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Cable Update (GBPUSD)

  • #135,961
  • Jun 8, 2009 9:44am Jun 8, 2009 9:44am
Quoting Endrju
i can't find reason, why gbp is resisting fall, eur/usd has lowered already, dow is down, maybe i have missed something or too focused on the movement down?
its all about fundamental 4 now....check out news coming out from the queesn`s land a short while ago......maybe that will answer your question..
  • #135,962
  • Jun 8, 2009 9:52am Jun 8, 2009 9:52am
Quoting jack.canadia
I wouldnt short... I think this could produce a meaningful bounce to better prices for shorts...

You are right doesn have upside potential, 1.6021 is the 50% retrace point from fridays high to low of today. There is a 92% probablility factor that charts retrace to a 50% level. The 38.2 is 1.5969, where we are currently. This could be an entry point with an add on at 1.6021 but it is alot of pips. I'm inclined to set up for it to go higher. Until dollar index turns arouns this pair still has some upside.
  • #135,963
  • Jun 8, 2009 9:56am Jun 8, 2009 9:56am
Quoting currencyexch
You are right doesn have upside potential, 1.6021 is the 50% retrace point from fridays high to low of today. There is a 92% probablility factor that charts retrace to a 50% level. The 38.2 is 1.5969, where we are currently. This could be an entry point with an add on at 1.6021 but it is alot of pips. I'm inclined to set up for it to go higher. Until dollar index turns arouns this pair still has some upside.
I'm thinking way beyond there .. maybe a 50% retracement of the whole move down .. i would like to see 6330, near the 61.8
  • #135,964
  • Jun 8, 2009 9:59am Jun 8, 2009 9:59am
Will go long at 1.5986 if it gets back there again. I think this is a safe entry risking 50 pips
  • #135,965
  • Jun 8, 2009 10:03am Jun 8, 2009 10:03am
Quoting made4life
its all about fundamental 4 now....check out news coming out from the queesn`s land a short while ago......maybe that will answer your question..
to which ones you refer?
  • #135,966
  • Jun 8, 2009 10:03am Jun 8, 2009 10:03am
Quoting currencyexch
Will go long at 1.5986 if it gets back there again. I think this is a safe entry risking 50 pips
Just got picked up on short and looking for a 200 pip drop over the few days
  • #135,967
  • Jun 8, 2009 10:03am Jun 8, 2009 10:03am
Quoting jack.canadia
I'm thinking way beyond there .. maybe a 50% retracement of the whole move down .. i would like to see 6330, near the 61.8
I'm thinking short 1,6020-30...pt 1,5800 , is it ok Jack?
  • #135,968
  • Jun 8, 2009 10:06am Jun 8, 2009 10:06am
Quoting paul czech
I'm thinking short 1,6020-30...pt 1,5800 , is it ok Jack?
Sounds good to me mate. 1.6030 is a good point to short.
You've got to be IN IT to WIN IT!
  • #135,969
  • Jun 8, 2009 10:06am Jun 8, 2009 10:06am
Quoting paul czech
I'm thinking short 1,6020-30...pt 1,5800 , is it ok Jack?
Ya its an obvious resistance level now .. Dont let it go too much against you if it does though. That 38.2 could produce a nice bounce for us.
  • #135,970
  • Jun 8, 2009 10:07am Jun 8, 2009 10:07am
Quoting jack.canadia
Ya its an obvious resistance level now .. Dont let it go too much against you if it does though. That 38.2 could produce a nice bounce for us.
Actually i wouldnt .. its not an obvious area on the 4 hour chart .. thats my advice. I was refering to the 15 minute chart in the above post.
  • #135,971
  • Jun 8, 2009 10:14am Jun 8, 2009 10:14am
Quoting jack.canadia
I wouldnt short... I think this could produce a meaningful bounce to better prices for shorts...
Hi Jack, after a sharp decline like the one we had, do you normally expect a 61.8% retrace? I agree the retrace to 1.60 is too shallow and it's got room to go up. I'll be cautious with my short. Cheers.
  • #135,972
  • Jun 8, 2009 10:17am Jun 8, 2009 10:17am
Quoting 4cfx
Hi Jack, after a sharp decline like the one we had, do you normally expect a 61.8% retrace? I agree the retrace to 1.60 is too shallow and it's got room to go up. I'll be cautious with my short. Cheers.
Well just from looking back in time, before a new direction starts after a larger move up or down, such as the recent, a deeper pullback usually occurs .. so anywhere from 50% to 61.8% I would be looking for .. 1.6360 looks good to short. Its far off and anything can happen, remember that.
  • #135,973
  • Jun 8, 2009 10:20am Jun 8, 2009 10:20am
Quoting jack.canadia
Well just from looking back in time, before a new direction starts after a larger move up or down, such as the recent, a deeper pullback usually occurs .. so anywhere from 50% to 61.8% I would be looking for .. 1.6360 looks good to short. Its far off and anything can happen, remember that.
I see a dragon fly on the daily, based on London closing. This could support your view.

Anyone else using daily charts based on London time? Do you agree?
  • #135,974
  • Jun 8, 2009 10:24am Jun 8, 2009 10:24am
Forex: GBP/USD:The Pound will continue weakening to 1.4880 by year end - Rabobank

Mon, Jun 8 2009, 14:28 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Pound's high at 1.6655 on Jun 3 is about to remain unbroken for the rest of the year, according, the Rabobank Financial Markets' Research Team, which forecasts the Pound to bottom at 1.4880 at the year end.

The Rabobank Financial Markets' Team forecasts a decline to average levels about 1.5570 in one month time and to 1.5060 in three-months time, to bottom around 1.4880 by the tear end.

The Pound will them bounce up, reaching levels around 1.5410 in March Next year and continue appreciating to 1.6220 in June 2010.
  • #135,975
  • Jun 8, 2009 10:27am Jun 8, 2009 10:27am
Quoting ubaidahsan
Forex: GBP/USD:The Pound will continue weakening to 1.4880 by year end - Rabobank

Mon, Jun 8 2009, 14:28 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - The Pound's high at 1.6655 on Jun 3 is about to remain unbroken for the rest of the year, according, the Rabobank Financial Markets' Research Team, which forecasts the Pound to bottom at 1.4880 at the year end.

The Rabobank Financial Markets' Team forecasts a decline to average levels about 1.5570 in one month time and to 1.5060 in three-months time, to bottom around 1.4880...
RBC, one of the largest banks here in canada, predicted that USDCAD would go back to 1.30 when the price was 1.17 ... Dont take these reports to heart.
  • #135,976
  • Jun 8, 2009 10:33am Jun 8, 2009 10:33am
Quoting ubaidahsan
Forex: GBP/USD:The Pound will continue weakening to 1.4880 by year end - Rabobank

Mon, Jun 8 2009, 14:28 GMT
http://www.fxstreet.com
The Rabobank Financial Markets' Team forecasts a decline to average levels about 1.5570 in one month time and to 1.5060 in three-months time, to bottom around 1.4880 by the tear end.

The Pound will them bounce up, reaching levels around 1.5410 in March Next year and continue appreciating to 1.6220 in June 2010.

Everytime I get sucked into the news I get burned. MOre then half the crap these "experts" say is wrong. You wonder why anyone would pay them. Same with most of the analyst on the platforms. Just have to trade the charts and use the stops
  • #135,977
  • Jun 8, 2009 10:34am Jun 8, 2009 10:34am
Quoting jack.canadia
RBC, one of the largest banks here in canada, predicted that USDCAD would go back to 1.30 when the price was 1.17 ... Dont take these reports to heart.
you right just follow the trend need some advice i am holding 2 shorts and 1 buy so i want to know that can i close my buy and go with shorts or what will be better to do what yo can see from where 3rd sell can be better??please advice

Ub
  • #135,978
  • Jun 8, 2009 10:36am Jun 8, 2009 10:36am
Quoting ubaidahsan
you right just follow the trend need some advice i am holding 2 shorts and 1 buy so i want to know that can i close my buy and go with shorts or what will be better to do what yo can see from where 3rd sell can be better??please advice

Ub
why do you have 2 shorts and 1 buy?
  • #135,979
  • Jun 8, 2009 10:39am Jun 8, 2009 10:39am
Quoting jack.canadia
why do you have 2 shorts and 1 buy?
i took 1st sell at 6201 second from 5950 and holding buy from 5910 so what to do close that buy or wait for 6030 level???already moved SL of buy at 5940 so what do you suggest now

Ub
  • #135,980
  • Jun 8, 2009 10:41am Jun 8, 2009 10:41am
Quoting ubaidahsan
i took 1st sell at 6201 second from 5950 and holding buy from 5910 so what to do close that buy or wait for 6030 level???already moved SL of buy at 5940 so what do you suggest now

Ub
Just cash in whatever profit you have now. If you are unsure of where it's going to go next, you might lose all those profits.
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