Cable Update (GBPUSD)

already TP 35 pips in my scalping system thanx God

1.4750 we need to break it to fly to 1.4875 otherwise we could visit 1.4625

Ya, i guess there`s gonna be some congestion and consolidations and corrections before we hit highs and might never come back to 1.4s again...

Anyone short this double top in cable? Euro is a beauty for a short too, alot of congestion there.

hey ho,

this is another trade i had this week... until now i took 4 trades... +134 +0 +9 +77 based on my new strategy.

Down we go! Short from 1.4728

I will buy at 14500 but not sell now.. it's buy limit.

Good entry . If you remember my analysis from yesterday (on my thread) - I think we've found the top now, i don't see us breaking higher; for this week at least.

Hey Forex, (And Jack)...

I like your's & Jack's entry.
-I hope Asia will retrace her as best they can...

I'm holding short too,
seeing @least 1.4621 w/the math, (i hope)!

I don't know... maybe if asia drives her lower,
they'll have good entries towards the end of
their session, for a good climb tomorrow, w/London &-
a bad NFP?
Who know's... "speculation" !

Best of all...

Jeff !

Well, as it has been in the past now, a bad NFP has been bullish USD seeing as more job losses = we are still in a recession and its not over yet. Hence, we would hope the DOW would sell off nicely, providing fuel for our shorts.

I posted a chart showing somewhat of a double top on a 38.2% retracement (1.6670 to 1.3495) and also todays daily R3 at 1.4753. Today's high on my platform is 1.47505 (nice!)

What do you guys have in mind for a target?

http://www.fxstreet.com

Friday the Bureau of Labor Statistics (BLS) will release the US March employment report. Based on the ADP employment report released Wednesday, the US labor market worsened in March. ADP reported that 742K jobs were shed by US employers in March. The ADP report does not always correlate to the BLS report because ADP does not include government jobs but the ADP report suggests that the March employment report will be very weak. March nonfarm payrolls are expected to decline by 668K, compared to a 651K decline in February. A nonfarm payrolls decline of 668K would be the largest single month decline since 1949 and the US will have lost over 5 Million jobs since the start of the recession in December 2007. Half of the jobs lost have been since November. The March unemployment rate is expected to rise to 8.5% from 8.1% in February. This would be the highest level for US unemployment since 1974.
Friday’s unemployment report is expected to show that the pace of job destruction accelerated in March. Recent economic data including better than expected US housing data, manufacturing, stronger equity markets and rising energy prices suggest that the US economy may be stabilizing. It is not clear yet if the US economy is bottoming. A number of analysts suggest that the US economy should bottom by the end of 2009.Other analysts expect the US economy to bottom mid year. Some analysts see no bottom for the US economy until 2010.Unemployment tends to rise even as the economy is bottoming because employers want to be sure that recovery has started before they begin to hire. Unemployment is a lagging indicator and this makes the unemployment report less useful in determining if the US economy is bottoming. According to Challenger and Gray, the pace of US job cuts has slowed and report of major US layoffs in March have declined. This may be a sign that the pace of US employment losses will soon slow. A weak US unemployment report would not be a surprise and the impact of weak report will likely be limited. What we need to be on guard for is the potential that the jobs report may come in better than expected. Some analysts are looking for an nfp decline of under 600K, because the pace of layoffs has slowed. Many companies report that they are trying to stabilize their workforce in the coming months, to hold on to talent preparing for the expected economic recovery. If the nfp surprises to the downside it will signal that the US labor market is stabilizing and equity markets may post a significant rally. A significant rally in the US equity market would improve risk appetite and could spark selling of USD. The commodity-based currencies would likely be the best performers.

I'm gonna take another nap i think Jack!

-Your chart looks great...
my simple math from the move UP,
would say the 1.4621 area to begin with.

We'll see... after such a great move.
Takin' her back to the 1.46(50's) -should be a breeze,
albeit grudgingly maybe.

Passing out dead tired...
Here's to our Short Solidiers...!
Stop's & T.P's in place!
Have a great one,

Jeff !

4-hour close.

I am still thinking of 1.4792 ....

see the point of GBP/JPY
sometime 14points

What's at 1.4792?

I've posted analysis over on my thread. The link is in my signature for anyone interested.

FR

I just realised it hasn't been uploaded on the thread yet!

dear brother !
what is your idea about continuing of long mood...!?
what will be the second target...!?

that point is my first target !!!
Hmmm... looks like it is going to come true !!!