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Cable Update (GBPUSD)

  • #131,361
  • May 6, 2009 4:00pm May 6, 2009 4:00pm
Quoting tomaz55
was stopped out for -50 pips

LONG filled 5000
stop 4950
tp 5150
tp reached at 5150 for +150 pips
+300 pips for the week
flat for now
  • #131,362
  • May 6, 2009 4:03pm May 6, 2009 4:03pm
Quoting tomaz55
tp reached at 5150 for +150 pips
+300 pips for the week
flat for now
nice trade!!
  • #131,363
  • May 6, 2009 5:34pm May 6, 2009 5:34pm
Hey Jack
How are you?What is your bias for the evening? Thinking of shorting got burnt so bit hesitant ........Ty



Quoting jack.canadia
nice trade!!
BANDA333
  • #131,364
  • May 6, 2009 5:51pm May 6, 2009 5:51pm
Quoting BANDA
Hey Jack
How are you?What is your bias for the evening? Thinking of shorting got burnt so bit hesitant ........Ty
Guys Im very confused and suspicious about this move that started at 16:00GMT with GB appreciating - I cant understanding it. Everythign has been saying shorty.
  • #131,365
  • May 6, 2009 6:03pm May 6, 2009 6:03pm
Hey Eric
How are you? Seems to me this thing keep moving to north to drop suddenly maybe........big boys normally do this sell to the strength and buy the very weakness............don't know if BOE planing a rate cute tomorrow? As you are in U.K what you hear about it? Heard United kingdom government in favor of weaker GBP and BOE for a stronger currency? Am I misinformed?
Thank you buddy.........at least I know lot of people including me lost big time today.................

Quoting EricB
Guys Im very confused and suspicious about this move that started at 16:00GMT with GB appreciating - I cant understanding it. Everythign has been saying shorty.
BANDA333
  • #131,366
  • May 6, 2009 6:10pm May 6, 2009 6:10pm
Quoting BANDA
Hey Eric
How are you? Seems to me this thing keep moving to north to drop suddenly maybe........big boys normally do this sell to the strength and buy the very weakness............don't know if BOE planing a rate cute tomorrow? As you are in U.K what you hear about it? Heard United kingdom government in favor of weaker GBP and BOE for a stronger currency? Am I misinformed?
Thank you buddy.........at least I know lot of people including me lost big time today.................
Bottom/top hunting is dangerous.

Obvious trend is up. My last short there was at most +30 but I took BE on it, still a winner in my books.

Some daily candles are looking bearish but who knows. All this bank data this week is messing everyone up.

Wait for a clearer picture for now.
  • #131,367
  • May 6, 2009 6:14pm May 6, 2009 6:14pm
something just clicked in my brain, maybe this darn thing is actually going to make a serious move up! it is just refusing to come down. learning a lot about myself through trading. it's all in the mind. maybe i need to listen to what it is trying to tell me, rather than what i want to hear.

ok, off my soapbox now - tomorrow is another day.
  • #131,368
  • May 6, 2009 6:15pm May 6, 2009 6:15pm
Could this be the clue for tomorrow? Reverse H&S in USD/CHF?
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BANDA333
  • #131,369
  • May 6, 2009 6:36pm May 6, 2009 6:36pm
Quoting BANDA
Could this be the clue for tomorrow? Reverse H&S in USD/CHF?
Good work on looking at correlation!

I actually plot the inverse of the USDX on top of a GBP/USD chart and look for instances where the dollar index is moving opposite to G/U, and then plan around that.
  • #131,370
  • May 6, 2009 6:36pm May 6, 2009 6:36pm
Quoting BANDA
Hey Eric
How are you? Seems to me this thing keep moving to north to drop suddenly maybe........big boys normally do this sell to the strength and buy the very weakness............don't know if BOE planing a rate cute tomorrow? As you are in U.K what you hear about it? Heard United kingdom government in favor of weaker GBP and BOE for a stronger currency? Am I misinformed?
Thank you buddy.........at least I know lot of people including me lost big time today.................
Hey Jack,

Yes I'm in London - the MPC has been very hush hush about it - but the shadow committee released a report today saying that they would prefer seeing the Bank opt to use all of the allowed QE measure of 150bn (only 75bn has been comitted so far) - I dont think another rate cut is possible or on the cards - and I'm not sure whether only 75bn was factored in last depreciation or the full value. Its a long shot but if it hasnt been factored in then we could see a move like March 5th or 9th I cant remember (check charts) - but overall I'm still rather confused. Both BoE and UK Govt prefer weak currency as its the weaker currency thats helped with Services PMI going up (outsourcing being reduced and being brought home) but I dont know what their definition of weak currency is - they may be happy with where it is - Printing more money may be on the table to buy corporate debt as they have been criticised for buying to o much Govt debt and not enough corporate debt.
  • #131,371
  • May 6, 2009 6:42pm May 6, 2009 6:42pm
Quoting jack.canadia
Good work on looking at correlation!

I actually plot the inverse of the USDX on top of a GBP/USD chart and look for instances where the dollar index is moving opposite to G/U, and then plan around that.
Speaking of correlation pretty major divergence on EUR/USD and cable on 5 min/4H and hourly charts. Is EUR likely to move up? I'm thinking not because of short covering before tomorrow? somethings got to give.
  • #131,372
  • May 6, 2009 6:44pm May 6, 2009 6:44pm
Quoting EricB
Hey Jack,

Yes I'm in London - the MPC has been very hush hush about it - but the shadow committee released a report today saying that they would prefer seeing the Bank opt to use all of the allowed QE measure of 150bn (only 75bn has been comitted so far) - I dont think another rate cut is possible or on the cards - and I'm not sure whether only 75bn was factored in last depreciation or the full value. Its a long shot but if it hasnt been factored in then we could see a move like March 5th or 9th I cant remember (check charts) - but overall I'm...
Keep this stuff up. I haven't the slightest clue about fundamentals other than what I have learned in an economics course I just finished in university ... . Charts tell me enough I guess.

Explain in detail for other if you wish, but your most general thoughts (i.e. bullish/bearish) on how this could affect gbp/usd are well sought after
  • #131,373
  • May 6, 2009 6:45pm May 6, 2009 6:45pm
Quoting BANDA
Could this be the clue for tomorrow? Reverse H&S in USD/CHF?
Hey Banda hows it going?

Good work I have been looking at that myself, def looks like inverse H&S to me too! and also looks like 4hr candle is about to close bullish engulfing.

Something to note usd/chf is more closely correlated to eur/usd than cable though.
  • #131,374
  • May 6, 2009 6:45pm May 6, 2009 6:45pm
Quoting EricB
Speaking of correlation pretty major divergence on EUR/USD and cable on 5 min/4H and hourly charts. Is EUR likely to move up? I'm thinking not because of short covering before tomorrow? somethings got to give.
I agree on that 4h divergence with the USDX.
  • #131,375
  • May 6, 2009 6:51pm May 6, 2009 6:51pm
This is what I've got.

GBP/USD 4h in black, an inverse USDX in blue.

The USDX is making lower highs (which is ACTUALLY higher lows since this line is an inverse). At the same time, GBP/USD is making higher highs and lows. So there is dollar strength, apparently, while GBP/USD is going up.

Might be tough to see. Just stare! haha

I like to use this as a nice heads up as to what might be coming, but nonetheless we need confirmation.
Attached Image (click to enlarge)
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  • #131,376
  • May 6, 2009 6:54pm May 6, 2009 6:54pm
Quoting jack.canadia
This is what I've got.

GBP/USD 4h in black, an inverse USDX in blue.

The USDX is making lower highs (which is ACTUALLY higher lows since this line is an inverse). At the same time, GBP/USD is making higher highs and lows. So there is dollar strength, apparently, while GBP/USD is going up.

Might be tough to see. Just stare! haha

I like to use this as a nice heads up as to what might be coming, but nonetheless we need confirmation.
Have a look at GBP/CHF chart - some mad moves - 11:21 - no particular reason - someones working at the wrong times like me!!
  • #131,377
  • May 6, 2009 6:57pm May 6, 2009 6:57pm
Quoting EricB
Have a look at GBP/CHF chart - some mad moves - 11:21 - no particular reason - someones working at the wrong times like me!!
It rallied into some resistance if you zoom out. And check what the hourly candle might form. I wish you told me earlier !
  • #131,378
  • May 6, 2009 7:24pm May 6, 2009 7:24pm
Hey buddy
How are you? Apart from H&S

According to this article maybe SNB do something about CHF .Roth guy is no chicken so EU time he may act lol

http://www.guardian.co.uk/business/feedarticle/8492908




Quoting PipLand
Hey Banda hows it going?

Good work I have been looking at that myself, def looks like inverse H&S to me too! and also looks like 4hr candle is about to close bullish engulfing.

Something to note usd/chf is more closely correlated to eur/usd than cable though.
BANDA333
  • #131,379
  • May 6, 2009 7:28pm May 6, 2009 7:28pm
i think gu still can climb up ..
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newbies yang minat nak belajar forex, sila ym saya, ym: ammal007
  • #131,380
  • May 6, 2009 7:28pm May 6, 2009 7:28pm
Quoting jack.canadia
This is what I've got.

GBP/USD 4h in black, an inverse USDX in blue.

The USDX is making lower highs (which is ACTUALLY higher lows since this line is an inverse). At the same time, GBP/USD is making higher highs and lows. So there is dollar strength, apparently, while GBP/USD is going up.

Might be tough to see. Just stare! haha

I like to use this as a nice heads up as to what might be coming, but nonetheless we need confirmation.
he Jack, I like your indicator,
I have like that to, but I have the candle one

Attached Image (click to enlarge)
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can you tell how to change candle to a line like yours?
can you help me please ?
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