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Cable Update (GBPUSD)

  • #258,941
  • Oct 6, 2010 6:55am Oct 6, 2010 6:55am
wrong forum I know, but did anyone else take the bounce off 1.38000 on the EUR/USD
  • #258,942
  • Oct 6, 2010 6:59am Oct 6, 2010 6:59am
I know everyone is different but I am really struggling to see a reason to short this??

can anyone see one?

sincere question, not meant as sarcasm, just trying to understand the resistance going up
  • #258,943
  • Oct 6, 2010 7:02am Oct 6, 2010 7:02am
Quoting Dayboy001
wrong forum I know, but did anyone else take the bounce off 1.38000 on the EUR/USD

Yes,

quick 50 up after i saw buyers coming in
Mind over matter..I don't mind and you don't matter.
  • #258,944
  • Oct 6, 2010 7:05am Oct 6, 2010 7:05am
Quoting Dayboy001
I know everyone is different but I am really struggling to see a reason to short this??

can anyone see one?

sincere question, not meant as sarcasm, just trying to understand the resistance going up

News in 10, wait and see?
  • #258,945
  • Oct 6, 2010 7:12am Oct 6, 2010 7:12am
Quoting trending
News in 10, wait and see?
which kind of news? expectin upmove?
Hero calls followed by margin calls...
  • #258,946
  • Oct 6, 2010 7:13am Oct 6, 2010 7:13am
Quoting Dayboy001
Today's plan is to wait for a retrace to add longs roughly

1.5886
1.5868
1.5843

how do these numbers sit with you guys ?

also have a long if we break yesterdays high
Good number to wait ...
  • #258,947
  • Oct 6, 2010 7:13am Oct 6, 2010 7:13am
Quoting PhAnTi'
which kind of news? expectin upmove?
BIG news http://www.forexfactory.com/calendar.php
  • #258,948
  • Oct 6, 2010 7:14am Oct 6, 2010 7:14am
Quoting PhAnTi'
which kind of news? expectin upmove?
:15pm USD ADP Non-Farm Employment Change
http://cdn.forexfactory.com/images/m...etail_star.gif
  • #258,949
  • Oct 6, 2010 7:14am Oct 6, 2010 7:14am
Quoting Dayboy001
I know everyone is different but I am really struggling to see a reason to short this??

can anyone see one?

sincere question, not meant as sarcasm, just trying to understand the resistance going up

Ok. Here goes.

I shorted again

15013628 GBP/USD 30 S 1.58950 1.58850 10 30.00 0.00 06/10/2010 12:51 06/10/2010 13:01

Why?

Because trendlines, charts and every other piece of software can't tell you when the REAL traders - those actually buying, selling and speculating on forex - will try and make their moves.

yesterday, I was challenged by a chap who asked me to keep my opinion to myself.

I stated that I doubted Cable would go beyond 5930 and it would almost certainly spike down after the US opened.
He argued that some chart or another showed a forecast of upward trend.

We agreed to differ.

Anyway, it flowed as I suggested.

So why did that happen?
Am I the God of trading? - Definitely not

I do have countless years of experience, but no one (Except maybe Goldman Sachs traders) could consider themselves to be Gods.

So what made me so sure?

Firstly, the economic indicators and forecasts, all argued against a sharp rise in GBP.

GBP/CAD has settle into a holding pattern of sorts, making that a good prospect at both the top and bottom of the pattern.

Cable a much smaller pattern yesterday and so far today.

But, beyond this, beyond all of this and every chart, graph, forecast software and beyond, was the simple knowledge that a trader working in a big dealing room in the city, told me the large orders were being held off yesterday.

So, is there anything out there that makes this game profitable every time?

Nope!

Why did I short earlier? and why am i short again now, because there is nothing to drive it any other way.

15013860 GBP/USD 30 S 1.58928 1.58817 11.1 33.30 0.00 06/10/2010 13:07 06/10/2010 13:13
15013628 GBP/USD 30 S 1.58950 1.58850 10 30.00 0.00 06/10/2010 12:51 06/10/2010 13:01
Dan TheMan
  • #258,950
  • Oct 6, 2010 7:18am Oct 6, 2010 7:18am
Quoting WanderingDan
Ok. Here goes.

I shorted again

15013628 GBP/USD 30 S 1.58950 1.58850 10 30.00 0.00 06/10/2010 12:51 06/10/2010 13:01

Why?

Because trendlines, charts and every other piece of software can't tell you when the REAL traders - those actually buying, selling and speculating on forex - will try and make their moves.

yesterday, I was challenged by a chap who asked me to keep my opinion to myself.

I stated that I doubted Cable would go beyond 5930 and it would almost certainly spike down after the US opened.
He argued that some chart or another...

Now it will move!

At a guess, all those that held off, will exploit this news!
Dan TheMan
  • #258,951
  • Oct 6, 2010 7:19am Oct 6, 2010 7:19am
Long Cable

Long GBP/CAD

Looking for 20 pips +
Dan TheMan
  • #258,952
  • Oct 6, 2010 7:20am Oct 6, 2010 7:20am
Long EUR/USD
Dan TheMan
  • #258,953
  • Oct 6, 2010 7:20am Oct 6, 2010 7:20am
Wormboy,

Are you still holding your short ??
  • #258,954
  • Oct 6, 2010 7:25am Oct 6, 2010 7:25am
Thank you for the explanation

Quoting WanderingDan
Ok. Here goes.

I shorted again

15013628 GBP/USD 30 S 1.58950 1.58850 10 30.00 0.00 06/10/2010 12:51 06/10/2010 13:01

Why?

Because trendlines, charts and every other piece of software can't tell you when the REAL traders - those actually buying, selling and speculating on forex - will try and make their moves.

yesterday, I was challenged by a chap who asked me to keep my opinion to myself.

I stated that I doubted Cable would go beyond 5930 and it would almost certainly spike down after the US opened.
He argued that some chart or another...
  • #258,955
  • Oct 6, 2010 7:25am Oct 6, 2010 7:25am
Quoting Dayboy001
Thank you for the explanation
I hope it was useful mate.
Dan TheMan
  • #258,956
  • Oct 6, 2010 7:26am Oct 6, 2010 7:26am
Quoting Dayboy001
Wormboy,

Are you still holding your short ??
yes.
my emergency stop is @945
Thank You
  • #258,957
  • Oct 6, 2010 7:28am Oct 6, 2010 7:28am
Can anyone else please explain to me why the news aren't bullish for Cable?
  • #258,958
  • Oct 6, 2010 7:28am Oct 6, 2010 7:28am
Quoting wormboy
yes
reasons?

Support lvl (murrey maths) at h4 frame... i'm thinking about going long
Hero calls followed by margin calls...
  • #258,959
  • Oct 6, 2010 7:31am Oct 6, 2010 7:31am
You see even now the market has retraced slightly.

I went short and long on cable.

My short just delievered 10 pips +

I have added another long. Will cash the two at 59150

USD will be undervalued in the short term, at anything over 1.59
It will go there, mostly on client, goverment and speculator encouragement, but it's economic value will return it to this level soon enough.

Remember: Gold exits to USD.

When commodities chhange hands, so does the $.

If the commodities change hands and it's a non USD client, two transactions are spawned.

What happens when economies stabilise?
People leave commodities for more risky investments.....
Dan TheMan
  • #258,960
  • Oct 6, 2010 7:32am Oct 6, 2010 7:32am
Now PA 1.5855 for me i c it time to go up from here
Let c this B... start to annoying me
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