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Cable Update (GBPUSD)

  • #204,341
  • Mar 8, 2010 8:16pm Mar 8, 2010 8:16pm
good morning

gbplfx had resumed downtrend after the retracement which had formed a bear flag is broken. Will be looking to resell cable either from slightly higher up @5050 or below 4980 level.
Good luck.
Attached Image (click to enlarge)
Click to Enlarge Name: gbplfx1.JPG Size: 50 KB
Thank You
  • #204,342
  • Mar 8, 2010 8:30pm Mar 8, 2010 8:30pm
Same chart, different day.
For the 5th time since 19th January, the last drop retraced back to test the 50% level before turning round yet again. Cable hadn't been this easy to trade for a long time. So, will I let a single weekly pb change my view that this could fall and make another new low like it had the previous 4 times? I definitely won't.
I will continue to short unless there's a good reason to stop doing so (ie reversal patterns)
Good luck to all
Attached Image (click to enlarge)
Click to Enlarge Name: guh4s.JPG Size: 76 KB
Thank You
  • #204,343
  • Edited 8:48pm Mar 8, 2010 8:35pm | Edited 8:48pm
"Does this mean that the fall in the pound last week should also be a cause for celebration, rather than panic, in Britain? The short answer is “Yes”, with just two qualifications.

A weakening pound is good for Britain at present, not only because it tends to boost economic growth by making British goods and services more competitive on world markets, but also because it will help to rebalance the structure of the economy. If Britain has become overly-dependent on consumption, housing and government spending, then a weaker currency is one of the most effective ways of redirecting resources towards exports and manufacturing. And manufacturing is not the only sector that benefits from a weaker currency. Financial and business services will also enjoy a boost from the weakness of the pound. The City of London mostly bills its customers in dollars and euros, but pays costs denominated in sterling. As the pound has fallen, therefore, Britain’s financial and business services have become much more profitable, helping to offset the increased taxes and regulatory costs and discouraging the exodus of business from London to Geneva or Singapore.

The first qualification to the general rule that a weak currency is good for the economy is that, while a weak currency helps businesses and boosts profits, it hurts the purchasing power of the British people who want to spend their money on foreign goods, holidays abroad or villas in Spain.

The second, more substantial, objection to a weak currency is what it can do to interest rates, if the Bank of England reacted to the falling pound by raising short-term interest rates or if investors responded by selling British government bonds and thus driving up long-term rates.

This is what often happened in “sterling crises” in the bad old days when Britain’s economic managers were obsessed with trying to fight off the speculators attacking various artificial currency regimes, most recently the European exchange-rate mechanism, which blew up in 1992.

~TIMES (Anatole Kaletsky)


Food for thought.
JD
It's Easy To Get In;.. It's Hard To Get Out
  • #204,344
  • Mar 8, 2010 8:43pm Mar 8, 2010 8:43pm
Quoting John D
"Does this mean that the fall in the pound last week should also be a cause for celebration, rather than panic, in Britain? The short answer is “Yes”, with just two qualifications.

A weakening pound is good for Britain at present, not only because it tends to boost economic growth by making British goods and services more competitive on world markets, but also because it will help to rebalance the structure of the economy. If Britain has become overly-dependent on consumption, housing and government spending, then a weaker currency is one of...
I hope you got Advanced Get and installed it.

The problem is that EW by Get is not reliable below daily charts, a minor trend change changes the whole wave pattern.
  • #204,345
  • Mar 8, 2010 8:48pm Mar 8, 2010 8:48pm
Quoting wormboy
Same chart, different day.
For the 5th time since 19th January, the last drop retraced back to test the 50% level before turning round yet again. Cable hadn't been this easy to trade for a long time. So, will I let a single weekly pb change my view that this could fall and make another new low like it had the previous 4 times? I definitely won't.
I will continue to short unless there's a good reason to stop doing so (ie reversal patterns)
Good luck to all
After todays action I think I'm with you. This has been very strange price action but it appears the bull run may not have any legs and that the sentiment has changed so much that the bulls that would be buying here may have cashed out already and may be about to join this move down. I'm bearish now until price tells me otherwise. I trade both sides of the market though so I don't really care which way it goes but I believe the shorts will have the bigger moves.
  • #204,346
  • Mar 8, 2010 8:52pm Mar 8, 2010 8:52pm
Quoting wormboy
Same chart, different day.
For the 5th time since 19th January, the last drop retraced back to test the 50% level before turning round yet again. Cable hadn't been this easy to trade for a long time. So, will I let a single weekly pb change my view that this could fall and make another new low like it had the previous 4 times? I definitely won't.
I will continue to short unless there's a good reason to stop doing so (ie reversal patterns)
Good luck to all
taking short on S level?
Attached Image (click to enlarge)
Click to Enlarge Name: gu 1.gif Size: 12 KB
  • #204,347
  • Mar 8, 2010 8:52pm Mar 8, 2010 8:52pm
Quoting forexlion
I hope you got Advanced Get and installed it.

The problem is that EW by Get is not reliable below daily charts, a minor trend change changes the whole wave pattern.
Yes, sent TY via email. Just need to work on the MT4 data feed to it, it's fighting me. .
It's Easy To Get In;.. It's Hard To Get Out
  • #204,348
  • Mar 8, 2010 8:56pm Mar 8, 2010 8:56pm
Quoting JRoyal
After todays action I think I'm with you. This has been very strange price action but it appears the bull run may not have any legs and that the sentiment has changed so much that the bulls that would be buying here may have cashed out already and may be about to join this move down. I'm bearish now until price tells me otherwise. I trade both sides of the market though so I don't really care which way it goes but I believe the shorts will have the bigger moves.

Not worth sticking to one bias when it's easy to make off both ways. Have a good one.
Thank You
  • #204,349
  • Mar 8, 2010 8:57pm Mar 8, 2010 8:57pm
Quoting shahab8b
taking short on S level?
No. Read again below thanks.

Quoting wormboy
good morning

gbplfx had resumed downtrend after the retracement which had formed a bear flag is broken. Will be looking to resell cable either from slightly higher up @5050 or below 4980 level.
Good luck.
Thank You
  • #204,350
  • Mar 8, 2010 8:59pm Mar 8, 2010 8:59pm
Quoting wormboy
No. Read again below thanks.
oh, my bad,
  • #204,351
  • Mar 8, 2010 9:00pm Mar 8, 2010 9:00pm
Quoting wormboy

Not worth sticking to one bias when it's easy to make off both ways. Have a good one.
With that said it could be just a set up for a stop hunt down then a move back up so I'll not get crazy holding my shorts so I'll keep an eye out for those tricky tricky fund managers.
  • #204,352
  • Mar 8, 2010 9:01pm Mar 8, 2010 9:01pm
Quoting shahab8b
oh, my bad,
No biggie

Okay Chow chow .. be back at lo.
Thank You
  • #204,353
  • Mar 8, 2010 9:16pm Mar 8, 2010 9:16pm
Quoting malcolmb14
thanks for the 25 pip sell scalp
nice try
  • #204,354
  • Mar 8, 2010 9:19pm Mar 8, 2010 9:19pm
Quoting John D
Yes, sent TY via email. Just need to work on the MT4 data feed to it, it's fighting me. .
for mt4 data feed, just add the indicator on any blank chart and it will write the data file in the files folder in experts

in advanced get set the data path to the files folder of mt4

instructions are given in the images within the package.

everytime you need a chart in get, first generate the data from mt4 then start get, you need to close get each time you need a fresh chart.
  • #204,355
  • Mar 8, 2010 9:25pm Mar 8, 2010 9:25pm
Quoting forexlion
for mt4 data feed, just add the indicator on any blank chart and it will write the data file in the files folder in experts

in advanced get set the data path to the files folder of mt4

instructions are given in the images within the package.

everytime you need a chart in get, first generate the data from mt4 then start get, you need to close get each time you need a fresh chart.
I have another version of get which uses live real time data from globalserver for any world security or index or currency, but the setup is too tricky even for me so gave up using it.

I wish i understood russian
  • #204,356
  • Mar 8, 2010 9:42pm Mar 8, 2010 9:42pm
1 hour, a minor upswing followed by continued selling

translate this into your own trading system and discuss what this means
Attached Image (click to enlarge)
Click to Enlarge Name: get.jpg Size: 137 KB
  • #204,357
  • Mar 8, 2010 9:50pm Mar 8, 2010 9:50pm
i was waiting for 1.5 to buy and tp is 1.5350
but the broken trend on 1hr make me think again
any one go long?
{Promotion Removed}
  • #204,358
  • Mar 8, 2010 9:52pm Mar 8, 2010 9:52pm
Quoting engcu90
i was waiting for 1.5 to buy and tp is 1.5350
but the broken trend on 1hr make me think again
any one go long?
don't try to hunt bottoms

instead try to trade what you see before your eyes
  • #204,359
  • Mar 8, 2010 9:52pm Mar 8, 2010 9:52pm
Quoting engcu90
i was waiting for 1.5 to buy and tp is 1.5350
but the broken trend on 1hr make me think again
any one go long?
by the way,
all pairs have relations with each other
so my scenario was:
gu to 1.5350 then drop to 1.4500
ej to 125.50 then drop to 114
gj to 139 then drop to 125
eu to 1.3790 then drop to 1.3300
{Promotion Removed}
  • #204,360
  • Mar 8, 2010 9:55pm Mar 8, 2010 9:55pm
Quoting forexlion
1 hour, a minor upswing followed by continued selling

translate this into your own trading system and discuss what this means
5082 is the current kiss of death level

5195 was the kiss of death level yesterday
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