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Cable Update (GBPUSD)

  • #124,621
  • Mar 4, 2009 3:02am Mar 4, 2009 3:02am
wave chart, sell with targets 1,3900/20
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  • #124,622
  • Mar 4, 2009 3:06am Mar 4, 2009 3:06am
MOrning everyone

cable has broken a trendline but if we look carefully we are still under another trendline at 4080.

Then theres the top of a channel coming in at 4160.
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  • #124,623
  • Mar 4, 2009 3:09am Mar 4, 2009 3:09am
Quoting beejay
short at 1.4070 sl 4hrs close above 1.4100. hope it work out
short cable @ 1.4078 tp 1.4042 nettted 30pips

hehhe
  • #124,624
  • Mar 4, 2009 3:31am Mar 4, 2009 3:31am
firesale. get in 3920! 2 days & counting
Thank You
  • #124,625
  • Mar 4, 2009 3:32am Mar 4, 2009 3:32am
There was some good news for the pound, cable hasnt reacted yet though
  • #124,626
  • Mar 4, 2009 3:38am Mar 4, 2009 3:38am
Are you still holding pip?
Thank You
  • #124,627
  • Mar 4, 2009 3:43am Mar 4, 2009 3:43am
It may be be better than expected but I would not exactly call it "Good News". A figure below 50 stillindicates a contraction but certainly implies that the contraction is slowing... not improving.
This could have an opposite to expected reaction.
It does imply tho that the BOE may be less inclined to cut rates further on Thurs and monitor the situation.

Quoting PipLand
There was some good news for the pound, cable hasnt reacted yet though
Ride the Bulls bearback!
  • #124,628
  • Mar 4, 2009 3:44am Mar 4, 2009 3:44am
well i put a buy order @ 4057 tp 4118 sl 4035.
we have a better than expected pmi.hope it react well to the news
  • #124,629
  • Mar 4, 2009 3:49am Mar 4, 2009 3:49am
careful now yahzeex trading at evil times.
Thank You
  • #124,630
  • Mar 4, 2009 3:51am Mar 4, 2009 3:51am
Quoting PipLand
There was some good news for the pound, cable hasnt reacted yet though
Yea...we will wait....waiting is part of our duty! Gudmrn pip.
  • #124,631
  • Mar 4, 2009 3:52am Mar 4, 2009 3:52am
Quoting wormboy
careful now yahzeex trading at evil times.
out with 7 pips
  • #124,632
  • Mar 4, 2009 3:56am Mar 4, 2009 3:56am
Quoting alcando
It may be be better than expected but I would not exactly call it "Good News". A figure below 50 stillindicates a contraction but certainly implies that the contraction is slowing... not improving.
This could have an opposite to expected reaction.
It does imply tho that the BOE may be less inclined to cut rates further on Thurs and monitor the situation.
Well not great news but in this current market I would take it as good news as CIPS data has been increasing albeit slightly, month on month since Dec. Whereas it was predicated to decrease.

I dont personally think surveys are that usefull in gauging the current state of the economy, but the footsie seems to have welcomed the news.

I wouldnt have opened or closed an entry based upon this news either
  • #124,633
  • Mar 4, 2009 3:58am Mar 4, 2009 3:58am
If you look at news at 830 am and 1100 am, we would go long to 1.4300 again. Furthermore GBP will revise the rate.
  • #124,634
  • Mar 4, 2009 4:06am Mar 4, 2009 4:06am
Quoting Myman
If you look at news at 830 am and 1100 am, we would go long to 1.4300 again. Furthermore GBP will revise the rate.
Well I wouldnt trade against the charts no matter what the news said. I think its ok to use the news to support your technical decision though.

An example would be the rally in cable from the last interest rate cut
  • #124,635
  • Mar 4, 2009 4:07am Mar 4, 2009 4:07am
Is that a hammer on the hourly chart?
  • #124,636
  • Mar 4, 2009 4:09am Mar 4, 2009 4:09am
hammer/hanging man. yup
Thank You
  • #124,637
  • Mar 4, 2009 4:10am Mar 4, 2009 4:10am
Yes, but considering that most of the trades on the Footsie in the last few days have been uncovered shorts, we saw some short covering ahead of the news as the Euro PMI was better than expected but also really low. I am looking to short the Foots at 3600 if it does not breach it as there is no way this data should lift it much and with the US Jobless data this afternoon, its a matter of waiting for the shorts for me.

BTW There is a strong breakout on the yen. If this Yen move continues, we could see both GJ reaching its high at 141.40 but with resistance at 14060 and UJ reacting to 100.0. If that plays out cable might mathematically drift up to as high as 14140. Just a potential scenario, but if that plays out by the US session, I will be at that bus top.

Personally I do not short cable when the GBP is strong elsewhere, ie GJ.


Quoting PipLand
Well not great news but in this current market I would take it as good news as CIPS data has been increasing albeit slightly, month on month since Dec. Whereas it was predicated to decrease.

I dont personally think surveys are that usefull in gauging the current state of the economy, but the footsie seems to have welcomed the news.

I wouldnt have opened or closed an entry based upon this news either
Ride the Bulls bearback!
  • #124,638
  • Mar 4, 2009 4:15am Mar 4, 2009 4:15am
Quoting alcando
Yes, but considering that most of the trades on the Footsie in the last few days have been uncovered shorts, we saw some short covering ahead of the news as the Euro PMI was better than expected but also really low....
I dont expect this bullish momentum to continue either i think cable will take out my stop at 4108, if it does i'll be looking to short it again around 4160.

I think the footsie could get to 3650 though before running into resistance. I hope it doesnt get that far though or it will push cable up
  • #124,639
  • Mar 4, 2009 4:22am Mar 4, 2009 4:22am
Added 1 more to my remaining shorts @4092

4 remaining open. We'll see
Thank You
  • #124,640
  • Mar 4, 2009 4:32am Mar 4, 2009 4:32am
Careful here folks.

Bones pointed out a bullish petrifying harami pattern on the daily candle thread.
My 4 hour candle closing in 30 minutes looks particularly bullish.
We broke through the 15M 50 EMA and have tested it a couple of times.
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