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Cable Update (GBPUSD)

  • #131,261
  • May 6, 2009 2:50am May 6, 2009 2:50am
short @ 1.5060 with SL above 1.509
  • #131,262
  • May 6, 2009 2:51am May 6, 2009 2:51am
News is coming in 10 min any idea
  • #131,263
  • May 6, 2009 2:55am May 6, 2009 2:55am
I have long from 1.5005, set TP 1.5086.

GU has start to retrace from 1.5 and given 50% retracement, a good TP is at around 1.508 to 1.51.

But beware of the news coming up in half an hour time. It may alter the trend.
  • #131,264
  • May 6, 2009 3:01am May 6, 2009 3:01am
bad news for gbp we should see it drop
  • #131,265
  • May 6, 2009 3:10am May 6, 2009 3:10am
will wait for UK PMI and decide. Hands on close button just to take any profit and run if trend reverse.
  • #131,266
  • May 6, 2009 3:13am May 6, 2009 3:13am
Cable has respected the rising trend for now, a retracement is on the cards given such an impressive move up.... Shorted @ 1.5070 SL 1.5110, 1st TP 1.4900, 2nd TP 1.4850. Look for a break of the rising trend for confirmation of continued retracement.
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Veni, Vidi, Vici (We came, we saw, we conquered)
  • #131,267
  • May 6, 2009 3:18am May 6, 2009 3:18am
wave analysis
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  • #131,268
  • May 6, 2009 3:23am May 6, 2009 3:23am
Quoting derek
wave analysis

yah, everyone keeps WAITING for it to do something like that, but it defies gravity, not to mention expectations. i am not comfortable buying, but every time i get conf. to sell, i have something convincing me otherwise.... sometimes not being in a trade can be your worst enemy with a schizo pair....
oi
  • #131,269
  • May 6, 2009 3:29am May 6, 2009 3:29am
just hit TP.
Now wait to see.
  • #131,270
  • May 6, 2009 3:41am May 6, 2009 3:41am
i'am short at 1.5075, how do you thing?
  • #131,271
  • May 6, 2009 3:43am May 6, 2009 3:43am
Quoting jack.canadia
Are you suggesting bullish? Or for G/U to travela bit lower before any substantial bounce?
100% sorry was away
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  • #131,272
  • May 6, 2009 3:45am May 6, 2009 3:45am
Not going to chase after long, expecting a resistance around 1.515 region.
If it does break it, the next target is 1.53.

Put a limit order at 1.52, TP 1.53, SL 1.51. Play on break out.

Non farm news on US probably point to a new unemployment high (according to bloomberg) and that support and strengthen the GU to climb higher towards EMA100.
  • #131,273
  • May 6, 2009 3:50am May 6, 2009 3:50am
Quoting derek
see Daily Forex Market Forecasts - http://forexlife.biz
hai.... arigato...


i suppose...
  • #131,274
  • May 6, 2009 3:54am May 6, 2009 3:54am
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Here level for today
  • #131,275
  • May 6, 2009 3:56am May 6, 2009 3:56am
Quoting sengph
Not going to chase after long, expecting a resistance around 1.515 region.
If it does break it, the next target is 1.53.

Put a limit order at 1.52, TP 1.53, SL 1.51. Play on break out.

Non farm news on US probably point to a new unemployment high (according to bloomberg) and that support and strengthen the GU to climb higher towards EMA100.
Hi, I'm new to the forum but have been following this thread for a little while. Very interesting and informative.

I would have thought that higher US non-farm unemployment will most likely dampen equities, thereby strengthening the greenback. Any other thoughts?
  • #131,276
  • May 6, 2009 4:19am May 6, 2009 4:19am
During the financial crisis, when all economies were affected, people goes for the greenback for safety. So when DOW came down, USD strengthen.

But in generally, when a economy look better, its currency strengthen and likewise.
  • #131,277
  • May 6, 2009 4:26am May 6, 2009 4:26am
I think that's a little early optimism. I'm still leaning towards the bear.

Shorted at 1.51 and hoping to take profit 1.4980.
  • #131,278
  • May 6, 2009 4:38am May 6, 2009 4:38am
Quoting 4cfx
I think that's a little early optimism. I'm still leaning towards the bear.

Shorted at 1.51 and hoping to take profit 1.4980.

I think when price reached 1.51 again, price going to break up
  • #131,279
  • May 6, 2009 4:42am May 6, 2009 4:42am
Quoting errich fx
I think when price reached 1.51 again, price going to break up
don't you think price could touch 5150 before going down, uptrend was pretty strong and to get a real momentum it needs to touch 5150 or some news that could change picture???
just idea
  • #131,280
  • May 6, 2009 4:44am May 6, 2009 4:44am
i am targeting 1.5055..
risky one.
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