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Cable Update (GBPUSD)

  • #131,241
  • May 5, 2009 8:18pm May 5, 2009 8:18pm
Quoting redland
If price clearly close below 1.5020 (m15) then only I will consider to sell TP 1.4995

How come?
  • #131,242
  • May 5, 2009 8:36pm May 5, 2009 8:36pm
It is more likely to go up to around 1.52, and then move down to 1.51 or even lower. sell if it hit around 1.5230, profit targets to 1.5150 , stop loss at 1.53
  • #131,243
  • May 5, 2009 8:47pm May 5, 2009 8:47pm
Quoting jack.canadia
How come?
The price is within the medium channel possible reach 1.4995 or lower
just my opinion
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  • #131,244
  • May 5, 2009 8:57pm May 5, 2009 8:57pm
This morning UK gave some good news on Consumer confidence. The better than expected results may spur GBP to move higher. But of course, another important news that will be out is Housing Price Index (HPI) and Purchasing Manager Index (PMI) at 0430 ET.

Japan is on holiday and thus we may not see any big movement, but my expectation is for GBP to move up before 1630hrs news before it deceide on the next direction.

Looking technically, GBP has gain new high above 1.516. It has done its retracement from 1.516 to now at 1.505, almost to 50% at 1.5. Giving at good support.

Looking technically at a macro level, GBP has reached a very much overbought position (using CCI 14) by almost more than 150%. It has not reverse, showing strength of reaching a level of 1.53 (resistance level at 100EMA)

I will place a long limit order at 1.5005, TP at 1.5086, SL at 1.492.

I will be monitoring the retracement up if trade is triggered and adjust the TP and the SL. Hope to exit before 1630hrs news and do a wait and see.
  • #131,245
  • May 5, 2009 9:04pm May 5, 2009 9:04pm
Long order triggered.

I am off and will be back monitoring in the Europe opening.
  • #131,246
  • May 5, 2009 9:06pm May 5, 2009 9:06pm
As the stress report details are leaked, US equities will weaken and cause dollar to strengthen. This is the most recent headline.

01:40 Bank of America Deemed To Need $34Bln More Capital- Reuters Headline
over Reuters
* U.S. Stock Futures Extend Losses After Source Says Bank of America Deemed To
Need $34Bln More Capital
  • #131,247
  • May 5, 2009 9:09pm May 5, 2009 9:09pm
Quoting kalparker
As the stress report details are leaked, US equities will weaken and cause dollar to strengthen. This is the most recent headline.

01:40 Bank of America Deemed To Need $34Bln More Capital- Reuters Headline
over Reuters
* U.S. Stock Futures Extend Losses After Source Says Bank of America Deemed To
Need $34Bln More Capital
It was said earlier today that about 10 out of 19 banks needs more capital .. they just didnt say which. That in itself was enough for me.
  • #131,248
  • May 5, 2009 9:13pm May 5, 2009 9:13pm
Quoting kalparker
As the stress report details are leaked, US equities will weaken and cause dollar to strengthen. This is the most recent headline.

01:40 Bank of America Deemed To Need $34Bln More Capital- Reuters Headline
over Reuters
* U.S. Stock Futures Extend Losses After Source Says Bank of America Deemed To
Need $34Bln More Capital
Hopefully this drives down bank shares ... I really want to buy some CitiGroup shares under $2
  • #131,249
  • May 5, 2009 10:14pm May 5, 2009 10:14pm
Quoting jack.canadia
Hopefully this drives down bank shares ... I really want to buy some CitiGroup shares under $2

now? does this look like H&S?
  • #131,250
  • May 5, 2009 10:39pm May 5, 2009 10:39pm
Quoting smartalicus
now? does this look like H&S?
u reffering to the H1 tf?

I'm usually trade at 4H tf and what i can see now, there is a support at 4970. Break this may lead to further downside. please correct me if i'm wrong.
  • #131,251
  • May 5, 2009 11:42pm May 5, 2009 11:42pm
Quoting smartalicus
now? does this look like H&S?
Ya i see potential for H/S on hourly.
  • #131,252
  • May 6, 2009 12:26am May 6, 2009 12:26am
Quoting jack.canadia
Ya i see potential for H/S on hourly.
Here's my plan for it. Assuming it occurs of course!

http://jackcanadia.blogspot.com/
  • #131,253
  • May 6, 2009 12:29am May 6, 2009 12:29am
Quoting jack.canadia
Here's my plan for it. Assuming it occurs of course!

http://jackcanadia.blogspot.com/

.....
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  • #131,254
  • May 6, 2009 12:33am May 6, 2009 12:33am
Quoting nAVIN2007
.....
Are you suggesting bullish? Or for G/U to travela bit lower before any substantial bounce?
  • #131,255
  • May 6, 2009 1:46am May 6, 2009 1:46am
Short from 5045, covered BE+1 and targeting 4955.
  • #131,256
  • May 6, 2009 1:49am May 6, 2009 1:49am
Heres another potential trade for tonight. Break and retest of support.

If not, hopefully price is sitting nice and high in the early morning so I can look for another short!

Good luck today.

See you in NY.
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  • #131,257
  • May 6, 2009 1:58am May 6, 2009 1:58am
Good day Everyone !
This is my firsp post at Cable , so i would hope i become one of trading palls of cable !
i will share my charts , and sometimes with some waves ,if you dont like the waves just ignore them
first channels:
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second forks :
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That's all for now !
HAve a nice day !
  • #131,258
  • May 6, 2009 2:16am May 6, 2009 2:16am
i think this moving downward is gone to be major 4h retracement,my first tp 1.500 already hit, next tp should be closed to 38.2...
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newbies yang minat nak belajar forex, sila ym saya, ym: ammal007
  • #131,259
  • May 6, 2009 2:31am May 6, 2009 2:31am
do u guys still holding short side? i'm still looking for a better range to take side..
  • #131,260
  • May 6, 2009 2:44am May 6, 2009 2:44am
Quoting tomaz55
tp reached at 5050 for +200 pips

now short same price looking for 4950
was stopped out for -50 pips

LONG filled 5000
stop 4950
tp 5150
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