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Cable Update (GBPUSD)

  • #9,641
  • Apr 2, 2007 2:56am Apr 2, 2007 2:56am
Shorted cable on its first test of Fridays high....got out with 2 pips when it reversed and took out that high and some stops above.....but so far, no follow through above the 9735 area. Wonder if this will be a Big Ben fake out move?
Loads of European PMI data during next hour, so I guess we´ll be sideways till that finishes.
So far, its GBP that´s leading upwards, Euro´s still 50 under Fridays high.
Trading Levels with WRBs
  • #9,642
  • Apr 2, 2007 3:19am Apr 2, 2007 3:19am
AP - Oil prices inched up Monday in Asian trading with no easing of tensions between Iran and Britain and the added concern of another kidnapping of an oil worker in Nigeria.
BAM BAM BOOM! -bravado
  • #9,643
  • Apr 2, 2007 3:22am Apr 2, 2007 3:22am
Quoting bravado
AP - Oil prices inched up Monday in Asian trading with no easing of tensions between Iran and Britain and the added concern of another kidnapping of an oil worker in Nigeria.

If those oil prices keep rising the gpd will surely follow. It looks like that's what the case is right now.
  • #9,644
  • Apr 2, 2007 3:34am Apr 2, 2007 3:34am
Bad news came out from the UK and nothing happening. Bulls must be in the house and is definitely a gpd driven market across the board.
  • #9,645
  • Apr 2, 2007 3:47am Apr 2, 2007 3:47am
Quoting thunder
Bad news came out from the UK and nothing happening. Bulls must be in the house and is definitely a gpd driven market across the board.
But there's no follow through above 9720 for weeks already... I'm starting to look for a good price to short Cable now... Maybe a failure at 9750 shortly?
  • #9,646
  • Apr 2, 2007 3:53am Apr 2, 2007 3:53am
Quoting cesarnc
But there's no follow through above 9720 for weeks already... I'm starting to look for a good price to short Cable now... Maybe a failure at 9750 shortly?

I opened a short @1.9710 I'm waiting for that push downward myself. Does anyone know what happened to henrycarol? I could really use him right now!!
  • #9,647
  • Apr 2, 2007 3:56am Apr 2, 2007 3:56am
What do you mean by bad news? It was surely below expectation but not something that would cause the ripple for cable. Indicator still shows that the sector is growing...We'll have to wait for US data tonight.
  • #9,648
  • Apr 2, 2007 3:59am Apr 2, 2007 3:59am
Yen crosses are going higher today... May be a carry trade week as I mentioned previously.

In this case, Cable is going to stall again in the lack of new buyers in this area...
  • #9,649
  • Apr 2, 2007 4:09am Apr 2, 2007 4:09am
Well we'll have to see when friday comes as well. Interest rates!
  • #9,650
  • Apr 2, 2007 4:09am Apr 2, 2007 4:09am
Quoting jest1081
What do you mean by bad news? It was surely below expectation but not something that would cause the ripple for cable. Indicator still shows that the sector is growing...We'll have to wait for US data tonight.
Being below expectation I called it Bad, however overall it wasn't bad just compared to expectation. I was just looking for a little more volatile market when the new came out. Yes hopefully with the us news we'll get a push one way or another, but hopefully down. lol If not stop losses are getting hit.
  • #9,651
  • Apr 2, 2007 4:19am Apr 2, 2007 4:19am
April 2 (Bloomberg) -- The British pound rose against the dollar and the euro on speculation that the Bank of England could surprise the market with an interest-rate increase this week to quell inflation.
BAM BAM BOOM! -bravado
  • #9,652
  • Apr 2, 2007 4:34am Apr 2, 2007 4:34am
Quoting bravado
April 2 (Bloomberg) -- The British pound rose against the dollar and the euro on speculation that the Bank of England could surprise the market with an interest-rate increase this week to quell inflation.
This hike is being talked and priced since last CPI and Retail Sales...

The surprise will be a no-hike and then we may have the same 300 pips down in two days like on February, when market was expecting a second hike in a row....
  • #9,653
  • Apr 2, 2007 4:52am Apr 2, 2007 4:52am
I myself took a 1.9710 short position.

How long before cable will start to go downwards??????
  • #9,654
  • Apr 2, 2007 4:55am Apr 2, 2007 4:55am
lots of talk about ISM by various fx websites.
ISM in about 4 hours.
BAM BAM BOOM! -bravado
  • #9,655
  • Apr 2, 2007 4:57am Apr 2, 2007 4:57am
Quoting ashlee_17
I myself took a 1.9710 short position.

How long before cable will start to go downwards??????
Although Cable has found no continuation upwards, you have to see that the hard 9726 was breached... Much more likely that 9720s are now turned into - at least a temporary - support opening room for another test at 9740/50 than a strong reversal below 9700 that your trade is expecting so far...

You just traded against the trend, my friend... Cross fingers, wide SL and good amount of patience...
  • #9,656
  • Apr 2, 2007 4:58am Apr 2, 2007 4:58am
Quoting ashlee_17
I myself took a 1.9710 short position.

How long before cable will start to go downwards??????


Hopefully soon!! I set my stops and limits and it's off to work I go. When I get back I hope I'll see what I'm looking for. Have a great day trading.
  • #9,657
  • Apr 2, 2007 5:01am Apr 2, 2007 5:01am
Quoting cesarnc
But there's no follow through above 9720 for weeks already... I'm starting to look for a good price to short Cable now... Maybe a failure at 9750 shortly?
9750 is an important resistant point, then there is the one at 9840.
i'd like to see the body of a 4HR candle below 9710 before considering a short on cable.

that would be after ISM going by my chart.
BAM BAM BOOM! -bravado
  • #9,658
  • Apr 2, 2007 5:02am Apr 2, 2007 5:02am
820... ,...i dont mean to scare you but my nonsense says go long above 720 for tp 820, since 555 was tested 2 times (rejected 2 nicly for me 2 go short), the devils acts as S1 and now we are at R1, the fundies arent strong for the dollar against pound, maybe short term against euro,...we will see,...i dont know what kind of news there are on schedulle but the print cover indicator says go short for the week on dolar....no seriously dont have a clue...so I too stay out and watch,...still trying to catch the top at oil and cable....
its just money
  • #9,659
  • Apr 2, 2007 5:03am Apr 2, 2007 5:03am
Quoting bravado
9750 is an important resistant point, then there is the one at 9840.
i'd like to see the body of a 4HR candle below 9710 before considering a short on cable.

that would be after ISM going by my chart.
Yeah... that will give us the trade of the day, you're right...
  • #9,660
  • Edited 10:53am Apr 2, 2007 5:24am | Edited 10:53am
Not 2 forget today is the april the 2nd, so Q1 results are published as of april th 1st throu out the stocks market,...expecting some downward movements in stock prices, and maybe some bulishness to currencies (like all/all Bull?...consider this as a 1st april joke.......
its just money
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