Cable Update (GBPUSD)

welcome

Think a retest of 15480 may be on since that spike went through a couple of vital supports, if e/u turns we going down... chance a short 15602

4hr needs to close above blue line and we set to go up!!

need to wait

i have been trading with Fxcm but i dont like them 1 click platform , one time i clicked once and it was broker problem or something i opened my 10 trades lol

may i ask you what lot size do you use ?

http://img827.imageshack.us/img827/1...sd16092010.jpg

Can I ask you, you are trading micro and it is enough for living? I am trading in minilots (0,3-0,8lot for trade)... If I will trade in micro cannot pay my rent...
how many pips you achive monthly?

quick thought

Could it be that the reason cable aint dropping after the bad news is as a result of Dollar weakness and as soon as USDX finds some support we could head down?

just a thought, I won't trade it as already long and green

Hehe... No, not trading for a living yet mate, read my Profile (click on my name).

At the moment I'm getting about 20% per month but I only trade one full day per week, the rest is in between training sessions...

Well the pound tanked after the 9:30 news release and then retraced back to 1.5600 levels grabbed 40 pips from 1.5560. I don't think much will happen as the market is waiting for the U.S open (1:30pm GMT)

so far +40 pips.

FROM ACETRADERFX

INTRA-DAY GBP/USD: 1.5585
Last Update At 16 Sep 2010 08:44 GMT

Despite cable's brief but sharp selloff to 1.55
36, subsequent euro-led rebound suggests pullback
fm y'day's high of 1.5652 has possibly ended there
n choppy consolidation wud be seen, however, as
long as 1.5627 holds, another fall is still likely.

Abv 1.5627 wud signal upmove has once again
resumed n yield re-test of said res. Stand aside.

Range Forecast
1.5550 / 1.5600

Resistance/Support
R: 1.5627/1.5652/1.5670
S: 1.5536/1.5500/1.5449

Oh I see, but you seem like a good trader... keep up good work!

DONE

im playing with a micro account..trying to make a reasonable amount b4 i can try compound..i trade with monthly charts, started experimenting with them..and therefore need a big stop so its quite suitable..

Yes, USD remains the other side of the pair and indeed there is hidden weakness on GBP atm. For daytraders this is a risk, it doesn't move the longer trend though imo as long as you are not a USD-Bull

jip, does make me kinda nervous!

This is what i got from thomsonreuters.com...

LONDON, Sept 16 (IFR) - UK retail sales numbers are significantly weaker than expected. A gain of 0.3% was expected for August and instead there was a decline of 0.5% with the July figure revised from 1.1% to 0.8%. ONS suggests that the July revision was due to index rebasing, seasonal adjustment review as well as standard revisions. This is the first monthly fall since January and along with the first monthly rise in claimant count (also since January) the data suggests that the downside growth risks is becoming a more significant concern. This is especially in light of the recent softness in busisness and consumer sentiment.

Along with the retail sales data there was also the BoE's inflation attitude survey which showed year ahead expectations slightly higher at 3.4% compared to 3.3% in May. The data from the BoE is in contrast to what has been seen by other survey measures where there have been more downside surprises and suggests that the jury is still out with regards to expectations. However, if the labour market is really showing signs of turning around then there should be little concern that the higher inflation rate will feed-through into increased wage demands. The problem will come, however, with regards to cost push inflation whereby the rise in VAT next year may see a more significant impact on CPI than the 0.8% point increase that is likely due to a 2.5% rise in VAT.

Overall the data suggests that the balance of risks is starting to shift ever so moderately toward the BoE taking note of the softness in the growth numbers but it is not enough to suggest that the BoE will be looking to move preemptively. The sticky nature of the latest inflation data suggests that the BoE will remain cautious. We believe that further monetary easing is likely to be delivered early next year as opposed to this year.

Well done, friend.

I also applaud your honesty last night, coming on here talking candidly about your losses, as we all experience such "bad days at the office". The key to long-term success, I think, is having the mental toughness to handle these inevitable bad days or, sometimes, bad weeks.

Too many posters on here elect to tell half the story, detailing only, retrospectively, their alleged winning positions. It paints a very distorting picture of the reality of retail forex.

Good luck.

me too, on the other side, USD-Bear looks strong

Former resistance is now support and it has held during bad news. I am more bullish now, but still need to check what happens during US session.