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Cable Update (GBPUSD)

  • #202,001
  • Edited 11:46pm Feb 25, 2010 11:41pm | Edited 11:46pm
Quote
Britain’s economy faces another critical moment today, when figures reveal whether the country really has finally recovered from recession......
... Both the Chancellor, Alistair Darling, and the Bank of England were given today’s statistics 24 hours before publication.

Watch price action and dont be easily fooled before this announcement tonight. BOE will be looking to get in at the best price possible bad or good IMHO

http://business.timesonline.co.uk/to...cle7041871.ece

Shawn
  • #202,002
  • Feb 25, 2010 11:43pm Feb 25, 2010 11:43pm
magix- thanks for the charts. What indicator are you using for support/resistance, looks good

thanks
  • #202,003
  • Edited Feb 26, 2010 12:13am Feb 25, 2010 11:47pm | Edited Feb 26, 2010 12:13am
USDX will reach a point this year if not in the immediate future of being overbought. After being abused for the better part of 09, a correction was imminent, whether it is fundies or charts, they all work together and all came together to get us here.

All 3 economies are in recession. Europe has, well "Greece" for starters, the UK it's own issues, America, yet again, (unemployment, housing, etc)
So essentially we are weighting the better of 2 negatives against one another at current.

I laugh when I read forecasts and news stating "surprise RISE in US unemployment, decrease in ---" YEAH no SH!T!!! we are by no means out of the weeds. Part of bad US news added fuel to the fibre support at current...

That is my point of the chart, To blow through the bottom of .5000 through to .4000 to meet lower level support in the 3's will take a massive effort.

Thus, for a long term setup this is one to catch if the "weather is right"
the prior intra week trades are already on the charts, long to 6800 - then holding short from 6800 down, to here, either way if the entry was even decent,
there was no draw down, basically just monitoring, while week after week pips rack up.

6750 to 5200 = 1550 pips x 000 lots = !!!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #202,004
  • Feb 25, 2010 11:48pm Feb 25, 2010 11:48pm
Quoting Magix
We are not confirmed long, but we still have support for the shorts...if this area fails, I will be all over the bears like a fat kid on a fudgesicle.

We can still confirm long, so if that happens...same deal..

Hey brother,

As you know I am a die hard fib trader among other methods. But here is the daily chart with the monthly and quarterly fibs. The orange is the monthly fib and it is right on top of the 161.8. The quarterly fib (red) is right on the 138.2. Amazing that it was the stopping point. Now I am not saying that we couldn't head down to the 261 fib but it is usually unlikely. Now the quarterly 161.8 fib is another 200 pips down or so, so we could make a run for it. My thinking is that we may see a bit of buying for the next few days to week or so before we make the run to the quarterly 161.8, but like you said nothing has been confirmed yet. Time will tell if the bulls finally got back from vacation for a little before the bears resume their domination.

C.
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  • #202,005
  • Edited 12:12am Feb 26, 2010 12:02am | Edited 12:12am
However we play these next hours/days/weeks, for the bears or for the bulls...

The week here in the cable thread started off a little shakey...And yeah, I do realize my part in it, but...

The balance of the week has been without the dick swinging.
Has involved a lot more analysis.
A better group feel.

Lots of great traders throwing out support and ideas has really made this an enjoyable week.

We have seen a lot of new traders posting and a welcomed back a few old faces.

Thanks to all the great people that have been really bringing this place together.

CTIC, DrD, Kill, Manni, Wormie, Digger, egkid, BT, PipChick, Red, Jav, (insert your nick here).....and all others.

Hats off to you all!

PS...If your name didn't make the list, it's because I forgot...sorry...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #202,006
  • Feb 26, 2010 12:07am Feb 26, 2010 12:07am
Quoting Magix
However we play these next hours/days/weeks, for the bears or for the bulls...

The week here in the cable thread started off a little shakey...And yeah, I do realize my part in it, but...

The balance of the week has been without the dick swinging.
Has involved a lot more analysis.
A better group feel.

Lots of great traders throwing out support and ideas has really made this an enjoyable week.

We have seen a lot of new traders posting and a welcomed back a few old faces.

Thanks to all the great people that have been really bringing this...
same to you man , passing the time is much more enjoyable when everybody is offering a view with something backing it up as opposed to the bs
  • #202,007
  • Feb 26, 2010 12:08am Feb 26, 2010 12:08am
looks like that is the support line on the 15M. Can the break of this be a good entrance down to 1.5000 to finish out the week? Or maybe 1.5788 to test recent lows?
Attached Image (click to enlarge)
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  • #202,008
  • Feb 26, 2010 12:11am Feb 26, 2010 12:11am
Amen Brother, let's keep it up, community is important!
Quoting Magix
.......The balance of the week has been without the dick swinging.
Has involved a lot more analysis.
A better group feel.
Lots of great traders throwing out support and ideas has really made this an enjoyable week.
We have seen a lot of new traders posting and a welcomed back a few old faces.
Thanks to all the great people that have been really bringing this place together. CTIC, DrD, Kill, Manni, Wormie, Digger, egkid, BT, PipChick, (insert your nick here).....and all others. Hats off to you all!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #202,009
  • Feb 26, 2010 12:17am Feb 26, 2010 12:17am
hope this is not off topic, but ive always been wondering how gbp got the name cable?
  • #202,010
  • Feb 26, 2010 12:24am Feb 26, 2010 12:24am
Cable is a slang term used among forex traders for the British Pound (GBP). The name is derived from when the British Pound was more dominant and the currency was continually wired between North America and Europe via transatlantic cable. The British Pound is also referred to as Sterling which is taken from the time when the currency was pegged to silver, where one British Pound was equal to one pound in weight of silver.
  • #202,011
  • Feb 26, 2010 12:24am Feb 26, 2010 12:24am
Quoting jackal2
hope this is not off topic, but ive always been wondering how gbp got the name cable?
Click link highlighted.

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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #202,012
  • Feb 26, 2010 12:33am Feb 26, 2010 12:33am
Quoting jackal2
hope this is not off topic, but ive always been wondering how gbp got the name cable?

That term was adopted in the days when the only means of trading communication between London and New York was through the telegraph cable.


JD
It's Easy To Get In;.. It's Hard To Get Out
  • #202,013
  • Feb 26, 2010 12:38am Feb 26, 2010 12:38am
Quoting Ctic
Hey brother,

As you know I am a die hard fib trader among other methods. But here is the daily chart with the monthly and quarterly fibs. The orange is the monthly fib and it is right on top of the 161.8. The quarterly fib (red) is right on the 138.2. Amazing that it was the stopping point. Now I am not saying that we couldn't head down to the 261 fib but it is usually unlikely. Now the quarterly 161.8 fib is another 200 pips down or so, so we could make a run for it. My thinking is that we may see a bit of buying for the next few days to week...
The fundamental principles around fib trading are based on play ranges. The issue with this is...

Are we really going to trade this same range forever?

As the range changes, so does the fib scale. Throw a fib scale on todays range..a good range to be sure, but wouldn't it say the same, that we could conceivably trade the same range for all eternity?

I do use the fibs, appreciate the value of them, but as there is no single perfect trade system, taking my shorter term logic and applying it to the longer term trends seems reasonable.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #202,014
  • Feb 26, 2010 12:39am Feb 26, 2010 12:39am
Traders just a view since it put in the low , I am long from near the bottom for the reasons on the chart , have played a few shorts on the way up currently have some shorts from my dp , just scalp trades wont hold long unless we get a big push down again , cheers all
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  • #202,015
  • Feb 26, 2010 12:43am Feb 26, 2010 12:43am
Quoting Magix
Click link highlighted.

lolll thanks man
  • #202,016
  • Feb 26, 2010 12:49am Feb 26, 2010 12:49am
Divergence on the 15M
Attached Image
  • #202,017
  • Feb 26, 2010 12:57am Feb 26, 2010 12:57am
Quoting manize
At the crucial level currently ---> DP 07.00 am GMT + 7 - 1.5282.
Sofar rejected the reverse up pessure on H1/H4 close/open ! Let us wait another 1 hr what happened on the week end !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #202,018
  • Feb 26, 2010 1:00am Feb 26, 2010 1:00am
Quoting Magix
The fundamental principles around fib trading are based on play ranges. The issue with this is...

Are we really going to trade this same range forever?

As the range changes, so does the fib scale. Throw a fib scale on todays range..a good range to be sure, but wouldn't it say the same, that we could conceivably trade the same range for all eternity?

I do use the fibs, appreciate the value of them, but as there is no single perfect trade system, taking my shorter term logic and applying it to the longer term trends seems reasonable.
Magix,

Same range, no I do not believe so, however you would also agree that after a drop or rise it retraces back to a point. In addition, that is why I use the single bar fib lines. This way I can change them on an ongoing basis. Changing this constantly gives different ranges. thus different targets and retracements. You are right that there is no perfect trading system, hence why I also use patterns, MA's etc...

C.
  • #202,019
  • Feb 26, 2010 1:00am Feb 26, 2010 1:00am
Quoting Ctic
Magix,

Same range, no I do not believe so, however you would also agree that after a drop or rise it retraces back to a point. In addition, that is why I use the single bar fib lines. This way I can change them on an ongoing basis. Changing this constantly gives different ranges. thus different targets and retracements. You are right that there is no perfect trading system, hence why I also use patterns, MA's etc...

C.
Short it pal.
  • #202,020
  • Feb 26, 2010 1:15am Feb 26, 2010 1:15am
Quoting Clouds
Short it pal.
I closed all my shorts and I am not going long or short until I get confermation.
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