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Cable Update (GBPUSD)

  • #195,941
  • Jan 26, 2010 4:11am Jan 26, 2010 4:11am
Quoting PipSqueeze
Wow, monstrous move on GU! Has this set the tone for the day do you think or will this move back up as profit taking occurs?
hard to say.. i'm on the sideline waiting for more info. is oversold right now but oversold conditions can stay that way for some time. there is potential to go up from here but it wouldn't be a smooth move so to speak and the benefit of the doubt right now is on the bear side but I'm content on the sidelines for better opportunities. This is where you take out your starting qb and put in the subs lol. Let them get hurt.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • #195,942
  • Jan 26, 2010 4:13am Jan 26, 2010 4:13am
Quoting tundeakins
Anybody using fxopen here? I opened a pending order prior to the news and the pending order was deleted telling me no money even when I have money in my account. But I have been opening pending orders prior to news. I want to ask traders is it because I increased my lot sizes to the highest the reason for deleting my pending order ? or does increasing the size of lot have anything to do with pending orders prior to major news release? Please i want you my real fellows to give answers to this before i contact them now.
Depends on Margin requirement. If you go up very big ..... Have you calculated how much margin reqd ?
  • #195,943
  • Jan 26, 2010 4:14am Jan 26, 2010 4:14am
Quoting england33
hard to say.. i'm on the sideline waiting for more info. is oversold right now but oversold conditions can stay that way for some time. there is potential to go up from here but it wouldn't be a smooth move so to speak and the benefit of the doubt right now is on the bear side but I'm content on the sidelines for better opportunities. This is where you take out your starting qb and put in the subs lol. Let them get hurt.
Shorting from S1 seems nice, just for scalping some pips! Already took +15, waiting to touch S1 again.
  • #195,944
  • Jan 26, 2010 4:15am Jan 26, 2010 4:15am
Crap, I dozed off and missed that whole move south and now Im in an untradable position, hoping to enter off a 50% retracement, but I feel a little like nomans land at the moment and I am not really sure of the longer term direction, we could be heading down to the 158 area again or this could start heading back up to the 164 and above region again...
  • #195,945
  • Jan 26, 2010 4:19am Jan 26, 2010 4:19am
UK economy can only get worst down the road. What strength does UK have? Financial sector will be slowly taken over by Hong Kong or Shanghai.
Face both Win and Lose bravely
  • #195,946
  • Jan 26, 2010 4:20am Jan 26, 2010 4:20am
Do9es anyone know what Mr. King said???
  • #195,947
  • Jan 26, 2010 4:20am Jan 26, 2010 4:20am
Quoting FXTheOne
Congrats mates, i was out before news at 6208, little bit regret now. Next S is 6130, i gonna watch this level carefully
thanks. i sold 6140 too nd i wait firs 6100 second 6080
  • #195,948
  • Jan 26, 2010 4:22am Jan 26, 2010 4:22am
Well I'm off to bed letting my G/A ride til next day AUD data release, already banked in net pips of 83 pips short on G/A, good luck to you all
  • #195,949
  • Jan 26, 2010 4:23am Jan 26, 2010 4:23am
Quoting maurofx
Do9es anyone know what Mr. King said???
I would guess, but that didn't get me too far last time. lol.
  • #195,950
  • Jan 26, 2010 4:24am Jan 26, 2010 4:24am
Quoting Shad
Tp 1 : 095

Tp 2 : 057





But If U Can Be Patient , We Will Catch 1.5893 This Week !






Attached Image (click to enlarge)
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* Never Trust To Any Indicator *
  • #195,951
  • Jan 26, 2010 4:24am Jan 26, 2010 4:24am
Quoting england33
hard to say.. i'm on the sideline waiting for more info. is oversold right now but oversold conditions can stay that way for some time. there is potential to go up from here but it wouldn't be a smooth move so to speak and the benefit of the doubt right now is on the bear side but I'm content on the sidelines for better opportunities. This is where you take out your starting qb and put in the subs lol. Let them get hurt.
Think you're right, sitting out is most certainly better than sitting in a losing position.
{Promotion Removed}
  • #195,952
  • Jan 26, 2010 4:26am Jan 26, 2010 4:26am
I'm long from 1.6125 - it will hopefully bounce off the 4 hour .786 Fib and there is also past support = future resistance. I may be wrong, but a good enough reason for me.
May the forex be with you |
  • #195,953
  • Jan 26, 2010 4:26am Jan 26, 2010 4:26am
Quoting Ctic
I would guess, but that didn't get me too far last time. lol.
That ain't good for trade neither for health my mate! My guess told to go short on news, but I didn't...guess in the long run it's much more better not to listen to your own guesses!!
What do you "guess" for cable's destiny?? LOL!!!!
  • #195,954
  • Jan 26, 2010 4:27am Jan 26, 2010 4:27am
Quoting antic81
Crap, I dozed off and missed that whole move south and now Im in an untradable position, hoping to enter off a 50% retracement, but I feel a little like nomans land at the moment and I am not really sure of the longer term direction, we could be heading down to the 158 area again or this could start heading back up to the 164 and above region again...
Hi ant how's it going.
You're not missing much tbh. Price is currently where you mentioned, no man's land. Won't hurt for you to wait to see if the current flag holds or break, if yesterday's low is taken you'd have plenty of room to short. If the daily does the opposite & bounce, long is back in.
Personally, I'd love for this thing to fall since i'm already selling
Have a good mate & good luck!
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Thank You
  • #195,955
  • Jan 26, 2010 4:29am Jan 26, 2010 4:29am
Quoting maurofx
That ain't good for trade neither for health my mate! My guess told to go short on news, but I didn't...guess in the long run it's much more better not to listen to your own guesses!!
What do you "guess" for cable's destiny?? LOL!!!!

It is going to go up, and down, up and down, up and down.

Seriously though, cable is bearish atm and should break bottom side of channel. However, we do have a master candle a couple days back that it has to break in order to continue bearish trend. Otherwise, bull market again back up. At least my long trade got stopped out and a very nice positive.
  • #195,956
  • Jan 26, 2010 4:36am Jan 26, 2010 4:36am
BOE King

Obama Bank Proposals Show Radical Reform On Table


1 of 1
London (MNI) - The most important message from US President Barack

Obama`s proposed reforms of the banking sector is that radical refrom is

on the agenda Bank of England Governor Mervyn King said in evidence to

the Treasury Select Committee Tuesday.

King stopped short of endorsing the specific proposals set out by

Obama and former Federal Reserve head Paul Volcker. He did however

stress it was important too ensure banks in future would be allowed to

fail.

Asked about Obama`s proposed reforms King said "The most important

thing is we are prepared to countenance radical reform."

He denied the UK was lagging the US in moving to regulatory reform.

"I don`t think anyone is either ahead or behind the curve. What the

proposals announced last week did I think is to make very clear that

radical reform is on the table."

He said "there are no simple answers" on financial sector reform

but retaining the status quo with the taxpayer effectively underwriting

the sector was the worst possible option.

King argued everyone had to understand the financial was inherently

risky and cannot offer significant guaranteed returns through

financial engineering.

"You can`t really pretend to have a large financial system with

assets on the one hand that are risky .... but on the other hand pretend

that the vast bulk of the liabilities which finance those assets will

see safe returns. That would be alchemy and that is simply not

available" he said.

"One way or another we have to reform the financial system in such

a way that it is quite clear that where risky assets are being financed

those who provide the finance know their funds are at risk and it isn`t

the taxpayer who has to step in" King said.

At the same TSC session BOE Deputy Governor Paul Tucker who heads

the bank`s financial stability arm said a key question is ensuring no

banks are too big to fail.

"One element of (reform is) ensuring financial institutions aren`t

too big or too important to fail" Tucker said.


1/26/2010 5:08:24 AM
  • #195,957
  • Jan 26, 2010 4:39am Jan 26, 2010 4:39am
Quoting Ctic
It is going to go up, and down, up and down, up and down.

Seriously though, cable is bearish atm and should break bottom side of channel. However, we do have a master candle a couple days back that it has to break in order to continue bearish trend. Otherwise, bull market again back up. At least my long trade got stopped out and a very nice positive.
I feel the bias is down and direction is now lining up with the bias so we should see some very bearish movement follow through this week. Being that we're close to the daily range for the pair for today I suspect there may be time to get in on a good retrace today for further weakness tomorrow. However current 4HR trendline which is a direct indicator of current direction is still up so bears enter with caution. We will know in the next 1 1/2 hours if we are in a real bearish market which I define as market direction is the same as market bias.
  • #195,958
  • Jan 26, 2010 4:39am Jan 26, 2010 4:39am
Quoting wormboy
Hi ant how's it going.
You're not missing much tbh. Price is currently where you mentioned, no man's land. Won't hurt for you to wait to see if the current flag holds or break, if yesterday's low is taken you'd have plenty of room to short. If the daily does the opposite & bounce, long is back in.
Personally, I'd love for this thing to fall since i'm already selling
Have a good mate & good luck!
Hey bud, hope your doing well mate!

I'm finally starting to make some money with my trading, lost a bit at the end of the year, not a huge amount, but enough to eat my profit up and piss me off!
Worst thing was I rarely got the direction wrong, it was my SL that would let me down, far to tight, going for the longer term moves now with a larger target in mind and instead of just having a 30 point stop, I really think about where I put it and dont chicken out if I go into the negatives, now all I need to master is my entries!

Looking good right now for a short, are you thinking right down to the 158 area?
  • #195,959
  • Jan 26, 2010 4:41am Jan 26, 2010 4:41am
update
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  • #195,960
  • Jan 26, 2010 4:45am Jan 26, 2010 4:45am
someone asked if king has spoken, not sure what he is saying atm but heres a snippet from the bbc
http://news.bbc.co.uk/1/hi/business/8479639.stm
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