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Cable Update (GBPUSD)

  • #132,201
  • May 14, 2009 5:56am May 14, 2009 5:56am
  •  Sahil
  • | Joined Jan 2009 | Status: Options Trader - Commodities & FX | 24 Posts
The 1.50 Level was a major resistance and now acting as much stronger support. GBP/USD is making much larger moved than EUR/USD.

According to my analysis, we may test 1.50 level again, but if it manages to break that level properly (not in a bear trap manner), then its worth shorting.

I see cable going to level 1.65 before or in third quarter.

Gold is keeping track of Cable as well. There has been strong correlation between cable and gold where it used to have correlation with USD direction.

" Trading is the hardest way to make easy money"
  • #132,202
  • May 14, 2009 5:58am May 14, 2009 5:58am
Quoting Sahil
The 1.50 Level was a major resistance and now acting as much stronger support. GBP/USD is making much larger moved than EUR/USD.

According to my analysis, we may test 1.50 level again, but if it manages to break that level properly (not in a bear trap manner), then its worth shorting.

I see cable going to level 1.65 before or in third quarter.

Gold is keeping track of Cable as well. There has been strong correlation between cable and gold where it used to have correlation with USD direction.

" Trading is the hardest way to make easy money"
...
1.50 is a major psychological level as well.

as how 2.00 and 1.00 would be major levels, since 1.50 is in the middle, it would be a serious psychological level as much as technical.
  • #132,203
  • May 14, 2009 6:08am May 14, 2009 6:08am
I would not be surprised if the Unemployment Claims and PPI m/m for the US will come out worse than anticipated. I'm bullish.
Probability Professor
  • #132,204
  • May 14, 2009 6:10am May 14, 2009 6:10am
Quoting kingindian
well then
lets singing we believe it can fly...we believe it can touch the sky....
At this moment, my indicator shows it is still under bearish.. no change from 7hrs ago..
But, no idea for later.. hehe..
http://www.forexfactory.com/images/icons/icon11.gif
  • #132,205
  • May 14, 2009 6:11am May 14, 2009 6:11am
Quoting yauming
At this moment, my indicator shows it is still under bearish.. no change from 7hrs ago..
But, no idea for later.. hehe..
http://www.forexfactory.com/images/icons/icon11.gif
What are your fundermentals and experience telling you?
Probability Professor
  • #132,206
  • May 14, 2009 6:16am May 14, 2009 6:16am
Quoting yauming
At this moment, my indicator shows it is still under bearish.. no change from 7hrs ago..
But, no idea for later.. hehe..
http://www.forexfactory.com/images/icons/icon11.gif
my experience tell me it will be a rise up.....
5250 will enough....or 5400....
TF D1 still up on the bull

- Always pray on your trading - God know the best for everyone
  • #132,207
  • May 14, 2009 6:20am May 14, 2009 6:20am
Quoting kingindian
my experience tell me it will be a rise up.....
5250 will enough....or 5400....
TF D1 still up on the bull

Exactly, the trend on the daily is up, so why is everybody who is trading on a technical bases suddenly changing direction, saying the trend is going down.
Probability Professor
  • #132,208
  • May 14, 2009 6:20am May 14, 2009 6:20am
Quoting kingindian
my experience tell me it will be a rise up.....
5250 will enough....or 5400....
TF D1 still up on the bull

do u put sl??http://www.forexfactory.com/images/icons/icon10.gif
which point??
  • #132,209
  • May 14, 2009 6:22am May 14, 2009 6:22am
free 30 pips from history level,

Attached Image (click to enlarge)
Click to Enlarge Name: forex.GIF Size: 16 KB


Thanx GU

____________________________

History level GBPUSD

.
  • #132,210
  • May 14, 2009 6:26am May 14, 2009 6:26am
Quoting yauming
do u put sl??http://www.forexfactory.com/images/icons/icon10.gif
which point??
no SL my friend...
- Always pray on your trading - God know the best for everyone
  • #132,211
  • May 14, 2009 6:28am May 14, 2009 6:28am
Quoting errich fx
free 30 pips from history level,
Nice one, that's called smart trading.
Probability Professor
  • #132,212
  • May 14, 2009 6:28am May 14, 2009 6:28am
Quoting Galation
Exactly, the trend on the daily is up, so why is everybody who is trading on a technical bases suddenly changing direction, saying the trend is going down.
usual 300 GU moves...its already down 300 (from 5300)
so 300 up will come.....

hope the long side will be the last to laugh
- Always pray on your trading - God know the best for everyone
  • #132,213
  • May 14, 2009 6:30am May 14, 2009 6:30am
Quoting kingindian
no SL my friend...
No SL ??
  • #132,214
  • May 14, 2009 6:32am May 14, 2009 6:32am
no since my first day of trading...
- Always pray on your trading - God know the best for everyone
  • #132,215
  • May 14, 2009 6:34am May 14, 2009 6:34am
Quoting riggster
No SL ??
i also like to close my orders manually... I just use a stop loss for -100 pips to prevent blowing my account if i had internet problems or electricity problems or such.
If i am in front of the monitor, i always close my orders manually (besides major news releases as the market is crazy those times)
  • #132,216
  • May 14, 2009 6:35am May 14, 2009 6:35am
If price breaks through and stays below some of the major support levels, I still believe it's in an uptrend in the channel drawn on the graph below. Albeit, trends change when news changes.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp usd2.gif Size: 28 KB
Probability Professor
  • #132,217
  • May 14, 2009 6:37am May 14, 2009 6:37am
Quoting kingindian
no since my first day of trading...
Maybe think about introducing them to your system/method.

Remember...the only thing you can control 100 % in trading is the amount of risk you take and the amount you lose
  • #132,218
  • May 14, 2009 6:40am May 14, 2009 6:40am
Quoting Galatasaray
i also like to close my orders manually... I just use a stop loss for -100 pips to prevent blowing my account if i had internet problems or electricity problems or such.
If i am in front of the monitor, i always close my orders manually (besides major news releases as the market is crazy those times)

At least you use that safety net!

You will not blow your account when things get wild....and you know sometimes they will.
  • #132,219
  • May 14, 2009 6:40am May 14, 2009 6:40am
5400 might happen.
well its like a dreamer who said it...
but that happened when first time we reach 1500....

economy is going better than last year...(so much better)
so there is no big reason to fall again.

just my opinion
- Always pray on your trading - God know the best for everyone
  • #132,220
  • May 14, 2009 6:42am May 14, 2009 6:42am
Quoting riggster
At least you use that safety net!

You will not blow your account when things get wild....and you know sometimes they will.
i dont use SL but I calculate my free margin well...
if it still have room for 500 pips, then 100 down still ok for me.more than that i will think to lock or cut it.
- Always pray on your trading - God know the best for everyone
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