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Cable Update (GBPUSD)

  • #123,581
  • Feb 26, 2009 1:18am Feb 26, 2009 1:18am
Quoting laromanell
However, as soon as cable touches 1.4150 i'll go long with my full regular trade, with the same sl.
as soon as cable touches 1.4150 it will fall like a rock then
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  • #123,582
  • Feb 26, 2009 1:20am Feb 26, 2009 1:20am
Quoting PipLand
Exactly charts are def not saying to go short just yet
it's already falling, because I look at eurgbp and it's highing (I closed eurgbp now with profit) And these pairs always go in opposite directions!!!
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  • #123,583
  • Feb 26, 2009 1:23am Feb 26, 2009 1:23am
Quoting Forbes55
as soon as cable touches 1.4150 it will fall like a rock then
intresting, you may be right. However, I am waiting for cable to touch 1.4150 to long her. In my opinion, if she clearly breaks 1.4100 then she might fall, but still will have to break 1.4000 though.
  • #123,584
  • Feb 26, 2009 1:27am Feb 26, 2009 1:27am
Morning Chaps
I am sitting in the short bias squad this morning. Couple reasons:

1. This H1 chart looks like a bear flag to me. She only managed to touch the 23% fibo retracement.

2. RBS idiots have just reported a massive £24.1B loss...! Good News! Slightly better than expected tho... by £1B but almost a record Brit loss! But at least it is guaranteed by the Govt!

3. USDJPY is still surging. GBPJPY testing significant resistance at 138,80. Also watching that trendline on GBPJPY If that goes, we could see some decent sinkage. (It is still strong tho) Dollar is the only safe haven now that the Yen is out of favour.

4. Mervyn (the Pound Murderer) King is speaking today...

5. Statements from Blanchflower that UK is in dire straits does not help.

6. There is a 2nd large volume Treasuries sale today. Could spur further significant dollar buying across the board today.

7. The bad US data expectations should add to the gloom.

I suspect we may tap on the door of No 13x today..
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Ride the Bulls bearback!
  • #123,585
  • Feb 26, 2009 1:28am Feb 26, 2009 1:28am
Cable has been ranging obviously, but there is a big fat bearish engulfing daily candle yesterday that points to a break of 1.4050. Equities don't seem to have much support either which supports the short sellers.
"Timing Is Everything. Really I Swear It Is"
  • #123,586
  • Feb 26, 2009 1:28am Feb 26, 2009 1:28am
Quoting Forbes55
it's already falling, because I look at eurgbp and it's highing (I closed eurgbp now with profit) And these pairs always go in opposite directions!!!
E/G and E/U are nice indicators and can sometimes help entry but i would say E/u is nearer support than resistance and E/G is nearer resistance than support. Just my view of course then can both blast past their S/R levels without any retrace. Thats just my 2 cents
  • #123,587
  • Feb 26, 2009 1:33am Feb 26, 2009 1:33am
[quote=alcando;2565441]Morning Chaps
I

4. Mervyn (the Pound Murderer) King is speaking today...

[quote]

that's funny, agree to some extent.
as to the cable seeing 1.3xxx, probably not this week. two major supports at 1.4100 and 1.4000 to break. Plus I can see a retracement to 1.4380 before sinking.
  • #123,588
  • Feb 26, 2009 1:35am Feb 26, 2009 1:35am
OK I go to sleep for some hours while pound is falling!
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  • #123,589
  • Feb 26, 2009 1:37am Feb 26, 2009 1:37am
Yes, supports only hold when there is a reason to buy or take profit. Not until late US session imho. No longs for Al till then. I'll short the pull back till then and take partial profits on the strong levels.

[quote=laromanell;2565452][quote=alcando;2565441]Morning Chaps
I

4. Mervyn (the Pound Murderer) King is speaking today...

Quote

that's funny, agree to some extent.
as to the cable seeing 1.3xxx, probably not this week. two major supports at 1.4100 and 1.4000 to break. Plus I can see a retracement to 1.4380 before sinking.
Ride the Bulls bearback!
  • #123,590
  • Feb 26, 2009 1:40am Feb 26, 2009 1:40am
and there goes the waterfall I mentioned above
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  • #123,591
  • Feb 26, 2009 1:48am Feb 26, 2009 1:48am
[quote=laromanell;2565452][quote=alcando;2565441]Morning Chaps
I

4. Mervyn (the Pound Murderer) King is speaking today...

Quote

that's funny, agree to some extent.
as to the cable seeing 1.3xxx, probably not this week. two major supports at 1.4100 and 1.4000 to break. Plus I can see a retracement to 1.4380 before sinking.

Agree, 9 time out of 10, at US open on Thursdays there is usually a reversal on the GBPUSD with a big move through to Friday. This has happened ever since I can remember. I got caught in a Sell last Thursday at 1.4227 and just closed it last night but also took a number of new sell possitions as she came down yesterday so was a good week. Don't want to get caught in the same possition today.
  • #123,592
  • Feb 26, 2009 1:51am Feb 26, 2009 1:51am
alcando,

May I hear your "pull back" to short price range?

Thanks for your valuable information, too.
  • #123,593
  • Feb 26, 2009 1:54am Feb 26, 2009 1:54am
[quote=thirtypips;2565471][quote=laromanell;2565452]
Quoting alcando
Morning Chaps
I

4. Mervyn (the Pound Murderer) King is speaking today...



Agree, 9 time out of 10, at US open on Thursdays there is usually a reversal on the GBPUSD with a big move through to Friday. This has happened ever since I can remember. I got caught in a Sell last Thursday at 1.4227 and just closed it last night but also took a number of new sell possitions as she came down yesterday so was a good week. Don't want to get caught in the same possition today.

My Daily Charts are still Showing a Major Drop is on the way with a target at 1.36 or 1.34. I said this when the GBPUSD 1st hit 1.52 and went back up to 1.72, that it would test 1.52 again and here we are at 1.42.
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  • #123,594
  • Feb 26, 2009 1:55am Feb 26, 2009 1:55am
hi mates..

my today's speculation is to buy from 1.4050 or to sell @ 1.4300.

just my idea.....happy trading
  • #123,595
  • Feb 26, 2009 1:56am Feb 26, 2009 1:56am
I am watching the 38-50 % level from the current high at 14245. If it breaks that at 14205 I will cut, If it turns, I will add. Also monitoring the G/Y to see it turn.

Quoting trader8686
alcando,

May I hear your "pull back" to short price range?

Thanks for your valuable information, too.
Ride the Bulls bearback!
  • #123,596
  • Feb 26, 2009 1:59am Feb 26, 2009 1:59am
Quoting alfamichi
hi mates..

my today's speculation is to buy from 1.4050 or to sell @ 1.4300.

just my idea.....happy trading

Yes, last Friday, there was a large order in at 1.4150 and was the day's low, before rising back up to 1.4466 at Friday's close so 1.4150 could be good for a buy. We should know shortly.
  • #123,597
  • Feb 26, 2009 2:02am Feb 26, 2009 2:02am
Quoting alcando
I am watching the 38-50 % level from the current high at 14245. If it breaks that at 14205 I will cut, If it turns, I will add. Also monitoring the G/Y to see it turn.
Don't get it.
Why do you have to cut the shorts if it breaks at 14205?
  • #123,598
  • Feb 26, 2009 2:06am Feb 26, 2009 2:06am
hi

1.4150 important area need to broke to continue fall otherwise it will go up
  • #123,599
  • Feb 26, 2009 2:34am Feb 26, 2009 2:34am
Unless, I have a short from a strong resistance level, it is not worth having a drawdown on my stop. For me a move above 50% of the initial drop signals a likelihood that it will go higher, so I would rather cut the trade at BE and re-evaluate the candles or enter at a higher level. To be honest, a retrace would be nice before MK speaks at 10.30 so I did take some partial profit and set my original entry to BE. My 2nd addition has stopped at BE. $yen is at a significant resistance and seems to be struggling with it so it may actually pullback which may prevent a cable fall for now..

I am reasonably confident that MK at 10.30 will weaken GBP so I am still only looking at shorts.

Quoting trader8686
Don't get it.
Why do you have to cut the shorts if it breaks at 14205?
Ride the Bulls bearback!
  • #123,600
  • Feb 26, 2009 2:37am Feb 26, 2009 2:37am
If this time it does not break 1.4161 then I'll decide to go long
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