Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

#12,841
May 16, 2007 5:34pm May 16, 2007 5:34pm

sameer
| Joined Apr 2007 | Status: Trader | 101 Posts

Quoting shadeslay

Disliked

looks pretty crossed up right now and trapped under the S1 pivot, I do have the 15 min and 30min coming up rather weakly but the 1hr is still bottoming. Also 4hr and daily are still coming down pretty good. Not a trade I would take just yet, but then it's not like I know everything.

lol it's really testing that support line, crawls up then shoots right back.

Ignored

so u mean to say it can go up now or no or will it go down more

#12,842
Edited 8:08pm May 16, 2007 5:44pm | Edited 8:08pm

shadeslay
| Joined Mar 2007 | Status: Surfer of the market | 388 Posts

I mean it's likely to stay in a close range, at least until the aud and jpy markets open.

Most times without support from the 15 minute chart, the 5 minute chart will not make big move. So when you get a bunch of time frames going in different directions. The moves tend to be smaller because they work against each other. The higher time frame charts (30min, 1hr etc.) can add some support, but with to many time frames mixed up and support and resistance pivots near it just makes it that much more difficult for it to make a move.

#12,843
May 16, 2007 6:11pm May 16, 2007 6:11pm

AlexFX
| Joined Oct 2006 | Status: Trader | 296 Posts

A large view of support and resistance and fib confluence on D1, what do you think??

Attached Image

#12,844
May 16, 2007 6:52pm May 16, 2007 6:52pm

PandoraBox
Joined Apr 2007 | Status: Senior Principal Trader | 2,699 Posts

It is downtrend from my opinion.

#12,845
May 16, 2007 11:52pm May 16, 2007 11:52pm

ashlee_17
| Joined Mar 2007 | Status: Trader | 425 Posts

A question to the experts:
when do we know that the cable downtrend has started??

#12,846
May 16, 2007 11:54pm May 16, 2007 11:54pm

bravado
| Joined Aug 2006 | Status: BORED trader | 2,388 Posts

Quoting ashlee_17

Disliked

A question to the experts:
when do we know that the cable downtrend has started??

Ignored

hasn't started yet.

BAM BAM BOOM! -bravado

#12,847
May 17, 2007 12:11am May 17, 2007 12:11am

Tatton
| Joined Sep 2006 | Status: Trader | 728 Posts

anyone opening positions for down trend yet?

#12,848
May 17, 2007 12:31am May 17, 2007 12:31am

ashlee_17
| Joined Mar 2007 | Status: Trader | 425 Posts

Quoting Tatton

Disliked

anyone opening positions for down trend yet?

Ignored

I have a small open short position at 1.9780. But i am not sure i will keep it open. many of the experts say that the downtrend has not started yet.

#12,849
May 17, 2007 1:19am May 17, 2007 1:19am

el_duende
| Joined Oct 2006 | Status: Trader | 1,012 Posts

Depends which time frame you are on

Trend is down on 1 or 2 hour chart sinced 18th Apri

Trend is Up on daily or weekly charts

#12,850
May 17, 2007 1:24am May 17, 2007 1:24am

november15th
| Joined Dec 2006 | Status: rollarse bien | 89 Posts

in terms of price level, i dont believe that the funnymental projections give a compelling reason for cable to remain below 1.98 in the next few months. course the market may not agree.

#12,851
May 17, 2007 2:19am May 17, 2007 2:19am

hagadol
| Joined Sep 2005 | Status: Trader | 376 Posts

Well the 9750/60 area is being reported as key support, to keep the bulls positive.

9999 May 9 Hi
9993 May 2 Hi
9984 Fib 21032 / 9745 61.8

9973 May 9 Intra Hi

9962 May 10 Hi

9947 May 10 Intra Hi

9939 Fib 21032 / 9745 50.0
9927 SBR Med
9920 May 10 Ret Hi

9910 May 10 Ret Hi

9906 May 10 Ret Hi
9902 Fib 9999 / 9745 61.8

9893 Fib 20132 / 9745 38.2
9873 May 16 Hi
9872 May 15 Hi

9845 SBR Med
9843 May 16 Ret Hi

9828 Fib 9873 / 9756 61.8

9815 Fib 9873 / 9756 50.0

9804 SBR Med
9804 May 16 Ret Hi
9801 Fib 9873 / 9756 38.2

9789 May 16 Ret Hi
9782 Asian Hi
9780/00 Offers MNI

9756 May 16 Lo
9750/60 Bids + Stops Below MNI

9745 May 14 Lo

9724 Apr 12 Lo

9690/10 Bids MNI

9658 Fib 9183 / 20132 50.0

9612 Apr 10 Lo

9591 Apr 9 Lo

9554 Mar 21 Sess Lo

9546 Fib 9183 / 20132 61.8

#12,852
May 17, 2007 2:20am May 17, 2007 2:20am

pablorpl
| Joined Sep 2006 | Status: Trader | 283 Posts

Quoting ashlee_17

Disliked

A question to the experts:
when do we know that the cable downtrend has started??

Ignored

Only fundamentals can broke a trend... and we possibly see another hike on GBP

#12,853
May 17, 2007 2:48am May 17, 2007 2:48am

goonergonebad
| Joined Nov 2006 | Status: Trader | 348 Posts

At the moment price action is confined within the down trend channel (1hr).

Looks like a ranging London session until US news and "calm down" explanation from Greenspan for recent "misinterpreted" comments on the economy. This will be followed later by encouraging words for the economy from Bernanke.

Could see further downward movement later in the day.

Attached Image (click to enlarge)

Click to Enlarge

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#12,854
May 17, 2007 3:07am May 17, 2007 3:07am

shadeslay
| Joined Mar 2007 | Status: Surfer of the market | 388 Posts

Yep all about the fundies now, it sure looks like it wants too come down, it won't take much of a push at all to come down.

#12,855
May 17, 2007 3:13am May 17, 2007 3:13am

PandoraBox
Joined Apr 2007 | Status: Senior Principal Trader | 2,699 Posts

You need to believe your own analysis rather then take others opinion to sell or to buy. Others opinion just to help you, went it necessary.

Quoting ashlee_17

Disliked

I have a small open short position at 1.9780. But i am not sure i will keep it open. many of the experts say that the downtrend has not started yet.

Ignored

#12,856
May 17, 2007 3:29am May 17, 2007 3:29am

shadeslay
| Joined Mar 2007 | Status: Surfer of the market | 388 Posts

I concur, listen to yourself and your system first. It's fine to get the overall sentiment of other traders. But you you should take your trades based on what your system tells you.

#12,857
May 17, 2007 4:06am May 17, 2007 4:06am