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Cable Update (GBPUSD)

  • #351,081
  • Oct 29, 2013 7:21am Oct 29, 2013 7:21am
Once more speculation gets in.
  • #351,082
  • Oct 29, 2013 7:26am Oct 29, 2013 7:26am
Quoting okanemici
Here is my scenario for usdlfx for today and tomorrow.Let's see how it plays. {image}

Please don't send flowers , make a donation to UNESCO , thanks
  • #351,083
  • Oct 29, 2013 7:35am Oct 29, 2013 7:35am
Can anyone explain wtf have just happened? All of my stops out in a minute.
  • #351,084
  • Oct 29, 2013 7:36am Oct 29, 2013 7:36am
Quoting okanemici
{quote} Please don't send flowers , make a donation to UNESCO , thanks
What's UNESCO?
Underwater Noobs and Euro Skeptics COalition ?

Just kidding of course
Those who say it cannot be done should not interrupt those who are doing it
  • #351,085
  • Oct 29, 2013 7:39am Oct 29, 2013 7:39am
Quoting Ivanqus
Can anyone explain wtf have just happened? All of my stops out in a minute.
Well, I can only give you mine - just look at the long southside stalks on the 15m candles for the last two hours, plus the fact that the price has been stuck around the 4 hour 200sma all day, and you got the makings of a break to the upside like this, especially when Wall street is rallying.
  • #351,086
  • Oct 29, 2013 7:40am Oct 29, 2013 7:40am
Quoting PipTrapper
{quote} What's UNESCO? Underwater Noobs and Euro Skeptics COalition ? Just kidding of course
  • #351,087
  • Oct 29, 2013 7:42am Oct 29, 2013 7:42am
Quoting Ivanqus
Can anyone explain wtf have just happened? All of my stops out in a minute.
Weak US data compelled traders to dump a few more USDs... as expected.
It is just a repricing of assets to match the data and expectations.
However, with FOMC statement due out tomorrow, the USD bears should be on the defensive until then. Therefore I still see more down for today after the knee-jerk repricing is completed.
Those who say it cannot be done should not interrupt those who are doing it
  • #351,088
  • Oct 29, 2013 7:47am Oct 29, 2013 7:47am
Quoting PipTrapper
{quote} Therefore I still see more down for today after the knee-jerk repricing is completed.
I'd be surprised to see new lows today though.
  • #351,089
  • Oct 29, 2013 7:47am Oct 29, 2013 7:47am
Quoting Ivanqus
Can anyone explain wtf have just happened? All of my stops out in a minute.
There is nothing to explain.It is called pump an index and dump when your task is finished.In this chapter that index was usd.They pumped stong dollar and took profit . The idea is to learn when it starts and finishes !
  • #351,090
  • Oct 29, 2013 7:52am Oct 29, 2013 7:52am
Quoting okanemici
{quote} There is nothing to explain.It is called pump an index and dump when your task is finished.In this chapter that index was usd.They pumped stong dollar and took profit . The idea is to learn when it starts and finishes !
Maybe they're pumping eur?
"HEY! Whats all this chocolate on yo face?" - "It's doodoo, babby!"
  • #351,091
  • Oct 29, 2013 7:53am Oct 29, 2013 7:53am
Quoting PipTrapper
{quote} Weak US data compelled traders to dump a few more USDs... as expected. It is just a repricing of assets to match the data and expectations. However, with FOMC statement due out tomorrow, the USD bears should be on the defensive until then. Therefore I still see more down for today after the knee-jerk repricing is completed.

Great Top down analyses enjoying your posts !
Nothing is True Everything is Permitted
  • #351,092
  • Oct 29, 2013 7:54am Oct 29, 2013 7:54am
Quoting okanemici
{quote} There is nothing to explain.It is called pump an index and dump when your task is finished.In this chapter that index was usd.They pumped stong dollar and took profit . The idea is to learn when it starts and finishes !
Okan I enjoy reading your posts also great Job guys
Nothing is True Everything is Permitted
  • #351,093
  • Oct 29, 2013 8:08am Oct 29, 2013 8:08am
I ignore all fundamentals when I'm trading, not that they don't have an impact on the price, of course they do, but I only trade what I see, not what I can't. Here's a 15min chart showing not only bottoming ( for now ?) candlestick patterns, but also diversion with MACD. As a purely technical trader, this is my reason for the break to the upside. The hour chart is still bearish, but we have found support for the time being on the H4 200sma.
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  • #351,094
  • Oct 29, 2013 8:13am Oct 29, 2013 8:13am
Quoting 110101
{quote} Maybe they're pumping eur?
That's also true.
  • #351,095
  • Oct 29, 2013 8:14am Oct 29, 2013 8:14am
My, Cat, what pretty charts you have.

  • #351,096
  • Oct 29, 2013 8:16am Oct 29, 2013 8:16am
Quoting Orly
My, Cat, what pretty charts you have.
Cats are very fussy about their surroundings you know.
  • #351,097
  • Oct 29, 2013 8:20am Oct 29, 2013 8:20am
Obviously EUR is pumped up. At the moment it's testing human psychology and nervous system.

PS: Regarding SL - I see those with SL get their SL hit most of the times. I stopped using SL (of course do not take this as advice) because I traded long enough to understand that if you want to live longer on the FX Market you have to give space for your trade to complete and SL is an obstacle to your target.
If you play with large % of your account scalping then SL is ok, but if you use small amount for me SL is absolutely unnecessary.
  • #351,098
  • Oct 29, 2013 8:26am Oct 29, 2013 8:26am
Quoting cat
{quote} I'd be surprised to see new lows today though.
I wouldn't be.
Cable needs a major correction as it is overpriced based on recent data, plus as I stated earlier, I fully believe that the Hedgies who are USD short and have been for a while, will be paring back a bit before the FOMC statement. They don't want to be caught with their pants down again.
Those who say it cannot be done should not interrupt those who are doing it
  • #351,099
  • Oct 29, 2013 8:31am Oct 29, 2013 8:31am
Quoting cat
I ignore all fundamentals when I'm trading, not that they don't have an impact on the price, of course they do, but I only trade what I see, not what I can't. Here's a 15min chart showing not only bottoming ( for now ?) candlestick patterns, but also diversion with MACD. As a purely technical trader, this is my reason for the break to the upside. The hour chart is still bearish, but we have found support for the time being on the H4 200sma. {image}
I surely respect all trading styles Cat, and I also trade primarily from a technical perspective, albeit in larger time frames.

That being said, you have to admit that the bullish MacD divergence on the M15 chart could very well have extended much further than it did, so claiming that the divergence was the reason for the pop is only a hindsight statement. Right?
Those who say it cannot be done should not interrupt those who are doing it
  • #351,100
  • Oct 29, 2013 8:33am Oct 29, 2013 8:33am
Quoting ravenbg
Obviously EUR is pumped up. At the moment it's testing human psychology and nervous system. PS: Regarding SL - I see those with SL get their SL hit most of the times. I stopped using SL (of course do not take this as advice) because I traded long enough to understand that if you want to live longer on the FX Market you have to give space for your trade to complete and SL is an obstacle to your target. If you play with large % of your account scalping then SL is ok, but if you use small amount for me SL is absolutely unnecessary.
Here's a post I made in my thread about the Euro. I think it says it all.
Quoting PipTrapper
{quote} Major support. Market wants to take out stops above 3900 and 3950. Is that the page you are on?
Those who say it cannot be done should not interrupt those who are doing it
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