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Cable Update (GBPUSD)

  • #117,921
  • Feb 4, 2009 9:49am Feb 4, 2009 9:49am
Quoting PipLand
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.
I'm very new to forex, but I've got about 3 months practice so far. I noticed
the same thing happen many times before and just couldn't understand why.
Thanks for explaining the risk aversion/appetite aspect. I didn't see it like
that before. Yes the charts were all saying "buy" so I bought ( In demo i.e )
but sure didn't make sense to me until now...But can I ask when is the
exception to this possibility? ( I take it that its not a rule!
  • #117,922
  • Feb 4, 2009 9:54am Feb 4, 2009 9:54am
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.
oh man if yur looking to trade news u need deep pockets
  • #117,923
  • Feb 4, 2009 9:56am Feb 4, 2009 9:56am
Looks like a false rally

Stay aside to see what will happen next.


Higher (1.46..) -> Sell

Lower (1.40..) -> Long
  • #117,924
  • Feb 4, 2009 9:56am Feb 4, 2009 9:56am
Quoting SmoothTrader
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,"...

Yes! Very helpfull information, thanks so much! I'm new to this thing and
learning much everyday..
I take it then (from whats being said so far) I should just use the charts
if I'm not sure of what will happen. Though your explanation has made me
feel a bit more sure
  • #117,925
  • Feb 4, 2009 9:57am Feb 4, 2009 9:57am
Quoting dmfx
I'm very new to forex, but I've got about 3 months practice so far. I noticed
the same thing happen many times before and just couldn't understand why.
Thanks for explaining the risk aversion/appetite aspect. I didn't see it like
that before. Yes the charts were all saying "buy" so I bought ( In demo i.e )
but sure didn't make sense to me until now...But can I ask when is the
exception to this possibility? ( I take it that its not a rule!
The way the news effects currencies isnt always the same and changes over time. Good news normally means just that good news for the particular currency of the country that is doing well. But times are different right now people just want a safe place for their money and that takes priority over the rate of return on any investment.

The advice given earlier is the best advice and thats not to trade the news. Its hard to tell how much has already been factored into the price.

Welcome to the world of Forex and good luck for the future!
  • #117,926
  • Feb 4, 2009 9:57am Feb 4, 2009 9:57am
Quoting nAVIN2007
oh man if yur looking to trade news u need deep pockets
Even with Deep pockets, trading the news is so, so risky - i call it a gamble!
  • #117,927
  • Feb 4, 2009 10:00am Feb 4, 2009 10:00am
Quoting sofia101
well I am short from1.4573 will see
still got your short? Whats your target if you have?
  • #117,928
  • Feb 4, 2009 10:01am Feb 4, 2009 10:01am
Quoting PipLand
The way the news effects currencies isnt always the same and changes over time. Good news normally means just that good news for the particular currency of the country that is doing well. But times are different right now people just want a safe place for their money and that takes priority over the rate of return on any investment.

The advice given earlier is the best advice and thats not to trade the news. Its hard to tell how much has already been factored into the price.

Welcome to the world of Forex and good luck for the future!

Thank you all. Very much. I'll stay tuned.
  • #117,929
  • Feb 4, 2009 10:01am Feb 4, 2009 10:01am
Quoting learntowin
Looks like a false rally

Stay aside to see what will happen next.


Higher (1.46..) -> Sell

Lower (1.40..) -> Long
Hmm. Doesn't look false to me at all. we just broke trendlines, resistance, had nice thrust on multiple timeframes. Why would you say that? I'll be buying dips.
There's always money in the banana stand.
  • #117,930
  • Feb 4, 2009 10:02am Feb 4, 2009 10:02am
Cant see the dollar losing much more, might see a little retrace in the next hour to around 1.4500
  • #117,931
  • Feb 4, 2009 10:04am Feb 4, 2009 10:04am
Well after my first ever trade 'cock up' earlier I have managed to get the 50 pips back and finishing the day level. Thanks to those who sent encouraging and informative messages and I look forward to tommorrow.
  • #117,932
  • Feb 4, 2009 10:06am Feb 4, 2009 10:06am
Quoting dmfx
Yes! Very helpfull information, thanks so much! I'm new to this thing and
learning much everyday..
I take it then (from whats being said so far) I should just use the charts
if I'm not sure of what will happen. Though your explanation has made me
feel a bit more sure
It would be advisable to not trade before the news. It could make or break you as a trader. It is said that the single most disastrous report is the non-farm payrolls report which kills many new traders.
  • #117,933
  • Feb 4, 2009 10:06am Feb 4, 2009 10:06am
Quoting learntowin
Looks like a false rally

Stay aside to see what will happen next.


Higher (1.46..) -> Sell

Lower (1.40..) -> Long
Why ?

Chart with your thought process by any chance ?

Quoting PipLand

The advice given earlier is the best advice and thats not to trade the news. Its hard to tell how much has already been factored into the price.
X2 , I personally don't understand how people can trade the news. I find it EVEN HARDER to understand how people can trade fundamentals.

In my mind far smarter people than me have the fundamentals digested a long time ago and have already priced it in, I will react when it shows up on the charts.

The guys with the big money act, I see what they are up to and react . . .

Just how I view it !
  • #117,934
  • Feb 4, 2009 10:06am Feb 4, 2009 10:06am
Quoting nAVIN2007
oh man if yur looking to trade news u need deep pockets
Correct Navin...

example is there are a number of investors that see the crash of the pound and all this occurance is a temporary event..and will continue its downward movement...

Well...my customers and I could not accept a long term investment and make such a speculative investment and tieup of such great quanitities of equity.

Trading tech and with tight risk mitigation process...is the approach for me.

On another issue..I am seeing a nice support level being created around 4525
  • #117,935
  • Feb 4, 2009 10:15am Feb 4, 2009 10:15am
In the uncertain trend, I di scalp 12 trades long and short 3 - 8 pips each total + 50 pips ! Not so bad gain !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #117,936
  • Feb 4, 2009 10:17am Feb 4, 2009 10:17am
Quoting manize
In the uncertain trend, I di scalp 12 trades long and short 3 - 8 pips each total + 50 pips ! Not so bad gain !
Id be happy with that its better than my 0 pips for today lol
  • #117,937
  • Feb 4, 2009 10:18am Feb 4, 2009 10:18am
phew, thought it'll never come back down. that's almost the longest hour of my life
Thank You
  • #117,938
  • Feb 4, 2009 10:18am Feb 4, 2009 10:18am
nice 50 pips profit in 15 minutes selling at 1 point. Does anyone succesful trade by trading at 2 points in case their trade carries on going?
  • #117,939
  • Feb 4, 2009 10:19am Feb 4, 2009 10:19am
Quoting Jigsaw
Why ?

Chart with your thought process by any chance ?



X2 , I personally don't understand how people can trade the news. I find it EVEN HARDER to understand how people can trade fundamentals.

In my mind far smarter people than me have the fundamentals digested a long time ago and have already priced it in, I will react when it shows up on the charts.

The guys with the big money act, I see what they are up to and react . . .

Just how I view it !
i agree with u...
technical analyisis is a leading indicator for the fundamental aspects of trading....u cant trade fundamentals right now unless your trading the same position for at least 3- 6 months cause it likely take that long to see yur projection.

technical analysis is something u can grasp in a short space of time, fundamental analyst is like studying a degree and it has been proven with time that technical analyst is giving a edge cause its in the here and now and trading is about what u see not what u think

anyways this is only my thoughts on it
  • #117,940
  • Feb 4, 2009 10:19am Feb 4, 2009 10:19am
Were back on that short term up trendline support and we seem to be bouncing off it, this would normally be where id go long but were also back under the downtrendline on the daily so its still no trade
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