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Cable Update (GBPUSD)

  • #215,861
  • Apr 11, 2010 6:59pm Apr 11, 2010 6:59pm
Quoting Magix
A move on weak volume is a great opportunity for shorters IMO.

Not saying that your immediate topside target is out of whack, we are in a current uptrend, BUT....

We still have an area to cover.

The primary 2 sessions of cable haven't seen the Gapped area of chart, those 2 sessions being both London and NY...London the better of the 2 to use as a gauge.

That being said, we could still move up before we move down, but a retrace is imminent.
I normally would agree with you, but this news release by the IMF today and a 100 pip move up makes me think this gap is not going to close anytime soon. Let's see what TY does overnight, see you at Frankie open. I am flat. No shorts for me tonight without being able to watch the PA.
  • #215,862
  • Apr 11, 2010 7:02pm Apr 11, 2010 7:02pm
YEAHH.

GREECE IS SAVED.

Inserted Video
  • #215,863
  • Apr 11, 2010 7:03pm Apr 11, 2010 7:03pm
Quoting cloggie
I normally would agree with you, but this news release by the IMF today and a 100 pip move up makes me think this gap is not going to close anytime soon. Let's see what TY does overnight, see you at Frankie open. I am flat. No shorts for me tonight without being able to watch the PA.
Brother Clogs....

Don't get me wrong, I am one for encouraging trading the trend, especially for all market new comers, so again, words on this side of caution is there is a time to be long and a time to be flat.

No harm in being flat, beings how the market bell just rang, there is a whole week to grab some fist fulls o cash.

Good words.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #215,864
  • Apr 11, 2010 7:05pm Apr 11, 2010 7:05pm
Quoting acumen
YEAHH.

GREECE IS SAVED.

http://www.youtube.com/watch?v=3DUbq3R89WU
Yeah Of Course
  • #215,865
  • Apr 11, 2010 7:16pm Apr 11, 2010 7:16pm
i might be wrong
Attached Image (click to enlarge)
Click to Enlarge Name: daily cable.gif Size: 29 KB
  • #215,866
  • Apr 11, 2010 7:19pm Apr 11, 2010 7:19pm
wise man

i love the b;;;;;;;;;;;;;;;;;;;;;;;;;;;h

voodoo boodoo baby
  • #215,867
  • Apr 11, 2010 7:30pm Apr 11, 2010 7:30pm
Quoting kill56
wise man

i love the b;;;;;;;;;;;;;;;;;;;;;;;;;;;h

voodoo boodoo baby


Always room for a little fun.

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #215,868
  • Apr 11, 2010 8:02pm Apr 11, 2010 8:02pm
Quoting kill56
voodoo boodoo doc

i will never let my boy sleep out side my home
And I hope to never again let my boys (or girls) sleep inside my home.

Waiting for them to build mom and pop quarters on their abodes.

Dr. D.
voodooboodoodoc
  • #215,869
  • Apr 11, 2010 8:03pm Apr 11, 2010 8:03pm
Quoting Galation
This statement is dependent upon a persons strategy. One could have a scalping strategy, using high leverage, and true, in this scenario it would be a gamble.

However if you are a long term position trader weekend gaps of 160 pips are nothing.
No need to define and defend the elite... the 2%.

I seriously doubt the vast majority of traders in this forum
are either: deeply experienced, or long term traders or highly
accomplished as BB may be where they can easily manage a
100 -200 pip draw down... or all of the above.

Wonder how many lost big time in your example of 160 pip gap
who had no business trying to be long term traders?

Even a single micro lot position from an $800 acct as a 2% loss
over a weekend gap is still a foolish and blind powerless trade.

Then again... since they're really are no gaps... how do we get one
of those broker accounts that truely trade 24/7?

Dr. D. (experienced, sometimes foolish and hardly accomplished)
voodooboododoc
  • #215,870
  • Apr 11, 2010 8:31pm Apr 11, 2010 8:31pm
I moved GBP400k into USD at 2.10

Moved it back into GBP at 1.40

Too busy spending it to figure out how much I made but its a chunk in GBP equivalent. Being English by persuasion, I account in GBP so I can return to Englandistan when I am ready for the elephant's graveyard

I either physically move the dosh or buy/sell the ETF EWU (UK FTSE index) - so I get dividends and normal capital gains in addition to the forex gains.

It's a great plan and as hot as my pants - and thats saying something...

Short term trading with borrowed money is a pastime
  • #215,871
  • Apr 11, 2010 8:43pm Apr 11, 2010 8:43pm
long 5429
  • #215,872
  • Apr 11, 2010 8:47pm Apr 11, 2010 8:47pm
Quoting free4440273
long 5429
i would sell into 5382 if i were u, there is a korrecktion duu
  • #215,873
  • Apr 11, 2010 9:01pm Apr 11, 2010 9:01pm
morning guys,

i was holding my shorts from friday @ 5380 and knew it was pretty much a risk, was in green when friday closed and red when monday opened...

any ideas about what we may see later today?

I belive we will atleast cover up the gap first and then the direction will be decided...

your say please...
  • #215,874
  • Apr 11, 2010 9:12pm Apr 11, 2010 9:12pm
Quoting xPrav
morning guys,

i was holding my shorts from friday @ 5380 and knew it was pretty much a risk, was in green when friday closed and red when monday opened...

any ideas about what we may see later today?

I belive we will atleast cover up the gap first and then the direction will be decided...

your say please...
we are in a wave 5 going down but we could see 155 before starting the drop to 148 that is what i see after we had an expanded triangle with a fast breakout usually spells the end, also completed an ABC correction we are pretty much just waiting for a new high to collapse.

P.S NEVER HOLD OPEN POSITIONS OVER THE WEEKEND YOU CAN GET WHIPED OUT FAST!
  • #215,875
  • Apr 11, 2010 9:15pm Apr 11, 2010 9:15pm
55 could be a problem for my positions, i should rather empty half my load if we are going to see 55

should i?

PS 5480 was the next fib level on my charts
  • #215,876
  • Apr 11, 2010 9:34pm Apr 11, 2010 9:34pm
Quoting xPrav
55 could be a problem for my positions, i should rather empty half my load if we are going to see 55

should i?

PS 5480 was the next fib level on my charts
If you trade the GBP/ANYTHING then you know the GBP ALLWAYS spikes above the fib & TANKS or it never makes it to the Fib watch 69 we might tank down from there
  • #215,877
  • Apr 11, 2010 9:48pm Apr 11, 2010 9:48pm
1.55 might be a good short considering UK elections currently look like its headed for a hung parliament.

If it continues like this up and until election time we could a lot of weakness for the Pound.
  • #215,878
  • Apr 11, 2010 9:55pm Apr 11, 2010 9:55pm

  1. xx25
  2. xx45
  3. xx65
  4. xx85

when trading cable always remember this pattern, you will never go wrong

  • #215,879
  • Apr 11, 2010 10:01pm Apr 11, 2010 10:01pm
Quoting forexlion

  1. xx25
  2. xx45
  3. xx65
  4. xx85

when trading cable always remember this pattern, you will never go wrong

Hello forexlion,
Could you possibly explain in a little more detail what this means?
Thank you
The market is always right.
  • #215,880
  • Apr 11, 2010 10:30pm Apr 11, 2010 10:30pm
Quoting forexlion

  1. xx25
  2. xx45
  3. xx65
  4. xx85

when trading cable always remember this pattern, you will never go wrong

He means that these are the psychological levels for cable. It will start or stop at these levels
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