Cable Update (GBPUSD)

This is as exciting as watching paint dry at the moment

and BTW.. the yesterday daily candle it shows only the moment to sell.. i'll not be surprised if cable will close this week bellow 1.64..

anyway if does not, surely the week will close bellow 1.6610

holding my short position and wait for break of 1.6700

There are only 2 ways this can go up or down (forget about sideways im keeping it simple)....Now as i mentioned in my earlier post at 9.25 ish we are at some major resistance horizontally and from a trend channel top. We are not just going to waltz through this area and it is likely we will bounce aroung this region for a while...we have done so for the last 3 days. Now when the market is like this people look to buy and sell of these key areas as the odds are most likely in your favour for a bounce. When we had that news that is what we call a knee jerk reaction where everyone decides to buy and then sells very quickly to cash in small profit. Remember if break through this area of 6744/ 6789 we are heading to 68844 and then 1.70. I think that is a crazy price but as they say the 'market is alway right'

The big players i.e interbank traders tend never to trade around the value area as this is where price trades most and it is least likely your trade is going to work beacuse its kind of 50:50 price trades to eitherside of this area. Instead what they do is wait for price to test the extreme end of the profile ie.' T' prints in this attavhement or 'K' print at the bottom and sell the top or buy the bottom...there odd are highest here. If these guys want to push price higher then they will buy towards the top where everyones stops are and cause the market to spike. At which everyone else gets excited and starts buying and cause price to start trending up.

Point to all this is....at this key point your better of staying out of that news trade because the bulk of people cant afford to have that news realtime and miss the move by the time it has been given on forex factory. Dont get me wrong Forex factory is the next best thing and I still use it. wait for the market to decide...let this level break or reverse...get your confirmation of the longer time frames and then place your position.

hope that helps

has anyone got a crystal ball ? i feel the bear's are hungry any one agree or disagree ?

TOTALLY AGREE
SEE MY POSTS ABOVE

Todays value area is 1.6728

It is likely we are going to trade back to this point and possibly test the lower end of the profile before heading further up.

Saying that there is a big ledge at 1.6728...we may just bounce of this back up, however if fall below 6723 then we may stay down there for a while as it is alway tough to break above a ledge then fall of as they say.

EU is still over-cooking at 1.50 which indicates GU needs to fall plus over buying plus news didn't make did squidly difference so all eyes on the south bound friends. But what station to jump on that my friends is the question. Any fool can enter a trade like 'sticking a tail on the donkey' - but much better when yours eyes are open.

Rob

I am thinking of shorting. seems price has been kept higher for a reason it doesn't need to be.

Good day to you,

Attached a chart. Numbered and referenced. Keep these levels in mind when you plan.

1) The high of yesterday@ 1.6786
2) The upper level of the daily channel by low @ 1.6770

Both these levels should be offering resistance for a further move up.

3) Today's open @ 1.6744

As long as price remains above this level, it has to be seen as a bullish signal - only just though - this is the first area that has to go before shorts can come in.

4) The 50% line of the week is sitting @ 1.6721 - this is always an important level. A bounce from here can be expected should price come down from it's current levels. Once broken with purpose, it will act as resistance.
5) The high of last month @ 1.6693 - also an indication that we are up so far for the month - will be another very strong level to watch.
6) The weekly opening price @ 1.6663

Price trapped in a relatively narrow range. Watch 1.6786 thus for further bullishness. Watch 1.6693 for a bearish bias.

Hope this assists

Wish you all success

Regards

short from 67800..

holy, that spike scared me ...

Sorry, I mean the spike to 6798 *_*

what was that ?

Are stops for the shorts and the longs being taken out here before true direction?

Im guessing that was the Govenor of the BOE!

Pretty wild movements... ***Mervin King has the floor - QnA session*** (BOE GOV.)

"A lower sterling should help economic recovery" - ... He needs to speak more often.

He's about the only Cb Gov. I have respect for - he appears to be a realist, unlike the Aussies, Nz or even worse the ECB - These guys are forever hawkish, everything is always fine in their economies. Sometimes I think they get a high from being overly hawkish; either that or they trade. lol




Oh the day when Trichet says a "lower euro should help recovery"....

Yeah, forgot about that man...

don't be scared.. it is just the RETURN to normallity

the cable is still WEAK and it was kept up without reason or maybe for a better point to short..
i have short opened positions see my post from last hour

just an advice SHORT THE CABLE, GO ON VACATION FOR TEN DAYS AND TURN BACK then you'll see it at 1.6250 - 1.63 area at least

let's see if it can find support around the 1.6660 area

1.6775 !