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Cable Update (GBPUSD)

  • #196,781
  • Jan 28, 2010 7:08pm Jan 28, 2010 7:08pm
Quoting damonl
Yes my friend, I did see your picture earlier as well. I think it will be a good call. Please keep posting your stuff. I can scalp, long term trading should be easy right?

But seriously, I do enjoy your posts
yes, It should be easy and emotion free but only with a good MM.
but this cable take too long to execute his long term view.
it destroys my mind.
but I'm very patient and still holding my shorts since Jan 8th. and added to them through the last up move to 1.6450.
I'm very heavy now.

Take care and happy pips.
  • #196,782
  • Edited 7:47pm Jan 28, 2010 7:13pm | Edited 7:47pm
Quoting damonl
I don't know...I put a .25% on a short with a SL at 1.6170 ..I think 1.6150 will hold If I get up 40 pips or so I will probably go to B/E+1, and let the profit run..If this happens, should easily see 300 pips profit or more.

Back to my regularly scheduled scalping....of which I am short biased

so now we have the same SL damonl..., and if (i hope not) have to 'get out'...,at least i have a friend...., ........
I will be the number one Manager.
  • #196,783
  • Jan 28, 2010 7:15pm Jan 28, 2010 7:15pm
Quoting Baby-Trader
yes, It should be easy and emotion free but only with a good MM.
but this cable take too long to execute his long term view.
it destroys my mind.
but I'm very patient and still holding my shorts since Jan 8th. and added to them through the last up move to 1.6450.
I'm very heavy now.

Take care and happy pips.
wow...yes, cable can take forever. Just make sure that you are greedy enough to take profits
"Keep your eyes on the helpers" - Mr. Rogers
  • #196,784
  • Jan 28, 2010 7:17pm Jan 28, 2010 7:17pm
Quoting javapips
so now we have have same SL damonl..., and if (i hope not) have to 'get out'...,at least i have a friend...., ........
Power in numbers my friend........ .........
"Keep your eyes on the helpers" - Mr. Rogers
  • #196,785
  • Jan 28, 2010 7:26pm Jan 28, 2010 7:26pm
My bias is very bullish for $
I suggest Long $ against all pairs.
see the chart below (USDIX)
Attached Image (click to enlarge)
Click to Enlarge Name: usd.gif Size: 26 KB
  • #196,786
  • Jan 28, 2010 7:38pm Jan 28, 2010 7:38pm
Quoting Baby-Trader
My bias is very bullish for $
I suggest Long $ against all pairs.
see the chart below (USDIX)
Try not to be too quick with your targets, though I suspect that you are right. I bellieve the USD could be bullish for another 5 - 7 years. Let me see if I can find a chart

Well, I think I deleted it, but it showed how over the past 50 years, the dollar us bullish, then bearish in streaks for up to 10 years at a time with nothing less then 7 years +, and we are only over our 1st year.

Cheers
"Keep your eyes on the helpers" - Mr. Rogers
  • #196,787
  • Jan 28, 2010 7:42pm Jan 28, 2010 7:42pm
Quoting Baby-Trader
this is a contrary indicator. it means that the price will go south.
yes. i noticed that. i was wondering why price will go against traders' sentiments!
  • #196,788
  • Jan 28, 2010 7:58pm Jan 28, 2010 7:58pm
What is it going to do? This to me is nothing but the usual rebound from the Asian Push. Glad i will be going to bed after I am done with my scalps.
"Keep your eyes on the helpers" - Mr. Rogers
  • #196,789
  • Jan 28, 2010 7:59pm Jan 28, 2010 7:59pm
Quoting hnosair
yes. i noticed that. i was wondering why price will go against traders' sentiments!
Hope it help.

How to Interpret the SSI? The FXCM SSI is based on proprietary customer flow information and is designed to recognize price trend breaks and reversals in the four most popularly traded currency pairs. The absolute number of the ratio itself represents the amount by which longs exceed shorts or vice versa. For example if the EURUSD ratio is 2.55, long customer orders exceed short orders by a ratio of 2.55 to 1. Conceptually similar to contrarian analyses using the CFTC IMM open position data or COT Report, the SSI provides an alternative approach that is both more timely and accurate in forecasting currency price movement. The SSI is a contrarian indicator that tells you how the market is weighted and where the trend may head. More long positions don't necessary suggest more confidence in the direction of the current trend. In general, when traders start having adverse movements against their position, many tend to increase the size of their position with the purpose to average down their entry price in one last attempt to recover from previous losses. However, the higher the number of short orders in a bull market the more dangerous is to take additional shorts because many of those traders who just entered the markets are also leaving their protective stop losses just above the current price action.
  • #196,790
  • Jan 28, 2010 8:02pm Jan 28, 2010 8:02pm
magix..

what do you think?

cable will bounce up again to 62xx or going all the way down?
Patience + Discipline =
  • #196,791
  • Edited 9:14pm Jan 28, 2010 8:08pm | Edited 9:14pm
Hey BT,
Anything is possible, however, breaching 80 and sustaining it will require some major changes out of the US, also, the main weighting of the DX is the EURO, thus fiscal recovery in Europe as well as Global recovery, if in harmony with the US will be a Huge factor in its value.

The Euro is testing lows from 09. When things turn around a bit the impact will be huge.

Here is a chart of DXY --EDIT - CHART NOT POSTING -- TRY AT BOTTOM--
http://www.actionforex.com/images/st...0091124w11.gif
About the DXY:
Quote
The Dollar Index (DXY) is usually considered a trading equivalent of the spot currencies on which it is based. But despite its firmly speculative nature, the index has been no more volatile than its currency components over the past year and in specific cases it has been considerably less so.

The DXY is composed of a basket of five currencies, Euro 57.6%, Yen 13.6%, Sterling 11.9%, Canadian Dollar 9.1%, Swedish Krona 4.2%, and Swiss Franc 3.6%. The index, whose futures trade on the Intercontinental Exchange, was originally created...
Action Forex -
Quoting Baby-Trader
My bias is very bullish for $
I suggest Long $ against all pairs.
see the chart below (USDIX)
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #196,792
  • Jan 28, 2010 8:09pm Jan 28, 2010 8:09pm
Seperate post...Not answering for Magix....

It seems the 5M and the 1H are biased bull, but the 15M, 30M, 4HR and D are still biased short as I can tell.

I try not to pass judgement on direction on the 1M, as I don't care what it is, as long as it is.
"Keep your eyes on the helpers" - Mr. Rogers
  • #196,793
  • Jan 28, 2010 8:11pm Jan 28, 2010 8:11pm
Quote
The Dollar Index (DXY) is usually considered a trading equivalent of the spot currencies on which it is based. But despite its firmly speculative nature, the index has been no more volatile than its currency components-----, Euro 57.6%, Yen 13.6%, Sterling 11.9%, Canadian Dollar 9.1%, Swedish Krona 4.2%, and Swiss Franc 3.6%. The index, whose futures trade on the Intercontinental Exchange, was originally created in 1973 by JP Morgan. It components have only been rebalanced once for the inception of the Euro.
[b]Indices are private trading...
Action Forex -
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #196,794
  • Jan 28, 2010 8:14pm Jan 28, 2010 8:14pm
Quoting XTrade
Hey BT,
Anything is possible, however, breaching 80 and sustaining it will require some major changes out of the US, also, the main weighting of the DX is the EURO, thus fiscal recovery in Europe as well as Global recovery, if in harmony with the US will be a Huge factor in its value.

The Euro is testing lows from 09. When things turn around a bit the impact will be huge.

Here is a chart of DXY 25 year
http://charts.barchart.com/custom/stocks/1372.gif

About the DXY:

Action Forex -
I strongly believe that in a time of any crisis, every country except a few look to the US for support. This is one of those times. The US will lead of out of another crisis, and then we will the worlds grotesque country once again, but now, the world needs us.

Though you are right, that is not a bear correction, but a bull wave 1.

Will see what happens, in the mean time Play Your Charts and Green Pips To You
"Keep your eyes on the helpers" - Mr. Rogers
  • #196,795
  • Jan 28, 2010 8:15pm Jan 28, 2010 8:15pm
Quoting damonl
Seperate post...Not answering for Magix....

It seems the 5M and the 1H are biased bull, but the 15M, 30M, 4HR and D are still biased short as I can tell.

I try not to pass judgement on direction on the 1M, as I don't care what it is, as long as it is.
damonl..

Please give your opinion, how much the percentage fibo 23.6 at 6076 will fall today?

Attached Image
Patience + Discipline =
  • #196,796
  • Jan 28, 2010 8:17pm Jan 28, 2010 8:17pm
I agree that the US will lead, as well as the UK / Australia was never really hit. There are other problems with the DXY though.
.
Quote
It is heavily weighted to Europe, undervalues the Canadian Dollar, ignores South Korea Taiwan and by necessity China.
One might argue the DXY is overbought on ok US News and poor EUR data, thus not a reversal until more resistance is breached and sustainedThe full article is here.. It keeps cutting off my posts
Quoting damonl
I strongly believe that in a time of any crisis, every country except a few look to the US for support. This is one of those times. The US will lead of out of another crisis, and then we will the worlds grotesque country once again, but now, the world needs us.

Though you are right, that is not a bear correction, but a bull wave 1.

Will see what happens, in the mean time Play Your Charts and Green Pips To You
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #196,797
  • Jan 28, 2010 8:22pm Jan 28, 2010 8:22pm
Quoting Jemmy
damonl..

Please give your opinion, how much the percentage fibo 23.6 at 6076 will fall today?

Attachment
I don't know fibs well enough to say anything about them. For me, and I have tried, adding fibs to a chart is like picking random points and putting lines on those points. There is not enough consistency in them for me to use them.

Hopefully someone else can give you a better answer.
"Keep your eyes on the helpers" - Mr. Rogers
  • #196,798
  • Jan 28, 2010 8:23pm Jan 28, 2010 8:23pm
Quoting damonl
wow...yes, cable can take forever. Just make sure that you are greedy enough to take profits
heh, not as slow as some of the other currencies!
  • #196,799
  • Jan 28, 2010 8:25pm Jan 28, 2010 8:25pm
Another argument could be the DXY is overbought on OK US Data as well as Problems / Correction from EUR bull. Thus a reversal would neet to breach more resistances, then sustain to be called. What do you think? Sorry OT- My cable view is on H1 - H2 - H4 trapped in range since the 21st. Will post chart.
Quoting damonl
I strongly believe that in a time of any crisis, every country except a few look to the US for support. This is one of those times. The US will lead of out of another crisis, and then we will the worlds grotesque country once again, but now, the world needs us.

Though you are right, that is not a bear correction, but a bull wave 1.

Will see what happens, in the mean time Play Your Charts and Green Pips To You
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #196,800
  • Jan 28, 2010 8:25pm Jan 28, 2010 8:25pm
Quoting XTrade
I agree that the US will lead, as well as the UK / Australia was never really hit. There are other problems with the DXY though.
.One might argue the DXY is overbought on ok US News and poor EUR data, thus not a reversal until more resistance is breached and sustainedThe full article is here.. It keeps cutting off my posts
wating for a breach of a swing high which has not happened yet, but that last move up was pretty powerful....expect more of that next time it gets close to this level.
"Keep your eyes on the helpers" - Mr. Rogers
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