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Cable Update (GBPUSD)

  • #154,461
  • Aug 3, 2009 11:43am Aug 3, 2009 11:43am
Quoting allserene
Depends on the time scale - if the credit crunch had not intervened we would be at 2.5000 today - we were heading that way fast

'Normal' was 2.1400 before all the flap so I wouldnt be surprised at 2.00 by the end of next year

All the pundits said investors would be scared off shares for a generation but look how quickly the fear disappears and the greed kicks in - we humans never learn, and betting on flawed human nature rather than human wisdom is always a winning trade
I would be very surprised if the cable got that high...That would mean the USD is finished...
  • #154,462
  • Aug 3, 2009 11:46am Aug 3, 2009 11:46am
Interesting watching all these people shorting today. Whilst there have been pullbacks and some of these have been very trade-able, the trend has been up from 15min-weekly chart per overall price action-peak/valley analysis all day, (and 5min most of day) , price is above the Monthly, Weekly and Daily calculated pivots...the market is clearly very bid, and price action on the 1hr+ has supported this analysis with new yearly highs being printed. This is not surprising as the bulls had the momentum at Month end (JULY) that Friday close printing a 4hr, daily, weekly and monthly bullish candle.

The only clear potential resistance we could see today is on the Weekly chart, a previous swing lo=previous support=potential rbs zone shown on screenshot below.

Price does pullback, even in a strong trend but expecting a home run against a very strong trend with underlying momentum, without strong resistance confluence and supporting price action is like in the monthly chart in posts above here is really not a high probabilty trading opportunity.

G/L

http://i31.tinypic.com/4kxn2o.gif
ex member
  • #154,463
  • Aug 3, 2009 11:48am Aug 3, 2009 11:48am
I think possible reversal at any moment
  • #154,464
  • Aug 3, 2009 11:56am Aug 3, 2009 11:56am
Good day, shame I spent it sorting out the room so girlie can trade here!!

But back to trading tomorrow hopefully!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #154,465
  • Aug 3, 2009 11:58am Aug 3, 2009 11:58am
Quoting ch0c0b4d
If it could close upside then target @ Fibo ret 50 Monthly... any idea?
http://i27.tinypic.com/2073h3r.jpg
http://www.forexfactory.com/%5BIMG%5....jpg%5B/IMG%5D
Question to consider: How many people use the fibo fan, and what would their influence on the market be?
Probability Professor
  • #154,466
  • Aug 3, 2009 12:01pm Aug 3, 2009 12:01pm
DOJI ON H1
  • #154,467
  • Aug 3, 2009 12:10pm Aug 3, 2009 12:10pm
ive been long since it was at 1.68527....gosh im waiting this thing out...thought i was late for the party...whew...keep going baby
With Great Money Management Comes Great Success PATIENCE
  • #154,468
  • Aug 3, 2009 12:15pm Aug 3, 2009 12:15pm
Quoting Spider-Man
ive been long since it was at 1.68527....gosh im waiting this thing out...thought i was late for the party...whew...keep going baby
Shorts: "Ahhh...fresh blood!!!"
  • #154,469
  • Aug 3, 2009 12:16pm Aug 3, 2009 12:16pm
GU should retrace now when achived 1.6986 which is 161.8% fib lines. If not, it may rise until 1.7171 which is 261.18% fib lines.
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Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #154,470
  • Aug 3, 2009 12:16pm Aug 3, 2009 12:16pm
Quoting Faryad
DOJI ON H1
Yes, maybe at H4 too (another 2hrs+)
QUITTERS never WIN! WINNERS never QUIT!
  • #154,471
  • Aug 3, 2009 12:22pm Aug 3, 2009 12:22pm
Quoting Galation
Question to consider: How many people use the fibo fan, and what would their influence on the market be?
I think, These lines are considered to represent support and resistance levels. For getting a more precise forecast, it is recommended to use other Fibonacci instruments along with the Fan.
  • #154,472
  • Aug 3, 2009 12:29pm Aug 3, 2009 12:29pm
i think we are creating a pinbar on H1..
  • #154,473
  • Aug 3, 2009 12:41pm Aug 3, 2009 12:41pm
Wow, finally we broke out of that very long range going back to beginning of June.

Looks like were northbound right now.

Where is the next resistance point?
  • #154,474
  • Aug 3, 2009 12:44pm Aug 3, 2009 12:44pm
I know nothing about fundies but could someone explain the effect this would have on FX? I suspect this is what true market manipulation is. False reporting of the facts. How in the world could people who are supposed to know these things, "honestly" be wrong by 4 billion?

July ended on a sour note for the U.S. dollar with its index left hanging precariously over the cliff until Monday. The weekend appears to have brought little respite and the selling continues, boosted by better reports across the world for manufacturing data and the health of the banking system. Traders will continue to sell the dollar until they realize it’s a bad sport. Proving that point today, London’s banking analysts missed the mark by several miles when trying to predict earnings at Europe’s largest bank, HSBC Holdings. The predicted $600 million semi-annual loss actually turned out to be a $3.5 billion profit. For now, it appears that no investor wants to be left behind and the mantra seems to be one of, act now and think later.
Ghost Rider - WWTBMD?
  • #154,475
  • Aug 3, 2009 12:45pm Aug 3, 2009 12:45pm
Just look at price action since Wednesday!

There has hardly been any retracement on this northbound freight train.

Just goes to show us once again, that always trade with the trend, as it may be the only friend you have in this game!
  • #154,476
  • Aug 3, 2009 12:50pm Aug 3, 2009 12:50pm
Quoting albchr
I know nothing about fundies but could someone explain the effect this would have on FX? I suspect this is what true market manipulation is. False reporting of the facts. How in the world could people who are supposed to know these things, "honestly" be wrong by 4 billion?

July ended on a sour note for the U.S. dollar with its index left hanging precariously over the cliff until Monday. The weekend appears to have brought little respite and the selling continues, boosted by better reports across the world for manufacturing data and the health...
This is blatant cheating with a blessing of those in power.
Great Bodies are Engineered not Born
  • #154,477
  • Aug 3, 2009 12:51pm Aug 3, 2009 12:51pm
When the DOW was 10,000 11,000 12,000, 13000 and streaking north. it was clever to buy

Then when it hit 14000, it was crazy not to sell and it went to 6,600 - but who was to say ?


Catching these sky rockets is fun while it lasts, but getting off before re-entry is scary indeed
  • #154,478
  • Aug 3, 2009 12:56pm Aug 3, 2009 12:56pm
Quoting allserene
When the DOW was 10,000 11,000 12,000, 13000 and streaking north. it was clever to buy

Then when it hit 14000, it was crazy not to sell and it went to 6,600 - but who was to say ?


Catching these sky rockets is fun while it lasts, but getting off before re-entry is scary indeed
Especially when you get off TOO SOON...LOL...
Ghost Rider - WWTBMD?
  • #154,479
  • Aug 3, 2009 1:03pm Aug 3, 2009 1:03pm
albchr, are you going northbound in next uk session, assuming price doesnt retrace that much before the daily close at 5?
  • #154,480
  • Aug 3, 2009 1:05pm Aug 3, 2009 1:05pm
Does anyone have 9435 as the 38.2fib of the big down move on the dow jones industrial average.

Its going north to test that and the next level is 9653.
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