Cable Update (GBPUSD)

My son can't spell either - he says his girlfriend called him an 'imberseal'

thats what my entire system is based off. Spotting where the market makers are most likely to get active. I understand they are always in the market, but where is the next place they are placing trades is what i seek.

And yes I can spot where they are. Thats the difference in having that professional edge.

You also have to understand that they dont have to take a position to affect the market. I posted a Jim Kramer video last week. They have other ways of doing it without placing a trade. News create some news create panic in the market wait and then take your position.

I wasnt asking u personally, its was kind of a rehtorical question (i cannot spell either).
I cant always see it, trying to train myself further and further into the market.

if theres a bit more of a climb north and this 4hr bar ends above the last, would htat mean we're in a good time to buy? have been looking for a good long entry and have only just begun studying price action so im a little sketchy there.
thanks guys

Then you must forget all you thought you knew about the market, and start thinking outside the box. Then and only then can you find longterm success.

Dont ask what is everyone doing here like someone said earlier. Ask yourself what are the market makers doing here. I think you will find that when you start thinking like that it will be opposite of what 90% of the folks in here are thinking.

Obama Aftermath Fails to Raise Confidence…

Wed, Jan 21 2009, 16:46 GMT
by Lena Manousarides
SpikeCharts

What a week this is turning out to be, with markets still dropping in the aftermath of Obama's inauguration. The prospect of a new era starting in US after 8 years of Bush administration, together with new hope that Obama will tackle the current economic deterioration left traders unfazed, as more bad news hit the wires yesterday about several US bank's earnings! The dollar was and still is the clear winner of this week and together with the yen are showing that traders are exiting all other currencies, especially the euro and pound.

EUR/USD is trading heavily since the beginning of the week, and the break of psychological 1.30 was done and dusted in a matter of minutes! As long as the pair trades below the later level, it may be open for further loses towards 1.2750. The next level to watch is 1.2830 ahead of 1.2780, which may work as support in the short term, however if the move is aggressive and stops get hit, further downside may be in store! On the upside, 1.30 should work as resistance, however if 1.3030 breaks, the pair may try further higher.

The pound has plunged since Monday after a short term rally pushed GBP/USD towards 1.48. However, the move was abruptly stopped when Darling announced the bank's plan towards the current economic crisis. Investors in the UK as well as the US have lost their faith in their policies, something made clear in the case of the pound! The UK government's controversial plans suggest solving the liquidity crisis by throwing billions into the system, a desperate plan necessitating the borrowing of more money giving investors the chills and making them lose even more confidence! Jim Rogers said yesterday he will not buy the pound from now on and that “...the UK is finished”. His predictions are usually spot on and in this environment it looks like the pound may continue to deteriorate. As long as GBP/USD trades below 1.40 we could see another wave of selling towards the next psychological level of 1.35!

The economic calendar has no important releases from the US today, however we has some important data out of the UK. The unemployment figures were a top headline today; as they reached new highs, and also the BOE minutes which saw everyone voting for a 50bps apart from well-known dovish Blanchflower who asked for a whole 100 bps cut! The pound continues to fall on the back of the data and further words by Mr. King that the bank is ready to tackle the recession left traders cold!

Let’s see how the New York opening finds the markets and if futures will have another negative day after yesterday! The Obama euphoria didn’t seem to last long in the markets as right now investors are focusing on the bigger picture: the FED’s monetary policies and deflation prospect plus millions and billions for the stimulus package which in order for Bernanke to find he will have to either print new money or raise the taxes. Both scenarios are as catastrophic as they come! One thing is for sure, volatility in the markets seems to pick up and the best way to go right now is for us traders to either stay aside or sell on rallies…

Can someone post a chart that goes back further than this... maybe 1980 or so...

im watching that too. I would say if we get a hammer then it is but you gotta think carefully where you will put your stop loss, we are still in a downtrend

id rather not forget bout what i know, im currently profitable, i dont want to change that, but thanks anyway.
And well over 90% of the folks in hear arnt saying anything.

You said that the other day just before it dropped another few hundred pips. Sometimes breakouts work and sometimes picking tops and bottoms work.

Here you go

GU 1 month candles: back to 70's

LOL steelhead i guess some people are really sensative on here when they hear u calling them clowns,, lol.. but yeah the truth hurts. but i gotta admitt man i used to be part of the circus loosing my money and not really knowing how the the market works.. THanks to u I learned ur strategy and it kicks @$$ because thats the way of the market makers.

and yeah steelhead might have had some losses, but thats part of the forex game, espeacially when 5 percent loss out of total profit is nothing.

Thanks guys!

yes i did and when i said that the other day it was a profitable long trade.

More peanut gallary.

Besides some in here were at a webcast i held last thursday where we talked about shorting g/u g/j e/j u/j at the start of the trading week

that was thousands of pips ago on those currencies. There are some that are viewing this thread now that were there that night at the webcast.

Congrats to them

looking at my hourly chart for the last few days, it appears that the market makers are selling cable

If they aren't then they are losing their shirts

It isn't hard really

lol good call.

Im expecting a rally if we break out of this downtrend line.

A risky trade though!

never catch a falling knife

never feed a 300lb wife

thx!