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Cable Update (GBPUSD)

  • #394,541
  • Aug 22, 2014 8:46am Aug 22, 2014 8:46am
cable sucks. I thought it will go up but bloody thing goes down.

that is not fair !
  • #394,542
  • Aug 22, 2014 8:46am Aug 22, 2014 8:46am
Quoting Ill-b-back
{quote} I'm sorry, I'm lost
lol,,no problem,,
  • #394,543
  • Aug 22, 2014 8:47am Aug 22, 2014 8:47am
I have noticed a tendency for price to retrace significantly once 123.6 fib hit.
Yellen soon to chat.

Hmm.... time to sleep with eyes open
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 24 KB
Click to Enlarge Name: GBPUSDDaily.png Size: 31 KB
Come with me if you want to live....
  • #394,544
  • Aug 22, 2014 8:50am Aug 22, 2014 8:50am
can some body buy some more this range is doing me in as i am not scalping ,, you could of made 100 pips over the past few days
  • #394,545
  • Aug 22, 2014 8:51am Aug 22, 2014 8:51am
Cable may be set to pop here. but not interested until after Yelen squawks
  • #394,546
  • Aug 22, 2014 8:57am Aug 22, 2014 8:57am
Quoting elbert3
can some body buy some more this range is doing me in as i am not scalping ,, you could of made 100 pips over the past few days
Well...I made just shy of 100 actually with a little help from the EU.
  • #394,547
  • Aug 22, 2014 8:59am Aug 22, 2014 8:59am
I won't be happy if she ruins my little gathering

1.66 offering some resistance right now
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 27 KB
Click to Enlarge Name: GBPUSDDaily.png Size: 30 KB
Come with me if you want to live....
  • #394,548
  • Aug 22, 2014 9:13am Aug 22, 2014 9:13am
one could buy more
  • #394,549
  • Aug 22, 2014 9:14am Aug 22, 2014 9:14am
Quoting Anti_Losses
{quote} But many people cannot even make 1% a month on a consistent basis...
many people cannot make money and keep it..
yes u are right!!
  • #394,550
  • Edited 9:41am Aug 22, 2014 9:18am | Edited 9:41am
USD is still the strongest currency on the board but GBP follows closely in the neck. Retrace for this pair is coming soon.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_2014-08-22-22-11-39-1.jpg Size: 30 KB
  • #394,551
  • Aug 22, 2014 9:29am Aug 22, 2014 9:29am
Yellen basically said nothing.

 

  1. FOMC sees significant under use of labour resources
  2. There is no simple recipe for appropriate policy
  3. Still unclear on degree of level of labour slack and how quickly it will disappear
  4. Gauging labour market slack needs to be more nuanced
  5. Repeats that QE will finish in October
  6. Slower progress on goals may delay rate increase
  7. Sees room for wage increases that don’t boost inflation

So what does this mean? From the strength of dollars before the speech one can assume that market was looking for a more hawkish Yellen, but they obviously didn't get that. But from the price action after the release of the speech it looks like dollar just doesn't get sold yet.

Maybe market wasn't focusing on Yellen at all, because they know Yellen will give no clue whatsoever. And market is focusing on Draghi and Carney instead, the prospect of ECB QE, the fading hope of early hike of BOE constitute the force that driven euro and pound down. If that's true, the a recovery of cable may not be in sight just yet.

However, given that I have been betting on a cable recovery sign late July and have been consistently wrong, I might better just use myself as a contrarian indicator once and see how that's gonna play out.

  • #394,552
  • Aug 22, 2014 9:40am Aug 22, 2014 9:40am
No trade...shutting things down until next week.

good Luck everyone
  • #394,553
  • Aug 22, 2014 9:41am Aug 22, 2014 9:41am
Quoting Darkforce
Yellen basically said nothing. FOMC sees significant under use of labour resources There is no simple recipe for appropriate policy Still unclear on degree of level of labour slack and how quickly it will disappear Gauging labour market slack needs to be more nuanced Repeats that QE will finish in October Slower progress on goals may delay rate increase Sees room for wage increases that don’t boost inflation So what does this mean? From the strength of dollars before the speech one can assume that market was looking for a more hawkish Yellen, but...
Additional comments from Yellen:

  1. Tightening policy too soon as inflation moves towards 2% might prevent labour market from fully recovering
  2. Emphasis shifting to determining what labour conditions would bring about less accommodation
  3. Fed needs to make difficult judgements about cyclical structural influences on labour market
  4. Need to urge caution in judging whether recent wage data points to weaker labour conditions than indicated by unemployment rate
  5. Could reasonably expect any further increases in labour demand to pull a sizeable share of discouraged workers back into the labour force

She still tries to play down the recent improvement of US labour market data.

  • #394,554
  • Aug 22, 2014 9:42am Aug 22, 2014 9:42am
I think the market is a junkie nowadays, it will move to the direction where the next does is.

If Yellen doesn't inject liquid into the market, then the market will play for Draghi's favour.

Euro down, Dollar up then. Cable will dragged down by the Euro.
  • #394,555
  • Aug 22, 2014 10:04am Aug 22, 2014 10:04am
Quoting albchr
{quote} .. 1% (or less) a month??? Me thinks you either thought too many times over and over, or need another cycle of thought yet? At that rate, you'd be better off just stuffing it in a savings account. For 100k you could do better than 1% interest a month. I don't advocate this as a goal but, if we can't make 10% a month trading? We probably shouldn't be pushing buttons on a live account yet.
Talking about low risk, steady income over years and years and years, not lucky punches. I know some professional traders (non commercials) who say it is very hard to gain more than 5-6 % every month without risking too much. But if you do not push buttons on a live account, you will never get there. Last 3 months around 30 % - overleveraged? No. Professional? Surely not. Just variance.
Fix up, trade sharp ...
  • #394,556
  • Aug 22, 2014 10:09am Aug 22, 2014 10:09am
Quoting nAVIN2007
{quote} no it would be around 27-29k.. I currently have 18k in my account if i get out of this i will add a further 10k I only looking for around 1k pips per month..i can do 2k pips a month without major issues, so i think it is quite achievable on 10k i would not try to do 10% a month..100% return in one year (thats a crazy goal)..but 33% is achievable
Possible, the question is only how much you are willing to risk. You have to pay for a living, for insurances, taxes, all these little things steadily sucking money from your account. So you have to make at least 2 k in dollars if you want to live a decent life and guarantee it will be achieved EVERY month. Can you do this with nearly 30 k? I do not think so, but honestly would like if you showed it was possible, so I could follow your example.
Fix up, trade sharp ...
  • #394,557
  • Aug 22, 2014 10:23am Aug 22, 2014 10:23am
Quoting Hickson
{quote} Talking about low risk, steady income over years and years and years, not lucky punches. I know some professional traders (non commercials) who say it is very hard to gain more than 5-6 % every month without risking too much. But if you do not push buttons on a live account, you will never get there. Last 3 months around 30 % - overleveraged? No. Professional? Surely not. Just variance.
I love the way folks who either, can't understand, can't do or just can't believe something ALWAYS refer to it as "luck" when someone else does. Yeah, it couldn't possibly be a well thought out, well planned and well "managed" approach now could it.

LOL ... To each their own.
Ghost Rider - WWTBMD?
  • #394,558
  • Aug 22, 2014 10:42am Aug 22, 2014 10:42am
Quoting mkuefne
USD is still the strongest currency on the board but GBP follows closely in the neck. Retrace for this pair is coming soon. {image}
What app is?
Try don't lose pants never...
  • #394,559
  • Aug 22, 2014 10:43am Aug 22, 2014 10:43am
Well, well, GU still holding her own ....i remain long...
Peace & Pips
  • #394,560
  • Aug 22, 2014 10:55am Aug 22, 2014 10:55am
H1 engulfing versus M15 engulfing. Ordinarily, the higher TF holds sway but it's not looking clear cut at the moment
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