Cable Update (GBPUSD)

Have a very similar little play in place. Small shot for the downside, but pa grinding this afternoon. GU does not want to pass 38.2 fib.

Break out break out.. i'm waiting for a break out.. ..

Two trade @ 1.6799 and @ 1.6770.. The first trade i posted a few days ago, and the second is today. Well i doubting my trade actually. LOL. but i put the SL @ BE.. But when i see the PA for last few hours. it built up my confidence. Long lower tail means there are sellers. while 1.6660 level keepin my short safe. Good Luck people.

looking 4 a new broker with better platform,i had gtf forex but i can no longer deal with them they have lost 3 withdrawls this mth. any sugestions, would like one i could fund today- withdrawl $ right away low spreads please help

Nov. 11 (Bloomberg) -- Investors turned pessimistic on the pound for the first time since April on speculation that the Bank of England will keep interest rates at a record low into the second half of 2010, a survey of Bloomberg users showed.
The U.K. currency will fall and gilt yields rise over the next six months, according to respondents in the Bloomberg Professional Global Confidence Index. The 1,558 participants remained optimistic about the global economy for a fourth consecutive month.
This month the Bank of England increased the amount of bonds it will purchase to $200 billion pounds ($332 billion) under its so-called quantitative-easing program to curb borrowing costs by pumping cash into the financial system. Concern about the country’s rising debt level led Fitch Ratings to say yesterday that the U.K.’s sovereign credit rating is most at risk among top-graded nations.
“The underlying trend is still to sell QE currencies and buy higher-yielding currencies,” said Shaun Osborne, a survey participant in Toronto who is the chief currency strategist at Toronto-Dominion Bank, Canada’s second-biggest lender. “Countries like Norway and Australia are tightening, whereas the U.K. is a long way away from” raising interest rates, he said.
Bank of England policy makers will keep their main rate at 0.5 percent until the third quarter of 2010, according to the median estimate of 42 economists surveyed by Bloomberg.
Diffusion Index
Sentiment toward sterling fell to 42.96 in November, from 50.49 last month and 62.04 in September, according to the survey. The reading is the lowest level since it dropped to 41.99 in March. The measure is a diffusion index, meaning a reading below 50 indicates Bloomberg users expect the pound to weaken. It was last below 50 in April.
Survey respondents turned bearish on the pound as it rose to a three-month high of $1.6843 on Nov. 9 and an almost two- month high of 88.98 pence per euro. Sterling has appreciated 15 percent against the dollar this year. Osborne said it may weaken to $1.61 and 93 pence per euro in the next three months.
The gains may be overdone given the outlook for growth. While the index measuring prospects for an improving global economy was 60.33, compared with 61.7 in October, the index for the U.K. fell to 34.51 from 39.71, the third straight decline.
“The fiscal deterioration in the U.K. is one of the worst in the developed countries and it’s going to have a very significant negative impact on the country’s recovery prospects,” said Ian Stannard, foreign-exchange strategist in London at BNP Paribas SA. “The Fitch warning sums up our concerns in regards to sterling.”
Dollar Bears
The U.K. remained mired in recession in the third quarter as the U.S. expanded, and Germany and France stopped contracting in the second quarter.
Respondents stayed bearish on the dollar for an eighth month, as sentiment improved to 42.42 from 31.23 in October. U.S. users maintained a pessimistic outlook on the U.S. for the 23rd straight month, or since the survey began in Dec. 2007.
Participants in Brazil, which has the highest interest rates among the countries surveyed at 8.75 percent, have the most bullish currency outlook. The index measuring sentiment toward the real was 74, versus 76.54 in October.
South America’s biggest economy grew an annualized 7.85 percent from April through June after two quarters of contraction. Respondents said they were the most confident in the Brazilian economy since March 2008.
Japanese Bonds
Respondents said they expect yields on government bonds in every country surveyed to rise. The U.S. 10-year note index rose to 68.54 from 64.51 in October. The yield on the benchmark 10- year U.S. Treasury rose to 3.47 percent yesterday from the low this year of 2.14 percent in January.
Users in France were the most bearish on yields, with a reading of 73.91, the highest level since the survey began. The yield on the benchmark oat has increased to 3.57 percent from 3.42 percent at the start of the year.
German respondents were the second-most bearish, with the index for German bunds jumping to 70.83 from 67.74, while the index for Japanese bonds climbed to 61.07 from 46.19 in October. Japanese 10-year yields have risen to 1.48 percent from 1.25 percent on Oct. 6.

Rather then lock @BE, if me am better close it now....n start from 6670/80...good luck

Hey kiddo,

PM'd you...

insta or fxpro

Hi all Just back from my work
and looks i got some +++PIP

Gold and Oil hitting some MAs and TLs... hope this does not stop Cable

Rather then lock @BE, if me am better close it now....n start from 6670/80...good luck [/quote]

Should I?? That is the break out i'm waiting for. Thanks anyway for your concern. I'm trying to do a swing trading.. I'm a little bit new in this kind of trading. usually i do day trading, but start from last month i'm trying to catch a big wave rather than daily wave. I'm not rushing anything, i'm just trying to learn everything from day trading and swing trading. maybe in a year or so i will catch your profit. LOL. in my dream..

wondering wat made the gbp/usd and gbp/jpy to go down rapidly??

Hi guys.. I'm very sleepy right now. Is this all we're gonna see tonight or are we heading south again? I don't want to go to sleep and miss the action if there's any.

Should I?? That is the break out i'm waiting for. Thanks anyway for your concern. I'm trying to do a swing trading.. I'm a little bit new in this kind of trading. usually i do day trading, but start from last month i'm trying to catch a big wave rather than daily wave. I'm not rushing anything, i'm just trying to learn everything from day trading and swing trading. maybe in a year or so i will catch your profit. LOL. in my dream..[/quote]

Kings comments in nthe Q&A this morning....He made a comment about a weaker pound being better for the economy at the moment.

What I see at present is a DP (1.67077) above a WP (1.65164), that is above a MP (1.62820). Cable has dropped south of the DP today, and probably heading down to the WP as I type. I'm expecting a little fight this week around the WP level, and with all the bad outlooks for Cable, maybe it is time for PA to make a move below the MP. It last passed above on the 11th of last month, if my eyes do not deceive me.

For fib loves such as myself on swing trades, we seem to be heading back to a 50% retrace from latest swing, at 1.65506. A 61.8% retrace takes us in to the 1.64821 region... a much discussed region on this forum.

Hope the above transpires.

All values from ODL

If you do some research you'll find that this often happens - as I posted elsewhere earlier....

Quote:
Agreed, support at S1 level of 6632 and resistance at MS1 / 6675 level.

As I guess most have noticed, when these ranges break we often get a very fast 50+ pip move - lets hope for that soon, its coming up to four hours since the low .....

and later:

So it was 4 1/2 hours before it could break - then down 50+ pips in 14 minutes....I took some off at the 600 level and the remainder at 585.

Its all about having patience .....

...I'm mindful of a 61.8% fib from a larger swing focus that is sitting at 1.65270.

Some guys calling me Nuts well even myself i see as nuts
But it is as it is
http://www.forexfactory.com/showthre...00#post3222100

All your stop loss are belong to us.

Nom nom nom nom.

Z

PS. Closed my short here. Will wait for a 1h close below 1.6550 before I consider re-establishing shorts.

PPS. As long as it doesn't close above 1.6660.