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Cable Update (GBPUSD)

  • #154,081
  • Aug 2, 2009 2:14pm Aug 2, 2009 2:14pm
Quoting malcolmb14
think fundies and lose your account.

The dj up 15% on matter of 2 weeks based on eps being beat when those eps were set very low. It is not rising on jobs being created etc etc

now they have come up with another way to hold the car industry up by giving 4500 k for trade ins on the TAX PAYERS backs. i think the 1st 2 billion was chewed up and now senate are spending another 2 billion.
I could go on and on about fundies in the US and how this rally in the us stock markets based on the fundies in the US is a perfect storm for disasters. Think...
I'm with you on this one, Malc.

Fundies, particularly on their own, traded with any sort of leverage can be lethal for one's account. At the start of my trading journey I endured a few painful shocks to my account from thinking about what should be happening and then getting angry about how irrational and illogical the market was.

A pure fundamental approach to the FX trading requires incredible patience and, often, deep pockets. Having said that, it does give me great comfort when my interpretation of price action lines up with my view of the world. And I never fully ignore the fundamentals.

Have a good week!
  • #154,082
  • Aug 2, 2009 2:36pm Aug 2, 2009 2:36pm
Quoting Bones
Hi Nav ,theres nothing bearish about that monthly charts immediate candles ,as far as I can tell ,we are at res no doubt about it but my point of view is we will take it...lets face it it could not be taken Friday otherwise it would be too easy,everyone would be long.
Shorts need to be suckered its as simple as that.
yes i see your point...
  • #154,083
  • Aug 2, 2009 2:49pm Aug 2, 2009 2:49pm
For those Interested:

GBPUSD: Aiming At The 1.6742 Level & Beyond.

GBPUSD- With continued strength seeing the pair closing higher for a third week in a row since turning off higher at the 1.6031 level in early July’09, further upside gains are expected towards its YTD high 1.6742. This strong performance remains consistent with its medium term uptrend which will be triggered on an final break and hold above the 1.6742 level putting the pair on the path to further upside gains towards the 1.7000 level, its psycho level. Above there will expose the 1.7100 level and then the 1.7200 level. This view is clearly supported by its weekly and monthly which are both bullish and pointing higher suggesting more strength. However, on a pullback from its current price levels, the 1.6584 level, its July 23’09 high will be aimed at initially and subsequently its July 22’09 low at 1.6308 followed by the 1.6034 level, its July 13’09 low with a turn below the latter bringing declines towards its July 08’09 low at 1.5984. Its MT rising trendline also provides a strong upside case medium term. All in all, GBP looks to retarget the 1.6742 level and trigger its medium term uptrend as continued upside momentum remains in force.
Probability Professor
  • #154,084
  • Aug 2, 2009 2:50pm Aug 2, 2009 2:50pm
Directional Bias:
Nearer Term -Bullish
Short Term –Bullish
Medium Term –Bullish
Probability Professor
  • #154,085
  • Aug 2, 2009 3:08pm Aug 2, 2009 3:08pm
behold THE gap
1.6745 at the moment
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #154,086
  • Aug 2, 2009 3:12pm Aug 2, 2009 3:12pm
Quoting djambazov84
behold THE gap
1.6745 at the moment
1.67 should hold to go higher then ...bullish it is
  • #154,087
  • Aug 2, 2009 3:15pm Aug 2, 2009 3:15pm
Cant post much ATM, juggling getting ready for the market.

This is my view on the chart, either way we go up:
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd 02-07-09 - 1.gif Size: 21 KB
  • #154,088
  • Aug 2, 2009 3:16pm Aug 2, 2009 3:16pm
Quoting direct-trade
Cant post much ATM, juggling getting ready for the market.

This is my view on the chart, either way we go up:
cable already hit 1.6750
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #154,089
  • Aug 2, 2009 3:18pm Aug 2, 2009 3:18pm
Quoting nAVIN2007
1.67 should hold to go higher then ...bullish it is
Down to 6600 today will be and enough of this bullish! It's trap!

Quoting djambazov84
cable already hit 1.6750
it doesn't mean anything
simply noboby big japan boys and banks don't trade yet and that's why it goes up, when they begin trading in next 2 hours downfall wii begin
ROBOT FOREX
  • #154,090
  • Aug 2, 2009 3:18pm Aug 2, 2009 3:18pm
Quoting direct-trade
Naked Charts, Price Action and Psychology is all you need and makes for successful trading.


Here are a couple of PDF's on trading psychology to browse over this weekend ...

Happy reading!
Thanks for the excellent reading material, particularly Mark Douglas.
  • #154,091
  • Aug 2, 2009 3:20pm Aug 2, 2009 3:20pm
Quoting Forbes55
Down to 6600 today will be and enough of this bullish! It's trap!

would you mind posting a chart for once and try to substantiate your blabbing. i`m sorry but this is what you do all the time
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #154,092
  • Aug 2, 2009 3:26pm Aug 2, 2009 3:26pm
Quoting Forbes55
Down to 6600 today will be and enough of this bullish! It's trap!


it doesn't mean anything
simply noboby big japan boys and banks don't trade yet and that's why it goes up, when they begin trading in next 2 hours downfall wii begin
we broke the high of friday already if that aint bullish nothing is..
  • #154,093
  • Aug 2, 2009 3:33pm Aug 2, 2009 3:33pm
My platform doesn't open for another hour and a half. Real time quotes reports a high/low of 6757/6731 currently 6735.

For the record, this is the first time I've seen this site so I don't know how accurate it is but it is updating constantly.

Anybody else have any idea if they are good? Link below...

http://www.forex-markets.com/quotes.htm
Ghost Rider - WWTBMD?
  • #154,094
  • Aug 2, 2009 3:41pm Aug 2, 2009 3:41pm
Yep I'm short from Fridays high also expecting 6600, let's do it!!!


Quoting Forbes55
Down to 6600 today will be and enough of this bullish! It's trap!


it doesn't mean anything
simply noboby big japan boys and banks don't trade yet and that's why it goes up, when they begin trading in next 2 hours downfall wii begin
  • #154,095
  • Aug 2, 2009 4:00pm Aug 2, 2009 4:00pm
We should see a retracement back to 61.8. GBP always does.
6628 short term. Bullish long term... your all right.
  • #154,096
  • Aug 2, 2009 4:03pm Aug 2, 2009 4:03pm
Quoting albchr
My platform doesn't open for another hour and a half. Real time quotes reports a high/low of 6757/6731 currently 6735.

For the record, this is the first time I've seen this site so I don't know how accurate it is but it is updating constantly.

Anybody else have any idea if they are good? Link below...

http://www.forex-markets.com/quotes.htm

We had a long discussion about aftermarket prices, sometime ago on Auslanco's thread. The conclusion after several weeks of observance was that its a hit and miss. There is absolutely no guarantee that the prices seen over the weekend (from the various sites) will hold true.

We used to see drops of 300 pips, that disappeared when the market opened. On occasion the prices were borne out, but the point is you cannot rely on them as a surety.
  • #154,097
  • Edited 4:47pm Aug 2, 2009 4:09pm | Edited 4:47pm
Quoting Bones
Hi Nav ,theres nothing bearish about that monthly charts immediate candles ,as far as I can tell ,we are at res no doubt about it but my point of view is we will take it...lets face it it could not be taken Friday otherwise it would be too easy,everyone would be long.
Shorts need to be suckered its as simple as that.
Hello Tony,

agree totally...the following charts show major resistance was broken on friday and a huge bullish follow-through in form of a gap-up occured tonight...
short-term players are probably getting misled by O/B conditions but looking at the price action retracements are shallow and being bought back up at the slightest opportunity...

Question is now, will we see any meaningful retracements to establish new longs or is this simply a runaway market w/ a severe case of "Short-Phobia" which was shocked by friday's price action?


GM
Attached Images
Hear the music before the song is over ...
  • #154,098
  • Aug 2, 2009 4:16pm Aug 2, 2009 4:16pm
Quoting GodfreyH
We had a long discussion about aftermarket prices, sometime ago on Auslanco's thread. The conclusion after several weeks of observance was that its a hit and miss. There is absolutely no guarantee that the prices seen over the weekend (from the various sites) will hold true.

We used to see drops of 300 pips, that disappeared when the market opened. On occasion the prices were borne out, but the point is you cannot rely on them as a surety.

Thanks Godfrey. As of now it reports 6715

45 min to open...lol
Ghost Rider - WWTBMD?
  • #154,099
  • Aug 2, 2009 4:24pm Aug 2, 2009 4:24pm
The games begin
Its all in the mind.
  • #154,100
  • Aug 2, 2009 4:33pm Aug 2, 2009 4:33pm
Quoting albchr
Thanks Godfrey. As of now it reports 6715

45 min to open...lol
The price on my platform is now 6708, open@6720
Great Bodies are Engineered not Born
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