Trade what you see NOT what you expect

I excel at chasing the beverage cart girl.

Guys I'm fading fast. I'm going to go get a few hours sleep and try to make it for London.

Glad I'm not the only one......

HOLLA

Some Analysis

GBP/USD WAITING FOR PMI SERVICES Amidst all of the volatility in the currency market, what we find amazing is the fact that the British pound has held steady against the U.S. dollar. Unlike some of the other major currencies which collapsed against the dollar yesterday, GU remains caught well within its three week trading range. The currency pair is prime for a breakout and tomorrow’s service sector PMI report could provide the catalyst. Last month, activity in the service sector expanded for the first time since March 2008 with the index rising back above the pivotal 50 mark. If service sector activity grows for the second month in a row, it would offset some of the pessimism that emerged following the downward revisions to first quarter GDP growth. The PMI numbers provided a more “current” look into how the economy is doing. Manufacturing sector PMI continued to increased but remains in contractionary territory while construction sector PMI, which was released this morning dipped. After gaining some footing over the past few months, the housing market is beginning to struggle once again as credit is difficult to attain. If the PMI services index remains above 50 and especially if it rises above last month’s levels, we could not only see strength in pound against the dollar but also against the euro and Japanese Yen.

GBP/USD Currency in Play for Next 24 Hours
GU will be the currency in play for the next 24 hours. Due to upcoming holiday weekend the U.S. will not be releasing any economic data. However, U.K. will be releasing of Service PMI and BOE’s Housing Equity Withdrawal at 8:30GMT or 4:30AM EST. Over the past few weeks GU has lacked a sense of direction. Currently, the pair roams within the Range Trading Zone which we determine using Bollinger Bands. As volatility diminished with horizontal resistance acting as the resistance level and higher lows continuing to be established, the pair has carved out an ascending triangle formation. If the pair manages to enter the Buy Zone of the Bollinger Bands 1.6650 will serve as resistance. A break of that level could take the currency pair to the psychologically important 1.70 mark. However, if the pair drifts lower the next level of support lingers between 1.6300 and 1.6325, which are the base of the ascending triangle and 1st Standard Deviation, respectably. A break below that level opens the door for a possible move down to 1.60.

http://gftnet.gftforex.com/images/co...%2002%2009.jpg

It would be wonderful to be able to short her all the way down from 1.7xxx

closed my longfrom 1.6327 @ 1.6427 = 100 pips .... nice friday start

Very nice trade!

Thank you ... i hope you trade well ... look if cable pass 1.6429 it will run to 1.6454 and from (1.6454 to 1.6503) is hard resisitance ... Services PMI will give us clear view about direction.

up 5% this week so far
time for me to turn it around now

Hi Guys,


How about a M15 35/50 cross and reverse? Would be nice?

Congratulations! great job...

that cross did not happen, and i was not brave enough to go short without that... Now i regret it.. no problem there will be next opportunity

indeed, and it looked more like an inverted hammer on the H4

a tl from the 2 lows 48-35 bars ago hits this H4 at exactly 6300, im giving it a try, got in at 6305 long

The H1 closed below the range and the yesterday low...but the M15 last candle looks like an inverted hammer, so i jumped long as well at least retest the yesterday low..I am a little confused because it seems to me that we go lower...What do you think?

patience, shes only moved 14 pip range in 20 mins, wait for the move then react accordingly

I've just recently, like a few days ago, looked on this thread.

There are great threads for gbp/jpy at ForexFactory, but I have been hard pressed to find a thread dedicated to Cable, that has professional traders posting consistently. I like what I see here. Iron sharpens iron they say, so I look forward to learning here as much as I look forward to sharing my thoughts on the market.

Now, when I'm looking at a new strategy, I tend to use my chart as a, sort of sticky pad, hence the notations on the 1st chart. Set the price alert at 1.6430, and went to bed, only to wake up and see that price turned back at 1.6426...ah well.

But I did see that the 4hr made a pin bar, so I went on the next bar down. However it's right on the day 35ma and may bounce, secured +1, just in case.

you covered now?

Welcome GodfreyH

yes, closed closed half at 6335

I am long 16320 would have gone long earlier but was on the phone I am locked at +1 will move stop as the trade develops