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Cable Update (GBPUSD)

  • #289,181
  • Sep 21, 2011 6:15am Sep 21, 2011 6:15am
Quoting FXConveyor
Hi Guys

Long at .5600

5555 is my line in the sand for low of the day and I shall by some more if we reach that target however I think we will see a strong retrace right back up to at least daily open as this is way oversold at moment.
Right Move. but make sure to set ur sl @ break even before Fed Rate Decision.
  • #289,182
  • Sep 21, 2011 6:17am Sep 21, 2011 6:17am
Quoting hamad9
Long @ 1.5617 TP @ 1.5900 - SL 1.5300

Just wondering why you would take that trade R/R is slightly inverse.

Profit: 283 pips
Loss: 317 pips
  • #289,183
  • Sep 21, 2011 6:23am Sep 21, 2011 6:23am
Quoting neo1599
Just wondering why you would take that trade R/R is slightly inverse.

Profit: 283 pips
Loss: 317 pips
Bro because i know it has a lot of potential to go up very quickly from current price its called "Forex Feeling" lol anyhow good question why i had such a huge SL just because i dont wanted to stopped out by another 50 or 100 pips downwards move.
  • #289,184
  • Sep 21, 2011 6:28am Sep 21, 2011 6:28am
Quoting neo1599
Just wondering why you would take that trade R/R is slightly inverse.

Profit: 283 pips
Loss: 317 pips

Question: who is short at 1.56 ? or who will be willing to short it below 1.56 ?

I believe majority of traders already have their long positions in place specially @ 1.56 because we are 1000 pips down from 1.66 so the trend should change or you can call it retracement.

____but that's just me, lets see what happens___

Happy Trading
  • #289,185
  • Sep 21, 2011 6:28am Sep 21, 2011 6:28am
1hr

Wait for the break those looking to long.
Attached Image (click to enlarge)
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  • #289,186
  • Sep 21, 2011 6:45am Sep 21, 2011 6:45am
dont think anybody interested in buying GBP at all.
  • #289,187
  • Sep 21, 2011 6:48am Sep 21, 2011 6:48am
HeLL yeaHHHH

1.56 its Sale.
  • #289,188
  • Edited 7:17am Sep 21, 2011 6:51am | Edited 7:17am
Long Cable 1.560 - falling wedge pattern on the 5 min - I trade the futures so my numbers are different then forex.....long 1.56 target previous daily low of 1.5641. Stop is at lower trendline. Chart posted.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart of GLOBEX~@6BZ1.jpg Size: 174 KB
I don't trust any move - when you have profit...take it.
  • #289,189
  • Sep 21, 2011 7:32am Sep 21, 2011 7:32am
Don't see any signs of a cable bottom. Too many stops below here for market not to test them. Not saying impossible for cable to go up, but I think if I wait I can buy it cheaper later. Not keen on shorting here ahead of FOMC either as moves likely to be volitile. I probably stand aside till London as they have been to only ones recently who have wanted to buy.
Attached Image (click to enlarge)
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  • #289,190
  • Sep 21, 2011 7:42am Sep 21, 2011 7:42am
Quoting hamad9
Question: who is short at 1.56 ? or who will be willing to short it below 1.56 ?

I believe majority of traders already have their long positions in place specially @ 1.56 because we are 1000 pips down from 1.66 so the trend should change or you can call it retracement.

____but that's just me, lets see what happens___

Happy Trading
Don't think and trade ,trade what you see on the charts.

It can go on and on and not necessary to retrace after 1000 pips drop.

Wait for daily candle reversal for retracement to start .
  • #289,191
  • Sep 21, 2011 7:47am Sep 21, 2011 7:47am
Update on previous post with chart....and notes.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart of GLOBEX~@6BZ1 - 2.jpg Size: 183 KB
I don't trust any move - when you have profit...take it.
  • #289,192
  • Sep 21, 2011 7:50am Sep 21, 2011 7:50am
Still looking 1.54
Attached Image (click to enlarge)
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If there was easy money lying around,no one would be forcing it into your
  • #289,193
  • Sep 21, 2011 7:57am Sep 21, 2011 7:57am
Went long @ 1.5716 ... still holding it

is it worth holding or should i look fwd to cut loss... very tensed,,, any suggestions ?
  • #289,194
  • Sep 21, 2011 7:58am Sep 21, 2011 7:58am
GBP Weekly & Monthly Chart
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPweekly.gif Size: 43 KB
Click to Enlarge Name: GBP monthly.gif Size: 41 KB
  • #289,195
  • Edited 8:04am Sep 21, 2011 8:02am | Edited 8:04am
Update number 3 with chart and notes. I will continue to post throughout the day on this trade so that everyone can follow along.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart of GLOBEX~@6BZ1 -3.jpg Size: 187 KB
I don't trust any move - when you have profit...take it.
  • #289,196
  • Sep 21, 2011 8:34am Sep 21, 2011 8:34am
Another reason I am not keen long cable.
eur/gbp 4hr- looks very bearish for the pound. Playing long euro probably much better bet if you want to bet against the dollar. Would need to see a reversal in eur/gbp to be confident long cable
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.jpg Size: 129 KB
  • #289,197
  • Sep 21, 2011 8:37am Sep 21, 2011 8:37am
Update number 4 with chart and notes.
Attached Image (click to enlarge)
Click to Enlarge Name: Chart of GLOBEX~@6BZ1 -4.jpg Size: 188 KB
I don't trust any move - when you have profit...take it.
  • #289,198
  • Sep 21, 2011 8:38am Sep 21, 2011 8:38am
I am standing aside today. I will hunt bargains later.
  • #289,199
  • Sep 21, 2011 8:40am Sep 21, 2011 8:40am
Quoting Faller
Update number 4 with chart and notes.
nice charts, thanks

keep them coming
TRADE FOR SWAP
  • #289,200
  • Sep 21, 2011 8:55am Sep 21, 2011 8:55am
All eyes on U.s FOMC statement then - 1915pm London.

Cable @ 120% of it's 20day atr so far today H-L, 57% of same for week and 104% of same for the month.

Trend remains down on 1hr/4hr/daily and rangy-bearish weekly....

5577 the actual current daily lo (around Daily S3) - Near-term current 1hr screenhot in respect of potential supp/res/sbr factors on that t/f...

G/L
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