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Cable Update (GBPUSD)

  • #365,521
  • Feb 22, 2014 11:24pm Feb 22, 2014 11:24pm
Quoting palabara
{quote} Why 1.6525 a turning point you think?
Could be because its the 50% fib area of this current swing. There is a few things around this area. Quarterly open , yearly open, same thing this quarter. Suprisingly as strong as the pound has appeared to be , its spent more time below the open than above. It has failed once from the open to the downside caught by the pivot. Is this a test of the open from the topside for a bounce , the pound likes to over shoot things a tad . Currently holding a few shorts. If it can chew through these areas then the 272 and 618 extensions are good targets, if it bounces- the same targets to the upside. The only thing about the downside is the majority of retailers are hoping for that , but hey we get a couple a year right , dont we lol' Cheers all.
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  • #365,522
  • Feb 23, 2014 12:07am Feb 23, 2014 12:07am
Quoting Hickson
{quote} Was wondering a bit too ... btw my favorite today: http://www.chess.com/livechess/game?id=734151958 ...Bxe3 + Qxe3! 1-0
Nice pin Beating a Russian is slightly satisfying
12.----Ne4
Basically lost the game there giving you a free pawn.
In trading, you have to be defensive and aggressive at the same time
  • #365,523
  • Feb 23, 2014 2:28am Feb 23, 2014 2:28am
Quoting palabara
{quote} Why 1.6525 a turning point you think?
the 50% fib level from the recent swing low to high, also take a look at the 1 hr charts...that bearish spinner right before the continuation of the bullish move
  • #365,524
  • Feb 23, 2014 3:02am Feb 23, 2014 3:02am
Interesting to know on every spreads sessions in every BROKER.

http://www.investing.com/brokers/com...preads-gbp-usd
  • #365,525
  • Edited 3:49am Feb 23, 2014 3:32am | Edited 3:49am
Fellow traders who live in US, if your trading in FXDD, can you able to execute buy and sell in one currency at the same time?
  • #365,526
  • Feb 23, 2014 4:55am Feb 23, 2014 4:55am
Bearish Sign
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  • #365,527
  • Feb 23, 2014 6:43am Feb 23, 2014 6:43am
Quoting Nitsan_Levi
Hi my name is Nitsan Trade about seven years I will start to raise here deals I take GBP SHORT ..see pic..my first entery was in the open..in fibo 127.2 {image}
STILL STICK TO MY PLAN...Continues to cling Action Plan... the monthly moving average 200 300 400 ...say SHORT!!...the daily Triangle megaphone say SHORT

I STAY ON SHORT.....GL HF...sorry if my english is not so good..
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  • #365,528
  • Feb 23, 2014 7:45am Feb 23, 2014 7:45am
Quoting GDR3k
{quote} the 50% fib level from the recent swing low to high, also take a look at the 1 hr charts...that bearish spinner right before the continuation of the bullish move
On daily chart 50 fib (not really a fib) is on insignificant level in terms of structures on left.
Key level to me is 38.2Fib at 66 if this breaks nothing is stopping to go down to 63
Regards
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In trading, you have to be defensive and aggressive at the same time
  • #365,529
  • Feb 23, 2014 8:03am Feb 23, 2014 8:03am
Quoting Davit
{quote} On daily chart 50 fib (not really a fib) is on insignificant level in terms of structures on left. Key level to me is 38.2Fib at 66 if this breaks nothing is stopping to go down to 63 Regards {image}
The half-way point then

As soon as the market opens later, a buy order is going at 6527 for a small intraday scalp.

Good luck with your short positions
  • #365,530
  • Feb 23, 2014 8:09am Feb 23, 2014 8:09am
Quoting Davit
{quote} On daily chart 50 fib (not really a fib) is on insignificant level in terms of structures on left. Key level to me is 38.2Fib at 66 if this breaks nothing is stopping to go down to 63 Regards {image}
63 looks pretty low...if we get there we may see more downside.

Same move as May 2012
COT: The precious data ignored
  • #365,531
  • Feb 23, 2014 8:51am Feb 23, 2014 8:51am
The play is clear on cable, british pound is on extreme oversold levels, all indicators pointing downward momentum, could correct to 1.64-1.63 area.

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  • #365,532
  • Feb 23, 2014 11:10am Feb 23, 2014 11:10am
Quoting skyhawkps
... if your trading in FXDD, can you...execute buy and sell in one currency at the same time?
You've probably already found the answer to this, but no, that's hedging, and we're not allowed to hedge. That applies to any broker we use.
  • #365,533
  • Feb 23, 2014 11:22am Feb 23, 2014 11:22am
Quoting InsiderFX
The play is clear on cable, british pound is on extreme oversold levels, all indicators pointing downward momentum, could correct to 1.64-1.63 area.


Hi InsiderFX. Could u paste your indicators please? =)
  • #365,534
  • Feb 23, 2014 12:29pm Feb 23, 2014 12:29pm
Quoting kuroro001
{quote} 63 looks pretty low...if we get there we may see more downside. Same move as May 2012
Not an unreasonable drop.We had over 100pips drop on Friday in 1hour!Last swing low was 6250.Price can go 63-6250 and rebound.
This is the scenario I am envisioning. At 65 retail shorts bail out and switch to long creating more incentive for MM pushing price lower.
Next 2-3 months we could see even worse numbers from UK.Floods and winter storms must have taken toll specially on unemployment and retail sales..
Well this is my reasoning and anything could happen after Tues once Citi injects 5b on Sterling.
regards
In trading, you have to be defensive and aggressive at the same time
  • #365,535
  • Feb 23, 2014 1:07pm Feb 23, 2014 1:07pm
Quoting mary4x
{quote} You've probably already found the answer to this, but no, that's hedging, and we're not allowed to hedge. That applies to any broker we use.
Yes you can, they put them on different ledgers. They manage it legally somehow.
  • #365,536
  • Feb 23, 2014 1:12pm Feb 23, 2014 1:12pm
Quoting Davit
{quote} Not an unreasonable drop.We had over 100pips drop on Friday in 1hour!Last swing low was 6250.Price can go 63-6250 and rebound. This is the scenario I am envisioning. At 65 retail shorts bail out and switch to long creating more incentive for MM pushing price lower. Next 2-3 months we could see even worse numbers from UK.Floods and winter storms must have taken toll specially on unemployment and retail sales.. Well this is my reasoning and anything could happen after Tues once Citi injects 5b on Sterling. regards
But looking at PA it does not seem that the pound is set to go down. After the top was set the price was ranging between 1.67XX and 1.66XX all week long. No strong impulsive moves down. It looks more like a correcton and maybe we should expect another move up to retest the recent top and maybe set a new high and then down. We are just 200 pips away from the top. Slightly more than the usual daily range of GBP.
  • #365,537
  • Feb 23, 2014 1:22pm Feb 23, 2014 1:22pm
Quoting Maks
{quote} But looking at PA it does not seem that the pound is set to go down. After the top was set the price was ranging between 1.67XX and 1.66XX all week long. No strong impulsive moves down. It looks more like a correcton and maybe we should expect another move up to retest the recent top and maybe set a new high and then down. We are just 200 pips away from the top. Slightly more than the usual daily range of GBP.
This was prior of recent data release and verizon deal.These factors are in the past and data was mostly negative so I anticipate market formulating differently in coming weeks.
What has happened in the past is no impetus what may happened in the future.
In trading, you have to be defensive and aggressive at the same time
  • #365,538
  • Feb 23, 2014 1:25pm Feb 23, 2014 1:25pm
Quoting Davit
{quote} This was prior of recent data relese and verizon deal.These factors are in the past and data was mostly negative so I anticipate market formulating differently in coming weeks.

I wouldn't be surprised if tomorrow saw some retracement, Mondays often do the opposite of Fridays, and out of hours trading right now, 1.66205, is at about 8 pips higher than Friday's close (2200 GMT).
  • #365,539
  • Feb 23, 2014 1:30pm Feb 23, 2014 1:30pm
Quoting Davit
{quote} This was prior of recent data relese and verizon deal.These factors are in the past and data was mostly negative so I anticipate market formulating differently in coming weeks.
No doubt GBP will go down. I was talking about next week or so, not months. The top that is being set now will be the top for the rest of the year probably, and looking at price action it looks like we should expect another top before reversal. When a major top is set pirce goes down without such long corrections usually.
  • #365,540
  • Feb 23, 2014 1:37pm Feb 23, 2014 1:37pm
Currently most job creation is around London and south east which were totally unaffected by floods...storm damage may increase public deficit later but I doubt it will create panic and doom...Europe hasn't devalued itself and is on the slowest road to recovery...Europe isn't going to die yet so cable trade partner recovering for at least a year or two, so cable will probably be in a new range from 1.55 - 1.75 till interest rate increases occur...well that's what I think
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