Tag Archives: cable
Barclays Put A Price Target Of 141 On Cable Within 12 months.
Cable took another leg lower on Friday as better than expected jobs numbers came out of the US, adding more weight to the already strong dollar. Barclays have a price target of 141 on Cable within 12 months. The longer term charts are pointing to a target of around 140, but i think we will see a move higher over the coming weeks before any further downside.
Fundamentally the UK have put out some pretty good numbers over the last few weeks hence my bullish short term view of Cable, but talk of US tapering in the next few months may limit the upside of dollar pairs, so the longer term view of Cable is bearish. As tapering starts we should see dollar strength initially, but traders are always looking forward so that strength could be limited as the UK and Europe economies start to come back.
I have had a good couple of weeks trading wise and have banked over 400 pips. I am spending a lot of time teaching, so my trading has suffered a little as a result. As i don’t trade when i am teaching, but i don’t mind. I have made a commitment to my students and i will be there for them as long as they need me.
The training is going very well, and i have taken on 2 new students. One started this week, and one will be starting in August. The student i have taken on this week has been trading for a number of years with not a great deal off success, so he is very keen to learn my strategies and get back all his losses. The student i am taking on in August has never traded before, but has always wanted to get involved with the business, and has come to me through a recommendation from one of my other students, which is great news. Recommendation is the best way to generate new business, and i am happy that my students are recommending my services to their friends.
If you are currently trading Forex and are struggling to make consistent profits week after week, please consider my Forex training course. It is nothing like what you may have seen before, and it will totally transform your trading.
If you are in the markets this week, keep your stops tight, and try not to lose too much money. 🙂
A Recording Of Price Action Short Trade On Cable, That I took This Morning.
I have had a few people ask me if i would record some of my trades, so here is a recording of a couple of short trades i took today on Cable. Its my first attempt at recording a trade so please allow for that. 🙂
The recording does not talk about what i teach, its just a before and after recording of the trade itself.
The recording is in 2 parts. Please click on the links to see the recordings. Thanks. 🙂
If you have any questions about the recording please drop me an email or give me a ring.
Weekend Update. Non Farm Payroll Numbers See Dollar Strengthen.
Better than expected non farm payroll numbers out of the US saw Dollar strengthen today, which saw Cable hit fresh lows and Euro Dollar drop 150 pips in 45 minutes.
This week has been a tough week to be honest, the price action has been pretty poor and big moves on the back of news has made it difficult to trade this week.
Monday was a pretty poor day, the pairs were moving in a pretty tight range, so pips were hard to come by. We did take one trade though. The trade was a long trade on Cable at 15040 up to 15070 for 30 pips.
Tuesday was a much better day. We took 4 trades for a total of 113 pips. All the trades were on Cable. We took it long at 15116 up to 15139 for 23 pips. We took it short at 15194 down to 15154 for 40 pips. We took it short again at 15128 down to 15098 for 30 pips. And then long again 15095 up to 15115 for 20 pips.
Wednesday we took 2 trades. Cable short at 15097 down to 15067 for 30 pips. We also took Euro long at 12966 up to 12980 for 14 pips.
Thursday we took 1 trade. Cable long at 15000 up to 15066 for 66 pips.
Today we took 3 trades for a total of 121 pips. Euro long at 13196 up to 13224 for 28 pips. This was before the non farm payroll numbers. We also took it long again after the NFP at 12966 up to 13004 for 38 pips. The price came back down again to test the low, so we took it long again at 12959 up to 13014 for 55 pips.
Total trades for the week 11. Total pips 374.
Not a great week compared to recent weeks, but 100 pips per week is my target, so we have far exceeded that target again. 🙂
Midweek Forex Trading Update.
Forex trading on Monday was a bit of a write off to be honest. Everything was going sideways, and i don’t like trading when currencies are doing that. So no trades to report for Monday.
Euro Dollar has been in a funny mood all week, and been very hard to trade. Very little price action set ups. I have scalped a few pips, but no major pips in the bank for Euro so far this week. I have had a bit of success with EJ though, that has been moving around a bit so i have managed to get some good trades on that one.
AUD is moving in a very tight range at the moment so that’s not really moving enough to get any decent trades on. We did get one trade yesterday on AUD at 10576 down to 10556 for 20 pips. The other trade we took yesterday was EJ long at 11762 up to 11800 for 38 pips. So 58 pips for yesterday is not too bad.
Cable has also been going sideways this week, but i think we are due a move up on that one. It seems to have formed a triple bottom. Cable is quite weak at the moment though as everyone is expecting the UK get downgraded at some point in the near future. I think the downgrade is in the price, but they are also talking of further QE so that could push it down a bit further. I have a target at 15770 area that may get hit at some point this week. I may take it long at that level, it just depends on what the price action is telling me at the time.
So back to today. First trade of the day was EJ long at 11740 up to 11814 for 74 pips. We then had EJ short at 11822 down to 11785 for 37 pips. I also took a trade on USD CAD at 9905 up to 9970 for 65 pips. I have been looking at Dollar Cad as another pair to add, along with AUD JPY. The only problem when following too many pairs is you can miss good set ups on other pairs. I am currently looking at 6 pairs so hopefully i will start posting more trades on USD CAD and AUD JPY soon.
I have also decided to make 2 blog posts per week, but make them a bit more detailed, with a bit of market analysis thrown in if i have time. I will be doing one at the end of the week, either late Friday or Saturday, and one midweek.
I don’t think the short quick update posts do much for the quality of the blog to be honest. So i am going to stop them. I cant really see the point in having 100s of posts with just half a dozen lines in. It just clogs the blog up and makes it harder for people to find the good stuff. 🙂
Have a great trading week, I will update the blog with more Forex trading at the end of the week.