what's UP GBP/USD ! | Forex Factory

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what's UP GBP/USD !

  • #1
  • First Post: Jun 9, 2006 8:41am Jun 9, 2006 8:41am
today Something strange happens for GBP/USD Down then Up like Crazy, however the news cames good for USD !!!!!!
Charting Markets into the Future...MǎҖ€¥.
  • #2
  • Jun 9, 2006 9:25am Jun 9, 2006 9:25am
Quoting MaXeY
today Something strange happens for GBP/USD Down then Up like Crazy, however the news cames good for USD !!!!!!
Probably profit taking before the openning of the soccer World Cup.
Keeping it Simple
  • #3
  • Jun 9, 2006 9:46am Jun 9, 2006 9:46am
I dont think anyone needs to worry when such moves occur. Its clearly stop triggerring by brokers, with zero fundamentals behind it.

When the overall trend is downwards and all news that came out today are bearish for GBP, it will come down at the end of the day.

What matters is that your position size is comfertable enough to withstand such spikes and you have enough money in your account to float it.

Do not overleverage yourself in the market and always move the stop loss point to breakeven when market is comfertably 30-40 pipes below/higher your entry position.
  • #4
  • Jun 9, 2006 9:58am Jun 9, 2006 9:58am
I quite often don't even trade on fridays, especally late in the day and especally an non-farm payroll days. Just too whacky for me.

But then agan sometimes I don't trade Mondays too, just because I like 4 day weekends. But I don't have to trade for a living. The U.S. Government pays me to be crazy. It ain't much, but it's a living, and I get handicap licence plates for my car too, so I can park anywhere. It's a good gig if you can get it.
Nolite dormiens pungere ursum. -- Latan Proverb.
  • #5
  • Jun 9, 2006 10:49am Jun 9, 2006 10:49am
today, the currency market was very sensitive to fluctuations in the oil and gold futures market. I didnt trade at all.
  • #6
  • Jun 9, 2006 10:58am Jun 9, 2006 10:58am
while i was in the trade i was expect Great down move... I was +45 pip at the end i exit with +20 PIP

i wanna know what the reason of this Unexpect UP Crazy Move :surprised
Charting Markets into the Future...MǎҖ€¥.
  • #7
  • Jun 9, 2006 11:09am Jun 9, 2006 11:09am
On the daily GBP/USD chart the lows that were hit were just under the 38.2 fibo of the last big uptrend. Is that why we are getting stuck and not going lower for now?
  • #8
  • Jun 9, 2006 11:11am Jun 9, 2006 11:11am
Quoting MaXeY
while i was in the trade i was expect Great down move... I was +45 pip at the end i exit with +20 PIP

i wanna know what the reason of this Unexpect UP Crazy Move :surprised
Profit taking.

The news was very good, but with prices being pushed so low in the last week, I would venture to say most people are of the camp that the move down is going to slow since there isn't a slew of positive or negative indicators in either direction.

I suspect we're back to a 300-500 pip range with this being some sort of support.

Just FYI, the big line I'm looking at now is 1.8325 which is around the May -4th low...I see no reason to cross it, especially if the fed decides to pause anytime soon.

If there is a global interest rate rise, all economies would be hurt, but the exchange rates would stay stagnant.

Besides, if you look at the end of yesterday, the exchange rate has stayed extremely tight...I'm actually impressed. I'm thinking there will be more directional movement next week. It's Friday anyway...take the day off and be happy with your profit (as opposed to loss) :-)
  • #9
  • Edited 11:52am Jun 9, 2006 11:43am | Edited 11:52am
Quoting blueshift
today, the currency market was very sensitive to fluctuations in the oil and gold futures market. I didnt trade at all.
So.. how can i know the news for oil and gold.. is there's any website or something... i dont have any idea about this !
Charting Markets into the Future...MǎҖ€¥.
  • #10
  • Jun 9, 2006 12:32pm Jun 9, 2006 12:32pm
Quoting MaXeY
So.. how can i know the news for oil and gold.. is there's any website or something... i dont have any idea about this !
I was looking at the quotes on bloomberg.com. I don't think that there is any free website that gives live quotes. There is always a lag.
  • #11
  • Jun 9, 2006 12:35pm Jun 9, 2006 12:35pm
Quoting blueshift
I was looking at the quotes on bloomberg.com. I don't think that there is any free website that gives live quotes. There is always a lag.
You can always use a demo account with brokers that trade gold...I'm not sure about oil.
  • #12
  • Jun 9, 2006 12:42pm Jun 9, 2006 12:42pm
I don't generally trade indecisive markets like we saw today. But I think I'll get that demo account.
  • #13
  • Jun 9, 2006 9:42pm Jun 9, 2006 9:42pm
My "Only if!?" story of the day...

After the Eur hit a pivot just between 23.6 and 38.2 fibs it started to look bearish. So I went short.

My demo account at InterBank was closed and disabled a little while later (10 days before the 30 days were up!?!)

I didn't have a stop set yet, so since I couldn't watch it the way I would like on Forex.coms crap basic charts I closed the trade when a bullish candle popped up with good speed.

Was pissed off pretty cronically when it fired down, hitting a stop order I'd put in and I couldn't watch where my supports fibs etc were. ( I was just about to cancell that stop sell order) Was trading blind. By the time I got the new demo account going it was too late. Had Another loosing trade.


I look at the bright side though. If I didn't close that other order it might have shot up the opposite way.

Only loosing day this week. Gotta be thankful of that.

Bout time I got the advanced charts at forex.com organised as a back-up. lol

I Love metatrade though!!
Bundy's status today: "Waiting..."
  • #14
  • Jun 10, 2006 8:28am Jun 10, 2006 8:28am
Quoting mrmikal
Just FYI, the big line I'm looking at now is 1.8325 which is around the May -4th low...I see no reason to cross it, especially if the fed decides to pause anytime soon.
And also 38.2% retracement of 1.7230 to 1.9024 trend is at 1.8339. So, indeed this level looks very supportive and it should hold in my opinion too.
  • #15
  • Jun 10, 2006 9:48am Jun 10, 2006 9:48am
Quoting FxFox
And also 38.2% retracement of 1.7230 to 1.9024 trend is at 1.8339. So, indeed this level looks very supportive and it should hold in my opinion too.
BINGO WE HAVE A WINNER! give that man a kewpie doll!
Nolite dormiens pungere ursum. -- Latan Proverb.
  • #16
  • Last Post: Jun 10, 2006 11:15am Jun 10, 2006 11:15am
Quoting MrWhipple
BINGO WE HAVE A WINNER! give that man a kewpie doll!


MrWhipple
Thanks for being so kind to me.
I like to convert the reward to pips.
how much pips the kewpie doll is worth ?
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