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Cable Update (GBPUSD)

  • #354,761
  • Nov 28, 2013 4:09am Nov 28, 2013 4:09am
Quoting DailyChart
{quote} Not yet,The bull not finished yet
Pound might have another pushing up moves,judging from euro havent even tested the resistance yet,watching NY for another long

Euro Progress
Attached Image (click to enlarge)
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  • #354,762
  • Nov 28, 2013 4:13am Nov 28, 2013 4:13am
Quoting DailyChart
{quote} Not yet,The bull not finished yet
For Pound 4H Chart,Watching it to test for close above or below laters
Attached Image (click to enlarge)
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  • #354,763
  • Nov 28, 2013 4:19am Nov 28, 2013 4:19am
looking a bit H&S ish on 5min - well potentially anyway ?

resistance zone is shown on daily below...if can break above that it's pretty much fresh air till former weekly/monthly swing high zone leading up to 6613, other than pivots calculated on daily weekly and monthly settings. Can see the declining volumes in last few days on chart below.

Interesting ? http://www.forexlive.com/blog/2013/1...ve-for-uk-plc/

Best Wishes
Attached Image (click to enlarge)
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it's all gone a bit........
  • #354,764
  • Nov 28, 2013 4:31am Nov 28, 2013 4:31am
Took half off my 1.6242 and 1.6260 longs and set SL for both at BE 1.6270
Those who say it cannot be done should not interrupt those who are doing it
  • #354,765
  • Nov 28, 2013 4:41am Nov 28, 2013 4:41am
from the Carney pressie...

No more "Funding for lending" scheme for housing market.

Will maintain "funding for lending" for small business loans.

This is somewhat supportive for Cable as it sends a signal that the housing market can now float its own boat.
It also removes incentives for the housing market speculation thereby reducing the risk of a property bubble.
Those who say it cannot be done should not interrupt those who are doing it
  • #354,766
  • Nov 28, 2013 4:42am Nov 28, 2013 4:42am
My account brusted once before under super bull or bear condition. So remember very clearly, believe the chart pattern........
Face both Win and Lose bravely
  • #354,767
  • Nov 28, 2013 4:46am Nov 28, 2013 4:46am
Quoting Cowboy11
My account brusted once before under super bull or bear condition. So remember very clearly, believe the chart pattern........
Be prepared for 1.65xx

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusddaily.png Size: 65 KB
Those who say it cannot be done should not interrupt those who are doing it
  • #354,768
  • Nov 28, 2013 4:49am Nov 28, 2013 4:49am
Quoting PipTrapper
{quote} Be prepared for 1.65xx {image}
I dont think so.why it just small reaction??? GJ overbought.
when you think up they down.
  • #354,769
  • Nov 28, 2013 4:54am Nov 28, 2013 4:54am
Quoting khol_hands
{quote} I dont think so.why it just small reaction??? GJ overbought. when you think up they down.
why will it not reach 1.65?
  • #354,770
  • Nov 28, 2013 4:55am Nov 28, 2013 4:55am
Quoting khol_hands
{quote} I dont think so.why it just small reaction??? GJ overbought. when you think up they down.
I said "Be prepared". I did not say it is going there. However, that is what my G/U chart is telling me.

Small reaction in low liquidity market is normal. No Americans trading today.

Also, a pullback in G/J does not mean Cable weakness or USD strength. This is not the G/J. G/J can go down and G/U can go up, or vice versa. It is possible for cable to strengthen and for the JPY to strengthen more while the USD stays level and in that case it will also produce bullish G/U and bearish G/J.

Unfortunately correlations do not always work. I wish it was that easy

Anyway, all the best to you.

Cheers
PT
Those who say it cannot be done should not interrupt those who are doing it
  • #354,771
  • Edited 5:12am Nov 28, 2013 5:01am | Edited 5:12am
Guys,

Dont listen to what people said here too much,you need focus on your chart and study your mistakes.
Most of members here trying to prove they are right and you can clearly see it from their chart,they can draw the TL,EW,S/D Zones as they like when the price Go against them...and remember never marriage with your bias
  • #354,772
  • Nov 28, 2013 5:11am Nov 28, 2013 5:11am
Quoting DailyChart
{quote} For Pound 4H Chart,Watching it to test for close above or below laters {image}
Pound has complete the retest another resistance lines,now We are in heavy supply zones
  • #354,773
  • Nov 28, 2013 5:15am Nov 28, 2013 5:15am
Quoting DailyChart
Guys, Dont listen to what people said here too much,you need focus on your chart and study your mistakes.Most of members here trying to prove they are right and you can clearly see it from their chart,they can draw the TL,EW,S/D Zones as they like when the price against them...and remember never marriage with your bias
Dear friend,
U better listen and learn instead of argue.... what u posted is only general statement.
I do ask and learn from those who make good judgement or statement.
Face both Win and Lose bravely
  • #354,774
  • Nov 28, 2013 5:16am Nov 28, 2013 5:16am
hope everyone is enjoying their gbpusd shorts..

i got out of my gbp/nzd tactical short on carneys press conf

to put things onto perspective on changes in fls

1) BoE no longer supports fls for mortgage lending. where banks used to avail cheap financing from bae agaonst all the lending they have done for mortgages.. example. a bank lends 100 for mortgage at an interest rate 1%.. it then shows this lending record to BoE which lends bank 100 at 0.5%.. banks making 0.5% on that and this was keeping mortgage rates low..
2) now banks can no longer be sure of getting lending at 0.5% from BoE hence they have to use their own capital, which is richer than BoE money, hence they would want to lend for mortgages at 2% now
3) this increases moertgage rates and brings house prices down
4) but at the same time is reduces the flow of cheap money in the economy.. example.. earlier boe would lend 100 against mortgage lending, 100 against sme lending @0.5%.. so banks had 200 of cheap money.. now they have only 100.. so in general cost of money goes up
5) add to this that this is a signal from BoE that inflation expectattion ar eon the way up
6) add to this that this would result in increase in hike interest rate expectations

all in all, prepare for higer sterling fundamentally!

P.S -- 1) i am not touching gbp/usd here and m flat.. looking to buy on dips..
2) looking to short gbp/nzd only tactical day trade.. the best can move 100 pips in seconds
  • #354,775
  • Nov 28, 2013 5:19am Nov 28, 2013 5:19am
Quoting Cowboy11
{quote} Dear friend, U better listen and learn instead of argue.... what u posted is only general statement. I do ask and learn from those who make good judgement or statement.
I trust no one,been trading over 5 years and make a good living,I am sorry I am argue for what ? I am watching this thread silently for 6 month and many members burn their account because of several members words here.I am wrong if I am trying to prove anyone that is bullish or bearish tone,instead I am ask members to study by themselves and learn from the mistakes


Good luck
  • #354,776
  • Nov 28, 2013 5:27am Nov 28, 2013 5:27am
Quoting DailyChart
{quote} Pound has complete the retest another resistance lines,now We are in heavy supply zones
Yes we are entering heavy supply zone, but it is also a very wide supply zone (1.6345 to 1.6616) and on top of that, where is the supply going to come from today or tomorrow with America eating turkey, shopping and sleeping... and the rest of the conservative trading world staying away due to the low liquidity?

I would love to see Cable come crashing down. In fact even though I currently have long positions on Cable, I am bearish the pair, but it's not going to happen until next week at the earliest in my opinion.

Besides, with the retail crowd still 70% to 80% short this pair, any greedy vulturous hedge fund managers out there will be taking advantage of tripping all those juicy stops.

So, until next week, it is more likely that we either go up or sideways with an upward bias.
Those who say it cannot be done should not interrupt those who are doing it
  • #354,777
  • Nov 28, 2013 5:31am Nov 28, 2013 5:31am
Quoting DailyChart
{quote} I trust no one,been trading over 5 years and make a good living,I am sorry I am argue for what ? I am watching this thread silently for 6 month and many members burn their account because of several members words here.I am wrong if I am trying to prove anyone that is bullish or bearish tone,instead I am ask members to study by themselves and learn from the mistakes Good luck
If u understand how to read my chart then good for you,if not then you need working hard more
It keep going up and up and most of members here keep shorting because they are very bias,there are no overbought or sold condition In the Market
Just follow the price,see how it break and tested,support become resistance and resistance become support,Just do it again and again and just ignored all the noises then you will see how simple trading it is

Fak the thing that call Qe,Interest rates,US shutdown and others noises,threw far away all the news and worries and spend 5 minutes everyday only for look the graph and you will understand what i am said one day

Good luck
  • #354,778
  • Nov 28, 2013 5:34am Nov 28, 2013 5:34am
Quoting DailyChart
{quote}Just follow the price,see how it break and tested,support become resistance and resistance become support,Just do it again and again and just ignored all the noises then you will see how simple trading it is Good luck {image}
Now you are making sense
Those who say it cannot be done should not interrupt those who are doing it
  • #354,779
  • Nov 28, 2013 5:35am Nov 28, 2013 5:35am
Quoting PipTrapper
{quote} Yes we are entering heavy supply zone, but it is also a very wide supply zone (1.6345 to 1.6616) and on top of that, where is the supply going to come from today or tomorrow with America eating turkey, shopping and sleeping... and the rest of the conservative trading world staying away due to the low liquidity? I would love to see Cable come crashing down. In fact even though I currently have long positions on Cable, I am bearish the pair, but it's not going to happen until next week at the earliest in my opinion. Besides, with the retail...
I am give you a hint
Keep shorting this pair if the daily close below 1.6345,as long close above then stay away


Good luck
  • #354,780
  • Nov 28, 2013 5:41am Nov 28, 2013 5:41am
Quoting DailyChart
{quote} I am give you a hint Keep shorting this pair if the daily close below 1.6345,as long close above then stay away Good luck
I have already taken 50% profits from my two longs and set My SL in profit for the rest.
I am ready at any time to start shorting, but I will not be doing it until normal liquidity levels return and USD has bottomed out on strong support.
I also want to see lower highs and lower lows on smaller time frames with strong resistance holding before I risk any shorts.
Until then I will be keeping what I have and watching developments.
Ultimately, my next major downside target for this pair is 1.55xx. From there we shall see.
Those who say it cannot be done should not interrupt those who are doing it
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