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Cable Update (GBPUSD)

  • #416,401
  • Jun 12, 2015 9:04am Jun 12, 2015 9:04am
Quoting TraderRaven7
Any chance of it coming down to .55500, I have a sell trade there..STUCK!!!!
is the chance
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  • #416,402
  • Jun 12, 2015 9:11am Jun 12, 2015 9:11am
GREEK GOVT OFFICIAL SAYS DENIES REPORTS THAT "GREXIT" SCENARIOS BEEN DISCUSSED IN EU . no reaction.
  • #416,403
  • Jun 12, 2015 9:18am Jun 12, 2015 9:18am
GU selling dip? no wonder GU pump up..
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what ever it takes
  • #416,404
  • Jun 12, 2015 9:18am Jun 12, 2015 9:18am
Quoting TraderRaven7
Any chance of it coming down to .55500, I have a sell trade there..STUCK!!!!
There you go, it went even lower. I hope you closed your position.

I closed mine on 1.5537, placed TP there because it was .50 fib. Usually, with spikes like this it has at least 50% retrace, (almost) nothing goes straight up.

But I had more luck than brain here
Shift happens...
  • #416,405
  • Jun 12, 2015 9:20am Jun 12, 2015 9:20am
Dano12,

or expect to shortly sell more pips to where possible?
  • #416,406
  • Jun 12, 2015 9:53am Jun 12, 2015 9:53am
Quoting Dano12
GREEK GOVT OFFICIAL SAYS DENIES REPORTS THAT "GREXIT" SCENARIOS BEEN DISCUSSED IN EU . no reaction.
Dano12

I monitor your articles and I wonder whether it is possible that the cable goes down and if it Where do you think.
  • #416,407
  • Jun 12, 2015 9:57am Jun 12, 2015 9:57am
At the end of the day one has to laugh! Always expect the unexpected in Forex! Both USA "high impact" results were in favour of dollar appreciation. First the PPI, followed one and-a-half hours later by the UoM. It was after the latter result that the market reacted definitively. GBPUSD produced its high of the day. USDJPY hitting its low of the day. Both currency pairs moved in opposition to what economic principles would expect.

I feel sorry for the beginner because this will be hell. The beginner will have to quickly unlearn what was imbibed and realise that this is a fight for survival. In my view it is better to approach Forex as an investment and therefore look for longer time frames in which to make profit. Try to attain an overall picture of where the market is going and project at least a fortnightly procedure. Day trading is too frenetic and unpredictable to justify serious study.
  • #416,408
  • Jun 12, 2015 10:17am Jun 12, 2015 10:17am
Quoting FxLapozi
can try a little short here at fibo 61.8
Meh, missed out that 30pips. Forget to bring my balls out of my closet.
  • #416,409
  • Jun 12, 2015 10:36am Jun 12, 2015 10:36am
Quick position took on the 1.5500 last night.
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  • #416,410
  • Jun 12, 2015 10:51am Jun 12, 2015 10:51am
Quoting garmin12
{quote} Dano12 I monitor your articles and I wonder whether it is possible that the cable goes down and if it Where do you think.
I do not know if it's an end of wave 5 or finish and abc

next week you have to wait what will draw probably not yet finished wave 5
  • #416,411
  • Jun 12, 2015 11:01am Jun 12, 2015 11:01am
Quoting Dano12
{quote} I do not know if it's an end of wave 5 or finish and abc next week you have to wait what will draw probably not yet finished wave 5
Thank you, really I was wondering whether it is in the near future the possibility of down to 1.5000 or 1.4900 or will go up to 1.6080 ...
  • #416,412
  • Jun 12, 2015 11:22am Jun 12, 2015 11:22am
Quoting garmin12
{quote} Thank you, really I was wondering whether it is in the near future the possibility of down to 1.5000 or 1.4900 or will go up to 1.6080 ...
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  • #416,413
  • Jun 12, 2015 11:43am Jun 12, 2015 11:43am
Personally, I am on short till 1.5380 now, will plan what to do after that.
  • #416,414
  • Jun 12, 2015 8:02pm Jun 12, 2015 8:02pm
Quoting Steve J
At the end of the day one has to laugh! Always expect the unexpected in Forex! Both USA "high impact" results were in favour of dollar appreciation. First the PPI, followed one and-a-half hours later by the UoM. It was after the latter result that the market reacted definitively. GBPUSD produced its high of the day. USDJPY hitting its low of the day. Both currency pairs moved in opposition to what economic principles would expect. I feel sorry for the beginner because this will be hell. The beginner will have to quickly unlearn what was...
This is so true. Market reaction was completely oppopsite to the economic fundamentals. In the long run direction will form based on overall economic news however it is almost impractical to apply fundamentals to day trading.As a beginner I got stuck for a while yesterday as I thought market would move in the opposite direction due to positive US data however we all know what happened next that too just before week ended.It was sheer luck that S&P announced -ve outlook for UK which prompted me to close my position with profit.At the end a valuable lesson was learnt.
  • #416,415
  • Jun 12, 2015 10:40pm Jun 12, 2015 10:40pm
Going to wait until and after Feds meeting for bargains on GU for Long
In trading, you have to be defensive and aggressive at the same time
  • #416,416
  • Jun 13, 2015 1:46am Jun 13, 2015 1:46am
Quoting Davit
Going to wait until and after Feds meeting for bargains on GU for Long
Davit, wouldn't looking at the other currencies that are in a "lowering % rates" against the USD a more rewarding potential than the GBP/USD, in the way of return?
The USD is surely going to be raising rates. How much, how fast remains to be seen. But the whole world sees this coming. The possibility of the CABLE showing strength is also in the cards as has been seen of late. So that would give a less aggressive move in the GBP/USD to the upside.

On the other hand, the GBP against the other currencies, such as the commodity currencies ... AUD, NZD and CAD, well, you've seen what has been going on there.
I would think that the GBP/NZD, GBP/AUD and GBP/CAD have the more powerful upside remaining even yet. Again, looking for a pair with 'more bang for the buck' to the upside.(pardon the cliche).

Just my opinion, of course. What do you think? I've always appreciated your take on the FX.
  • #416,417
  • Jun 13, 2015 2:29am Jun 13, 2015 2:29am
GBP USD VS EUR USD
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  • #416,418
  • Jun 13, 2015 2:56am Jun 13, 2015 2:56am
fundamentals not so great for UK, i see down trend for next week.
  • #416,419
  • Jun 13, 2015 9:13am Jun 13, 2015 9:13am
Quoting FxMaximus
{quote} Davit, wouldn't looking at the other currencies that are in a "lowering % rates" against the USD a more rewarding potential than the GBP/USD, in the way of return? The USD is surely going to be raising rates. How much, how fast remains to be seen. But the whole world sees this coming. The possibility of the CABLE showing strength is also in the cards as has been seen of late. So that would give a less aggressive move in the GBP/USD to the upside. On the other hand, the GBP against the other currencies, such as the commodity currencies ......
Hi Max
Its true that Feds are going raise rates but timing not certain.1st Q was terrible and so far 2ndQ is moderately better but not great hence rates most likely will get pushed back even from Sept forward.
USD will get weak next 2.5months then rebound strong.As a trader I am not looking holding trades for more then a week so when I say GU as bargain lets say if it drops to 53 then rebounds to 55.50-56 that's 200pips give and take.That's lot of pips in my world.
So true that rates are coming but betting on USD automatically because of it is no sure ticket in FX.Example of bargain was 2570 UJ shorting dropped 270 pips etc.Anyway that's my thinking and I could be wrong as well.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #416,420
  • Jun 13, 2015 10:45pm Jun 13, 2015 10:45pm
playing in strong signal for UP & before the real expected a small correction with just breaks 5088 or more should do ,price now approaching 5640 , good for the short intention , better will be even previous highs 5700, 5814 or even high further 5900 . as the market in strong bull , so taking for correction 5088 will be critical & with initial confirmation only at any of those tops. will watch for close & short there if ok .
Thanks take care ,
fontu
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