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Two way price action on Cable above 1.9500 this am

1.9500- 1.9550 the trading range so far

Heavy seling at the highs...closed my long...

Interesting...grabbed 25 that should have been 50 but coudl not get a fill...off that spike..

However I am now only going to trade the break as follows

short if under 1.9470

long over 1.9550

any comments...?
especailly from our leader ...

Hi John you in ?

Long since Friday, and no time to actively trade for the foreseeable.
Support imo is currently 1.9410/20
Just hanging around for new home sales. Preference is to let it run.

Choccie hi there

I have to agree generally...
I just saw that large resistance any time we got near 1.9550..
I expect its going to be the " gateway to $2 "
Door not going to open easily...

Probably some entrenched positions that really dont want to see $2...
I wont be doing any shorting thats for sure...( well never say never)
Looking for some solid support to develop a little lower down..towards
1.9400 and will look to build some longs down there...

Thats the plan anyway...
ok off to draw a few more lines..on a few more timeframes..

I see that many say long or short in one go..even though I am not a big trader
and trade the "mini contract" ..I like the fact that you can build a position with just 10k trade increments if you want to.

It still mounts up especailly with 200:1 gearing available on FXCM.

Like Chocopops, I'm not around much this week so I need to think about positions that will take some time to bear fruit with a wide(ish) stop. Just looked in and noticed that cable's broken to the downside of the intraday range at around 1.9470 within the last hour or so.

It looks to be due a rally back up short term on the 5-minute chart, so I'll look in again later to see where it is and then think about a short.

It's footie time. C'mon Chelsea!

So far sooo hot :)

is the dollar falling fast ? gold rocketing

Fed cuts if PMI trends below 50

Manufacturing activity in the Chicago area has dipped to 49.9 from 53.5 in October, against the analysts expectations, who advanced a 54.5 reading for November.

A reading below 50 means contraction of the manufacturing sector although this index is considered less reliable than the regional Fed Data.

New orders sub index has decreased to 52.0 from 54.1; employment index has dropped from 57.0 in Oct to 49.4 in November. The prices paid index dropped from 62.5 in October to 60.2 in November.

Mervyn King feels the needs yesterday to state that exports are still holding up at 1.9730 !!..

Interestingly in the past high exchange rates sometimes lead to interest rate reductions other things being equal
Since 1997 new Labour says its only linked to infaltion, so that ceiling on levels no longer there.

At the moment everybody is talking about $2 pound..
Once we are over..I wonder what targets will be mentioned then... $2.40 !!

anyone else getting delays between the quote price on fxcm...and the fx power charts..

first is saying 91/95 chart is shoing...75...tends to get behind on big moves?

FXCM my power charts not loading anyone else
I even rebooted

Prefer NetDania, foale, no probs here.
Used to have intermittent lock-ups but it's fine since they served a new blend of Java beans :)

Mervyn King has fallen into the classic trap of thinking that exchange rates affect exports -- they don't. Exchange rates affect export profitability.

You can't (well, I can't) wander into my American customers and just tell them the price has gone up from $10k to $12k because the exchange rate moved against the dollar. You wouldn't last a minute against American competition.

Edit: to clarify, there is no short term effect on exports other than profitability. In the long term, there is a macro-economic effect on the international competitiveness of business. Like, we give up trying to sell to the U.S. against American competition because we can't make money.

choco ..will try netdania thanks but did not think you could save them.

bought some at 1.9700 then saw it fall...wanted to add at 1.9650 never did it..
feeling bad...

then it started rallying..added some at 1.9750 then closed all at 1.9841

dont feel I managed it very well...but the no charts .. was not helful !!

enough for me now..saved by the figures....

Foale, emotion still getting the better of me here. Also bought this morning only to see it fall and decided to close before too much damage done - and it kept rising from then on. Scalped a few at lunchtime but irritated with my poor discipline!

However I have learned to scalp like the best!!!

I prefer winder stops...as all that stopping out otherwise eats up the profit of the 4th time when you get it right...

So true, getting the entry right whilst at work is so hard though!!

I do the research then stick on my limit entry and widish stop then turn it off and come back later