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Cable Update (GBPUSD)

  • #178,621
  • Oct 23, 2009 9:11am Oct 23, 2009 9:11am
Just an observation, but EG has stopped at a pretty critical cross....

Could mean one of 4 things...

Euro follows GBP and drops like a stone
GBP does a significant retrace
All of the above, sending EG down to 200ma on daily
None of the above and it retraces back to top.

**Shrugs shoulders** REALLY good time to sit out the dance....
Attached Image (click to enlarge)
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #178,622
  • Oct 23, 2009 9:12am Oct 23, 2009 9:12am
http://www.bloomberg.com/apps/data?p...d=ioJti_e0AwIU
Oct. 23 (Bloomberg) -- The dollar gained the most against the pound in a month as the U.K.’s economy unexpectedly contracted in the third quarter, giving the Bank of England more reason to expand emergency measures to spur growth.

--- -

The pound fell the most in a month against the euro and declined versus the dollar after the Office for National Statistics said U.K. gross domestic product dropped 0.4 percent in the third quarter from the second. Economists predicted a 0.2 percent increase in a Bloomberg News survey. The economy has now contracted in six quarters.

The British currency declined to $ 91.78 pence per euro, from 90.44 pence yesterday.

‘Massive Shock’

“This is a massive shock for the markets,” Lee McDarby, head of dealing in London at Investec Bank Plc’s treasury solutions unit, wrote in a note. “Clearly this is not good news, with the U.K. economy one of the last still in recession.”
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #178,623
  • Oct 23, 2009 9:12am Oct 23, 2009 9:12am
Quoting TauTrader
Good day to you,

Navin, you really have a lot of skills in trading. You do. I will blast anyone that disagrees.. BUT - we have the very same problem. To be blunt, we think we know.... we PRE-EMPT..

And we are right, most of the time...just too early.

No disrespect to you, but we battle with the same things. We know these things, but we choose to ignore it, because we pre-empt. We think too fast. Price has got a purpose. Let us make peace with that. Once we are able to follow, we will be good. We can not lead price.

Look at DT, GM, Wormie,...

no doubt bro!! no doubt!!

next week i placing my trades and i could give a rats ass if my stops get it!!! no more thinking in trades...I do agree bro. I think a few of these posts u have written i will print out and read the next time a get a bright idea..

let the market lead the way! ..we will follow

  • #178,624
  • Oct 23, 2009 9:14am Oct 23, 2009 9:14am
Quoting TauTrader

The next person to tell me that price is just random, will be kicked in the butt. It's not. Price has got a purpose. The movements have got a purpose. It's all set out....


Wish you all success

Regards
True. Price movement may not be random but... I would say
that from moment to moment in these market enviroments,
there are random events (often chaotic price movement)...
all of which collectively remain under control... by a greater
(perhaps twisted and macabre) design in the greater moment.

"This perfectly describes the idea of chaos, which is when
a (sub)system is not reproducable but still deterministic."

Don't be caught in the moment.

Dr. D.
  • #178,625
  • Oct 23, 2009 9:17am Oct 23, 2009 9:17am
Quoting kill


1 of 1


[font=Courier][size=2][left]CABLE: Failed to make significant progress back above $1.6400 now
slipping back to fresh lows for the day under $1.6360. Techs are noting
the marginal break below the 100-day moving average at $1.6362. A close
below this level now eyed for further downside potential. A scattering
of bids now seen down to the $1.6350/45 area with stops below. Techs see
the 55-day moving...
..

lets see what happens here
Attached Image (click to enlarge)
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  • #178,626
  • Oct 23, 2009 9:26am Oct 23, 2009 9:26am
Quoting TauTrader
Good day to you,

I need all the power I get offered....promise!

By the way, just got an e-mail from one of your girlies....
GELORE
  • #178,627
  • Oct 23, 2009 9:30am Oct 23, 2009 9:30am
Hi, I got enough pips to spend from last short. LOL. now i took long from 1.6346. Well, The reason is, even though the TL has been breach, I dont think that blast movement was a valid throw to downside, we have a chance to go back where we were, while we got a daily pivot on 1.6360 area. and i saw a support around 1.6340 area. which pretty well near the daily pivot.

took 0.5 lot with tight sl, i dont determine yet. but really tight.
Does anyone took long?
  • #178,628
  • Oct 23, 2009 9:35am Oct 23, 2009 9:35am
Quoting fourxtrader
True. Price movement may not be random but... I would say
that from moment to moment in these market enviroments,
there are random events (often chaotic price movement)...
all of which collectively remain under control... by a greater
(perhaps twisted and macabre) design in the greater moment....
Good day to you,

You have summed it up perfectly. Price has got a purpose. No doubt. But getting to where it needs to be, we are offered with many a deceipt. These "traps" or chaotic movements are designed to suck you in and bleed you dry. That is why I do think that the longer timeframes are better to see an overall direction. Problem is:

" I want to get rich in a week. I therefor do not have the time or patience to wait, as the market ends tomorrow - there will be no more opportunities.."

Let us face the reality.... The standard retail trader is sitting at the bottom of the pile - very little information available. We do not see the order books. We rely on our charts to try and carve out a win...

If one can make it at this level ( retail) - one surely has to count amongst the very best traders in the world. Making a profit with all the odds stacked against you.

Again - wise words.

Regards
  • #178,629
  • Oct 23, 2009 9:35am Oct 23, 2009 9:35am
Quoting mloistianto
Hi, I got enough pips to spend from last short. LOL. now i took long from 1.6346. Well, The reason is, even though the TL has been breach, I dont think that blast movement was a valid throw to downside, we have a chance to go back where we were, while we got a daily pivot on 1.6360 area. and i saw a support around 1.6340 area. which pretty well near the daily pivot.

took 0.5 lot with tight sl, i dont determine yet. but really tight.
Does anyone took long?
I went long. TP 1.64500 SL 1.63340
Looking for 100 pips. Then
  • #178,630
  • Oct 23, 2009 9:39am Oct 23, 2009 9:39am
Quoting TauTrader
Good day to you,

You have summed it up perfectly. Price has got a purpose. No doubt. But getting to where it needs to be, we are offered with many a deceipt. These "traps" or chaotic movements are designed to suck you in and bleed you dry. That is why I do think that the longer timeframes are better to see an overall direction. Problem is:

" I want to get rich in a week. I therefor do not have the time or patience to wait, as the market ends tomorrow - there will be no more opportunities.."

Let us face the reality.... The standard retail...
Very wise indeed.. made me wanna cry.. remember of myself.
  • #178,631
  • Oct 23, 2009 9:41am Oct 23, 2009 9:41am
Quoting mloistianto
Hi, I got enough pips to spend from last short. LOL. now i took long from 1.6346. Well, The reason is, even though the TL has been breach, I dont think that blast movement was a valid throw to downside, we have a chance to go back where we were, while we got a daily pivot on 1.6360 area. and i saw a support around 1.6340 area. which pretty well near the daily pivot.

took 0.5 lot with tight sl, i dont determine yet. but really tight.
Does anyone took long?
you do not want to do that yet. If the dow sells off, cable will get hammered again.
good luck
Thank You
  • #178,632
  • Oct 23, 2009 9:41am Oct 23, 2009 9:41am
After that drop last night, ya can almost bet that broker STOP HUNTING is gunna be effin crazy...should make for some interesting swings in both directions.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #178,633
  • Oct 23, 2009 9:44am Oct 23, 2009 9:44am
Quoting wormboy
you do not want to do that yet. If the dow sells off, cable will get hammered again.
good luck
Thanks for ur info, i'll think it over very fast before my gain become pain.. thanks buddy.
  • #178,634
  • Oct 23, 2009 9:44am Oct 23, 2009 9:44am
Who is planning on weekend holds for a gap?
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #178,635
  • Oct 23, 2009 9:44am Oct 23, 2009 9:44am
Entered a risky Long here at 16350 area to take out the weak shorts.

Charts etc:

http://www.forexfactory.com/showpost...&postcount=218

I could be completely wrong, hence tight SL.
  • #178,636
  • Oct 23, 2009 9:46am Oct 23, 2009 9:46am
... there is NO reason why G/U will go up. Or $ get extrem weaker. But that u can forget. It will drop more and more . I wish a great weekend.

Greetz Xtra
  • #178,637
  • Oct 23, 2009 9:52am Oct 23, 2009 9:52am
Quoting direct-trade
Entered a risky Long here at 16350 area to take out the weak shorts.

Charts etc:

http://www.forexfactory.com/showpost...&postcount=218

I could be completely wrong, hence tight SL.
Good day to you,

You are not "completely wrong" - you are 100% correct. A 100 pip tolerance will see you profit..

My highest regards
  • #178,638
  • Oct 23, 2009 9:56am Oct 23, 2009 9:56am
Quoting mloistianto
Thanks for ur info, i'll think it over very fast before my gain become pain.. thanks buddy.

okay .. take it easy
Thank You
  • #178,639
  • Oct 23, 2009 9:59am Oct 23, 2009 9:59am
This To My Playaz In Da House Here:

Every Time That Mofo Freak >Within< Creeps Up Its Ugly Head...

Tell 'Em To Shut Up & Go To Hell...... Keep Your Focus On Your Goal, Friends....& Remember Why Ya'll Are In This Game In The First Place...

Look At The Bright Side & Stay Positive....

Like Chamillionaire says, Get Your Shine ON!

HAVE A FANTASTIC WEEKEND EVERYBODY!
Cheer Up & Enjoy!

Inserted Video
Hear the music before the song is over ...
  • #178,640
  • Oct 23, 2009 10:01am Oct 23, 2009 10:01am

1 of 1

CABLE: Skidded to fresh lows for the day at $1.6336 some 350-points
away from the highs seen at the European open. Close under $1.6362/46
(100-day and Weds low) now eyed by techs for fresh downside potential. A
break back above $1.6400 said to be needed to take the emphasis off the
downside.

10/23/2009 10:31:12 AM

CABLE

Skidded to fresh lows for the day at $1.6336.
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