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Cable Update (GBPUSD)

  • #249,181
  • Aug 27, 2010 3:45am Aug 27, 2010 3:45am
Quoting joemiami
Uk numbers were "so so" for GBP....but not high enough to stop the prior downward bias, in my opinion.

what do you all think ?

as long as we stay below support...i will hold my short
Yes the GDP were a bit better than expected but the Prelim Business Investment figures (whilst not as important as GDP) were BAD!

Personally, I am just going to stand aside and see how things develop. Maybe wait until US GDP.
  • #249,182
  • Aug 27, 2010 3:46am Aug 27, 2010 3:46am
Quoting AdrianHNV
I am as usual looking forward to the 'RED Updates' today.

Not worried which way they go as I trade them only on a 'knee-jerk' for the various charities I support.

Last month, just on these 'knee-jerks' I made well in excess of $1500.00 which of course was distributed during August to the various charities.

Forex is such a good way of helping others...........

O' well something is better than nothing...

Watched carefully for the 'knee-jerk' as explained a while back by Cloggie and managed to get in a short at 1.5534 and got out at the first turn back up at 1.5506 so at least made a little profit +28 pips, not bad for 5 minutes work
  • #249,183
  • Aug 27, 2010 3:49am Aug 27, 2010 3:49am
Quoting AdrianHNV

Watched carefully for the 'knee-jerk' as explained a while back by Cloggie

Morning Adrian. Do you have time to quickly explain this?

Well done on your 5 minute trade!
  • #249,184
  • Aug 27, 2010 3:50am Aug 27, 2010 3:50am
Quoting CoffeeDrinke
yes we are both talking about 1,5997.
Ill attach a pic(sorry my resolution is bad).
Ok cross above the highest point, i dont think thts start of one because then 2 would retrace to deep.
So i markd down arrow start of nr1, so down arrows is 1,3,5 and up arrows mark 2,4.
Also nr4 can also not be correction A if you markd the X as nr because the correction wouldnt be deep enough.

So indeed being true to a correction the A correction went deep to 1,5997 so its going to point B now.

But yes EW ppl can not agree with the waves, but they can all agree...
I think actually we are in agreement, but you are looking at a much longer timeframe than me. I agree that the move up from 1.4227 (May 20) is probably an A wave, and we have now started a B retracement. I'm referring to the first wave of the downmove in B, which we are in now - W5 of that wave.

To me EW is only useful when it works. Which is not 100% of the time.
"Sell? Sell? No! I can't Sell! I'll Sell When I'm Dead"
  • #249,185
  • Aug 27, 2010 3:51am Aug 27, 2010 3:51am
Dr D

Are you around this morning?

Your compression waves through the various time frames are very interesting. Just a quick question - what do you use for entry? PA? Or a crossover of the EMAs?

Thanks in advance?
  • #249,186
  • Aug 27, 2010 4:00am Aug 27, 2010 4:00am
Quoting bbmac
Numbers generally good yeh except the Prelim business investment which fell sharply...maybe market knee-jerk was reaction to that. Re your comment above, How is it 'support' if price is below it ??

Thanks

G/L
Refer to Post# 249100 by Magix,,,the 5 min chart at the bottom of the post...look at the daily trend line
  • #249,187
  • Aug 27, 2010 4:00am Aug 27, 2010 4:00am
Quoting autopips
I think actually we are in agreement, but you are looking at a much longer timeframe than me. I agree that the move up from 1.4227 (May 20) is probably an A wave, and we have now started a B retracement. I'm referring to the first wave of the downmove in B, which we are in now - W5 of that wave.

To me EW is only useful when it works. Which is not 100% of the time.
O i think your looking at 4h timeframe?
Yeah ok i get wht you mean, but i dont look at waves inside waves because i am not tht fond of EW as i said, just use it for looking at larger move.
  • #249,188
  • Aug 27, 2010 4:03am Aug 27, 2010 4:03am
Seems like GBP wants to wait for U.S data before deciding where to go, this is frustrating......
  • #249,189
  • Aug 27, 2010 4:07am Aug 27, 2010 4:07am
Quoting joemiami
Refer to Post# 249100 by Magix,,,the 5 min chart at the bottom of the post...look at the daily trend line
Thanks, .....just semantics really,...ie if price is under something someone considers as support it is no longer support but may be potential resistance on any re-test from the underside in a downtrend pullback.

G/L
ex member
  • #249,190
  • Aug 27, 2010 4:08am Aug 27, 2010 4:08am
Quoting joemiami
Seems like GBP wants to wait for U.S data before deciding where to go, this is frustrating......
This can't be surprising for a pro such as yourself, that there isn't much movement ahead of such big event risk in a few hours time. You should be used to this, from trading ES futures on behalf of your clients.
  • #249,191
  • Aug 27, 2010 4:08am Aug 27, 2010 4:08am
Quoting joemiami
Seems like GBP wants to wait for U.S data before deciding where to go, this is frustrating......
I believe einstein said it best by saying, Best to not pull your hair out and warry, just take some profit off and relax.
Such a wise statement.
  • #249,192
  • Aug 27, 2010 4:10am Aug 27, 2010 4:10am
Quoting joemiami
Seems like GBP wants to wait for U.S data before deciding where to go, this is frustrating......
Should try a bit of scalping Joe - there is an identifiable range to buy and sell into.

If your daily target is, for instance 100 pips, no point waiting for that 100 pip move, pick up a couple of 20s and you're well on the way!
  • #249,193
  • Aug 27, 2010 4:11am Aug 27, 2010 4:11am
Clearly the market fear is that that bad prelim business invest # will translate into lower gdp/higher un-emp rate etc... later down the road ?

Will optimism that the Q2 gdp # actually increased from the 1.1% to 1.2% prervail and the £ bulls come back, o will the above spark a sell-off ??

Time will tell...intraday charts a little mixed now.

G/L
ex member
  • #249,194
  • Aug 27, 2010 4:11am Aug 27, 2010 4:11am
Quoting CoffeeDrinke
Bear you got to understand there is alot of ppl here from USA and your screan name is USD-Bear i mean hallo obv hostilty towards you because you indirectly want to profit of a inflated dollar and their living standards lower the more you profit on bearish dollar, the more their living standards drop.
So i think you need to change your screan name then everything will be happy chappy man haha.
A lot of USA citizens are bears so no problem I am from the US and see that a name does not influence the market.
With Berneke who could be anything but a bear.
  • #249,195
  • Aug 27, 2010 4:14am Aug 27, 2010 4:14am
Quoting Delite
Dr D

Are you around this morning?

Your compression waves through the various time frames are very interesting. Just a quick question - what do you use for entry? PA? Or a crossover of the EMAs?

Thanks in advance?
I've also been playing with his C waves these past days, it is also a logical extension of Cloggie's 'boxes' because both deal with price consolidation then breakout. For entries I am watching for the 'untangling' of the ma's, when they all are moving in the same direction in order, so no more crossovers. However I am seeing possibilities of earlier entries in some cases using crossovers ... still lots of experimentation, so nothing conclusive yet.
I'm dealing mostly with 15m tf and using the 1 min for trade management once in the trade. ATM
******************* I'd rather make money than be right.
  • #249,196
  • Aug 27, 2010 4:15am Aug 27, 2010 4:15am
A trader in London said that sepculation of a strong figure
before the release had led some traders to pick up the pound,
and that the market had gotten long on the currency, which had
triggered the selling after the data.
  • #249,197
  • Aug 27, 2010 4:17am Aug 27, 2010 4:17am
Quoting Execute
A lot of USA citizens are bears so no problem I am from the US and see that a name does not influence the market.
With Berneke who could be anything but a bear.
Well damn it would be great if names did, then if you want bulls change your name to bulls and bears change your name to bears wouldnt tht be the life aaaaaaa i can see it now
  • #249,198
  • Aug 27, 2010 4:19am Aug 27, 2010 4:19am
Quoting AdrianHNV
I am as usual looking forward to the 'RED Updates' today.

Not worried which way they go as I trade them only on a 'knee-jerk' for the various charities I support.

Last month, just on these 'knee-jerks' I made well in excess of $1500.00 which of course was distributed during August to the various charities.

Forex is such a good way of helping others...........
It is hard to tell just how you are trading and I believe it is going well for you. If you post in $ amounts you must post what size account and how large the positions are. It would be easy to get that amount if you were trading 10 standard lots but it does not help us when we are looking a pips. No offense but it skews the data.
Take care.
  • #249,199
  • Aug 27, 2010 4:22am Aug 27, 2010 4:22am
Quoting 4xStar
I've also been playing with his C waves these past days, it is also a logical extension of Cloggie's 'boxes' because both deal with price consolidation then breakout....
Morning 4xStar - I thought you were looking at this too. As you said it is another visualisation of the consolidation pattern and subsequent breakout but possibly with earlier entries...?

I am looking at combining either the crossovers or the untangling with a move from S or R and some candles for confirmation. Will post results.

Have a great day!
  • #249,200
  • Aug 27, 2010 4:22am Aug 27, 2010 4:22am

Hai sorry for busting in

i got breaking news


GU/EU is going south !!!

Peace And Quite Is Utterly Malapropos Of My Departure . . .
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