Cable Update (GBPUSD)

...yes , looks quite powerful!....flag broken ....i wonder what sort of targ that gives ...1.58...?

RESOLD gbpu & audU, 40 PIPS

6055..yes, we out to early, the bears got mad chasing daily S2 maybe.

Next support is maybe 1.5800 mate..By the way, anyone know the reason for this big sudden move ?

wow... it seems everyone is doing well.
I will wait to BUY the cable.....
may be tomorrow...................

My GBPUSD trade and i am finish for today


Cheers

...time for me to go home , mama melba's calling ..don't want to make her cross ....good luck and good w-e to all

That's it for me this year guys.

It's been a pleasure trading and chatting with you...

Seasons best to you and your families, and a Happy Holiday Season!

See you all next year!

İt's over . i m out

Watch out

the mention of 300 billion potential loss to banks in the euro zone this morning did not help .. that is what caused the drop

anyone long euro or gbp with large draw downs should think about getting out and a recovery plan.

Euro zone iso n the verge of a melt down . Euro target for 2010 1.15 or lower

gbp target by june 2010 I had 1.4500 , But I think lets say 1.3500 for now.

those who have had a go for me calling this stuff and it taking 7 months to unfold ..... go tell a hedge fund manager you had to wait 7 months t0 make 1500 % of investment ... they will hire you with an 8 figure salary immediately.

I have been tracking the impending drop for months now. .... this is a large top forming on GU , much like the one that formed in 2007 before a decline 2.000 to 1.35000

The late drop in cable looks overstretched to me
There is a decent support here

I am buying here @ 1.6090

seems is the ultimate word

according to forex factory we are all billioanaires and anyone that takes upo trading can become pros in about 7 days and make all kinds of money with ease.

The stats of 75 % fail , 10 % break even , 10% make an ok living and 5% make it the millionaires cluib trading aree wrong according to ff. It is more like 75% make to to millioanires club , 10% make over 50 k per month , 10% break even and 5% lose money .....

if this was really the case why do brokers push there wares so avidly .. they make so much money of those 75% that fail as most retail traders trade at a broker not an ecn .....

I have been in game 7 years , amd not boasting but am better than most out there ... I manage to eek out an average of 350 pips per week consistantly , and by the end of the week am completely fried.

Trading is not an easy game .... most on here talk of of wins and not of losses

to add to this the next few weeks going forward will be fairly easy to make money , trade with the trend , wait for retarcements of the trend and above all in order to save getting yourself in trouble avoid counter trend trading......

I see some are already taking longs going into the weekend .... nice why do you think we had that up move in london last night that i mentioned was bs ? all the euro zone news is bad and getting worse. ......those kind of trades to me are super high risk ..... stops will not be adhered to if we have gaps on the weekend.

I see some are favoring shorts going into weekend....nice if I may ask:

At what level did you exactly sell ???

Malcomb,
Your making me laugh here. Have you forgotten the USdebt clock? The odd 12+ trillion US national debt. I can assure you that the rest of the world has not overlooked it. Not a big enough number? how about the 55 trillion US total debt. I don't think the odd shortfall in Greece is going to trouble the investment world quite as much as the US problem in the long run.

In the meantime, the likes of Germany and France would love the Euro to come down to parity. Ask Airbus how difficult it is competing against Boeing with these exchange rates. The US dollar is where it is for a reason and that reason is because they can not run a budget. They are effectively broke. The only problem remaining is that the rest of the world, mainly China, has lent them so much money they cant afford to let them go under, not just yet anyway.

Still around then GM? Long here from 1.6090. Was short but all the time it remains in the channel I will continue to expect it to bounce from top to bottom of that channel.

ok here is my theory ...

USD is toast ... within 5 years it will be worthless...

HOwever .. imagine all the bonds that China has ... and Russia etc etc . Would you screw your buddies ? they are going to an all mighty doallr short squeeze ...maybe even take usd to all time high . Then all current holder of bonds can get out of them with a nice fat profit.

Then the international money will change ito euro based ..... think they will change it when euro is flying high , all countries will suffer large losses as the reservses are changed form usd to euro right now.

They will try everything they can to bring balance to the global system and then swtich the international money form usd to something elselike a euro based currency)

I have not read this any where just been thinking abt why would they move usd up so high

also look at the eurozone......they get into trouble there is NO fed to bail them out. Think that all the european countries will come together to resolve stuff ..... likely not

gdp growth of france , germany , spain and italy forecasted to be about 1% in the years ahead US will ouytpace that by 2.5%
also unemployment in france spain and germany all exceed that of the US.

and who has the most debt any way I think Greece has deficit 140 % of gdp .....and i am not sure that other european countries are much different

UK keeps prinintg like mad.....

it is not a question that USD is a pile of crap ... but the question is is it any worse or better than the gbp or eur ?

GM
I must admit something, There was 1 man i find him best one on FF since 3 years i have been here ,He is Down river trader but unfortunately he stop post
The only man i find him take his place only you GM
You know exactly what are you doing (Wish you all the best and hope you post some more to learn from you please)

Of course there are many great trader i like them and follow what they post but In my View GM No:1
Thanks
Egkid

USD is toast ... within 5 years it will be worthless...

No doubt about it the UK is in worse trouble than the US. Debt as percentage of GDP is similar but without the diverse resource to recover, it's banking or nothing.

Europe on the other hand is pretty well placed. Yes a few problem areas like Greece, Spain, Portugal but it's really Germany and France that are the power house and they are fine. Complaining but fine.

Accept your view re-China and the like and getting out of the US Dollar is itself a problem but I don't think they are happy to throw good money after bad, hence China making noises about alternate reserve currency that they would like to see their dollar holdings switched into.

To tell the truth I think your scenario is along the right track except that I expect pretty well all of the western world to effectively devalue, so we won't notice much difference between ourselves. Euro will probaly end up stronger than Europe wants it to be but they will eventually get used to it and UK will join Iceland and do a reluctent and expensive move into the Euro.

I can see what you mean about the USD, but one thing is the US will not relinquish its currency as the international base currency.. might not be caled the USD, but they will have a hold on it what ever it gets called..

I'm also inclined to think we see the end of the euro before the end of the USD..