Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

#10,261
Apr 12, 2007 11:03am Apr 12, 2007 11:03am

Rosco_P
| Joined Jan 2007 | Status: Trader | 219 Posts

Quote

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11:20GBP/USD having trouble above 1.98...We do think however a clearance of 1.9810-20 would be significant

Using forex.com?

#10,262
Apr 12, 2007 11:09am Apr 12, 2007 11:09am

cesarnc
Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts

Quoting Rosco_P

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Using forex.com?

Ignored

http://masterforex.co.uk/Html/FXStation/FXToolz.html

click Live Market Commentary left menu. Don't know if it is same source of forex.com

#10,263
Apr 12, 2007 11:15am Apr 12, 2007 11:15am

Rosco_P
| Joined Jan 2007 | Status: Trader | 219 Posts

Looks like they use this forex news feed in their new platform.

#10,264
Apr 12, 2007 11:25am Apr 12, 2007 11:25am

cesarnc
Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts

Quoting Tiki Trader

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Wait until Thursday !!! If price does not come down to hit 62 ema on daily charts, I will start buyin happy meals !!!

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Attached Image

#10,265
Apr 12, 2007 11:46am Apr 12, 2007 11:46am

Pipsta
| Joined Sep 2005 | Status: pip whisperer | 361 Posts

Well my thinking of 1.98ish before NY open was pretty good even if the market was a few hours late in bringing that. The test of the highs was rebuffed pretty resolutely and after middling around in the mid to upper 97s for awhile I wouldn't be surprised to see a run at the mid to low 96s.

I was busying this morning so I missed out on most of the fun. Got a scalp in on the fiber and probably should have held on to it but I was looking for a retest of the high that never came. We probably will still get a push north on both of these european/US pairs coming within 20 pips of highs of this last run. Whipping market is good for slicing off chunks of pips and getting out while we let the trend sort itself out.

Cesar.....are you gonna eat all that?

#10,266
Apr 12, 2007 11:47am Apr 12, 2007 11:47am

cesarnc
Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts

Quoting Pipsta

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Cesar.....are you gonna eat all that?

Ignored

YES!!!! go order yours!!!

#10,267
Apr 12, 2007 11:48am Apr 12, 2007 11:48am

notme32
| Joined Sep 2006 | Status: Trader | 677 Posts

Maybe next thursday.......

I Deeply Love My Virtual Life In Virtual World , RLC

#10,268
Apr 12, 2007 11:49am Apr 12, 2007 11:49am

cesarnc
Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts

Since last Tuesday, USD selloffs are taking place in the first hours from Tokyo open... After 00:00 GMT.

I'll be watching today/tomorrow, just in case

#10,269
Apr 12, 2007 11:59am Apr 12, 2007 11:59am

Big P
| Joined Mar 2007 | Status: Working for Pips | 150 Posts

Quoting Pipsta

Disliked

Well my thinking of 1.98ish before NY open was pretty good even if the market was a few hours late in bringing that. The test of the highs was rebuffed pretty resolutely and after middling around in the mid to upper 97s for awhile I wouldn't be surprised to see a run at the mid to low 96s.

I was busying this morning so I missed out on most of the fun. Got a scalp in on the fiber and probably should have held on to it but I was looking for a retest of the high that never came. We probably will still get a push north on both of these european/US pairs coming within 20 pips of highs of this last run. Whipping market is good for slicing off chunks of pips and getting out while we let the trend sort itself out.

Cesar.....are you gonna eat all that?

Ignored

That was a great call on 198s. I had my sell limit at 198.15 so I missed out on that high....

#10,270
Apr 12, 2007 12:06pm Apr 12, 2007 12:06pm

Pipsta
| Joined Sep 2005 | Status: pip whisperer | 361 Posts

Quoting Big P

Disliked

That was a great call on 198s. I had my sell limit at 198.15 so I missed out on that high....

Ignored

I wouldn't call it a call per se since I didn't really have entry and exit points outlined clearly. It was just my impression of price direction and if I could have capitalized on it more I would have been happy. This ranging is way too messy for me to really get a good read on price targets that can be used for solid trading. Mostly good for chipping away at the edges and grabbing 20 pips here and there. Although that beats working at Burger King any day....

#10,271
Apr 12, 2007 12:17pm Apr 12, 2007 12:17pm

cesarnc
Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts

This is absolutely key to anyone intending to trade in the upcoming hours/days

All eyes are on the [USD INDEX] as levels approach the 2006 low (05 Dec) and very strong technical support at 82.24.

A break back above 82.78-96 is now needed to improve the immed outlook and alleviate the bearish pressure, however any break below here would likely spark some hefty sales, spec and model driven alike.

With over half the Usd Finex basket consisting of the Eur, any Usd index losses will likely send Eur/Usd cleanly through the key 1.3500 area having earlier attempted a brief spike following Trichet press conference and intimation at a June ECB hike.

Usd/Yen eyes further losses in this event, with the Yen recently given on boost on talk that further unwinding of carry trade is unwound on talk there could be some change to the G7 statement (talk an MOF official said G7 to give the Yen due attention).

Real time USD Index here

#10,272
Apr 12, 2007 12:28pm Apr 12, 2007 12:28pm

Pipsta
| Joined Sep 2005 | Status: pip whisperer | 361 Posts

Hey cesar, you posted the link to forexmaster right? I've been watching the commentary ticker and it said 'We like EUR/USD down near 1.3430's'. What are they trying to say? It said 'EUR/JPY coming in a little heavy'. Again, nice and non descriptive. What are these cryptic messages trying to say? Do you have the secret decoder ring that I must have eaten by mistake in the last box of forex flakes?

Are these messages coming from traders for this brokerage?

#10,273
Apr 12, 2007 12:47pm Apr 12, 2007 12:47pm

cesarnc
Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts

Quoting Pipsta

Disliked

Hey cesar, you posted the link to forexmaster right? I've been watching the commentary ticker and it said 'We like EUR/USD down near 1.3430's'. What are they trying to say? It said 'EUR/JPY coming in a little heavy'. Again, nice and non descriptive. What are these cryptic messages trying to say? Do you have the secret decoder ring that I must have eaten by mistake in the last box of forex flakes?

Are these messages coming from traders for this brokerage?

Ignored

No... Some of their comments I just don't follow. I keep my eyes on important price levels in all pairs, as they can influence my trades (like support in UJ while I'm trading GJ). Keeps a good perspective of the market as a whole.

Also mentions big players activities, when some individual names are trading and causing some pairs to move out of nowhere... This is very important for dip/tops picking, because you feel safer to jump in as such moves are not going on across the board (like broad USD selloffs or carry trades unwinding).

They also post summaries of Bernanke's Trichet's and King's speeches really quickly so you understand faster what's causing the spikes you see in the charts while they go mumbo jumboing

Again, this is one source of information I keep.

#10,274
Apr 12, 2007 1:23pm Apr 12, 2007 1:23pm

cesarnc
Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts

[GBP/USD], is still on a mini-recovery mission, after suffering from the shock of this am's negative UK Feb trades data (surprised by ballooning out to almost -GBP 6.8 bn). Nonetheless, after basing around the 1.9725 level the pair has inched itself back up to 1.9770-75, where sell orders may continue to cap the upside (ahead of 1.9810 session high). However, trade figs aside, the other most recent UK data has been sterling positive with the much more pivotal strong Mar RICS hp bal likely to hold more sway with MPC hawks, which could see rate hike speculation in May build, especially with the Greenback wilting vs the Euro. Furthermore, techs also suggest a n/t upside test of the 12mth 1.9823 peak soon, with a series of higher lows the main rationale, and thereafter 1.9849/1.9917.

#10,275
Apr 12, 2007 2:02pm Apr 12, 2007 2:02pm