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Cable Update (GBPUSD)

  • #123,321
  • Feb 25, 2009 7:38am Feb 25, 2009 7:38am
Quoting nAVIN2007
..
Do you mind say something?
  • #123,322
  • Feb 25, 2009 7:46am Feb 25, 2009 7:46am
I think nav is saying, there is a pool of blood lying there from this cable drop...

Quoting trader8686
Do you mind say something?
Ride the Bulls bearback!
  • #123,323
  • Feb 25, 2009 7:48am Feb 25, 2009 7:48am
bad view... GBP/USD Still flat @ M15. just 30pips for 2 time trying...
  • #123,324
  • Feb 25, 2009 7:53am Feb 25, 2009 7:53am
I will let it pull back, probably to around the 23-38% Fib level and put another full lot on at the turn.

Quoting wormboy
Why don't you just lock it and let it go further? When it reaches 4300 level cci will prolly be settling in the oversold. That usually will push it down. Just a thought.
Disclaimer: Take all trades at your own risk. Trade Demo account only.
  • #123,325
  • Feb 25, 2009 7:54am Feb 25, 2009 7:54am
Quoting alcando
I think nav is saying, there is a pool of blood lying there from this cable drop...
  • #123,326
  • Feb 25, 2009 7:57am Feb 25, 2009 7:57am
Quoting alcando
I think nav is saying, there is a pool of blood lying there from this cable drop...
yes u hit the nail on the head also that area in red is quite strong and needs to be crossed in order for the selling to continue

just the top sandwich bit but the pattern forming certainly looks like im f**ked on this trade
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  • #123,327
  • Feb 25, 2009 7:59am Feb 25, 2009 7:59am
look where it came too.

Quoting AJspeed
I will let it pull back, probably to around the 23-38% Fib level and put another full lot on at the turn.
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Disclaimer: Take all trades at your own risk. Trade Demo account only.
  • #123,328
  • Feb 25, 2009 8:00am Feb 25, 2009 8:00am
Quoting LuckyLurker
rumors (dealer chatter) that the British gov't is set to announce details of a bank bailout plan at 1pm today. No idea what effect this would have on pound currently.
I've just heard that it'll be tomorrow morning, before the LSE opens, at the same time when RBS announce their results.

Barclays, Lloyds and RBS are all rumoured to be signing up to the UK government's insurance scheme, which may guarantee assets up to Ł500 bn (this figure from Bloomberg), in return they will agree to each increase lending to businesses and consumers by a minimum of Ł20 bn (figure again from BBG).

The above rumour will likely already be priced into both Cable and the current level of UK bank stocks, which have performed strongly of late on the back of these whispers.

However, any anouncement could still spark big moves in Cable, given the UK government's ability to constantly disappoint the market with the series of bailout plans and initiatives already announced in the past six months. And we also should be mindful of Cable's strong positive correlation with the perceived health, or lack thereof, of the UK banking sector.
  • #123,329
  • Feb 25, 2009 8:02am Feb 25, 2009 8:02am
1.4376 is at the 50 % retracement level so I guess that unless this is broken we are going to go north at some stage, seems very slow at the moment
  • #123,330
  • Feb 25, 2009 8:03am Feb 25, 2009 8:03am
Notice it missed tapping the 4360 level by 2 whole pips....LOL Now if it touches here we will have a lower low and in my book that says we go lower.

AJ
Disclaimer: Take all trades at your own risk. Trade Demo account only.
  • #123,331
  • Feb 25, 2009 8:06am Feb 25, 2009 8:06am
Thats not set in stone, the momentum now is down, the trend of the moment is down. I wish I had the time to explain it in more detail but I don't. The reason it is pausing here is because 4376 is the S1 Pivot .

J

Quoting davids
1.4376 is at the 50 % retracement level so I guess that unless this is broken we are going to go north at some stage, seems very slow at the moment
Disclaimer: Take all trades at your own risk. Trade Demo account only.
  • #123,332
  • Edited 9:01am Feb 25, 2009 8:09am | Edited 9:01am
The underlying fundamentals are still in the drivers seat right now… the cable along with any of the majors or any JPY cross are concentrating on where the equates go from here. Risk aversion or an apatite for risk will give be the mitigating factor where the cable heads today. If we see the equates markets pick up some steam again today and make a run at DOW 7500 we could see this pair put some pressure on the previous support line as new resistance around 1.4475. If we follow the DOW futures at the open look for the cable to take out near term support of 1.4388 and create another leg lowerWe may see a contrarian approach today to the economic data due out this afternoon so be prepared for increased price action as the second day of testimony along with the Q&A resume on capitol hill today.
Trade smarter not harder.
  • #123,333
  • Feb 25, 2009 8:13am Feb 25, 2009 8:13am
Just so you don't get confused, my targets are off the daily charts since I trade soley off the Daily time frame. I found that the Daily is light years easier to trade off of and the reason most fail is because of impatience and greed. This pair is still in that wedge and has just bounced off the top of that wedge. This pair is going to 1.4000 and that is my long term target.

J
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Disclaimer: Take all trades at your own risk. Trade Demo account only.
  • #123,334
  • Feb 25, 2009 8:19am Feb 25, 2009 8:19am
Chart the pair, trade the system and stay with the trend of the moment and you will be fine. Don't try to trade a mini account with under $10,000 in it and stick with the Daily timeframe. If you have less than that then trade a micro account, the bottom line is trade off the daily. And if anyone thinks they don't have the assets to trade the Daily, then contact me and I will show you how to do it. All that other crap you really dont need.

AJ

Quoting Forex
[font=Arial]The underlying fundamentals are still in the drivers seat right now… the cable along with any of the majors or any JPY cross are concentrating on where the equates go from here. Risk aversion or an apatite for risk will give be the mitigating factor where the cable heads today. If we see the equates markets pick up some steam again today and make a run at DOW 7500 we could see this pair put some pressure on the previous support line as new resistance around 1.4475. We may see a contrarian approach today to the economic data due out this...
Disclaimer: Take all trades at your own risk. Trade Demo account only.
  • #123,335
  • Feb 25, 2009 8:23am Feb 25, 2009 8:23am
now who is holding on longs?
  • #123,336
  • Feb 25, 2009 8:29am Feb 25, 2009 8:29am
all i would suggest suggest now isnt the time to short..it would be a gamble price can retrace from here
  • #123,337
  • Feb 25, 2009 8:30am Feb 25, 2009 8:30am
we've got that daily rising tl coming up. 4th touch of it?
  • #123,338
  • Feb 25, 2009 8:32am Feb 25, 2009 8:32am
Quoting uut
now who is holding on longs?
With Bernanke going to talk shortly I am out for now.

Every time he opens his mouth the market goes the opposite of where it should go.
  • #123,339
  • Feb 25, 2009 8:34am Feb 25, 2009 8:34am
Hem. my PO long still never touched...
my short just finish @ 4311.
  • #123,340
  • Feb 25, 2009 8:36am Feb 25, 2009 8:36am
Quoting kevinsw
With Bernanke going to talk shortly I am out for now.

Every time he opens his mouth the market goes the opposite of where it should go.
Yeah, I'm with you.
The market is always right, but it is not never wrong!!!
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