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Cable Update (GBPUSD)

  • #242,941
  • Aug 4, 2010 1:55am Aug 4, 2010 1:55am
Quoting AdrianHNV
In theory yes, but hey this is forex and who knows who pulls the strings.

Look at yesterdays 5 in a row baddies for the USD............ Made a lot of 'cents' to them, but non to anyone else
Seems like the theory is right !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #242,942
  • Aug 4, 2010 2:01am Aug 4, 2010 2:01am
If 1.5968 goes we will see 1.61 - 1.6150 today.
  • #242,943
  • Aug 4, 2010 2:11am Aug 4, 2010 2:11am
Quoting OldReigatian
If 1.5968 goes we will see 1.61 - 1.6150 today.
How do you know?
ex member
  • #242,944
  • Aug 4, 2010 2:13am Aug 4, 2010 2:13am
Anyone calling it short? Price seems reluctant to be going past the 1.596+ region...
  • #242,945
  • Aug 4, 2010 2:17am Aug 4, 2010 2:17am
Shorting here at Market entry 1.5924

I know I shorted at the support level... Will keep the shorts with stops at 1.5968
  • #242,946
  • Aug 4, 2010 2:19am Aug 4, 2010 2:19am
Surely this will hit 1.6 before any serious retracement? ADP in a few hours...
Gone to a better place
  • #242,947
  • Aug 4, 2010 2:24am Aug 4, 2010 2:24am
nfp today, would have to wait for tha before deciding on a direction!

LO still a bit indecisive...
@pawpaw1000 on Twitter
  • #242,948
  • Aug 4, 2010 2:25am Aug 4, 2010 2:25am
I'll keep following the uptrend, taking profit at 160.

The swift move up by cable can't last long and the dollar has to turn around, but this market can remain irrational longer than I can chase losses.

I doubt any fantastic US reports the rest of the week.

With data not looking good for US, another stimulus may be necessary. Meanwhile, UK beats expectations, reduces banking regulation and Telegraph reports speculation of faster than expected rate hikes.

--
  • #242,949
  • Aug 4, 2010 2:25am Aug 4, 2010 2:25am
Quoting Jazznos
Anyone calling it short? Price seems reluctant to be going past the 1.596+ region...
I am new and learning but this is what I am doing..comments welcome & I am just looking for around 30 - 50 pips a day

I am waiting for it to break the 15910 & be clear of Pivot before I go short & also for it to break the 200ema & be clear of pivot again to ride long to 15960

This is only because at the moment it doesnt seem to know what to do in my opinion & I have lost money by jumping in too early previously.
  • #242,950
  • Aug 4, 2010 2:26am Aug 4, 2010 2:26am
Talk about whiplash. Ouch!
  • #242,951
  • Aug 4, 2010 2:28am Aug 4, 2010 2:28am
:nerd:1.5922! Waiting for London session open another 30 minutes where isH4 close/open !
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #242,952
  • Aug 4, 2010 2:36am Aug 4, 2010 2:36am
There are many misconceptions in trading, I have read 3 in the last few posts, the truths are

1. No one knows where price will go next, all we have is an edge, if we prejudice our thinking with preconceptions of price's future direction we prejudice our ability to act at our trading edge if it sets-up contrary to that pre-formed opinion of where price must 'surely' go.
2. NFP release is not today, it is the ADP forecast of the private sector jobs growth section of the official Dept of labor NFP number
3. London has opened it did so at 7am Uk time...this is the accepted london open although as forex is an interbank market there is no 'official' open such as exchange traded markets.

G/L
ex member
  • #242,953
  • Aug 4, 2010 2:39am Aug 4, 2010 2:39am
Quoting wormboy
I wouldn't do that.

If price close clear above 1.597, the next resistance is @1.634
Don't think putting a sell order 50 pips after a major resistance is going to work really.
I'm currently short from 1.5942 & will ditch this position if the major resistance goes.

Anyway good luck.
Thanks) But I suppose that we would stuck around this levels (1.60)
It's simply psychological - crowd could just touch it to feel satisfy themselfs.
Also there was not any correction on this up move. Market is preparing surprise for bulls & bears I think. So I just keep patiently waiting)

Anyway good luck for u too
  • #242,954
  • Aug 4, 2010 2:40am Aug 4, 2010 2:40am
Sorry.. Closing the trade for a small loss....not liking the PA
Quoting peach
Shorting here at Market entry 1.5924

I know I shorted at the support level... Will keep the shorts with stops at 1.5968
  • #242,955
  • Aug 4, 2010 2:52am Aug 4, 2010 2:52am
Another newbie wishing y’all the best of a trading day. Great thread. So much to take in.

Why should cable turn and head south? UK fundamentals ‘appears’ to be better than most, and don’t see the downside from Govt cuts coming into play until Q3 numbers at the earliest. Smart money supertanker is in buy mode and that sentiment is not going to change overnight. Buying dips seems the less stressful position……lots of headroom to 1.7xxx.

That said, still wish cable would flip…..panicked a lifetime ago and hedged a short at 1.529xx. had always been lucky with that strategy till this rally. Last time I’ll ever be so stupid. But then……just a noob!
  • #242,956
  • Aug 4, 2010 2:53am Aug 4, 2010 2:53am
Quoting Bobbyboy
I am new and learning but this is what I am doing..comments welcome & I am just looking for around 30 - 50 pips a day

I am waiting for it to break the 15910 & be clear of Pivot before I go short & also for it to break the 200ema & be clear of pivot again to ride long to 15960

This is only because at the moment it doesnt seem to know what to do in my opinion & I have lost money by jumping in too early previously.
learning to draw trendlines and channels helps with some entries , you can see there was a failure of a trendline that had been working for a day or so , after it fell thru it the retest of tht trendline led to a decnt trade , chart for you to look at.
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  • #242,957
  • Aug 4, 2010 2:54am Aug 4, 2010 2:54am
Quoting bbmac
There are many misconceptions in trading, I have read 3 in the last few posts, the truths are

1. No one knows where price will go next, all we have is an edge, if we prejudice our thinking with preconceptions of price's future direction we prejudice our ability to act at our trading edge if it sets-up contrary to that pre-formed opinion of where price must 'surely' go.
2. NFP release is not today, it is the ADP forecast of the private sector jobs growth section of the official Dept of labor NFP number
3. London has opened it did so at 7am Uk time...this...
one thing we do know is that the trend is up, my t/p is at 1.6087, good luck to you to
  • #242,958
  • Aug 4, 2010 2:57am Aug 4, 2010 2:57am
Sorry Off Topic.....

Can someone post a link to a good 'trading clock'.... ie the open and closed hours of the different markets.

I tried doing a search here on the forum, but only found the Oanda one which doesn't let you re-set to UK (GMT) time!!!!
  • #242,959
  • Aug 4, 2010 2:57am Aug 4, 2010 2:57am
Quoting bbmac
There are many misconceptions in trading, I have read 3 in the last few posts, the truths are

1. No one knows where price will go next, all we have is an edge, if we prejudice our thinking with preconceptions of price's future direction we prejudice our ability to act at our trading edge if it sets-up contrary to that pre-formed opinion of where price must 'surely' go.
2. NFP release is not today, it is the ADP forecast of the private sector jobs growth section of the official Dept of labor NFP number
3. London has opened it did so at 7am Uk time...this...
Good post
  • #242,960
  • Aug 4, 2010 2:58am Aug 4, 2010 2:58am
Quoting bbmac
There are many misconceptions in trading, I have read 3 in the last few posts, the truths are

1. No one knows where price will go next, all we have is an edge, if we prejudice our thinking with preconceptions of price's future direction we prejudice our ability to act at our trading edge if it sets-up contrary to that pre-formed opinion of where price must 'surely' go.
2. NFP release is not today, it is the ADP forecast of the private sector jobs growth section of the official Dept of labor NFP number
3. London has opened it did so at 7am Uk time...this...
Yes and you have repeated that several times , no one really knows if the sun will come up tommorrow but they plan their day anyway , there is things that give good entries time and time again , dont matter where it goes it gets there one pip at a time wether you really know the exact point it is going to or not , rangeing following a trend , with practice and a few simple tools it can be done profitably
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