 21, 2009 2:54am Jan 21, 2009 2:54am
Quoting alcando
Thanks Galation. Good post and some nice articles you posted last night. Thanks.
Not a problem. Last time the price broke through the 1.3680 level, coming down from 1.40, it took 55 weeks to come back up to the 1.3680 level.

Just like the articles were saying last night: the first 100 days of Obama's office will dictate what will happen with the USD. If the stock market recovers, people will have a healthier risk appetite and will look for more risky investments: therefore pulling out of the dollar, which they are currently flocking to due to risk aversion.
Probability Professor
  • #113,415
  • Jan 21, 2009 3:04am Jan 21, 2009 3:04am
OK I went short 1.4780 !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #113,416
  • Jan 21, 2009 3:05am Jan 21, 2009 3:05am
Well, thats a quick 1000 pips then...

Quoting manize
OK I went short 1.4780 !
Ride the Bulls bearback!
  • #113,417
  • Jan 21, 2009 3:07am Jan 21, 2009 3:07am
Quoting alcando
Well, thats a quick 1000 pips then...
Let see, secured by + 8 pips !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #113,418
  • Jan 21, 2009 3:08am Jan 21, 2009 3:08am
Morning all.Ah,back to normal,nice to start the day having missed the 200 pip move.Hope somebody cashed in
  • #113,419
  • Jan 21, 2009 3:10am Jan 21, 2009 3:10am
Quoting alcando
Well, thats a quick 1000 pips then...
lol, you funny man
Probability Professor
  • #113,420
  • Jan 21, 2009 3:11am Jan 21, 2009 3:11am
Quoting alcando
Well, thats a quick 1000 pips then...
Quick,I need to borrow that time-machine.
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