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Cable Update (GBPUSD)

  • #138,341
  • Jun 19, 2009 2:56am Jun 19, 2009 2:56am
Very unusually low volume for this time of the day (way below average).
The choppy price action of the past couple of days has taken its toll, traders getting smart & waiting on the sidelines...this is a precursor to a low-range day and a subsequent violent breakout out of the range...
Attached Image
Hear the music before the song is over ...
  • #138,342
  • Jun 19, 2009 2:59am Jun 19, 2009 2:59am
Quoting GlobalMacro
Very unusually low volume for this time of the day (way below average).
The choppy price action of the past couple of days has taken its toll, traders getting smart & waiting on the sidelines...this is a precursor to a low-range day and a subsequent violent breakout out of the range...
yeah, like 5 & 6 pip spreads, when normally 2 & 3
  • #138,343
  • Jun 19, 2009 3:02am Jun 19, 2009 3:02am
My stop is @ 6410, hopefully the bull will not like it and turns away.
Great Bodies are Engineered not Born
  • #138,344
  • Jun 19, 2009 3:03am Jun 19, 2009 3:03am
Quoting smartalicus
yeah, like 5 & 6 pip spreads, when normally 2 & 3

liekly something to do with quadruple witching . I am out off all trades til Monday
Blogging daily now at www.volume.zone
  • #138,345
  • Jun 19, 2009 3:05am Jun 19, 2009 3:05am
Quoting GlobalMacro
Very unusually low volume for this time of the day (way below average).
The choppy price action of the past couple of days has taken its toll, traders getting smart & waiting on the sidelines...this is a precursor to a low-range day and a subsequent violent breakout out of the range...
Hello GM, yes I think we are all anticipating that violent breakout. Is your bias still an upside breakout? Mine is down.
  • #138,346
  • Jun 19, 2009 3:08am Jun 19, 2009 3:08am
Anyone here can help me?

If we specifically talking about triple witching, it's suppose to happen at the end of NY trading session of this week right? It shouldn't affect trading session right now too much shouldn't it?
  • #138,347
  • Jun 19, 2009 3:09am Jun 19, 2009 3:09am
Quoting RichLadyFX
My stop is @ 6410, hopefully the bull will not like it and turns away.
Nice stop .My stop is @6425 with first target .6270 and second .6200. Good luck .
  • #138,348
  • Jun 19, 2009 3:13am Jun 19, 2009 3:13am
Quoting 4cfx
Hello GM, yes I think we are all anticipating that violent breakout. Is your bias still an upside breakout? Mine is down.
Morning 4cfx, actually I'm pretty unbiased for 2day for the reasons I mentioned but in terms of the underlying primary trend I don't see anything but up.
Probably the breakout's not gonna occur today...I think this lackluster pa is just the excuse I'm looking for to start my weekend early.
Hear the music before the song is over ...
  • #138,349
  • Jun 19, 2009 3:14am Jun 19, 2009 3:14am
Quoting c2v4l
Anyone here can help me?

If we specifically talking about triple witching, it's suppose to happen at the end of NY trading session of this week right? It shouldn't affect trading session right now too much shouldn't it?

effects whole week before hand and in particular Friday

why do you think price action has been so crazy and volume have picked up this week.

Traders position themselves to roll over contracts / options etc.

I bet the move up in gj is aprtly to that and we see large drop in week ahead
Blogging daily now at www.volume.zone
  • #138,350
  • Jun 19, 2009 3:16am Jun 19, 2009 3:16am
Quoting smartalicus
yeah, like 5 & 6 pip spreads, when normally 2 & 3
what price feed are you looking at?
Hear the music before the song is over ...
  • #138,351
  • Edited 3:35am Jun 19, 2009 3:18am | Edited 3:35am
Friday habit is moving far from DP today (1.6335) then reversed, may closed to DP again or even cross it. The current action is up and down between 1.6358 (DP day -2) - 1.6376 (DP day -1) ! My imho says uptrend is prevailed, once breaks 1.6376 on H1/H4 ! I don't trade yet, waiting for US session opens !
Attached Image (click to enlarge)
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I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #138,352
  • Jun 19, 2009 3:24am Jun 19, 2009 3:24am
Quoting GlobalMacro
Very unusually low volume for this time of the day (way below average).
The choppy price action of the past couple of days has taken its toll, traders getting smart & waiting on the sidelines...this is a precursor to a low-range day and a subsequent violent breakout out of the range...
So, what's prices are you expecting today?
  • #138,353
  • Jun 19, 2009 3:26am Jun 19, 2009 3:26am
Quoting GlobalMacro
Morning 4cfx, actually I'm pretty unbiased for 2day for the reasons I mentioned but in terms of the underlying primary trend I don't see anything but up.
Probably the breakout's not gonna occur today...I think this lackluster pa is just the excuse I'm looking for to start my weekend early.
Good for you mate. I'll be doing the same, taking it easy. Here's my chart for what it's worth.

Attached Image (click to enlarge)
Click to Enlarge Name: Cable 4H 19062009.jpg Size: 169 KB
  • #138,354
  • Jun 19, 2009 3:29am Jun 19, 2009 3:29am
if the pa does not go up to 6417 i will fire her from the laptop job
  • #138,355
  • Jun 19, 2009 3:32am Jun 19, 2009 3:32am
Quoting Alado
So, what's prices are you expecting today?
Like I said my bias is neutral for today...I don't like low-volume , low-range days....
Hear the music before the song is over ...
  • #138,356
  • Jun 19, 2009 3:33am Jun 19, 2009 3:33am
Quoting forexlion
if the pa does not go up to 6417 i will fire her from the laptop job
quite right. a lazy sod this pa is.
  • #138,357
  • Jun 19, 2009 3:39am Jun 19, 2009 3:39am
Witching has made it crazy tonight. I'm out until Monday or if things get shaken out tonight.

Gnight everyone.
Avoiding poverty, one pip at a time.
  • #138,358
  • Jun 19, 2009 3:40am Jun 19, 2009 3:40am
Quoting GlobalMacro
Like I said I'm neutral today...I don't like low-volume , low-range days....
I was just wondering if in days like these, with no economic data, and the eurusd going lower, can't we expect the gbpusd have the same down movement?
I think we can see yesterday's minimum - 1.6190 (at least) and then bounce again up.
Any suggestions?
  • #138,359
  • Jun 19, 2009 3:47am Jun 19, 2009 3:47am
Quoting Alado
I was just wondering if in days like these, with no economic data, and the eurusd going lower, can't we expect the gbpusd have the same down movement?
I think we can see yesterday's minimum - 1.6190 (at least) and then bounce again up.
Any suggestions?
I think e/u is actually the better broad to make out with on this day if you really have to do something 2day...
Hear the music before the song is over ...
  • #138,360
  • Jun 19, 2009 3:52am Jun 19, 2009 3:52am
Quoting Alado
I was just wondering if in days like these, with no economic data, and the eurusd going lower, can't we expect the gbpusd have the same down movement?
I think we can see yesterday's minimum - 1.6190 (at least) and then bounce again up.
Any suggestions?
Take a look at the EURGBP cross and you'll get an idea of their interaction. For a while the Pound has led the dance but recently(coinciding with this consolidation) the EUR has been the boss.

From that you can deduct what ratio that each pair will have in movement when the dollar moves a notch. The dollar is the primary factor in all it's pairs so I tend to make that a constant in the equation.

I enjoy observing the macroeconomics of this market in the real world and how it interacts with the technical. The last year or so has been a fantastic show as far as that is concerned!
Avoiding poverty, one pip at a time.
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