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Cable Update (GBPUSD)

  • #14,901
  • Jun 13, 2007 7:20pm Jun 13, 2007 7:20pm
Quoting SunTrader
Think it might be a repeat of big drop somewhere in the near future. Early next year perhaps.
Seen comments pointing that out, too. Thanks for the reminder... In this commentary it was said that a big, big drop was likely to start with big moves up and down. As read this a while ago, way before the early talks of Chinese bubble....

We may be seeing these symptoms right now....

Thoughts?
  • #14,902
  • Jun 13, 2007 8:01pm Jun 13, 2007 8:01pm
Well I know how much a fan of Elliot Wave theory you are ...... not.

But I think we have completed a minor wave 4 of 5 of a greater 5 wave. So if this is the case, look out once we complete the 5th wave of 5 of 5.

I think it will most likely be a blow off top when we do. And who knows how low we will go.

This is the Dow. I really don't have a clue how much or little it would effect cable. I can't see cable going much above 2.0000 though because if the Dow goes bye bye so will the FTSE100 and most every other world index. Also what that means for interest rates, not sure either.
  • #14,903
  • Jun 14, 2007 3:41am Jun 14, 2007 3:41am
Quoting cesarnc
Seen comments pointing that out, too. Thanks for the reminder... In this commentary it was said that a big, big drop was likely to start with big moves up and down. As read this a while ago, way before the early talks of Chinese bubble....

We may be seeing these symptoms right now....

Thoughts?

Hey cesarnc, do you know where I can locate a copy of that commentary??

Thanks in advance
  • #14,904
  • Jun 14, 2007 4:01am Jun 14, 2007 4:01am
Having a hard time cracking the S1
Attached Image
  • #14,905
  • Jun 14, 2007 4:19am Jun 14, 2007 4:19am
9710 was yesterday's hourly resistance
Attached Image
  • #14,906
  • Jun 14, 2007 6:17am Jun 14, 2007 6:17am
very quiet market into NY session.

Maybe at 830am, the news will MOVE and GU will drop another 35-50 pips?

Hope to see 1.9650-60 today
  • #14,907
  • Jun 14, 2007 6:33am Jun 14, 2007 6:33am
New York traders will be focusing US inflation data in the form of the May Producer Price Index, which is scheduled to be released at 0830 EDT.
  • #14,908
  • Jun 14, 2007 6:37am Jun 14, 2007 6:37am
Hmm...i predict a drop in 2-3 days time even if its not today itself...
  • #14,909
  • Jun 14, 2007 6:45am Jun 14, 2007 6:45am
Quoting zamans98
Hope to see 1.9650-60 today
Break of yesterday's low (9675) brings 9622 (monthly low) or below into play, according to the channel....
Attached Image
  • #14,910
  • Jun 14, 2007 7:43am Jun 14, 2007 7:43am
It touched 9660 and bounced back up. It's really fighting to stay above 9700 the last two days. I wonder what will it take to break this support, or maybe it will survive and we will see a strong rally?
  • #14,911
  • Jun 14, 2007 7:49am Jun 14, 2007 7:49am
when it first breached 1.9678 level half an hour ago and went all the way down to 1.9660 i was sure that the downtrend would go on untill at least low 1.9600s... but now i see that although a major support at 1.9678 is broken but the price went back up few mins later... I am also wondering if it is possible for a rally up... Though all my hourly 4H and daily strategies point south. Its making my head go crazy... though my bias is still down. perhaps the pair is waiting for tomorrows datas for the exact direction.
  • #14,912
  • Jun 14, 2007 7:57am Jun 14, 2007 7:57am
well its where it closes on the charts that is important...once a support is broken, the support becomes very weak...so weak that it will easily be broken again....the greater the time the support holds, the stronger it is...
  • #14,913
  • Jun 14, 2007 8:09am Jun 14, 2007 8:09am
I took my chances: short at 9676, stop 9710 trailing.

80% gamble / 19% prayer / 1% "know what I'm doing"
  • #14,914
  • Jun 14, 2007 8:39am Jun 14, 2007 8:39am
Let me get this straight:

PPI comes strong, pointing higher inflation, right?

This also means pressure on the yields to go up, right?

That means, pressure on the US interest rate, right?

That means selloff in the stock market + dollar strong, right? WROOOONGGG!!!!!!!!!!

No, I can't get it...

  • #14,915
  • Jun 14, 2007 8:54am Jun 14, 2007 8:54am
Headline's hot because of gas prices. core is as expected....

Quoting cesarnc
Let me get this straight:

PPI comes strong, pointing higher inflation, right?

This also means pressure on the yields to go up, right?

That means, pressure on the US interest rate, right?

That means selloff in the stock market + dollar strong, right? WROOOONGGG!!!!!!!!!!

No, I can't get it...

  • #14,916
  • Jun 14, 2007 9:11am Jun 14, 2007 9:11am
Henrycarol isn't here today...time to go long!
  • #14,917
  • Jun 14, 2007 9:21am Jun 14, 2007 9:21am
Didnt the Higher PPI just indicate more of inflation concerns? So why we seeing strength on the currencies?
  • #14,918
  • Jun 14, 2007 9:33am Jun 14, 2007 9:33am
Quoting SunTrader
Well I know how much a fan of Elliot Wave theory you are ...... not.

But I think we have completed a minor wave 4 of 5 of a greater 5 wave. So if this is the case, look out once we complete the 5th wave of 5 of 5.

I think it will most likely be a blow off top when we do. And who knows how low we will go.

This is the Dow. I really don't have a clue how much or little it would effect cable. I can't see cable going much above 2.0000 though because if the Dow goes bye bye so will the FTSE100 and most every other world index. Also what that means for interest rates, not sure either.
Don't know anything about Elliot wave or options - but I believe it's options expiry tonight and I've heard it said that a market often gets bid up just prior to expiry - so definately worth watching for any reversal.

Seeing that cable has given us less volatility this week than we would usually expect in a day - a DJ plummet would be very welcome.
I've got my pips - go get yours!
  • #14,919
  • Jun 14, 2007 9:45am Jun 14, 2007 9:45am
Dow - Well right now it is "plummeting" upward.
  • #14,920
  • Jun 14, 2007 9:50am Jun 14, 2007 9:50am
Dow might actually be topping now. Hit a fib cluster zone. Doubt that will effect Cable much today though.
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