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Cable Update (GBPUSD)

  • #204,501
  • Mar 9, 2010 6:14am Mar 9, 2010 6:14am
Quoting bbakker
What is the TP for your longs?
I'm not trading. I was just taking the piss at the guy who bought just because "the drop was not as bad as expected"
Thank You
  • #204,502
  • Mar 9, 2010 6:15am Mar 9, 2010 6:15am
I see price testing 4988 area at least (50% fibo in chart, S1 and the low of friday), that if breaks 4968 fibo level of the down move from 5575 high.
Lot of support also for EU in the gray zone, important day today for the rest of the week's PA in my opinion.
I'm out of the market waiting to see what US brings.
Any thoughts?
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  • #204,503
  • Mar 9, 2010 6:19am Mar 9, 2010 6:19am
Quoting cloggie
The levels I am keeping my eye on are: 4928, 4853 and 4782

Upside resistances for me are: 4975, 4992 and 5027

4975 now tested, if that holds back to 4928
  • #204,504
  • Mar 9, 2010 6:21am Mar 9, 2010 6:21am
Quoting wormboy
Wish they made voice coils like that for long throw subs. Me like it loud & lowww
that would be massive!

must have bass


14947 may hold as support, no entry yet. would like to see a full candle close above this area.

if we break below, will short for fun and profit!
(targets posted earlier)
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  • #204,505
  • Mar 9, 2010 6:34am Mar 9, 2010 6:34am
Quoting cloggie
4975 now tested, if that holds back to 4928
Testing, testing... breakthrough?
  • #204,506
  • Mar 9, 2010 6:34am Mar 9, 2010 6:34am
My longs are now looking good.
  • #204,507
  • Mar 9, 2010 6:36am Mar 9, 2010 6:36am
not for long. no pun intended.

i got my daily pivot r1 at 1.49902
  • #204,508
  • Mar 9, 2010 6:37am Mar 9, 2010 6:37am
Short it, close the trading station and go for a vacation.

Itis going to 1.40 by april. I find it stressful to keep booking profits after 50-80 pips.

There can be a retracement at 1.45 (1.52-1.45)
  • #204,509
  • Mar 9, 2010 6:38am Mar 9, 2010 6:38am
long or short long or short
  • #204,510
  • Mar 9, 2010 6:42am Mar 9, 2010 6:42am
Quoting thrishelle
long or short long or short
Do both
  • #204,511
  • Mar 9, 2010 6:45am Mar 9, 2010 6:45am
Holding Long.

Here's a chart and post from last year when we were at the November Highs G/U 16800:

http://www.forexfactory.com/showpost...&postcount=685



[quote]
Having closed all previous positions and standing aside for a while this afternoon, I now see that we are in for a large fall...I know, I was Long Cable before, but as you know I closed it for profit, shorted and closed earlier for a bit more profit and waited...I am now Short again.

Entry and targets shown on chart. Daily showing reversals and distribution whilst still rising (shaded areas on chart) I see a fall to 16600, bounce to 167 and further fall towards ultimate targets shown (right down to 157/158).

Haven't really got time to post much, frenetic trading and position adjustments/scaling etc ATM.

Happy trades and best regards. [/ quote]

-------------------------------------------

I am watching PA at this 14950 level after the 1900 pip fall from November's high and see an indication of Buyers here, but I would be concerned if we had just risen straight from last week's 148 lows without coming back to this area so I could confirm and add. However, if you look at last years post/chart descending wedge, when we reach price extremities, I would expect to see some chopping around before we move.

I see a panic induced Sell frenzy having broken yesterday's wedge to the downside with bad UK news helping along, but whilst everyman and his dog are selling, someone is accumulating, including me.

I am looking at large upside targets which will be assessed as we go, but a rise from this 149 level with an ultimate target of 1.6000 -1.6427 and above is what I see.

As Wyckoff says:

"Listen to what the market is saying about others, not what others are saying about the market"

So, I shall patiently sit back and wait.

These are Mid/long term trades and SL's are placed accordingly allowing the trade breathing room. However, max risk total trades on this pair = 2%.

I wish you all successful trades this week.

First chart from last year, 2nd chart from yesterday:



G/J, G/U and U/j trading thread.














.
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  • #204,512
  • Mar 9, 2010 6:45am Mar 9, 2010 6:45am
Quoting bbakker
Do both
hahahhaha....you make me kill my self

fundamental analysis GU will short....CMIIW
wait and see!
  • #204,513
  • Mar 9, 2010 6:50am Mar 9, 2010 6:50am
Quoting skiffx
So are you arguing that using fundamental events as a guidance is useless?
For most people on here, who are part-time traders using smaller t/f charts, it is useless, yes.

These traders lack both the time and the quantitative skills to properly analyse macro data with any degree of accuracy or clarity, meaning they will always be well behind the curve, so to speak.

Thus, their limited time would be better served studying price and trying to remove unhelpful emotional biases from their trading.
  • #204,514
  • Mar 9, 2010 6:52am Mar 9, 2010 6:52am
Quoting gammase1
For most people on here, who are part-time traders using smaller t/f charts, it is useless, yes.

These traders lack both the time and the quantitative skills to properly analyse macro data with any degree of accuracy or clarity, meaning they will always be well behind the curve, so to speak.

Thus, their limited time would be better served studying price and trying to remove unhelpful emotional biases from their trading.
That would be me....
Ghost Rider - WWTBMD?
  • #204,515
  • Mar 9, 2010 6:55am Mar 9, 2010 6:55am
Quoting thrishelle
hahahhaha....you make me kill my self

fundamental analysis GU will short....CMIIW
wait and see!
That is what I thought last week and long-term I still think sterling is in bad shape. I went short at 15070 and now I am long at 14946 just to cover myself.
  • #204,516
  • Mar 9, 2010 7:18am Mar 9, 2010 7:18am
[quote=direct-trade;3534422]Holding Long.

Here's a chart and post from last year when we were at the November Highs G/U 16800:

http://www.forexfactory.com/showpost...&postcount=685



Quote
[i]Having closed all previous positions and standing aside for a while this afternoon, I now see that we are in for a large fall...I know, I was Long Cable before, but as you know I closed it for profit, shorted and closed earlier for a bit more profit and waited...I am now Short...

Sir,

I do agree we will see 1.60 and beyond again but are you not concerned regarding the possabilities we could see a hung parliament in the near future, couldn't this further drop the pair to the 1.40 mark?

Or are you thinking the retrace to 1.60 could happen prior the election.

I am holding shorts from the 1.5380 area that i was thinking could see me well if they hold to the election!
Green S/L already in place if things don't work out!

Thank you
  • #204,517
  • Mar 9, 2010 7:28am Mar 9, 2010 7:28am
Quoting cloggie
The levels I am keeping my eye on are: 4928, 4853 and 4782

Upside resistances for me are: 4975, 4992 and 5027

Slowly getting back to 4928, game play still on
  • #204,518
  • Mar 9, 2010 7:34am Mar 9, 2010 7:34am
Quoting direct-trade
Holding Long.
Same here...good luck with your longs


Quoting direct-trade
"Listen to what the market is saying about others, not what others are saying about the market"
And so true about it!!!
COT: The precious data ignored
  • #204,519
  • Mar 9, 2010 7:38am Mar 9, 2010 7:38am
[quote=Nasca;3534507]
Quoting direct-trade
Holding Long.

Here's a chart and post from last year when we were at the November Highs G/U 16800:

http://www.forexfactory.com/showpost...&postcount=685





Sir,

I do agree we will see 1.60 and beyond again but are you not concerned regarding the possabilities we could see a hung parliament in the near future, couldn't this further drop the pair to the 1.40 mark?

Or are you thinking the retrace to 1.60...
hi Nasca,

Hung parliment...in all honesty people are only talking about a hung parliment due to opinion polls. Opinion polls can vary greatly from the actual results when it comes to it. I would say many would get out and vote this time round, and could surprise analyists.

However, on the other hand, a hung parliment is not bad news, in fact, history shows from various Countries that a joint parliment during times of crisis has worked best and produced positive results.

I am just trading the Chart and not Fundies. The Fundies news is terrible for the pound, but PA shows me an excellent discount buy opportunity. I must go with my interpretation of PA and disregard news, it's the way I trade. The tape is showing a large buyer here, but that is only my interpretation.

My opinion is just an opinion, not advice. Plan your trade and trade your plan
  • #204,520
  • Mar 9, 2010 7:40am Mar 9, 2010 7:40am
Quoting kuroro001
Same here...good luck with your longs




And so true about it!!!

G/L to you too.
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