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Cable Update (GBPUSD)

  • #178,521
  • Oct 23, 2009 4:30am Oct 23, 2009 4:30am
Quoting nwsuccess
This is classic! lol Good thing I know you're joking. You are joking, right? hehe However, that's what a lot of traders start thinking after a big drop.

Not Really mate....A lot of tradesr think of when to buy so they can grab some pips on retracement....this guy is going with the trend...Which is down....But I agree with one thing matey...dont know what indicator he is using unless he is talking about larger TF...where his indicators say to go short now after 185 pips move down..

Good Luck
GeppyG
Let Price determine your future!
  • #178,522
  • Oct 23, 2009 4:38am Oct 23, 2009 4:38am
Quoting gun2_85
its time to short gu according to my indicator
it's nearly 200 pips down, isn't it a bit too late??
  • #178,523
  • Oct 23, 2009 4:38am Oct 23, 2009 4:38am
Quoting egkid
I closed my short and guess what!!!!!!!!!
1h drop 250 pip THIS IS NUTS GAMBLING
sorry for that bro allways theres next time
  • #178,524
  • Oct 23, 2009 4:41am Oct 23, 2009 4:41am
The best thing to do after a large retrace is to 'wait and see' rather than speculate, or jump straight back in trying to catch a few pips.

From the next support at1.63x, this could still rebound today to close at 1.649 or thereabouts before going either direction next week. If you're shorting from this point 'expecting' it to go straight down to 1.58 it may or may not happen without a retrace - if your account can cope with the drawdown then that's great but MM is key here to safeguard your account.

Quoting pipnapper
weekly close below 1.63 next week to 1.58

last 2 weeks incline was for no reason.
  • #178,525
  • Oct 23, 2009 4:47am Oct 23, 2009 4:47am
I wonder what would happen if the weekly candle close below the UTL?? Anyone care to guess??
Attached Image
  • #178,526
  • Oct 23, 2009 4:47am Oct 23, 2009 4:47am
Quoting kill
sorry for that bro allways theres next time
Yeah The important question i try find an answer
why it been move UP for days and now 1h drop 270 pip
WHAT HAPPEN? any news??
  • #178,527
  • Oct 23, 2009 4:49am Oct 23, 2009 4:49am
loading long s/l 1.6367
  • #178,528
  • Oct 23, 2009 4:50am Oct 23, 2009 4:50am
Guys, where do u think this gbpusd will hit bottom before a retracement and going down again? any numbers?
  • #178,529
  • Edited 5:26am Oct 23, 2009 4:51am | Edited 5:26am
Quoting egkid
Yeah The important question i try find an answer
why it been move UP for days and now 1h drop 270 pip
WHAT HAPPEN? any news??
It's been rising since last week coz of change in asset purchase policy by the uk government, something to do with quantitative easing which im not really sure what it's about but im sure someone here will be able to provide more info. GBP gone down coz there was wide speculation that the UK economy would finally be out of recession this quarter, but the prelim GDP still showed that the economy is still contracting.
  • #178,530
  • Oct 23, 2009 4:56am Oct 23, 2009 4:56am
Quoting isguru
The best thing to do after a large retrace is to 'wait and see' rather than speculate, or jump straight back in trying to catch a few pips.

From the next support at1.63x, this could still rebound today to close at 1.649 or thereabouts before going either direction next week. If you're shorting from this point 'expecting' it to go straight down to 1.58 it may or may not happen without a retrace - if your account can cope with the drawdown then that's great but MM is key here to safeguard your account.
I went short at 6660 before gdp with a stop at 6750.
Lowered my stop to 1.65, my target is 6150.
Nothing to worry.
  • #178,531
  • Oct 23, 2009 4:58am Oct 23, 2009 4:58am
Grashid,

Can you please explain me your setup? I think you are using some kind of Gann square of 9 indicator but I am not sure what the coloured horizontal lines on your chart are. You almost caught the exact top today, quite impressive. Can I PM you? Many thanks in advance.

Regards
  • #178,532
  • Oct 23, 2009 4:59am Oct 23, 2009 4:59am
Quoting egkid
Yeah The important question i try find an answer
why it been move UP for days and now 1h drop 270 pip
WHAT HAPPEN? any news??

bro GDP is the answer it was bad

Prepared by: FX Solutions UK Park House 16 Finsbury Circus, London EC2M 7EB

1 of 1

UK DATA: Preliminary Q2 GDP -0.4% q/q; -5.2% y/y; median +0.1%;-4.6%
--Services output -0.2% q/q; -3.8% y/y
--GDP posts 6th consecutive q/q fall; not seen since records began 1955
------------------------------------------------------------------------
GDP fell 0.4% q/q in Q3 below all forecasts in an MNI survey and
the sixth consecutive q/q fall in GDP something not seen since records
began. Services output fell 0.2% q/q while production was down 0.7%.
Agriculture and construction were down 1.6% and 1.1% respectively. The
Bank of England had forecast the UK to come out of recession in Q3 with
the Aug Inflation Report implying a q/q rise of 0.3%. This outturn is
some 0.7pp below their forecast which will come as a surprise to them
given recent comments suggesting growth was in line with their
projections. More people have been suggesting recently that the BOE is
unlikely to provide more QE given the economic data but these figures
are likely to swing expectations back in further of more action.

10/23/2009 4:30:10 AM

UK DATA

Preliminary Q2 GDP -0.4% q/q; -5.2% y/y;....
  • #178,533
  • Oct 23, 2009 5:07am Oct 23, 2009 5:07am
Quoting kill
bro...

We in the UK are officially still in a recession, and that came as a surprise to most people, now the panic...be interesting to see what reaction we get from the UK government...
  • #178,534
  • Oct 23, 2009 5:09am Oct 23, 2009 5:09am
Quoting kill
bro...

AND GUESS WHAT, They found out uk in bad economy situation NOW
After it has been moving up for days.
none sence to me
  • #178,535
  • Oct 23, 2009 5:11am Oct 23, 2009 5:11am
I am now on the sidelines, all positions closed. Current status here:

http://www.forexfactory.com/showpost...&postcount=207

Have a great weekend
  • #178,536
  • Edited 5:23am Oct 23, 2009 5:13am | Edited 5:23am
That bad GDP prelim figure might be the catalyst we need to see the cable back down into its mid to low areas of a 5 month daily range. Surely that figure only strengthens the fact the cable is trading at a overvalued price against the USD when all fundamentals are considered??? Technically correct maybe but fundamentally incorrect....anyway
I’m short 1.6598 as of the 21st. Been difficult holding this but the true direction could of just been decided by the prelim fig...after all there would be lots of sellers waiting at 6598/ 6744 levels needing something like this fig to confirm their trades, not to mention the Interbank traders who are waiting at the extreme ends of the this daily range and really do have the power to change market direction. Let’s see if this can hold and continue.

Strategy: 1. Tighten stop by 150pips from price action once the following key levels have been broken and held 6374, 6103.

2. Look for reversal patterns of the 4hr and daily.

Trade: Short 1.6598, SL 1.6840, Target profit area 1.59/1.57
Attached Image (click to enlarge)
Click to Enlarge Name: mt chart1.jpg Size: 142 KB
  • #178,537
  • Oct 23, 2009 5:14am Oct 23, 2009 5:14am
Quoting egkid
AND GUESS WHAT, They found out uk in bad economy situation NOW
After it has been moving up for days.
none sence to me

ALthough it did seem to come as a bit of a surprise, there could well have been some big players who were pushing GBP up in order to get a nice sell price...

I love how the BBC are really pushing it now...we still are .2 % up on the last quarter...its a start.
  • #178,538
  • Oct 23, 2009 5:14am Oct 23, 2009 5:14am
Quoting MHuzaifa
loading long s/l 1.6367
It's dangerous to trying to catch a falling knife.

Good luck
Addicted to FX
  • #178,539
  • Oct 23, 2009 5:19am Oct 23, 2009 5:19am
You and Global Macro are the best on this forum, and congrats on your account reaching £200k, well deserved from the posts you put up.
I hope Global can lay claim to the same impressive stats, and that I'll be able to do so some day too.

Quoting direct-trade
I am now on the sidelines, all positions closed. Current status here:

http://www.forexfactory.com/showpost...&postcount=207

Have a great weekend
  • #178,540
  • Oct 23, 2009 5:19am Oct 23, 2009 5:19am
Quoting Powerm@n
It's dangerous to trying to catch a falling knife.

Good luck
Depends on how you do it !!

http://i35.tinypic.com/241pgcx.jpg
regular bullish divergence set-ups on both 1min trigger and supported by this 5min reversal set-up too @ that potential support zone the previous 1hr swing lo=previous support=potential support zone
http://i35.tinypic.com/2jadiqr.jpg

+24pips booked from the set-up.

G/L
ex member
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