Cable Update (GBPUSD)

Can anyone recommend a website where you can get the economic figures as they are released?
I think FF takes a few minutes to publish them?

dollar index edging up a bit... I'm kinda excited about this possible breakout. Hoping I can play it like A pro ;-)

Just don't jump the gun, like some here, just trade the confirmed break, either by pattern on M5 or a close on M15. Saying that, I have seen how you are coming along so am not too worried about you trading the fake.

I usually use PA to choose my trades I'm just not very good at it yet. I saw the small correction between 4& 4:40 EST then it looked like it was going to continue upward from 4:40- 6:00 and then it just died.

Look at the long wicks on both those fakes on M15, pretty easy to spot them. If you want to drill deeper, the move up on M5 had a dragon fly and the move down an abandoned baby followed by a hammer, so neither had any chance of success.

OOh, I'd love to give some seeing as I had the exact same problem for 6 months!!! ask cloggs, I was really bad...

Just relax, I know you feel like you don't want to miss anything but I promise you won't. Let it close on m15 and then watch m5 to see what it does, if it doesn't have alot of momentum and if m15 has a wick, chances are that the move is a fake...

Screen time mate, screen time!

UK Still On Borrowed Time Despite Strong July
By DAVID COTTLE
A DOW JONES NEWSWIRES COLUMN


Well Moody's, you can't complain about the service.
Just a day after the rating agency cautioned that the U.K. was "clearly one of the weaker countries' at the triple-A-rated top table, a surprisingly low set of public borrowing numbers was published Thursday.
Alright, July's public sector net borrowing data showed a deficit of GBP3.8 billion. But look, that was GBP1.6 billion below market expectations and, even better, a handy GBP2.3 billion improvement from July last year. Right direction at least, then. And there's more. The tax take rose by 10.5% to GBP49.7 billion, making this year's the best July since 2008.
The rate of improvement in the data had stalled of late, with only small reductions in the deficit recorded on-year in April, May and June. So Thursday's news will be welcome holiday reading for ministers in the newish coalition government. Their first priority is reducing the nation's debts.
They can't claim much credit for it, of course, not that that will stop anyone. But they haven't been in power long enough. Gordon Brown only handed over the keys to 10 Downing Street in May. By and large, the new boys' underlings are still hunkered down all over London working, we are assured, on an austerity plan the likes of which haven't been seen since Thatcher's day, if ever. We haven't seen it yet but don't underestimate the reassurance the markets have gained already from knowing it's on its way.
In any case there is plenty more to do.
Moody's still expects U.K. public debt to reach 90% of GDP within three years, from just under 70% now, and has warned that any slackening in fiscal tightening by the government would mean a sharp rise in funding costs if growth also faded, with a horrible effect on debt dynamics.
And, despite this one swallow of decent data, Athens' torrid austerity summer is providing London with ample evidence of the need to get debt cutting right. Greece has managed to pare back its budget deficit quite sharply, but has done so under the cosh of the European Union and the International Monetary Fund. The damage inflicted in this process is clear to see. In some parts of Greece, unemployment reportedly runs at 70% and retail businesses are going bankrupt at an alarming pace.
The U.K. will be hoping it can at least be left in relative peace by the markets, to reduce debt on something more like its own terms, rather than getting to the point where such draconian measures are forced on it. The IMF has been here before of course. No one wants to see it back.
This is why the coalition promises hair-shirt measures whenever it can. It may not be able to deliver them all, but at least it can reassure markets that it's on the case. With all the old industrial sovereign borrowers under pressure of one sort or another, it's best to get your austerity rhetoric in early if you want your debt to stand out in the crowd. A few more months such as this one for the public finances would certainly help.

My Daily chart seems to be saying we're in severe critical phase. Where next?

when we have a move of 140pips one would generally expect quite a bit of a rest, if it then pushes further it generally doesn't go much higher than the last high. I must say this is GENERALLY though, sometimes cable is just crazy! Screen TIME!

thanks both, I'm tearing my hair out here!

will stick with it though

M1/M5, unless you are scalping, is just a lot of noise until you know what you are looking at, using the M15 as your confirmation will mean you lose out on the first 10-15 pips of a move but at least you get the direction right so your chance of getting stopped out diminishes. The disadvantage is that your stops would need to be slightly larger.

U.S. stock futures pointed to a higher opening Thursday after Germany's central bank unexpectedly hiked its domestic GDP growth forecast and as investors awaited earnings reports from tech giants Hewlett-Packard Co. and Dell Inc.
Futures on the Dow Jones Industrial Average rose 33 points to 10386 and S&P 500 futures gained 4.4 points to 1091.10. Nasdaq 100 futures climbed 8.75 points to 1845.50.
U.S. stock futures got a boost after Germany's Bundesbank lifted its domestic GDP growth forecast for the year and said it saw little chance of a double-dip recession in the U.S.

M1/M5, unless you are scalping, is just a lot of noise until you know what you are looking at, using the M15 as your confirmation will mean you lose out on the first 10-15 pips of a move but at least you get the direction right so your chance of getting stopped out diminishes. The disadvantage is that your stops would need to be slightly larger. Like pawpaw says it takes screen time.

500,000

Lets see how the market reacts... What a lesson it will be for all us noobs if it goes Down... Which it very well could!

phew! I came soooo close to pushing sell then, I'd forgotten the news was coming out

In theory should drive GPD up................. is that right Cloggie?

and how do you reckon that? With less people working it means there will be less GDP which is bad for the country. The country also now has to support more jobless people!

Looking at reaction, we could be going down! Bad jobless numbers but still unable to break range upwards... The men at the top have decided, let's follow ;-)

Not necessarily, all depends on equities. Futures were up before the open on McAvee acquisition, but DOW is dropping fast at the open. That TL is not going to give that easily.

opps sorry was thinking back too front of the equation!!!!!!!!!!!

Ummm sorry