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Cable Update (GBPUSD)

  • #238,061
  • Jul 14, 2010 2:08pm Jul 14, 2010 2:08pm
LIMA (Dow Jones)--The Central Reserve Bank of Peru intervened Wednesday in the foreign exchange market to buy $493.5 million.

The central bank has been purchasing dollars regularly since June 18, intervening to smooth out volatility in the exchange market.

From June 18 to July 8, the central bank purchased $1.12 billion. It bought another $12 million on July 9 and then didn't intervene to purchase dollars until Wednesday.

On Wednesday the sol ended slightly weaker at PEN2.823 per dollar. It closed the previous day at PEN2.816.

Dollar weakens rapidly.......
  • #238,062
  • Jul 14, 2010 2:11pm Jul 14, 2010 2:11pm
Quoting damonl
1. How about we declare teh Fed unconstitutional and interest owed is not to be paid.

2. Give the money printing to the Treasury for interest free printing of money when congress approves.

3. Then the government can give very low "secured" interest loans to qualified people, and this interest becomes the tax base and little to no taxes need to be collected from the people. If any, just a small simple flat tax.

Problem solved I would think!

Sorry.. I will really stop now!
Attached Image
  • #238,063
  • Jul 14, 2010 2:22pm Jul 14, 2010 2:22pm
Quoting kill56
I love it!!!!!!
"Keep your eyes on the helpers" - Mr. Rogers
  • #238,064
  • Jul 14, 2010 2:35pm Jul 14, 2010 2:35pm
Quoting Awp Shout
http://a.imagehost.org/0321/gbp.gif
As I show strong resistance is here...

http://j.imagehost.org/0050/gbp.gif
  • #238,065
  • Jul 14, 2010 2:35pm Jul 14, 2010 2:35pm
Ex-BoE's Blanchflower: Risks to economy are growing

NEW YORK, July 14 (Reuters) - Threats to economic growth in
major economies are increasing and more stimulus measures are
needed to head off deflation, former Bank of England
policymaker David Blanchflower said on Wednesday.
"The risks to the downside are greater than we have seen
for a very long time ... and are increasing," he said.
Blanchflower was the first policymaker to spot the 2009 UK
recession and for a long time was a lone voice calling for
interest rate cuts.
He left the Bank of England's Monetary Policy Committee in
May 2009 and is now a professor of economics at Dartmouth
College in Hanover, New Hampshire.
Because of the risks of deflation taking hold, for central
banks in the United States, Britain and the euro zone, "the
only show in town is quantitative easing," he told Reuters on
Wednesday.
That opposes the view of some current policymakers,
including MPC member Andrew Sentance, who is calling for a
gradual increase in UK interest rates because inflation is
higher than the central bank anticipated.
Data on Wednesday showed the number of people claiming
jobless benefits in the UK fell by slightly more than expected
last month, while the number of people in employment rose by
the most in almost four years.
But Blanchflower cited underlying weakness in the jobs data
and said that inflation is not currently a risk.
"If they started to raise rates it would be disastrous,"
Blanchflower said.
  • #238,066
  • Jul 14, 2010 2:38pm Jul 14, 2010 2:38pm
Quoting huskyboy
dont worry, thx
Another silly question perhaps but is it possible to have the daily ema200 on a h4 chart, the h4 ema200 on a h1 chart ...... so you could see the ranges in one chart?
Yes, very possible, you just have to do the math.
200 daily = 1200 on H4
24/4x200=1200
200 H4=800 on H1
4/1x200=800.

You can do this for all time frames that are relevant. If price is trapped between th 15m and 30m, plot both on the 15 to see where your s/r is.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #238,067
  • Jul 14, 2010 3:07pm Jul 14, 2010 3:07pm
Quoting Magix
Yes, very possible, you just have to do the math.
200 daily = 1200 on H4
24/4x200=1200
200 H4=800 on H1
4/1x200=800.

You can do this for all time frames that are relevant. If price is trapped between th 15m and 30m, plot both on the 15 to see where your s/r is.
Magix, this is for you

test drive it and let me know if I missed something
Attached File(s)
File Type: ex4 200EMA_Magix.ex4   5 KB | 304 downloads
  • #238,068
  • Jul 14, 2010 3:08pm Jul 14, 2010 3:08pm
Quoting Magix
Yes, very possible, you just have to do the math.
200 daily = 1200 on H4
24/4x200=1200
200 H4=800 on H1
4/1x200=800.

You can do this for all time frames that are relevant. If price is trapped between th 15m and 30m, plot both on the 15 to see where your s/r is.

thx i'll try
  • #238,069
  • Jul 14, 2010 3:25pm Jul 14, 2010 3:25pm
Quoting forexlion
Magix, this is for you

test drive it and let me know if I missed something


looking good thx
  • #238,070
  • Jul 14, 2010 3:45pm Jul 14, 2010 3:45pm
Quoting forexlion
Magix, this is for you

test drive it and let me know if I missed something


Thanks lion...

Will add it to the charts....

Hats off!

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #238,071
  • Jul 14, 2010 4:36pm Jul 14, 2010 4:36pm
Quoting forexlion
Magix, this is for you

test drive it and let me know if I missed something


Missing the 1m and 5m....these are the 2 most important ones to watch on a daily basis, as they are the ones that are going to be challenged the most.

1 issue, I am getting double values for M15, M30 and H4...just a couple pips off.

But again, thanks for the efforts, looks good.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #238,072
  • Jul 14, 2010 5:11pm Jul 14, 2010 5:11pm
Hi,

What effect will a positive GDP figure have on USD?

Thanks in advance.
  • #238,073
  • Jul 14, 2010 5:36pm Jul 14, 2010 5:36pm
Positions:

Currently I am short from 1.5260 looking for a place to exit lower, and take this lady back up!

Possible Swing areas to exit and return North:

1.51500 area
1.50900 area
1.50400 area
1.50000 area
1.49700 area

I am leaning towards 1.5000 area as that is where the next set of trendlines we will encounter are. These levels should all be visible on the 1HR chart below.

Analysis:

We spent the 13th testing upper level resistence, then pulling back and testing again. All of these tests of resistence were performed on que with H1 divergence.

Looking at the 1HR chart you can see that price is currently tangled up in 3 trendlines and has bounced between 52ish and 53ish all day. Both areas are around support/resistence I have on the chart. In fact on the 1Hr chart you can see the lower trendline of the resistence forming and upward wedge with the 15300 area, which I believe is a bearish signal, though not ruling out a break to the upside, just betting against it at this time.

If this breaks lower, I am not sure there is much stopping us from possibly getting as low as 1.5000 area, but I am not an astrologer, so if any of you are perhaps we can team up. I will be watching the areas in white as major probabities for reversal signals for another push back up. And the other areas kind of just because they are there.

Since we did have a higher high, I am slightly biased that we will not make back to the 1.5000 area, but may form a higher low. Time will tell on that one.

Attached Image (click to enlarge)
Click to Enlarge Name: h1.gif Size: 34 KB


Daily chart gives a little clearer picture of what resistence we are facing above and how little there is beneath us... It sure looks to me right now that down is the path of least resistence.

Attached Image (click to enlarge)
Click to Enlarge Name: d1.gif Size: 44 KB


Weekly and Daily charts clearly lead me to believe for now it is pushing higher, but sometimes it has to go lower before it can go higher.

How I am looking to play today:

Might want to add one more position to the downside, but will have to see about that one. But with all the TL's around right now, until we really break lower I will be playing 5M continuations trades in both directions, while looking for a place lower to reverse back higher.

This post is more for me than anyone, but hopefully you may find it useful!

See you on the trading floor.
"Keep your eyes on the helpers" - Mr. Rogers
  • #238,074
  • Jul 14, 2010 5:36pm Jul 14, 2010 5:36pm
Quoting forexlion
Magix, this is for you

test drive it and let me know if I missed something


I was wrong about the double lines...I believe what is happening is that when a new value is created, the old one doesn't erase, so effectively, it is updating by only adding the new value line.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #238,075
  • Jul 14, 2010 5:46pm Jul 14, 2010 5:46pm
Quoting need-help
Hi,

What effect will a positive GDP figure have on USD?

Thanks in advance.
I am not sure that it affects the USD at all. I am thinking it will only affect the Pound.
"Keep your eyes on the helpers" - Mr. Rogers
  • #238,076
  • Jul 14, 2010 6:11pm Jul 14, 2010 6:11pm
Quoting damonl
Positions:

Currently I am short from 1.5260 looking for a place to exit lower, and take this lady back up!

Possible Swing areas to exit and return North:

1.51500 area
1.50900 area
1.50400 area
1.50000 area
1.49700 area

I am leaning towards 1.5000 area as that is where the next set of trendlines we will encounter are. These levels should all be visible on the 1HR chart below.

Analysis:

We spent the 13th testing upper level resistence, then pulling back and testing again. All of these tests of resistence were performed on que with H1 divergence....
with you on the short at 65. want to go to bed. .put stop at 1.5300
  • #238,077
  • Jul 14, 2010 6:15pm Jul 14, 2010 6:15pm
1.5250 looks the sticking block for fall.

http://screencast.com/t/N2ViMjY1MWQ
  • #238,078
  • Jul 14, 2010 6:29pm Jul 14, 2010 6:29pm
Quoting winsome
1.5250 looks the sticking block for fall.

http://screencast.com/t/N2ViMjY1MWQ
Wow.. renko bars... haven't seen them in a while. Do you like them?
"Keep your eyes on the helpers" - Mr. Rogers
  • #238,079
  • Jul 14, 2010 6:59pm Jul 14, 2010 6:59pm
Quoting winsome
with you on the short at 65. want to go to bed. .put stop at 1.5300
Do you think that is a good spot.. it has been close to there a few times today already?
"Keep your eyes on the helpers" - Mr. Rogers
  • #238,080
  • Jul 14, 2010 7:01pm Jul 14, 2010 7:01pm
long at 152.70, SL 152, TP 155.
536 traders viewing now, 2 are registered:
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