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Cable Update (GBPUSD)

  • #170,101
  • Sep 28, 2009 9:15am Sep 28, 2009 9:15am
Quoting TauTrader
Good day to you all,

Entered long from close to the current lower level of the daily channel @ 1.5820. Attached chart with explanation...

Just wondering....

Your thoughts?

Regards
Unless something causes it to break through here (5892) I think it's going back down.
Attached Image (click to enlarge)
Click to Enlarge Name: gu_1_hour.gif Size: 29 KB
Ghost Rider - WWTBMD?
  • #170,102
  • Sep 28, 2009 9:16am Sep 28, 2009 9:16am
Quoting gammase1
If that's your perception of PA, then you should stay out of any trades until you see, what you deem to be, a higher probability set-up.
Paul..
Ghost Rider - WWTBMD?
  • #170,103
  • Sep 28, 2009 9:17am Sep 28, 2009 9:17am
Quoting manize
Your chart is right Nav, that's why before reversed up I closed short +50 pips.
  • #170,104
  • Sep 28, 2009 9:18am Sep 28, 2009 9:18am
Quoting albchr
Paul..
How's trading going today, Chris?

I've been flat cable since Friday afternoon and I've managed hardly any screen time today.
  • #170,105
  • Sep 28, 2009 9:21am Sep 28, 2009 9:21am
Quoting gammase1
How's trading going today, Chris?

I've been flat cable since Friday afternoon and I've managed hardly any screen time today.
Oh, scraping together a penny or two here and there. I didn't get any chart time this weekend as I was working on designs. Trying to make up for that now...lol

Any other pairs of interest to you today?
Ghost Rider - WWTBMD?
  • #170,106
  • Sep 28, 2009 9:23am Sep 28, 2009 9:23am
Quoting TauTrader
Good day to you all,

Entered long from close to the current lower level of the daily channel @ 1.5820. Attached chart with explanation...

Just wondering....

Your thoughts?

Regards
I like your thinking - I trade longer time frames, Daily, 8 Hour and 4 hour - I bought the Engulfing Bull and 8 hour hammer this morning. (bouncing off the long term 382. We might even get a hammer on the daily.. All bullish signals to me, and the way I see it. So I'm sticking with my long - TP 16120. Will then look for a short.
May the forex be with you |
  • #170,107
  • Sep 28, 2009 9:25am Sep 28, 2009 9:25am
Quoting gammase1
If that's your perception of PA, then you should stay out of any trades until you see, what you deem to be, a higher probability set-up.
In fact that's what I have been doing since 5 - 6 hours ago. Did a bit of scalping during London time with tight Tps, and that was it. Flat on cable atm. Nursing my UJ and AU at the moment. Thanks for your thoughts, Paul.
  • #170,108
  • Sep 28, 2009 9:28am Sep 28, 2009 9:28am
Quoting TauTrader
Good day to you all,

Entered long from close to the current lower level of the daily channel @ 1.5820. Attached chart with explanation...

Just wondering....

Your thoughts?

Regards
I'm with ya T.

Holding for 1.63.
Yeah, I know, it's not coming today or tomorrow, but that's where I am targeting.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #170,109
  • Sep 28, 2009 9:29am Sep 28, 2009 9:29am
Good day to you,

SL moved to +10. Will now leave to see where we go.

Regards
  • #170,110
  • Sep 28, 2009 9:32am Sep 28, 2009 9:32am
Quoting Magix
I'm with ya T.

Holding for 1.63.
Yeah, I know, it's not coming today or tomorrow, but that's where I am targeting.
You are way ahead of me... I am not even looking at that @ the moment. Just trying to make a few....

Wish you success

Regards
  • #170,111
  • Sep 28, 2009 9:33am Sep 28, 2009 9:33am
Quoting TauTrader
Good day to you all,

Entered long from close to the current lower level of the daily channel @ 1.5820. Attached chart with explanation...

Just wondering....

Your thoughts?

Regards
I guess broker times and how you draw channels makes a real difference. On my daily, it's out of the channel and unless it closes back inside it, I'm thinking short........Hmmmm...lol
Attached Image (click to enlarge)
Click to Enlarge Name: gu_daily.gif Size: 29 KB
Ghost Rider - WWTBMD?
  • #170,112
  • Sep 28, 2009 9:35am Sep 28, 2009 9:35am
Quoting FXFundi
I like your thinking - I trade longer time frames, Daily, 8 Hour and 4 hour - I bought the Engulfing Bull and 8 hour hammer this morning. (bouncing off the long term 382. We might even get a hammer on the daily.. All bullish signals to me, and the way I see it. So I'm sticking with my long - TP 16120. Will then look for a short.
Good day to you,

I am not near that level of expertise as yet. Will see how we go....

Good luck and I wish you success

Regards
  • #170,113
  • Sep 28, 2009 9:39am Sep 28, 2009 9:39am
Quoting Alpha Hamste
In fact that's what I have been doing since 5 - 6 hours ago. Did a bit of scalping during London time with tight Tps, and that was it. Flat on cable atm. Nursing my UJ and AU at the moment. Thanks for your thoughts, Paul.
I think it's better if you try to focus on 1 pair first then you can understand PA pattern of that currency better and build confidence on your future trades
  • #170,114
  • Sep 28, 2009 9:40am Sep 28, 2009 9:40am
Quoting albchr
I guess broker times and how you draw channels makes a real difference. On my daily, it's out of the channel and unless it closes back inside it, I'm thinking short........Hmmmm...lol
I am possibly wording this incorrectly. I am referring to the channel of today. The channel for the daily price....

I apologize if this came across incorrectly. Your channel would be far better in terms of taking trades, I would guess...

Forgive me

My highest regards
  • #170,115
  • Sep 28, 2009 9:42am Sep 28, 2009 9:42am
Quoting albchr
Oh, scraping together a penny or two here and there. I didn't get any chart time this weekend as I was working on designs. Trying to make up for that now...lol

Any other pairs of interest to you today?
USDJPY is of some interest right now, Chris, as I think the sell-off is way overdone from a fundamental perspective. But sentiment rules right now and there is a determination to at least test both January's low of 87.00 and the resolve of the new government's "strong currency" policy.

As I've said before, a stronger currency from these levels will exert much pain on Japan's economy and mire the country even deeper in deflation, which is a nightmare scenario for a country with public sector debt running at 200% of GDP.

Also supportive of a stonger yen are the vast levels of funds being repatriated by the country's exporters ahead of this week's accounting deadline. Obviously, it is impossible to quantify the exact impact this factor is having on price.

I am waiting to see how today's daily candle closes, as we could be given a hammer (a potential short-term reversal signal), should price remain at current levels. The market is very long JPY right now (according to COT), with short USDJPY positions at their highest levels since February, meaning we could see a short-squeeze prior to any move south.

For now, I am sitting and waiting to see what unfolds on the charts, as going counter-trend is not something I particularly enjoy.

Paul
  • #170,116
  • Sep 28, 2009 9:42am Sep 28, 2009 9:42am
  •  ams
  • | Joined Apr 2009 | Status: Perspective,Position,Plan ,Pattern | 2,859 Posts
It's very tempting but IMO, now is not the good time Chris, it was before US open. Sucker can shoot up 50 pip anytime.

I would say wait for WED for NFP. Prep work for it.
Until then people might just buy or it will range.


Quoting albchr
I guess broker times and how you draw channels makes a real difference. On my daily, it's out of the channel and unless it closes back inside it, I'm thinking short........Hmmmm...lol
  • #170,117
  • Sep 28, 2009 9:43am Sep 28, 2009 9:43am
Quoting TauTrader
Good day to you,

I am not near that level of expertise as yet. Will see how we go....

Good luck and I wish you success

Regards
No expert, just trade what I see. Hope I'm correct!
May the forex be with you |
  • #170,118
  • Sep 28, 2009 9:52am Sep 28, 2009 9:52am
well said.
i agree that's way overdone as the new government "had no intention to intervene in the currency market", but the market interprets that the country desires a stronger yen.
implicitly the japanese acknowledges that they can no longer rely on exports because of slowing demand from the major trading partners. therefore they turn their heads to internal demand and hence weaker yen may be less important.
but still, considering the overall economy and the debt level of japan, USDJPY is ridiculous to be trading at anything under 90 in the long run IMHO.
Quoting gammase1
USDJPY is of some interest right now, Chris, as I think the sell-off is way overdone from a fundamental perspective. But sentiment rules right now and there is a determination to at least test both January's low of 87.00 and the resolve of the new government's "strong currency" policy.

As I've said before, a stronger currency from these levels will exert much pain on Japan's economy and mire the country even deeper in deflation, which is a nightmare scenario for a country with public sector debt running at 200% of GDP.

Also supportive...
  • #170,119
  • Sep 28, 2009 9:55am Sep 28, 2009 9:55am
I think cable is ready for correction now.

1.6050 would be a good target
  • #170,120
  • Sep 28, 2009 9:55am Sep 28, 2009 9:55am
Quoting ams
It's very tempting but IMO, now is not the good time Chris, it was before US open. Sucker can shoot up 50 pip anytime.

I would say wait for WED for NFP. Prep work for it.
Until then people might just buy or it will range.
Whoops...lol...too late. Already short at 5906. But at BE already so we'll see.
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