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Cable Update (GBPUSD)

  • #117,901
  • Feb 4, 2009 8:56am Feb 4, 2009 8:56am
Well so much for 1.45 I guess.
  • #117,902
  • Feb 4, 2009 8:59am Feb 4, 2009 8:59am
thank god the pound is looking like it is going up..theres some hope

on to the next once the high is taken out on weekly
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  • #117,903
  • Feb 4, 2009 9:14am Feb 4, 2009 9:14am
fuh...i closed 1 long post...53 pips...try 2 scalp short but i think not 2 much pips
  • #117,904
  • Feb 4, 2009 9:16am Feb 4, 2009 9:16am
Quoting Professor4x
stack at 4520. Must clear 4510 to be true break out. If she goes will stack to increase return. Clear sailing on break.
Hi Prof,

why 4510? just to clear 4500 round number?
is that the 10 pip filter?
  • #117,905
  • Feb 4, 2009 9:18am Feb 4, 2009 9:18am
the bull is angry
  • #117,906
  • Feb 4, 2009 9:20am Feb 4, 2009 9:20am
Looks promising... but... where do you expect the top?

1.469 in the short term possible, as mentioned before?

My best trade this week so far, long from 1.438, thanks to this topic...

And I don't wanna ruin it with a late (or early) exit...
  • #117,907
  • Feb 4, 2009 9:20am Feb 4, 2009 9:20am
Could be a series of short covering.. wait for appropriate trend to appear...
  • #117,908
  • Feb 4, 2009 9:21am Feb 4, 2009 9:21am
well I am short from1.4573 will see
  • #117,909
  • Feb 4, 2009 9:22am Feb 4, 2009 9:22am
Quoting uut
the bull is angry
well all this time they were in trading as they was getting a ass whooping if theres no rate cut..we might be seeing signs of a partial recovery

1.48 here i come
  • #117,910
  • Feb 4, 2009 9:23am Feb 4, 2009 9:23am
nav did you get my last pm
  • #117,911
  • Feb 4, 2009 9:26am Feb 4, 2009 9:26am
Quoting Ipips
Could be a series of short covering.. wait for appropriate trend to appear...

Ipips..i am looking at entry considerations...but I dont see a safe place yet...

what we are seeing is break of 1.45 level..we may see a committed trend once the daily is built up as well...which is in short timeframe...

Gotta see a close above 1.45xx for the day...if this is done..Im jumping in...above a good resistence level ..above...
  • #117,912
  • Feb 4, 2009 9:27am Feb 4, 2009 9:27am
Quoting sofia101
well I am short from1.4573 will see
This could work out nice, Dollar is at support on quite a few pairs!
  • #117,913
  • Feb 4, 2009 9:31am Feb 4, 2009 9:31am
Quoting JammerJams
Ipips..i am looking at entry considerations...but I dont see a safe place yet...

what we are seeing is break of 1.45 level..we may see a committed trend once the daily is built up as well...which is in short timeframe...

Gotta see a close above 1.45xx for the day...if this is done..Im jumping in...above a good resistence level ..above...
I agree. This is a breakout and probably lots of short covering. We need confirmation of trend above 1.45. Best if 1.45 level is retested and holds.
  • #117,914
  • Feb 4, 2009 9:31am Feb 4, 2009 9:31am
Quoting sofia101
well I am short from1.4573 will see

Sofia you are right on the long term daily trend line. Will be interesting to watch it develop.


Attached Image (click to enlarge)
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  • #117,915
  • Feb 4, 2009 9:40am Feb 4, 2009 9:40am
why did it shoot up when all USD data was good. Shouldn't the pound have fallen? How do I trade the news if its doing the opposite of what should happen?
Your valued comments welcome.
  • #117,916
  • Feb 4, 2009 9:43am Feb 4, 2009 9:43am
Quoting dmfx
why did it shoot up when all USD data was good. Shouldn't the pound have fallen? How do I trade the news if its doing the opposite of what should happen?
Your valued comments welcome.

How long have you been trading the news? Its being doing this for a long time.
Bad news = risk aversion = good for safe haven currencies like the Dollar

good news = improved risk appetite = Bad news for the dollar.
  • #117,917
  • Feb 4, 2009 9:43am Feb 4, 2009 9:43am
Quoting dmfx
why did it shoot up when all USD data was good. Shouldn't the pound have fallen? How do I trade the news if its doing the opposite of what should happen?
Your valued comments welcome.
Don't try to trade the news. It is a complete waste of time. It was obvious from the charts what was going to happen. Forget the news. Just avoid NFP.
There's always money in the banana stand.
  • #117,918
  • Feb 4, 2009 9:45am Feb 4, 2009 9:45am
Quoting dmfx
why did it shoot up when all USD data was good. Shouldn't the pound have fallen? How do I trade the news if its doing the opposite of what should happen?
Your valued comments welcome.
The US$ is perceived as a risk averse asset. When economic data is good, investors may have increased appetite for risk, hence money is moved out from US$. This leads to a weakening of the dollar and so GU shoots up.

Of course, Nav has a different explanation. It's in the charts and the pound is already so low.
  • #117,919
  • Feb 4, 2009 9:48am Feb 4, 2009 9:48am
Quoting behram
nav did you get my last pm
i just responded bro!
  • #117,920
  • Feb 4, 2009 9:48am Feb 4, 2009 9:48am
Quoting dmfx
why did it shoot up when all USD data was good. Shouldn't the pound have fallen? How do I trade the news if its doing the opposite of what should happen?
Your valued comments welcome.
In times of extreme uncertainty, such as the last 6 months or so, the US$ is viewed as a "safe haven" within the world. In the recent past people, companies and governments were willing to park there money in dollars and even by short term T-bills that have virtually no return, "JUST TO BE SAFE."

Now in the forex markets of recent past, whenever there has been a bearish economic report out of the US that shows the economy has not stabilized, everyone begins to feel uncertain as to the future and want to send their money to a "Safe Haven," the US$.

Todays report showed that there is a glimmer of hope and that the economy may not be as bad as everyone thought, soooo, people started taking their money out of the "Safe Haven" US$ and began putting it into higher yeilding currencies.

Hence, GOOD NEWS dollar bearish, BAD NEWS dollar bullish.

Hope this short explaination helps.
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