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Cable Update (GBPUSD)

  • #271,361
  • Feb 9, 2011 3:12am Feb 9, 2011 3:12am
just bought cable at 1.6077. sl 1.602 lets go 1.62!
  • #271,362
  • Feb 9, 2011 3:14am Feb 9, 2011 3:14am
Atm, i am struggling should i fade my position as news hitting market in 15 min. needa cup of caffee to make a decision.
  • #271,363
  • Feb 9, 2011 3:15am Feb 9, 2011 3:15am
Quoting spot
Atm, i am struggling should i fade my position as news hitting market in 15 min. needa cup of caffee to make a decision.
i guess its a wise decision not to trade before news

....im holding 3 gbp pair shorts : P ( swing trade )


ph.
Hero calls followed by margin calls...
  • #271,364
  • Feb 9, 2011 3:17am Feb 9, 2011 3:17am
If it was a scalp, take profit and leave rest to run. Or take all, and wait for any reaction on news.

I would not leave it as is, given that it was a trade only taken in the last hour or so.

Quoting spot
Atm, i am struggling should i fade my position as news hitting market in 15 min. needa cup of caffee to make a decision.
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #271,365
  • Feb 9, 2011 3:17am Feb 9, 2011 3:17am
Quoting PandoraBox
Implication of Monetary Policy Committee Decisions to GBPJPY
In January 2000, Bank of England decided to raises Interest rate by 0.25% to 5.75 %. Market reacts with the announcement and value of GBPJPY increased by nearly 1000 pips. Others as below :
Full Report
Right and after the 1000 pips we have to sell.
First reaction is, wow we get more interest.
Second reaction is, wow it must be/is a weak currency because they have to raise interest rates eg the strong currencies have low rates......
Don't be a hero. Don't have an ego. Always question yourself
  • #271,366
  • Feb 9, 2011 3:18am Feb 9, 2011 3:18am
Ah yes, i will be holding on it, putting TP at 16033 and SL to 16125. Get ready to rumble.
  • #271,367
  • Feb 9, 2011 3:19am Feb 9, 2011 3:19am
...and my own dilemma. I've just finished my coffee before my last biscuit. Damn, will now have a dry mouth.
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #271,368
  • Feb 9, 2011 3:19am Feb 9, 2011 3:19am
Quoting 45Condor
...and my own dilemma. I've just finished my coffee before my last biscuit. Damn, will now have a dry mouth.
lol
Hero calls followed by margin calls...
  • #271,369
  • Feb 9, 2011 3:20am Feb 9, 2011 3:20am
Quoting wormboy
no worries mate



& I always try to stay in one for as long as I can! I'm one lazy bugger see ... as profitable scalps are to me, I am never one in favour of spending countless hours in front of the screen looking for the next setup from one session to the other. Not really why I got myself into trading anyway! So whenever there's a possibility of a good position trade developing I'd be happy to be the first to jump in. Nothing easier than to check your trade once or twice a day & keep moving those stops as you book some.
I love...
That truly is GREAT Philosophy, WB ! "why should life all Labour Be ? Wish you more of it ! Cheers !
  • #271,370
  • Feb 9, 2011 3:22am Feb 9, 2011 3:22am
The thousand pip move for Geppy was with BoE rates up over 5%. The current rates for currencies are not so alluring - bar the Aussie - so not sure of how far Sterling would go on nay increase. Of course, given the dire position of the Dollar and Euro, and hunt for anything with a good yield, another thousand pip move cannot be dismissed.
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #271,371
  • Edited 3:24am Feb 9, 2011 3:23am | Edited 3:24am
Quoting USD-Bear
Right and after the 1000 pips we have to sell.
First reaction is, wow we get more interest.
Second reaction is, wow it must be/is a weak currency because they have to raise interest rates eg the strong currencies have low rates......
As for my knowledge, interest rates rise when nation wants to calm down investments made to that country, to balance supply/demand. So, interest rates are risen when countrys economy is doing good in order to control growth of economy and value of their currency. ofcourse, this tends to act excatly the opposite because of carrytraders and couple other factors.
  • #271,372
  • Feb 9, 2011 3:24am Feb 9, 2011 3:24am
just to touch rate hike again .....
im not quiet familiar with those funides refering to rates....

but i guess they wont increase rates? euro didnt as well and inflation etc is not high enough to become dangerous for uk economy?

would appreciate your thoughts and experiences and hear a fundie statement from the gurus here

Phanti.
Hero calls followed by margin calls...
  • #271,373
  • Feb 9, 2011 3:24am Feb 9, 2011 3:24am
Quoting 45Condor
...and my own dilemma. I've just finished my coffee before my last biscuit. Damn, will now have a dry mouth.
lol, it's a cruel world, lesson to be learn't, start with your biscuits
Don't be a hero. Don't have an ego. Always question yourself
  • #271,374
  • Feb 9, 2011 3:26am Feb 9, 2011 3:26am
...it most certainly can be.

Quoting USD-Bear
lol, it's a cruel world, lesson to be learn't, start with your biscuits
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #271,375
  • Feb 9, 2011 3:26am Feb 9, 2011 3:26am
Quoting spot
Because it has been a reactional level in past + round numbers tend to have pushback effect. ++ it's a mini downtrend on h1 chart, and was closing in diagonal TL.
Right okay.
But, there's a topside breakout from the day open's range @6078, that usually triggers longs. A close below 6048 is the i/d sell zone. & tbh I only see consolidation on the H1.

Anyway, good luck with your trade
Attached Image (click to enlarge)
Click to Enlarge Name: gubreakout.gif Size: 25 KB
Thank You
  • #271,376
  • Edited 3:30am Feb 9, 2011 3:28am | Edited 3:30am
Quoting javapips
i'm in, sell..,no need chart tought..if you need reason, in 1 hour chart candle already touch the bollinger..wish me luck..
Hi Java ! Wish you good luck with your trade. But be careful - one touch on spike --mmm. Suggest make it a short term / Scalp trade. Cheers.
  • #271,377
  • Feb 9, 2011 3:29am Feb 9, 2011 3:29am
Quoting vilas
That truly is GREAT Philosophy, WB ! "why should life all Labour Be ? Wish you more of it ! Cheers !
wishing you all the wealth & health too my friend!

okay, crunch time. be back later.
Thank You
  • #271,378
  • Edited 3:41am Feb 9, 2011 3:30am | Edited 3:41am
Here is my view on the cable.

The Cable is currently at a crossroad. The major decision is whether to go north or south. Price is currently trading in a tight wedge and the concrete zone has been providing a strong support for a potential second kiss of 1.62795. I rely solely on daily chart for the direction and my bias is that the ultimate direction is to the downside. It is only a matter of time before the daily RSI falls towards the 30 point mark. However, the big players could decide to make a dash for 1.63000 before the fall.

Watch out for the tight wedge. H4 will tell us the immediate direction.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd - crossroad daily.gif Size: 19 KB
Click to Enlarge Name: gbpusd - crossroad h4.gif Size: 18 KB
  • #271,379
  • Feb 9, 2011 3:31am Feb 9, 2011 3:31am
09:30UKTotal Trade Balance (Dec)£-5.817£4.000 (actual / forecast )

ouch.
Hero calls followed by margin calls...
  • #271,380
  • Feb 9, 2011 3:34am Feb 9, 2011 3:34am
Quoting PhAnTi'
09:30 UK Total Trade Balance (Dec) £-5.817 £4.000 (actual / forecast )

ouch.
Indeed, and a long spike to catch the news traders out.....
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