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Cable Update (GBPUSD)

  • #11,621
  • Apr 30, 2007 4:24am Apr 30, 2007 4:24am
eur/usd breaks back above 1.3600.
  • #11,622
  • Apr 30, 2007 4:24am Apr 30, 2007 4:24am
might give now another attempt on 1.9965/60 resistanse
  • #11,623
  • Apr 30, 2007 4:28am Apr 30, 2007 4:28am
Quoting dd33
That if she can break .9860 support. IMHO it wont be so easy.
I am afraid 9890 right now is a much harder support to break. If it breaks it, 9860 should not be a problem. But looks like EUR decides to stay above 3600 and it's bad news for bears on cable.
  • #11,624
  • Apr 30, 2007 4:39am Apr 30, 2007 4:39am
I don't gamble shorts at this level. Much safer to wait for a long set -up. That will provide a nice SL level (thus, a nice R:R)

Those 4hr channels are very tough to breach, they are usually breached via strong data coming out - not the case today.

"Visits" out of the channel are not unusual, though....
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  • #11,625
  • Apr 30, 2007 4:43am Apr 30, 2007 4:43am
Agree to that. But it was looking pretty good for a nice short considering the friday's panic. At this point it does look like the troops want to go back to the 9950 camp to regroup before the attack. Will see how it develops for the next 2-3 hours.
  • #11,626
  • Apr 30, 2007 4:47am Apr 30, 2007 4:47am
Quoting x3m
Will see how it develops for the next 2-3 hours.
Exactly.... A day of waiting. Patience will reward.

The trade today is go in, cut the throat, go out

For the bottom fishing comunity, a day to seed, not to harvest
  • #11,627
  • Apr 30, 2007 4:47am Apr 30, 2007 4:47am
Quoting x3m
Will see how it develops for the next 2-3 hours.
right on! watching out reaction on resistant level.
  • #11,628
  • Apr 30, 2007 4:47am Apr 30, 2007 4:47am
I agree with Cearnc. Until 4 hour trend is properly breached opening path to 1.95 area I have gone long now at 1.9915 with short stop loss
  • #11,629
  • Apr 30, 2007 5:00am Apr 30, 2007 5:00am
Quoting cesarnc

Those 4hr channels are very tough to breach, they are usually breached via strong data coming out - not the case today.
BBA Mortgage Approvals m/m was inline

& Consumer confidence was better than expected.

odd to see EUR/GBP rally with bad german retail sales, but this looks to be working off...
  • #11,630
  • Apr 30, 2007 6:15am Apr 30, 2007 6:15am
Looks like cable is crawling slowly to above 2 again.
Tra-X
  • #11,631
  • Apr 30, 2007 6:26am Apr 30, 2007 6:26am
Hi

Do anyone knows anything about US News is it positive or negative for USD
  • #11,632
  • Apr 30, 2007 6:28am Apr 30, 2007 6:28am
Quoting deboooo2005
Hi

Do anyone knows anything about US News is it positive or negative for USD
Core PCE forecast is USD negative.
  • #11,633
  • Apr 30, 2007 6:31am Apr 30, 2007 6:31am
Quoting Traex
Looks like cable is crawling slowly to above 2 again.
$2 is a magnet as i read here last week....

2 day downtrend channel resistance was hit @ 19950 (ish).

only 60pips between the bulls & bears...
  • #11,634
  • Apr 30, 2007 6:37am Apr 30, 2007 6:37am
Quoting cesarnc
Core PCE forecast is USD negative.
Based on last Friday's GDP, Consumer Consumption component was lower than the previous GDP by almost a full percent.
  • #11,635
  • Apr 30, 2007 6:40am Apr 30, 2007 6:40am
Quoting BurgerKing
Based on last Friday's GDP, Consumer Consumption component was lower than the previous GDP by almost a full percent.
So no wonder if PCE comes below f/c?
  • #11,636
  • Apr 30, 2007 7:14am Apr 30, 2007 7:14am
It bounced off the short term resistance of 9950 just as easily as it was pushed up from long term support of 9890 earler today. Maybe the news release in 15 minuts will decide the direction for today? Otherwise I see that both bulls and bears are sitting in negative positions so far.
  • #11,637
  • Apr 30, 2007 7:40am Apr 30, 2007 7:40am
08:35 Attention SOTD Traders: Cable hesitates at 1.9945 highs, pulls stops on long positions to breakeven.

What is "SOTD Traders" ?!?
  • #11,638
  • Apr 30, 2007 7:44am Apr 30, 2007 7:44am
Aparently PCE Price Index was already absorbed in the price but positive Personal Income number was unexpected. Will wait for Chicago PMI but something tells me it will come out better that expected. My shorts are still alive. Stop levels were not hit, so I am in hopes of down movement again, although I already loaded stop buy at 9975.
  • #11,639
  • Apr 30, 2007 7:53am Apr 30, 2007 7:53am
Quoting x3m
Aparently PCE Price Index was already absorbed in the price but positive Personal Income number was unexpected. Will wait for Chicago PMI but something tells me it will come out better that expected. My shorts are still alive. Stop levels were not hit, so I am in hopes of down movement again, although I already loaded stop buy at 9975.


I am staying out today. There will be some movement with the
Chicago PMI. However, I really believe that, for most of the day,
the GBP/US and Euro/USD will settle into a day of narrow
ranging. To be considered also is the opposite in which some
unexpected month-end buying/selling could occur through the larger
financial institutions. Either way, I have decided to stay out and
wait for a better set up.
  • #11,640
  • Apr 30, 2007 7:58am Apr 30, 2007 7:58am
Quoting x3m
Aparently PCE Price Index was already absorbed in the price but positive Personal Income number was unexpected. Will wait for Chicago PMI but something tells me it will come out better that expected. My shorts are still alive. Stop levels were not hit, so I am in hopes of down movement again, although I already loaded stop buy at 9975.
Personal Income isn't enough fundamental for USD up, personal spending is more important than PI, and PCE is the most important release (schedeuled) today (BOTH WORSE THAN EXPECTED).

So i think cable up
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