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Cable Update (GBPUSD)

  • #159,461
  • Aug 20, 2009 2:30am Aug 20, 2009 2:30am
Morning All,
I'm still playing the lower side of the congestion zone. Price has made some inroads but not significantly enough to sway in any major reconsideration of my position. As such I'll be running my short position into LDN.
In fact I'm even selling some more around here...now @ 1.6563...
Attached Image
Hear the music before the song is over ...
  • #159,462
  • Aug 20, 2009 2:30am Aug 20, 2009 2:30am
next hour news hour...! till then i dont think i am trading!... altho seems like a small short right now
  • #159,463
  • Aug 20, 2009 2:37am Aug 20, 2009 2:37am
Hows everybody doing? Seems so quiet.
  • #159,464
  • Aug 20, 2009 2:45am Aug 20, 2009 2:45am
There is usually 100 pips between europe open and about now, I have a dream that one day I will be able to get at least 50 of them consistantly.

The point being it has to day been a narrow range so far, it is possibly going to be a day of small range and indecision.

If it keeps on anyone who buys at the "market" open level will be able to realise 40 pips, is this enough? Teddy Rosevelt when asked how much is enough, would say, just one more, or in our context traders ruin?
  • #159,465
  • Aug 20, 2009 2:46am Aug 20, 2009 2:46am
Mixed picture at the moment - 1hr, no trend, 4hr has printed a HL at y/day's lows which was a double bottom on 1hr.

G/L

http://i30.tinypic.com/344blog.gif
ex member
  • #159,466
  • Aug 20, 2009 2:53am Aug 20, 2009 2:53am
Good day to you,

I truly enjoy the goings-on in this thread and find it interesting how you see the market from your various analysis.I am learning myself use support and resistance and channels to take trades. So - do not take any notice of this analysis as I am only learning. I did however want to put this out there so you can give comment- if you wish.

I have entered short at 165.50 with my target 164.85 then 164.40 then 164.20.
I believe we will close the week down @ 1.6360 area - BUT I think we may close the month up above 1.6700 to 1.6800

Stop above yesterday high 1.6592

Let us see how it goes....

Good luck to you all and great trading!
  • #159,467
  • Aug 20, 2009 2:59am Aug 20, 2009 2:59am
0736 GMT [Dow Jones] After June's 1.2% surge in UK retail sales, the July report due at 0830 GMT has risk to the downside, says Standard Bank's Steve Barrow. June was a very hot month, which triggered a big rise in the likes of summer clothing and this could have come at the expense of spending in July. Recent CPI data came in above forecast after retailers failed to cut prices as much as they have done before in the July sales. This, says Barrow, could also result in weaker than expected spending and if this is the case then sterling is likely to give ground, while short sterling and gilts push on to better levels. The DJN forecast for July retail sales is flat on the month and +2.5% on the year. (GST)

Contact us in London. +44-20-7842-9464

Conversely if Retail sales hold up well, we could see a knee-jerk £ strength reaction, ie say0.8% or more m/m ?

http://i32.tinypic.com/m8nper.gif
ex member
  • #159,468
  • Aug 20, 2009 3:00am Aug 20, 2009 3:00am
Quoting TauTrader
Good day to you,

I truly enjoy the goings-on in this thread and find it interesting how you see the market from your various analysis.I am learning myself use support and resistance and channels to take trades. So - do not take any notice of this analysis as I am only learning. I did however want to put this out there so you can give comment- if you wish.

I have entered short at 165.50 with my target 164.85 then 164.40 then 164.20.
I believe we will close the week down @ 1.6360 area - BUT I think we may close the month up above 1.6700 to 1.6800...
I would rather have an opinion than not have one, well presented. Thank you.
  • #159,469
  • Aug 20, 2009 3:00am Aug 20, 2009 3:00am
Quoting wormboy
hey faryad.
still holding short from yesterday. Got in @6443
DONT WORRY TODAYZ TROPHY IS ALL YOURS
  • #159,470
  • Aug 20, 2009 3:04am Aug 20, 2009 3:04am
Quoting TauTrader
Good day to you,

I truly enjoy the goings-on in this thread and find it interesting how you see the market from your various analysis.I am learning myself use support and resistance and channels to take trades. So - do not take any notice of this analysis as I am only learning. I did however want to put this out there so you can give comment- if you wish.

I have entered short at 165.50 with my target 164.85 then 164.40 then 164.20.
I believe we will close the week down @ 1.6360 area - BUT I think we may close the month up above 1.6700 to 1.6800...

I don't know when you entered short or indeed which t/f was your trigger but the lower time frames to 15min are trending up and 1hr is in a range so enetering on anything 15min or above is effectively entering a range. With Uk data due it is probably better to wait for the reaction for a clue to future near-term direction. Juts a constructive opinion, and Good luck with the trade.
ex member
  • #159,471
  • Aug 20, 2009 3:15am Aug 20, 2009 3:15am
Quoting qp2
Hi WB,
You are an inspiration, I shorted this morning at 6534 and am sweating on it.

The top of the channel and yesterdays daily hanging man convinced me.

I got a thrashing last night, my fault was trading sober...went long got premature cold feet, did not listen to DT shorted left a generious stop on it and made an equally generious donation

I thought it may have gone to the 6600 ( tonight just now) before reversing but maybe not
Thanks qp2.
Inspiration to you, madness to others lol. The plan is to not long under the 6600 resistance, so I'll stick to the plan
Close above and maybe I'll have to rethink the plan over.
Hope your trade goes well
Thank You
  • #159,472
  • Aug 20, 2009 3:15am Aug 20, 2009 3:15am
sell gu 1.6578 target 30 pip
  • #159,473
  • Aug 20, 2009 3:17am Aug 20, 2009 3:17am
Quoting vangcuibap
sell gu 1.6578 target 30 pip
basis?
  • #159,474
  • Aug 20, 2009 3:19am Aug 20, 2009 3:19am
Quoting wormboy
Thanks qp2.
Inspiration to you, madness to others lol. The plan is to not long under the 6600 resistance, so I'll stick to the plan
Close above and maybe I'll have to rethink the plan over.
Hope your trade goes well
Once again the Wormie giving good advice
Veni, Vidi, Vici (We came, we saw, we conquered)
  • #159,475
  • Aug 20, 2009 3:20am Aug 20, 2009 3:20am
Good day to you,

I entered 2/3 bars ago from the 1hr. In my opinion, there was a pinbar that formed and pierced the close of 2 days ago @ 165.57 - then pulled back. I entered based on that formation. Saw that as resistance.

As we stand now - not a good decision...

Thank you for your comments. Appreciated!

Highest regards
  • #159,476
  • Aug 20, 2009 3:26am Aug 20, 2009 3:26am
News in 3-4 minutes hold to your shorts now.
  • #159,477
  • Aug 20, 2009 3:30am Aug 20, 2009 3:30am
0.4%

Anyone thinks going short is still good?
  • #159,478
  • Aug 20, 2009 3:33am Aug 20, 2009 3:33am
Shit

It suddenly shoots up hit my Stoploss and Down ?

what ve just happnned ?
  • #159,479
  • Aug 20, 2009 3:33am Aug 20, 2009 3:33am
Made Beautiful +41 pips. This is second news I see this week went up after numbers came positive, I closed the long position and opened a sell position and it went down.
  • #159,480
  • Aug 20, 2009 3:35am Aug 20, 2009 3:35am
I'm now trading the reaction from the news.
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