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Cable Update (GBPUSD)

  • #122,761
  • Feb 23, 2009 9:06am Feb 23, 2009 9:06am
thanks pip.
I went short @4592 & sl @4650
4600 is holding well. No reason for me to go long. Good luck guys
Thank You
  • #122,762
  • Feb 23, 2009 9:08am Feb 23, 2009 9:08am
Quoting Professor4x
Totally bad for dollar because it represents a complete colloapse of our financial system and that is normally first step in the devalution process of any currency. So world will sell dollars expecting much worse scenerio for dollar. Short dollars is place to be and that is why i only short dollars on gbp because even though be lose once in a while the sentiment that creates trend will get dollar bearish as things move forward from week to week. This is a finanical system that is broken and need complete overhaul to sustain economic growth but it...
So how come there is a frenzy of dollar buying today ?

Are the market participants mugs and oblivious of the future ?
  • #122,763
  • Feb 23, 2009 9:11am Feb 23, 2009 9:11am
Quoting wormboy
thanks pip.
I went short @4592 & sl @4650
4600 is holding well. No reason for me to go long. Good luck guys
Nice entry and good luck . My 4hr candle failed to make a higher high and is getting bearish, 1 hr to go on it though
  • #122,764
  • Feb 23, 2009 9:18am Feb 23, 2009 9:18am
Quoting allserene
So how come there is a frenzy of dollar buying today ?

Are the market participants mugs and oblivious of the future ?
I dont think the dollar buying is going to stop anytime soon. My view is that traders are now seeing this pull back as a good $ buying opportunity.

Fundamentally speaking though I agree and think there all mad (although im one of them and will be until I think the train has run out of steam), when the dollar crashes its gonna be a big one but I dont think that time is now.

Im comparing this to pull backs in oil when it was approaching the $100 - $110 a barrel price
  • #122,765
  • Feb 23, 2009 9:18am Feb 23, 2009 9:18am
Quoting wormboy
thanks pip.
I went short @4592 & sl @4650
4600 is holding well. No reason for me to go long. Good luck guys
Where is your TP target?
  • #122,766
  • Feb 23, 2009 9:26am Feb 23, 2009 9:26am
Quoting PipLand
Nice entry and good luck . My 4hr candle failed to make a higher high and is getting bearish, 1 hr to go on it though
Thanks pip. Good luck to you too. Atm it's just bouncing off the 23.6 fibs. With 4600 intact, this should go down in a hurry once the fib level is broken.

Trader8686 : my first target is 4465. I will move my sl to be once it gets there. I hope this trade turns out well, cable hadn't been too kind to me for the past 3 days.
Thank You
  • #122,767
  • Feb 23, 2009 9:29am Feb 23, 2009 9:29am
Channel was down more than 20mints ago on M15. pRICE Possibly heading down atleast hiting the support line of the channel. But movement too slow for mehttp://www.forexfactory.com/images/icons/icon8.gif. Well, am green! All green 2day.
  • #122,768
  • Feb 23, 2009 9:30am Feb 23, 2009 9:30am
Quoting PipLand
I dont think the dollar buying is going to stop anytime soon. My view is that traders are now seeing this pull back as a good $ buying opportunity.

Fundamentally speaking though I agree and think there all mad (although im one of them and will be until I think the train has run out of steam), when the dollar crashes its gonna be a big one but I dont think that time is now.

Im comparing this to pull backs in oil when it was approaching the $100 - $110 a barrel price

Well forgetting the dollar index and concentrating on cable, is the UK's economic outlook bright compared against the U.S. ?

any opinions ?
  • #122,769
  • Feb 23, 2009 9:32am Feb 23, 2009 9:32am
I doubt the dollar will crash, maybe when compared to gold. I mean Europe is a mess with a chance most of eastern Europe is falling and a few western Europeans nations in trouble. It seems like USA, and UK printing and doing whatever is necessary to survive, while the rest of Europe is in denial about the problems. Dollar will strengthen against other currencies, but will lose value to gold.
  • #122,770
  • Feb 23, 2009 9:36am Feb 23, 2009 9:36am
Quoting blurrcow
Hey prof.. just looking at the calendar for this week... with the UK publishing their GDP numbers on Wed.. what do you this the outlook will be and how will it likely impact the cable ??
The market has not priced in yet move for GDP in uk. Until tuesday's close will not commit. With major news annoucenments it's best to be out or on the sidelines waiting on direction and not trade into fast market becasue its your worse execution with greatest risk. Will like to be flat going into news and enter once direction is clear. Most time the true direction takes about 5 mins to show its true hand. Expect a quick spike than a pullback to fill in the slide and if your 1 hours stoc'a are going same direction of spike buy on same side in to retracement. Best to use your 5 min macd on reversal signal, she normally stays in same direction until the two lines cross in macd. If their is diveregence between 1 hour and market move use your 15 min for entry. If not clear just stay out. Forex always give you an opportuinty to make money and you must pick your spots wisely.
  • #122,771
  • Feb 23, 2009 9:40am Feb 23, 2009 9:40am
Quoting allserene
Well forgetting the dollar index and concentrating on cable, is the UK's economic outlook bright compared against the U.S. ?

any opinions ?
I think the problems are only just starting here in the UK. The economic troubles really start to hit home when people you know start losing their homes and jobs. I would have to maintain the view that theres much worse to come for the Uk before anything starts to improve. As for the US I can only go by what I hear in the news which doesnt look good but there seems to be some light at the end of the tunnel for already. Whats your view?
  • #122,772
  • Feb 23, 2009 9:40am Feb 23, 2009 9:40am
Quoting allserene
Well forgetting the dollar index and concentrating on cable, is the UK's economic outlook bright compared against the U.S. ?

any opinions ?
U may be happy when someone post this answer....but...i asure u it will be filled with ''ifs,maybe,possible,perhaps,could be" and so many of such words which will not icrease your pips.
Just wish u get ur answer....am off 4 the day.
  • #122,773
  • Feb 23, 2009 9:45am Feb 23, 2009 9:45am
4 gentle toches. Is it gonna break it?
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  • #122,774
  • Feb 23, 2009 9:46am Feb 23, 2009 9:46am
Long from 4538, SL at 4515
Just digging in the trenches like everyone else!
  • #122,775
  • Feb 23, 2009 9:48am Feb 23, 2009 9:48am
Quoting wormboy
professor4x : are you in a trade atm? If you are, what is your bias and why? Thanks.
Yes in long gbp at 1.46 as mentioned earlier. The study i use mostly is the Slow stochastics using 5,5,5 pks. When you see a stretch in current market price verses moving avg price it tells you two things can happen. First in order to issure trade signal both lines have to cross. With a stretch of greater than 20 points between the 2 indictors the trade signal cannot be issued because the moving avgerage has to go higher. This happens either by an stall in market or by a up movement in price. Providing the current market price is trading above the moving avg price. Once they get to within 10 pts of each other trade signal cann trigger anytime. so if your long and the 1 hr stoc's show a separation of 20 pts it good to hold for next move. up move. IF less and your day tradng may want to exit. 1 Hour chart good for session trades and daily chart is used for trend trades because chart points re registerd once a day so direction will be clearer on longer term charts.
  • #122,776
  • Feb 23, 2009 9:51am Feb 23, 2009 9:51am
Quoting eohater
Long from 4538, SL at 4515
Yummy! I'm liking how the 1h is shaping up.
Just digging in the trenches like everyone else!
  • #122,777
  • Feb 23, 2009 9:53am Feb 23, 2009 9:53am
More down should break 1.4530 (M15/ema62), then 1.4778, then 1.4440 (H1/ema50), then 1.4400 (H1/ema62) then 1.4355 (R1). Otherwise will move in the inknown area 1.4530 - 1.4650.

More up should break 1.4650, then 1.4705, then 1.489x !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #122,778
  • Feb 23, 2009 9:58am Feb 23, 2009 9:58am
Quoting allserene
So how come there is a frenzy of dollar buying today ?

Are the market participants mugs and oblivious of the future ?
Dollar buying??? gbp/usd closed under 1.44 on frida and hit 1.4650 today. Dont understand.
  • #122,779
  • Feb 23, 2009 10:01am Feb 23, 2009 10:01am
Quoting eohater
Long from 4538, SL at 4515
Good entry bro. I wait for that level, but when she touched there, I still help my daughter on her matemathic problem, so I miss the chance !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #122,780
  • Feb 23, 2009 10:01am Feb 23, 2009 10:01am
Quoting eohater
Long from 4538, SL at 4515
Not an ideal 1h close. I've moved my SL to 4540. Might come down to 4545 and go back up or take me out completely. I would keep my SL tight if you get in at 4545.
Just digging in the trenches like everyone else!
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