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Cable Update (GBPUSD)

  • #12,921
  • May 17, 2007 10:36am May 17, 2007 10:36am
5pm phili FED news may be want moves us either way
  • #12,922
  • May 17, 2007 11:03am May 17, 2007 11:03am
Quoting el_duende
5pm phili FED news may be want moves us either way
phili Fed 4.2 exp. 3.5
  • #12,923
  • May 17, 2007 11:08am May 17, 2007 11:08am
Quoting pwegner
phili Fed 4.2 exp. 3.5
News was $ positive - therefore, cable goes up

Go figure...
  • #12,924
  • May 17, 2007 11:13am May 17, 2007 11:13am
Quoting goonergonebad
News was $ positive - therefore, cable goes up

if price always followed news, it would be too easy to make money, everyone would enter right after news!
  • #12,925
  • May 17, 2007 11:14am May 17, 2007 11:14am
Quote
News was $ positive - therefore, cable goes up

Go figure...

lol still in this trading range though

maybe cable just playing with our minds for a while
  • #12,926
  • May 17, 2007 11:15am May 17, 2007 11:15am
Quoting camisa
if price always followed news, it would be too easy to make money, everyone would enter right after news!
yep that would be to easy and we will all be millionaires
If I Go Broke Trying Then I Will die happy.
  • #12,927
  • May 17, 2007 11:15am May 17, 2007 11:15am
Quoting goonergonebad
News was $ positive - therefore, cable goes up

Go figure...
dollar bulls running out of gas, Yen pairs toppish, dow jones trading below the water, thin liquidity...

I'm off market now...Managed to milk 15 pips off this rock when stalling at the news. Maybe out for the week... Cable is at the bottom of the channel, and although it is not finding any motivated buyers for quite sometime, nobody is selling it off the channel. Pretty bureaucratic trades going on these days...

Maybe some scalping on CAD and GBP new tomorrow and that will be it for me.
  • #12,928
  • Edited 11:57am May 17, 2007 11:18am | Edited 11:57am
Quoting camisa
if price always followed news, it would be too easy to make money, everyone would enter right after news!
Obviously. I suppose my point was, given that news release was fairly minor in the scheme of things, were the makers and shakers waiting to see if earth shattering figures emerged, which may have changed their original buy strategy?

It just seemed a bit perverse. That's all.

Mind you, as I type it's going down again.
  • #12,929
  • May 17, 2007 11:20am May 17, 2007 11:20am
12:08The US dollar is not getting much juice out of the better than expected Phila Fed and this may mean that the dollar's move higher is running out of steam. Watch for reversals in EUR/USD if back over 1.3510 or USD/JPY below 121.00/120.90

Looking at the weekly chart, cable should be marching towards over 2.0 next week or so. It might take a final dip to about 1.9650 before heading north again, according to weekly chart.
  • #12,930
  • May 17, 2007 11:20am May 17, 2007 11:20am
Just looked at GBP/JPY chart and it briefly broke through toppish resistance barrier before being repulsed which would explain north move in cable. This move coincided with news release.

Does look very much like cable is waiting on what GBP/JPY does
  • #12,931
  • May 17, 2007 11:24am May 17, 2007 11:24am
Quoting el_duende
Just looked at GBP/JPY chart and it briefly broke through toppish resistance barrier before being repulsed which would explain north move in cable. This move coincided with news release.

Does look very much like cable is waiting on what GBP/JPY does
Thanks.
  • #12,932
  • May 17, 2007 11:33am May 17, 2007 11:33am
Heres the GBP/JPY hitting major resistance if it breaks through cable will rise if not cable will likely drop.

Thats what I think we are waiting on

In fact may be good area to buy/sell GBP/JPY here at this level
Attached Image (click to enlarge)
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  • #12,933
  • May 17, 2007 11:45am May 17, 2007 11:45am
A question for the forex experts:

Where is cable going today and tomorrow?? below 1.9750 or above 1.9850??
  • #12,934
  • May 17, 2007 12:08pm May 17, 2007 12:08pm
GBP/JPY looks like it has been repulsed at resistance, cable may well now drop
  • #12,935
  • May 17, 2007 12:11pm May 17, 2007 12:11pm
Quoting ashlee_17
A question for the forex experts:

Where is cable going today and tomorrow?? below 1.9750 or above 1.9850??
This is the 2 trillion dollar question. Per day.
  • #12,936
  • May 17, 2007 12:12pm May 17, 2007 12:12pm
Quoting cesarnc
dollar bulls running out of gas, Yen pairs toppish, dow jones trading below the water, thin liquidity...

I'm off market now...Managed to milk 15 pips off this rock when stalling at the news. Maybe out for the week... Cable is at the bottom of the channel, and although it is not finding any motivated buyers for quite sometime, nobody is selling it off the channel. Pretty bureaucratic trades going on these days...

Maybe some scalping on CAD and GBP new tomorrow and that will be it for me.
15 pips is 15 pips. figure it will make a couple more bounces in this range before us stock market close.
  • #12,937
  • May 17, 2007 12:15pm May 17, 2007 12:15pm
That's just what i needed to resume drinking...

13:12 Market likely to trade in a choppy manner over next 24 hours


If this is true, than it will be 72 hours

  • #12,938
  • May 17, 2007 12:49pm May 17, 2007 12:49pm
Quoting cesarnc
I'm off market now...
same here.

http://www.imagefreehost.com/files/1...1410065408.jpg
BAM BAM BOOM! -bravado
  • #12,939
  • May 17, 2007 12:55pm May 17, 2007 12:55pm
There is an important question to ask ourselves here:

Has the cable started its downtrend yet?? Is there any indicator that can tell us such thing?
  • #12,940
  • May 17, 2007 1:03pm May 17, 2007 1:03pm
gbpjpy is holding under strong resistance at the 240 psych barrier failure to breach this level coupled with dollar strength cable weakness could see another large retracement down... timing the entry just right on this pair is key without deep pockets.
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