Cable Update (GBPUSD)

Make it 3

It is a commercial product at present but I suspect the developer may release it as a freebie soon.

Well folks it has as always been another interesting and 'mind blowing day' for this single celled bee fortunately I made my daily target earlier in the day and although yes I did some 'extra trades' this afternoon, I took heed of the advice of the 'wiser ones here on the forum' and got out as soon as I could.

Many thanks to all, bee back on the morrow, for another I suspect FREAKY FRIDAY were loads of HONEY and MONEY will bee made.

Good luck too those who run the UK 'night shift' and may you all prosper

Long @ 1.5830
SL @ 1.5790
TP 1.59

out for small loss...about 20.

good one DB

Nice indeed. I am going to take this retrace up to 38.2, however I wouldn't be surprised at all to see it go to 50%.

its 4 with me..

Out. +35 pips

Moved SL to BE

Just need to get past this 75-83 area and were home and dry

i guess it would be dumb to take a short now based on the daily candle.

Your guess is as good as mine but I see 1.59 coming our way.

I guess it depends on your time frame !

it is still at a major resistance..we have to wait to see...broke through to 1.6 and retraced back down.

Well today has ended up more of less of a wash closing close to the open price for the second day. IMHO the "dollar strength" today after the unemployment data may have been a meer coincedence as it coincided right in line with both the EURUSD and GBPUSD hitting major pshycological levels at 1.4 and 1.6 respectively which are obviously know as profit taking levels. The "good" (well more like so-so) data from the US just gave people even more incentive to do so.

Based on the fact that both pairs have been able to climb back close to their original opening prices I believe that we may see the Asia session play out quite similar with PA climbing slowly back towards the two upper levels for another possible re-test after the NFP (or perhaps even leading into it). If the NFP's come in worse than forcasted which is quite possible and the unemployment rates climbs as forcasted it could cause a surge in gold, oil, stocks, EURUSD, GBPUSD etc... as the looming thoughts of QE2 no matter how mild come flashing back into view. If these levels are broken a second time around I can see them both making new highs... next stop? Not sure of that yet.

Very positive data could send the pairs back towards 1.39 and 1.59 and possibly much lower over the next week.

So that is my crazy (and probably unlikely) outlook for tommorow. Have a great night and a green trading day tommorow if you are trading it.

Closed @ 1.5876

+46 pips

off to bed now and don't like leaving trades open.

Good luck to you all.

GBP/USD is at a major resistance area on the weekly chart. Also had a doji form last week, and it looks like this week might end up forming a shooting star (depending on tomorrow's PA, of course).

Looks like a good entry for a long-term short position. Any thoughts out there?

Morning and Night all...

i could be wrong ...

rgds,iqyu

I have been following this forum since around 8th august this year. I was in the poo and seeking help!!! I thought the uptrend was continuing forever and kept buying dips ..I was 4 pounds per pip and watched the drop each day. I was finally down £2600 which for me is a lot of dosh. However I kept funding the loss and now today have seen a profit and closed out for plus 270 pounds...In the past 3 weeks I have made in excess of 350 pips a week.... pro rata per stake per pip.
The lesson??? I always believed the value was and still should be 1.63 and followed this forum... some good advice, some great advice and some crap. I would like to thank all people for helping me make it without a loss and especcially Nav Cloggie, BBaker.. pip chick too many to mention.
I have learned valuable support and resistance lessons and also not to panic. before I would always get the trend yet lose a packet by getting stopped out! Now I run a 600 point stop loss!! I believe I will always get there and look at loner time frames .If this helps any one then good... not looking for judgement or praise.. only passing on help to any one who was in my position 2 months ago. Good luck to all
Now after 5 years doing this I can finally trade!!!

i like it


rgds,iqyu