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Cable Update (GBPUSD)

  • #116,721
  • Jan 30, 2009 4:00pm Jan 30, 2009 4:00pm
WOW!!!
nothing will stop this beast when it start rolling. we are at new highs now.
till now I didn't understand what is after this strong cable while all the other pairs are loosing ground against dollar.
it is still going up and up. I think 1.4850 or 1.4900 will be touched next week.
  • #116,722
  • Jan 30, 2009 4:05pm Jan 30, 2009 4:05pm
Quoting eohater
Today's action was so opposite of what she should have done. I wouldn't be surprised to see her gap down on Sunday for the correction of this movement. On the other side of the road though, I do see 485x over the horizon. Either way, we'll trade her both directions.

yes she caught me again..its incredible how she kept rising and for no concrete reason
  • #116,723
  • Jan 30, 2009 4:10pm Jan 30, 2009 4:10pm
Quoting Chris_35
what do you read into this late buying on a friday night??
Well, on my weekly chart, the 5sma is at 4545 and we closed at 4543 with a flat top. Could be a nice drop in the works for you! Otherwise, we'll continue on northbound. and not look back over her shoulder. I'm hoping that is not the case. It would be nice to see the weekly hold her down and send her back to the firey gates of hell.

I wish I could give you a better answer, but at this point, I don't know where she's going. Only the candles can tell me that. I don't care if she goes up or down, just as long as I'm on the right side. Don't fret over your position. If it's a loss, it's a loss, just move on and take your next setup without conviction.
Just digging in the trenches like everyone else!
  • #116,724
  • Jan 30, 2009 4:12pm Jan 30, 2009 4:12pm
Quoting nAVIN2007
yes she caught me again..its incredible how she kept rising and for no concrete reason
She broke all the rules today bro! Don't worry, she'll get her shit together next week, or we will. Either way! It's time to party and relax!!
Just digging in the trenches like everyone else!
  • #116,725
  • Jan 30, 2009 4:17pm Jan 30, 2009 4:17pm
Quoting eohater
She broke all the rules today bro! Don't worry, she'll get her shit together next week, or we will. Either way! It's time to party and relax!!
Yeah!!!!!!
Attached Image
Patience + Discipline - Greed = Success
  • #116,726
  • Jan 30, 2009 4:21pm Jan 30, 2009 4:21pm
Quoting eohater
Well, on my weekly chart, the 5sma is at 4545 and we closed at 4543 with a flat top....
Thank you for your observations, but I pulled the trigger and will live with it. But mm only enabled me to trade only what I can afford so Im happy with that. Also I am still comfortable that it will pull back before continuing north again next week.
  • #116,727
  • Jan 30, 2009 4:25pm Jan 30, 2009 4:25pm
i thought this whole week she acted strange. Negative pips for me this week. Recouped most today with couple of nice longs.
  • #116,728
  • Edited 7:15pm Jan 30, 2009 6:07pm | Edited 7:15pm
Quoting eohater
Expect the unexpected!
hahaha

mmmm . . . after i've watched the chart.... it'seems we're going north....
just want her to pulldown a lil bit then i'' ride her north may be to 1.47 to 1.48xx
  • #116,729
  • Edited Jan 31, 2009 12:47am Jan 30, 2009 11:29pm | Edited Jan 31, 2009 12:47am
Quoting Abouelzelouf
Price action very strange each time it goes down one pip it jumps back up!!!!
it looks like there is something some news we don't know about yet.
there should be at least a retrace little selling before the close, nothing till now even we will see rates down from UK probably next week.
I personnaly feel that some big players did not want the pounds to fall more. Remember that news like the one from big investor Goerges Soros are there to motivate people, not to tell them the "truth". When you see a Hedge funds manager talking on bloombers about some reversal or anything else, its that they wish it to be that way, then if that happen they'll take credit for it, if not they'll say "its the market".

So whit all news about banks, soros, and what else saying, pounds is at bottom, don't short the pounds, etc... its that they want the market to go their way, the way of their next move, to have more people on their side when they gonna place those orders.

If not it could be complete desinformation to crash some newbies....

Well, all that to say that i feel that some big players did not want the pounds to go further down, and its why all move down been limited that much!

If you look at MTB quote, we have seen a lot of 0 volume orders into level 2. Those act like never end volume, like a rock into the book order, blocking price to travel freely. No doubt those are big players, blocking price to go further the "wrong" way.

2 cents....
  • #116,730
  • Jan 31, 2009 12:40am Jan 31, 2009 12:40am
Quoting Inzider
I personnaly feel that some big playerss did not want the pounds too falls more. Remember that news like the one from big investor like Goerges Soros are their to motivate people, not to tell them the "truth". When you see a Hedge funds manager talks on bloombers about some reversal or anything else, its that they wish it to be that way, then if that happen they'll take credit for it, if not they'll say "its the market".

So whit all news about bans, soros, and what else saying, pounds is at bottom, don't short the pounds, etc... its that...

Well I heard those comments on Bloomberg yesterday, Georges Soros said he stopped betting against the pound once it went lower then 1.4.
Everything is possible in forex, we will see what next week will bring.
  • #116,731
  • Jan 31, 2009 4:23am Jan 31, 2009 4:23am
Quoting eohater
She broke all the rules today bro! Don't worry, she'll get her shit together next week, or we will. Either way! It's time to party and relax!!
i think after yesterday, we maybe have to take into account that she is very low and might be a good time to find a descent buy.....we good range for a while around 1.44 and the bottom.....2.1 and 1.93

but yes gotta good with the flow whatever she does, just have to be with her not against her..good weekend brothers and sisters
  • #116,732
  • Jan 31, 2009 6:36am Jan 31, 2009 6:36am
Quoting LizardGizzard
Hmmm, this is how I saw things this week. While warned by divergence of weakening, there was no trendline break to the south and actually was a break to the north, at least on this chart and on my lower timeframes. Who knows what will happen next week? Price now at 4533 according to my charts.
Hey just took a peek at the cable thread, love the chart and hope you post more of them in the future, totally agree about the candle to get above yesterday as well, that was what kept me in my long for a little while longer and stopped me going short, id give you rep for that if I could!

Enjoy rest of the weekend
  • #116,733
  • Jan 31, 2009 8:25am Jan 31, 2009 8:25am
Quoting eohater
Well, on my weekly chart, the 5sma is at 4545 and we closed at 4543 with a flat top. Could be a nice drop in the works for you! Otherwise, we'll continue on northbound. and not look back over her shoulder. I'm hoping that is not the case. It would be nice to see the weekly hold her down and send her back to the firey gates of hell.

I wish I could give you a better answer, but at this point, I don't know where she's going. Only the candles can tell me that. I don't care if she goes up or down, just as long as I'm on the right side. Don't fret over...
Hello EO, I hope you have a great weekend...one questions , what ma's do you have on your weekly chart????
  • #116,734
  • Jan 31, 2009 9:01am Jan 31, 2009 9:01am
Quoting eohater
She broke all the rules today bro! Don't worry, she'll get her shit together next week, or we will. Either way! It's time to party and relax!!
why she broke all the rules today bro !?
why ?
recent price moves is ordinary and very normal. i can don't see unknown price moves in GBPUSD (on a Friday night ).
if you look GBPUSD daily , you can see a bearish rectangle .does this bearkout matter to you? or pullback ?
in results presented by mr. Bulkowski on a comparable exit rule , breakouts to the downside reached the profit targets at a 65 percent rate . the figures for rectangle tops were 91 percent (upside breakouts) and 77 percent (bearkouts downside )
on the other part we have seen thses actions by cable in the past time before a rate cut by BOE .
also pls see candlestick analysis for GBPUSD and GBP LFX in daily candle chart .
best regards
hussin
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  • #116,735
  • Jan 31, 2009 10:27am Jan 31, 2009 10:27am
Quoting hussin naiji
why she broke all the rules today bro !?
why ?
recent price moves is ordinary and very normal. i can don't see unknown price moves in GBPUSD (on a Friday night ).
if you look GBPUSD daily , you can see a bearish rectangle .does this bearkout matter to you? or pullback ?
in results presented by mr. Bulkowski on a comparable exit rule , breakouts to the downside reached the profit targets at a 65 percent rate . the figures for rectangle tops were 91 percent (upside breakouts) and 77 percent (bearkouts downside )
on the other part we have seen thses...
Hi Hussin,

I think the issue around Friday's rally is there was no fundamentral reason for it given the dollar strength against most other currencies and the fact that the recession in the UK is likely to be worse / last longer than any of the other indudstrialised nations (according to the "experts" anyway !!).

From a technical viewpoint, interesting charts you posted - given the 1350 point ranges you've identified, the fact the price now seems to be around you're original breakout down so potential support becoming resistance at the level of Friday's close, EO's identfication of the Friday close being right on the 5 SMA on the daily, are you now expecting a retracement south come Monday?

Cheers

Dode
  • #116,736
  • Jan 31, 2009 10:45am Jan 31, 2009 10:45am
If there was ever a place to take a short.......this looks like it!

Untill there is a daily close above 4500 then my bias is to sell the rallies!

Here is the 4h chart i am looking at.
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  • #116,737
  • Jan 31, 2009 11:12am Jan 31, 2009 11:12am
Quoting Shilva
If there was ever a place to take a short.......this looks like it!

Untill there is a daily close above 4500 then my bias is to sell the rallies!

Here is the 4h chart i am looking at.

Hi,

i've got Friday's daily close at 1.4538 (it took out 1.45 in the last half hour before my broker closed at 10pm London time)- does that negate your short or would you assume as the last spurt up was very late in the day on low volume that it was a false break ?
  • #116,738
  • Jan 31, 2009 11:31am Jan 31, 2009 11:31am
Quoting dode
Hi,

i've got Friday's daily close at 1.4538 (it took out 1.45 in the last half hour before my broker closed at 10pm London time)- does that negate your short or would you assume as the last spurt up was very late in the day on low volume that it was a false break ?
I don't think i would call that a sustained break quite yet ...close of day NY session monday for confirmation
  • #116,739
  • Jan 31, 2009 1:03pm Jan 31, 2009 1:03pm
Fundamentally speaking gbp is still stronger then dollar?
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  • #116,740
  • Jan 31, 2009 1:11pm Jan 31, 2009 1:11pm
Quoting forexpert310
Fundamentally speaking gbp is still stronger then dollar?

That's what I'm struggling with - I don't understand why. The UK economy is apparently going to be the worst hit of the industrialised nations and can still cut interest rates a bit which the US can't as they're already at effective 0%, US GDP terrible but still slightly better than forecast ... Given these, I'm at a loss to explain sterling strength ..
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