Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

#19,561
Jul 18, 2007 5:20am Jul 18, 2007 5:20am

kiranu
| Joined Jun 2007 | Status: Trader | 22 Posts

01/12/2006 was the last time daily rsi above 80.

After that it fell near %50 fib support.

Now %50 fib near 2.0070. I say this will be just correction. Not medium term reversal.

#19,562
Jul 18, 2007 5:24am Jul 18, 2007 5:24am

starfire
| Joined Oct 2006 | Status: Trader | 78 Posts

Quoting SeekingLight

Disliked

That's all just theoretical contemplation. Trade what you see, not what you think.

Could someone from this thread put that in their signature (that's where I saw that originally) so I don't have to quote it every day?

Ignored

You've been quite ascerbic lately, Seeking Light! But I think you are battling uphill. Think of it this way: maybe it is best to have a thread (or 2... or 3...)for all the rah-rah comments and unsupported opinions and ego battles all together.
That's my signature BTW - glad you like it.
I was wanting to take the opportunity to thank you for your thoughtful comments across the various threads - in fact the only reason I checked in on this thread tonight was because I saw your name on a post - mostly I just don't bother - it's usually a waste of time.

#19,563
Jul 18, 2007 5:25am Jul 18, 2007 5:25am

gene22
| Joined Dec 2006 | Status: Liv4Ft | 484 Posts

There is a possible diamond formation on cable with the up diagonal, if it is in fact the case we could see the other side rather quickly. Not saying that it is confirmed yet, just food for thought. Also that type of a formation usually points to a reversal...

Attached Image (click to enlarge)

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#19,564
Jul 18, 2007 5:34am Jul 18, 2007 5:34am

zamans98
| Joined Mar 2007 | Status: There is No Secret in Forex | 889 Posts

why everyone STILL thinks CABLE will hit 3?
What about CABLE 1.5?
You think US will sit there and do nothing about their currency?

#19,565
Jul 18, 2007 5:36am Jul 18, 2007 5:36am

OrionsWay
Joined Apr 2007 | Status: "As Above So Below" | 6,206 Posts

pounder futures put some weight on OI +17k Vol +20k, Was this selling, early shorts? was this late players to the party, late longs? Guess the stimuli today will show that answer if this early UK news hasnt.

"Millionaires don't use astrology, billionaires do"

#19,566
Jul 18, 2007 5:43am Jul 18, 2007 5:43am

ndvt241
| Joined Jan 2007 | Status: Let us play this economical game | 186 Posts

Quoting zamans98

Disliked

why everyone STILL thinks CABLE will hit 3?
What about CABLE 1.5?
You think US will sit there and do nothing about their currency?

Ignored

The point is: those big boys are waiting on us-to take the trend all the way up, prepare it for them then they all sell at the same time and get us out of business... do it again and again.. This is the forex. the big fish eats the small one

#19,567
Jul 18, 2007 5:43am Jul 18, 2007 5:43am

Warper
| Joined Feb 2007 | Status: The Real Deal | 463 Posts

Quoting jest1081

Disliked

While im biased for a correction here...raising rates also practically sealed the fact that GBP will only continue to trend up till year end or when rates are revised again.

Ignored

Well, i guess when day happens it will not be a normal correction start. Like the last one.

The last one started with ppl reviewing down, their expectations about a 0.5 possible increase. But was a calm, smooth review. Only profit takes and then a correction.

If no one starts right now to believe on a peak of interest rates.

We might see a correction starting with 300 pips drop in 2 days like the action we saw on June 7th.

The problem is that, since we don't see a double top a lower top or something as a warning. Many ppl will add longs at the same pace the thing is droping, looking it as a retracement and not yet a correction start.

It will be nasty, but i don't care. I'm prepared. I love collapses

. If we know whats the cause in that collapse moments its a flawless trade.

I'm waiting... please make up your minds.

#19,568
Jul 18, 2007 5:46am Jul 18, 2007 5:46am

Breeze
| Joined May 2007 | Status: Follow at your own risk | 2,106 Posts

Quoting gene22

Disliked

There is a possible diamond formation on cable with the up diagonal, if it is in fact the case we could see the other side rather quickly. Not saying that it is confirmed yet, just food for thought. Also that type of a formation usually points to a reversal...

Ignored

I have the same chanels of a diamond square....yes it is going down but when.....only time will tell....rite now its all speculation.

#19,569
Jul 18, 2007 5:46am Jul 18, 2007 5:46am

SeekingLight
Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts

Quoting starfire

Disliked

You've been quite ascerbic lately, Seeking Light! But I think you are battling uphill. Think of it this way: maybe it is best to have a thread (or 2... or 3...)for all the rah-rah comments and unsupported opinions and ego battles all together.
That's my signature BTW - glad you like it.
I was wanting to take the opportunity to thank you for your thoughtful comments across the various threads - in fact the only reason I checked in on this thread tonight was because I saw your name on a post - mostly I just don't bother - it's usually a waste of time.

Ignored

Hehehe yea I'm just amazed at the vigor with which people brush away rational points (like: if there is no setup, there is no trade).
Very true about the uphill battle, but like jacko says in his signature: just trying to help

Yours is of course essential as well, like I said =)

And I'm just lounging here lately because it's the only thread that has 5 posts per minute and provides a bit of distraction...I sort of fall back into that sort of thing periodically, then realize neither murmuring, nor whispering, nor talking and least of all shouting works if people have wax in their ears or are too disinclined or deaf to hear in the first place ;o

I'm sorry if it appears bitter, I'm not. It's just amazing how resilient that phase is. Went through it myself, like I said and can't emphasize enough how glad I am that it is over.

I think I mostly do these "try and help people realize they need to change for the better" attempts in this thread once or twice a year to boost my Karma and soothe my conscience a bit, having at least TRIED.

Then I go back to realizing you can't walk into a casino and start telling players that are shouting and yelling at the croupier and colors and table to start reading books on statistical probability, the finer points of poker and memoirs of a blackjack dealer

Honored by the last part and you made me smile there =)

Trust price. Know yourself.

#19,570
Jul 18, 2007 5:46am Jul 18, 2007 5:46am

kiranu
| Joined Jun 2007 | Status: Trader | 22 Posts

In 4H chart:

MAE(13) : 2.0440
MAE(55) : 2.0300

These are the first support. We can see 2.0300 if US news support USD. Otherwise it can try 2.0570 again. If it pass , last station is 2.0670.

#19,571
Jul 18, 2007 5:47am Jul 18, 2007 5:47am

OrionsWay
Joined Apr 2007 | Status: "As Above So Below" | 6,206 Posts

price rising volume rising open intrest rising is continuation, some powerful stimuli SHOCK to market will be needed to see them cover i think

"Millionaires don't use astrology, billionaires do"

#19,572
Jul 18, 2007 5:49am Jul 18, 2007 5:49am

ganymedes
| Joined Aug 2006 | Status: Trader | 320 Posts

My piece of cable advice today:
Keep existing long positions. If not long already: Buy the dips. Don't sell short.

My short term target (by the end of this week) is 2.0600. I think this is a very high probability target. I strongly believe that we will see that level before the weekend.

My medium term target, and the TP for my current position is 2.0945. I still consider this a low to medium probability target and will trail my SL accordingly.

#19,573
Jul 18, 2007 5:49am Jul 18, 2007 5:49am

squaw
| Joined Jul 2007 | Status: Night Trader | 243 Posts

If consumer inflation increase and situation on the mortgage market worsen then the USD will fall against main currencies

#19,574
Jul 18, 2007 5:54am Jul 18, 2007 5:54am

Breeze
| Joined May 2007 | Status: Follow at your own risk | 2,106 Posts

Quoting cesarnc

Disliked

Yup. Seen stronger moves on disappointment with the Minutes.

dollar index was thrown to 80.23.

Bunch of US news + 2 rounds of Bernanke to add fuel to the fire. Euro failing to sustain 3800 and cracking 3750 sets the tone for a short term (weeks) dollar recovery.... On the "dollar side" I still see a lot of fog..

Ignored