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Cable Update (GBPUSD)

  • #289,421
  • Sep 23, 2011 1:34am Sep 23, 2011 1:34am
my tp 1.5515
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  • #289,422
  • Sep 23, 2011 1:35am Sep 23, 2011 1:35am
Quoting USD-Bear
ah good to hear, congrats with you're 90 pip trade, marvelous timing!
thanks.. also a bit of luck i was going to sleep.....
this is what appears in my h4
imo this kind of pattern at the touch of such a strong channel/wedge and into such a strong 1.53 area (as GS pointed out posting an old wormboy's post), will close the road for bears causing strong taking profits and some demand.

looking at it was better to hold the position, but my plan for longs is to wait to see it closing and consolidating out of channel and reversing up. can require whole next week so.... no hurry!
in these market conditions price can crash fast&furious anytime..
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90% of traders use TA, indicators and prediction
  • #289,423
  • Sep 23, 2011 1:41am Sep 23, 2011 1:41am
Quoting FXMindset
UJ Thread become very quite,Its because you active In GU Thread now Bro
Hi FXMindset,
nah, it's such an unrewarding pair that UJ it's only long-scalpable.
Not much fun discussing that in forum atm.
Always loved the GU pair but also always feared it due to it's large often unpredictable moves, GJ being king of them but that's little too much for me.

Do you have any favorites on the pairs?
Don't be a hero. Don't have an ego. Always question yourself
  • #289,424
  • Sep 23, 2011 1:48am Sep 23, 2011 1:48am
Quoting USD-Bear
Hi FXMindset,
nah, it's such an unrewarding pair that UJ it's only long-scalpable.
Not much fun discussing that in forum atm.
Always loved the GU pair but also always feared it due to it's large often unpredictable moves, GJ being king of them but that's little too much for me.

Do you have any favorites on the pairs?
This is the important question to me for this nowadays
Some traders tell me all people lose money because trade EU
and Some traders tell me that makes their moneys and fortunes all thru GU but its high volitate

Thats why I rarely touch these two pairs,I touch GU because some of mentor before only focused this pairs

But personaly am realise EU move better a lot than GU..I try open daily,weekly and monthly and see the moves,Indeed more reliable than GU even sometimes the move quick faster

and now I try focused in deep EU Pair to see how the thing progress,Its a nice ride if we trade based on monthly chart at EU
If there was easy money lying around,no one would be forcing it into your
  • #289,425
  • Sep 23, 2011 2:02am Sep 23, 2011 2:02am
ok guys
my weekend starts here!

no need to risk anymore this week has been crazy!

good luck for those who trades and good week end you all!
bybye
90% of traders use TA, indicators and prediction
  • #289,426
  • Sep 23, 2011 2:16am Sep 23, 2011 2:16am
Quoting FXMindset
This is the important question to me for this nowadays
Some traders tell me all people lose money because trade EU
and Some traders tell me that makes their moneys and fortunes all thru GU but its high volitate

Thats why I rarely touch these two pairs,I touch GU because some of mentor before only focused this pairs

But personaly am realise EU move better a lot than GU..I try open daily,weekly and monthly and see the moves,Indeed more reliable than GU even sometimes the move quick faster

and now I try focused in deep EU Pair to see how the thing...
My advice would be try to pick a pair and try specialize on it.
I can not explain it, but every pair has it's character and switching too much between pairs will get you disoriented at least that's my experience.
EU maybe nice pair for you but following the fundies a little bit it's certainly not easy. "The Really useless thread" (you can only read there) is one of the best threads I know mainly for EU.
GU/GJ can be very rewarding but are not very forgiving on the wrong trades. I'm more the hit and run type of trader accepting a wrong trade fast by stopping it and grateful for everything between 10 and 100 pips mostly. Other's can and will follow large trends. While reading views it's important to realize those objectives first.
If you try to reach 100, 100 trades averaging 1 profit is a lot better then 1 trade with 100 profit. Do it in little steps and forget the one and only big trade
Don't be a hero. Don't have an ego. Always question yourself
  • #289,427
  • Sep 23, 2011 2:20am Sep 23, 2011 2:20am
Quoting Faller
g term hold up to 1.57 - 1.60 area. Please post comments or questions.
.
Thanks for the charts!
Gone to a better place
  • #289,428
  • Sep 23, 2011 2:22am Sep 23, 2011 2:22am
Quoting USD-Bear
My advice would be try to pick a pair and try specialize on it.
I can not explain it, but every pair has it's character and switching too much between pairs will get you disoriented at least that's my experience.
EU maybe nice pair for you but following the fundies a little bit it's certainly not easy. "The Really useless thread" (you can only read there) is one of the best threads I know mainly for EU.
GU/GJ can be very rewarding but are not very forgiving on the wrong trades. I'm more the hit and run type of trader accepting a wrong trade...
Thats it,my main pair is UJ and looking other one,Both GU/EU still trade very small to see how the progress first and then pick one of them
If there was easy money lying around,no one would be forcing it into your
  • #289,429
  • Sep 23, 2011 2:34am Sep 23, 2011 2:34am
Are people here individual traders or cooperate? GBPUSD should be bullish until 1.5500, anyone agree?
  • #289,430
  • Sep 23, 2011 2:38am Sep 23, 2011 2:38am
Quoting ozgurerisir
Are people here individual traders or cooperate? GBPUSD should be bullish until 1.5500, anyone agree?
think mostly individuals, what's your reasoning being bullish until 1.5500?
Don't be a hero. Don't have an ego. Always question yourself
  • #289,431
  • Sep 23, 2011 2:55am Sep 23, 2011 2:55am
First test for cable has to be the 100 ema on the 1hr chart. So far it has been rejected from there since it broke below it back at 1.64. Its currently around 1.5550 area and would expect there to be sellers waiting to pounce there. Although cable looks to have found a bottom think it will try to test it again. Better to wait till next week. Will have sell order waiting at 1.5550 and look to buy down at the lows but don't expect that to be seen today
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  • #289,432
  • Sep 23, 2011 3:13am Sep 23, 2011 3:13am
Quoting eitan1010
monthely chart as i see it...
Hello there my friend! Are you still holding your longs? I have a couple of technical issues with the GU monthly chart and the trendline that you posted here.

1. Firstly, you have drawn the trendline to this month's candle which has not closed yet as we still have 7 days of trading before this candle closes. Never draw a trendline to a candle that has not closed yet.
2. Technically you should draw the trendline from the low at 1.3500 (Jan 2009) to the low at 1.4226 (May 2010) and this will give you the correct trendline.

From a fundamental point of view, the UK is not in great shape and therefore sterling is bearish for the following reasons -

1. BoE are serious about implementing further QE to stimulate the UK economy which seems to be stagnating. This will devalue sterling and weaken it. Market is already pricing this in now.
2. Although the UK government have implemented austerity measures, the UK debt is still increasing and there is a high possibility that the government will miss their targets to reduce debt.
3. Jobs cuts in the public sector are twice as high as the job creation in the private sector. Therefore, unemployment is increasing in the UK and this in turn generates less tax revenues.

How far will GU drop, I don't know. As you can see we have bounced here, but there are many sellers waiting at ~1.565, so in the short-term, I do not see GU going above this price. Sorry to be the bearer of bad news, but I don't see price going back to 1.6 any time soon!

Good luck with those GU trades of yours!
  • #289,433
  • Sep 23, 2011 3:37am Sep 23, 2011 3:37am
Quoting _BBKing_
hello
sorry but... isn't it better to pick bottom of those candles on monthly chart?
then picking another one with candles closing we see also a support here.
just my 2cents
Harking back to Faller's reversal analysis I'm posting this. 1.5344 was the december 2010 low and proved support previously.

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Gone to a better place
  • #289,434
  • Sep 23, 2011 3:53am Sep 23, 2011 3:53am
Quoting Flatfish
Although cable looks to have found a bottom think it will try to test it again.
A double bottom possible then? That should add to the interest. Flatfish don't stop posting here and have a great weekend (everybody!).
Gone to a better place
  • #289,435
  • Sep 23, 2011 4:07am Sep 23, 2011 4:07am
trying a long @ 1.5430

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Don't be a hero. Don't have an ego. Always question yourself
  • #289,436
  • Sep 23, 2011 4:16am Sep 23, 2011 4:16am
I see a few people posting that cable is hard to trade. But really it is quite technical at the moment with some pretty predictable price moves. For example London likes to buy cable- if cable finds a bottom between 7- 7.30 GMT then the London guys buy and don't look to sell till 12GMT. Undestanding banking flows is important for cable because it gives you some safe trades. Month end next week and for Japan end of their financial half year so need to see bottoms forming on yen crosses to be confident of holding longs on cable or the euro.
  • #289,437
  • Sep 23, 2011 4:29am Sep 23, 2011 4:29am
Quoting Flatfish
I see a few people posting that cable is hard to trade. But really it is quite technical at the moment with some pretty predictable price moves. For example London likes to buy cable- if cable finds a bottom between 7- 7.30 GMT then the London guys buy and don't look to sell till 12GMT. Undestanding banking flows is important for cable because it gives you some safe trades. Month end next week and for Japan end of their financial half year so need to see bottoms forming on yen crosses to be confident of holding longs on cable or the euro.
I agree with you,
morning session (EUROPE) is very important and quite simple..
QUITE !!!
  • #289,438
  • Sep 23, 2011 4:49am Sep 23, 2011 4:49am
Personally, I love cable, no matter how far it travels over a 24 - 48 hour period, you can generally bank on it to retrace pretty much 50% of it's direction. For a trader who averages out, it's a pretty good currency to trade.
  • #289,439
  • Sep 23, 2011 4:58am Sep 23, 2011 4:58am
Quoting USD-Bear
trying a long @ 1.5430

Attachment
stopped -20
Don't be a hero. Don't have an ego. Always question yourself
  • #289,440
  • Sep 23, 2011 5:09am Sep 23, 2011 5:09am
Quoting USD-Bear
stopped -20
I don't like to comment on peoples trades- because we all trade our own systems . But the reason I posted my previous comments above about flows was because you bought just as the London guys were switching to sell.
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