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Cable Support

  • #1
  • First Post: Nov 17, 2006 1:42am Nov 17, 2006 1:42am
On Tuesday I identified 8840/50 as support on the Daily chart and it stopped the downside moves over the last couple of days. Before it was struck on Wednesday I thought a recovery back to 9000 was likely but now I'm not so sure. If it can stay above it today then maybe a recovery will happen but a decisive break will probably shift the medium-term trend to bearish.

Yesterday's price action confused the hell out me lol. Any thoughts?
  • #2
  • Nov 17, 2006 1:58am Nov 17, 2006 1:58am
Looks bearish overall to me, but I'd love to see a retracement here to at least 1.8940-60 area first.
Bundy's status today: "Waiting..."
  • #3
  • Nov 17, 2006 2:07am Nov 17, 2006 2:07am
Yeah I thought Wednesday's high was attainable, however, Cable just crashed from 880 through 840. Lets see what happens now.
  • #4
  • Nov 17, 2006 2:22am Nov 17, 2006 2:22am
I still favour a break of 1.8834 low, and giving way to 1.87 area in coming days.
Forex is not easy!
  • #5
  • Nov 17, 2006 3:01am Nov 17, 2006 3:01am
spotted that support to and its the only thing stopping my trade trade from closing, managed to set my stop to lock in my profits from yesterday just before my system crashed and died, at the mercy of the markets today, just hope i can get to a system and close the trade before the markets close

the price movements yesterday were being kept to the downside by technicals,
  • #6
  • Nov 17, 2006 5:52am Nov 17, 2006 5:52am
Hey 17121712

My GBPUSD D1 chart (FXDD data feed) shows the close below minor support at 8947 (11/6) on 11/15 clearing cable to the next minor support at 8673 (10/24); and a close below that level would clear it to the major support at the 8517/21 level (10/11-16).

The 9182 high on 11/10 looks like a blow-off high to me. It came through previous resistance in the 9124/39 area (11/1,7), and my momentum oscillator is showing divergence to all three of those highs.

To me, the technicals are screaming sell. I haven't got a clue what the long-term fundamentals are saying! I went short yesterday from 8884. I use an air bag stop-loss, so I am risking to 9183 (above that 19-month high). Well, not really; I never intend to let a trade hit my air bag!

If I read you correctly, we may be taking each other's other side of a trade! Be gentle!
  • #7
  • Nov 17, 2006 8:19am Nov 17, 2006 8:19am
I attempted an intraday long yesterday (demo accounts) but failed spectacularly. I bought on the days high which infuriated me, but never mind. I'm strongly favouring shorts if we get a close below 8850, however, the volatility over the last couple of days has made me very apprehensive.

You mentioned the 8673 support. Interestingly enough the 19/07 - 16/10 trend line intersects the figure sometime in the near future.

My major problem (and why I'm trading a demo account) is that I am terrible at letting profits run. I tried a short relatively near the highs on Monday morning and closed out 40 pips in. needless to say it has since yeilded another 200 pips with no problems. I think it was the blow-off high and the fact I was in the middle of the range that freaked me out. It's all part of the education.

Anyway, good luck with the short. Hopefully I'll be able to find a position early next week otherwise I'll just sell the next pullback.
  • #8
  • Nov 17, 2006 8:36am Nov 17, 2006 8:36am
PIN #:
As I read your post the following all stood out:
infuriated
strongly favouring
made me very apprehensive
that freaked me out
Hopefully I'll be able

Mark Douglas - Trading in the Zone. Great book.
If your intentions is to trade for the excitement and emotional roller coaster - skip the above and keep demoing.

Quoting 17121712
I attempted an intraday long yesterday (demo accounts) but failed spectacularly. I bought on the days high which infuriated me, but never mind. I'm strongly favouring shorts if we get a close below 8850, however, the volatility over the last couple of days has made me very apprehensive.

You mentioned the 8673 support. Interestingly enough the 19/07 - 16/10 trend line intersects the figure sometime in the near future.

My major problem (and why I'm trading a demo account) is that I am terrible at letting profits run. I tried a short relatively near the highs on Monday morning and closed out 40 pips in. needless to say it has since yeilded another 200 pips with no problems. I think it was the blow-off high and the fact I was in the middle of the range that freaked me out. It's all part of the education.

Anyway, good luck with the short. Hopefully I'll be able to find a position early next week otherwise I'll just sell the next pullback.
In trading, there is no bullshit. You either make money or you don't.
  • #9
  • Nov 17, 2006 9:28am Nov 17, 2006 9:28am
Quoting 17121712
On Tuesday I identified 8840/50 as support on the Daily chart and it stopped the downside moves over the last couple of days. Before it was struck on Wednesday I thought a recovery back to 9000 was likely but now I'm not so sure. If it can stay above it today then maybe a recovery will happen but a decisive break will probably shift the medium-term trend to bearish.

Yesterday's price action confused the hell out me lol. Any thoughts?
Good eye. Look at the pound now.

The only thought I can offer you is something that I am battling with myself. That is: dont let intra day noise mess with your longer term chart trades. They are two seperate deals. When trading the big charts you have to use big chart type stops and just let it play out.
Profit is where readiness meets Opportunity
  • #10
  • Nov 17, 2006 9:35am Nov 17, 2006 9:35am
Quoting mrgreen
PIN #:
As I read your post the following all stood out:
infuriated
strongly favouring
made me very apprehensive
that freaked me out
Hopefully I'll be able

Mark Douglas - Trading in the Zone. Great book.
If your intentions is to trade for the excitement and emotional roller coaster - skip the above and keep demoing.
Anyone wanna get rid of this book? I'm willing to buy it
Trading is a long and a short story.
  • #11
  • Nov 17, 2006 9:37am Nov 17, 2006 9:37am
Quoting spinmypip
Anyone wanna get rid of this book? I'm willing to buy it
i just bought this book last night at walmart.com for 30 bucks
Ghost Swoopen in for my pips while no one is lookin !!
  • #12
  • Nov 17, 2006 10:52am Nov 17, 2006 10:52am
I admit I used over emotive language in this thread. I doesn't accurately portray my feelings and it's affects on my trading. I don't care what anyone says, being perfectly wrong (buying at the high, selling at the low) is infuriating, at least until I understand why such a major error occured, in which case it shouldn't affect the next trade.
You do make a very good point, however, and my emotions can get the better of me when I aquire a position with a modest profit. I'm sure numbness to this fear comes with confidence and practice and that is what I am aiming for. I am getting better at seperating the good trades from the bad but it's still hit and miss.

I've just come back to the machine to find the pound has made some gains. Not quite to 9000 but to roughly Wednesday's high. It'll be interesting to watch the second phase of this scenario next week. I hope this is a pullback on the 4H chart and not a recovery back to the range in which case I will have to re-evaluate the medium term trend.
  • #13
  • Nov 17, 2006 11:18am Nov 17, 2006 11:18am
Take a look at this daily chart and see what you think.

I'm not 100% convinced of a break north yet. You can see clearly that it has been contained on the same TL that previously held the tops.

Sunday can turn anything out, though.
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Capital Preservation is key to long term wealth accumulation
  • #14
  • Last Post: Nov 17, 2006 3:07pm Nov 17, 2006 3:07pm
According to my technical, gbp/usd may go up to 1.9066 area or gbp/usd may bearish when the market open next week.
"Invest With The Insiders, Not The Masses" George Muzea
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