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Cable Update (GBPUSD)

  • #263,141
  • Nov 3, 2010 11:51am Nov 3, 2010 11:51am
Quoting wormboy
erinieks, i hope you did the right thing.

I forgot about him and his trades 400 pips underwater. His account is long gone.
  • #263,142
  • Nov 3, 2010 11:52am Nov 3, 2010 11:52am
Quoting wormboy
coming!
I lose all
  • #263,143
  • Nov 3, 2010 11:53am Nov 3, 2010 11:53am
Quoting Erinieks
I lose all

Dozens here warned you, let it be a lesson for you. Next time put in some sensible stops and stop selling the bottoms in the hope it turns around on you and never ever add to a loser, just cut them loose.

Longer term most of us are looking at 1.66
  • #263,144
  • Nov 3, 2010 11:53am Nov 3, 2010 11:53am
Quoting Fudomyo
lol... having fun watching the fireworks!

glad to see you caught some of it!
me too, to be honest, i'm currently only up 34 pips for the day. I got stopped out of my short when lo pushed up earlier. One more long to take out the w1 pvp this time around will be nice tho
Thank You
  • #263,145
  • Nov 3, 2010 11:54am Nov 3, 2010 11:54am
Quoting cloggie
No exactly the other way round, they are buying Treasuries not Sterling so there is an increase in M3, therefore the value of the underlying currency (USD) drops. However it is pretty much what was expected so don't anticipate a massive move, the trend however is not changing due to the news so longer term bias is still North.
So $600 billion is like selling USD and buying sterling which moves the currency higher up? also what does m3 mean?

Sorry if i sound amateurish
Our beliefs are based on logic and the pursuit of clearity.
  • #263,146
  • Edited 12:07pm Nov 3, 2010 11:54am | Edited 12:07pm
Hi Brian

I have been studying the S & D would you say the rectangle marked on my chart is the new Demand area.

Or am i way off mark here?

Thanks

Darren

EDIT: on the 4h it extends to 1.6093
Attached Image (click to enlarge)
Click to Enlarge Name: chart.gif Size: 50 KB
Enter Signature
  • #263,147
  • Nov 3, 2010 11:55am Nov 3, 2010 11:55am
Quoting cloggie

Longer term most of us are looking at 1.66

Good. I thought it was just me. lol.
  • #263,148
  • Nov 3, 2010 11:55am Nov 3, 2010 11:55am
Quoting cloggie
I forgot about him and his trades 400 pips underwater. His account is long gone.
yea, I just remembered about him after seeing the current price .. too bad tho
Thank You
  • #263,149
  • Nov 3, 2010 11:55am Nov 3, 2010 11:55am
Quoting bbakker
The Fed said it would buy up to $600 billion in long-term Treasurys until the end of June 2011, about $75 billion this month, in a strategy called quantitative easing

This is the second time the Fed has engaged in quantitative easing, as it snapped up $1.7 trillion in mostly housing-related assets December 2008 and March 2010....

....To implement the Federal Reserve’s new policy of quantitative easing, the New York Fed plans to buy $850 billion to $900 billion in Treasury notes over the next five months, including $600 billion in new purchases...
The sad part is, Bernanke always screws up. This isn't going to fix anything.

I liked what Bill Gross had to say about it.

“I think a 20-per-cent decline in the dollar is possible,” Mr. Gross, the chief of PIMCO, told the Reuters news agency yesterday.

Last week on PIMCO’s website, he likened QE2 to a Ponzi scheme, and warned of the consequences for bond investors.

“When a central bank prints trillions of dollars of checks, which is not necessarily what (a second round of quantitative easing) will do in terms of the amount, but if it gets into that territory - that is a debasement of the dollar in terms of the supply of dollars on a global basis,” Mr. Gross told Reuters.
  • #263,150
  • Nov 3, 2010 11:56am Nov 3, 2010 11:56am
Quoting wormboy
erinieks, i hope you did the right thing.
Yes, I know, I am a stupid, I do so much mistakes.
  • #263,151
  • Nov 3, 2010 11:56am Nov 3, 2010 11:56am
Quoting Gbp/usd
So $600 billion is like selling USD and buying sterling which moves the currency higher up? also what does m3 mean?

Sorry if i sound amateurish

Not quite, they are spending 600 Bn on Treasuries, which in effect is printing money that does not exist, that increase the M3 moneysupply into the market, pure demand and price, more money available in M2 so M3 goes up, dollar down.
  • #263,152
  • Nov 3, 2010 11:57am Nov 3, 2010 11:57am
Quoting wormboy
coming!
Damn you... I closed for 30 pip profit. I just didn't like the PA!
  • #263,153
  • Nov 3, 2010 11:57am Nov 3, 2010 11:57am
Quoting Erinieks
I lose all
sorry to hear about that mate. I hope you understand my intention when I warned you initially.
Next time, take the loss & move on my friend.

Good luck.
Thank You
  • #263,154
  • Nov 3, 2010 11:57am Nov 3, 2010 11:57am
Quoting Low
Good. I thought it was just me. lol.

I have been eyeballing 1.66 for a month (look at my signature) Navin has had his eyes on it for a lot longer. I was talking about 1.44 on yooro when we were still in the 1.20-ish and got a lot of stick for it, ah well.
  • #263,155
  • Nov 3, 2010 11:59am Nov 3, 2010 11:59am
Quoting Erinieks
Yes, I know, I am a stupid, I do so much mistakes.
you're not stupid, you're just new. you'll only be stupid if you keep on doing it next time. forget about it, time to move on
Thank You
  • #263,156
  • Nov 3, 2010 11:59am Nov 3, 2010 11:59am
Quoting Erinieks
I lose all
I really feel sorry for you brother. Take this as a forex lesson and go back to basics. You said you have been trading for approx 5 years but you forgot your money management and have been wiped out. You will know better next time as to the difference between gambling and trading. Work on a trading plan with a demo account before you even contemplate real trading again. Good luck.
You've got to be IN IT to WIN IT!
  • #263,157
  • Nov 3, 2010 12:01pm Nov 3, 2010 12:01pm
Quoting bbakker
Damn you... I closed for 30 pip profit.
wait, we're not @6190 yet!
Thank You
  • #263,158
  • Nov 3, 2010 12:01pm Nov 3, 2010 12:01pm
Quoting wormboy
sorry to hear about that mate. I hope you understand my intention when I warned you initially.
Next time, take the loss & move on my friend.

Good luck.
OK, but fu...ing bad day, today and all my week, when I start to trade.
  • #263,159
  • Nov 3, 2010 12:02pm Nov 3, 2010 12:02pm
Quoting cloggie
I have been eyeballing 1.66 for a month (look at my signature) Navin has had his eyes on it for a lot longer.
*aHem*

+1 here plez
Thank You
  • #263,160
  • Nov 3, 2010 12:02pm Nov 3, 2010 12:02pm
GBP is still sitting below it's earlier daily high but EUR is way above. I would have figured the opposite since GBP had really good news earlier with none for EUR?
Today's zone = Tomorrow's opportunity!
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