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Cable Update (GBPUSD)

  • #132,221
  • May 14, 2009 6:55am May 14, 2009 6:55am
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.

The trend is up but still does not negate a correction to the downside. Possibility to correct 300 pips depending on the so called risk aversion and based upon the daily chart upside channel. Rising wedges generally have a big drop. The 150 area is in that no mans land, right in the missseld of the channel. I'm looking to short at 1.5121 since it has laready broke the minor bottom trend line which suggested the downside movement, fibs have 50% retrace at 1.5130.
  • #132,222
  • May 14, 2009 7:02am May 14, 2009 7:02am
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.
thats true.

forex markets can get wild in a second.
-100 pips would never kill me if something bad happened.

last year i had lost my internet connection and could not access the net for hours and had no sl.. thankfully the market went the way i wanted so i earned more than i had expected instead of loosing.
but that was a good lesson that if it had gone the wrong way, i could have lost alot.
  • #132,223
  • May 14, 2009 7:15am May 14, 2009 7:15am
Quoting currencyexch
The trend is up but still does not negate a correction to the downside. Possibility to correct 300 pips depending on the so called risk aversion and based upon the daily chart upside channel. Rising wedges generally have a big drop. The 150 area is in that no mans land, right in the missseld of the channel. I'm looking to short at 1.5121 since it has laready broke the minor bottom trend line which suggested the downside movement, fibs have 50% retrace at 1.5130.
I couldn't agree with you more. It looks to me that we are in wave e of a triangle. I'm looking to short at 1.5135, although will be happy with 1.5130.
  • #132,224
  • May 14, 2009 7:40am May 14, 2009 7:40am
US unemployment claim bigger than forecast...
is it means USD will get weaker and GB will rise?


i dont have experience in relating news to currency
- Always pray on your trading - God know the best for everyone
  • #132,225
  • May 14, 2009 7:46am May 14, 2009 7:46am
How do you guys count your take profit, cause i see some people have certian ways of counting it up.
  • #132,226
  • May 14, 2009 7:46am May 14, 2009 7:46am
ppi better and unemployment is bad.. is there anyone could explain?
  • #132,227
  • May 14, 2009 8:01am May 14, 2009 8:01am
Quoting mloistianto
ppi better and unemployment is bad.. is there anyone could explain?
Im no fundamental expert but I would say both those pieces of news would be dollar positive as higher ppi could lead traders to speculate that interest rates will have to rise sooner than anticipated.

And higher unemployment rate could fuel further risk aversion boosting the $
  • #132,228
  • May 14, 2009 8:03am May 14, 2009 8:03am
i see. the trend is down now.. i will be a good spectator now. btw, anyone opening a trade?
  • #132,229
  • May 14, 2009 8:04am May 14, 2009 8:04am
at this point of anybody want to go long should have 300-500 pips stop loss in place ............. GBP at last broke Weekly,monthly pivots and SMA200 in 1H
trade safe ya all
I have been loosing most of time trading what I think trade the chart ..........
If move to 1.5150 will add shorts
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BANDA333
  • #132,230
  • May 14, 2009 8:07am May 14, 2009 8:07am
Quoting mloistianto
i see. the trend is down now.. i will be a good spectator now. btw, anyone opening a trade?
I wouldnt call it a downtrend yet more of a correction, the medium term trend is still up for now.
  • #132,231
  • May 14, 2009 8:08am May 14, 2009 8:08am
downtrend i think will only continue tmwr.. im looking to long today!
  • #132,232
  • May 14, 2009 8:10am May 14, 2009 8:10am
Hey Jack
Sups man !!
  • #132,233
  • May 14, 2009 8:11am May 14, 2009 8:11am
Quoting mr.m
downtrend i think will only continue tmwr.. im looking to long today!

My feelings are we will continue down until either late on friday or early next week.

I feel we need to test 4950 first, if that gets broken a possible test of 4700!
  • #132,234
  • May 14, 2009 8:14am May 14, 2009 8:14am
well anyone trying to go for a long?
  • #132,235
  • May 14, 2009 8:16am May 14, 2009 8:16am
Quoting mloistianto
well anyone trying to go for a long?
im still on the long side
- Always pray on your trading - God know the best for everyone
  • #132,236
  • May 14, 2009 8:16am May 14, 2009 8:16am
Quoting mloistianto
well anyone trying to go for a long?
Not for me at the moment, i might consider it from 4950 though, will see when it gets there
  • #132,237
  • May 14, 2009 8:20am May 14, 2009 8:20am
U have a sharp intuition mr King.. lol.. good for u..
  • #132,238
  • May 14, 2009 8:23am May 14, 2009 8:23am
Quoting mloistianto
U have a sharp intuition mr King.. lol.. good for u..
thanks...already 1 down at 15137

5250 like i said ...before going down to 149xx

lets see...
remember to be patience

take your own risk if you want to join
- Always pray on your trading - God know the best for everyone
  • #132,239
  • May 14, 2009 8:24am May 14, 2009 8:24am
The weekly looks as if you would want to be bet the farm on a long here...
  • #132,240
  • May 14, 2009 8:27am May 14, 2009 8:27am
Weekly looks as if it has the momentum to go through 23.6 retrace at 1.53
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