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Cable Update (GBPUSD)

  • #21,721
  • Jul 29, 2007 5:13am Jul 29, 2007 5:13am
I am still Short Cable Short
  • #21,722
  • Jul 29, 2007 8:37am Jul 29, 2007 8:37am
EW counting from a fellow trader to ponder upon...

http://img411.imageshack.us/img411/9809/guqb8.jpg
  • #21,723
  • Jul 29, 2007 10:09am Jul 29, 2007 10:09am
I'm against predictions. I don't see myself as one of the Nostradamus club members,but..... IMHO, we could be experiencing the same situation as the two last weeks of November 2006, when the pound went quick and straight up for two weeks in a row. I really think that now we could be in the same situation, only in the opposite direction.

If we have something similar "range-wise", we could see the 1.97s back by the end of next week. Huh....something like that would be as sweet as the other side of the pillow!!!!!!!!!!!!!!!!!

Anyways...what a BLESSED week....lets see what the next will bring !!!!
For he that would be deceived, let him.
  • #21,724
  • Jul 29, 2007 12:51pm Jul 29, 2007 12:51pm
Quoting pinchapip
I'm against predictions. I don't see myself as one of the Nostradamus club members,but..... IMHO, we could be experiencing the same situation as the two last weeks of November 2006, when the pound went quick and straight up for two weeks in a row. I really think that now we could be in the same situation, only in the opposite direction.

If we have something similar "range-wise", we could see the 1.97s back by the end of next week. Huh....something like that would be as sweet as the other side of the pillow!!!!!!!!!!!!!!!!!

Anyways...what a BLESSED week....lets see what the next will bring !!!!
Why don't you bring back your previous avatar
  • #21,725
  • Jul 29, 2007 1:05pm Jul 29, 2007 1:05pm
Fears of fresh stock market falls
  • #21,726
  • Jul 29, 2007 1:16pm Jul 29, 2007 1:16pm
Quoting pino2
Why don't you bring back your previous avatar
Because I figured if I was getting annoyed at seeing him every day.... I could only imagine how bad it was for everyone else!!!
For he that would be deceived, let him.
  • #21,727
  • Jul 29, 2007 1:56pm Jul 29, 2007 1:56pm
Quoting benssol
Fears of fresh stock market falls
I wouldn't be surprised if the Asian markets did drop Monday. But I also wouldn't be surprised if the European and American markets rebound somewhat from last weeks drop.

Especially if the media starts callling for further drops. Somebody calculates a financial publications cover story index. And it is used to go contrarian to what Barrons/BusinessWeek/Fortune etc are saying.
  • #21,728
  • Jul 29, 2007 2:10pm Jul 29, 2007 2:10pm
looks like we filled the gap here on the thirty min. chart I mentioned a few days ago should be good support
Attached Image (click to enlarge)
Click to Enlarge Name: gbp 303-08-07 asd13579.jpg Size: 28 KB
  • #21,729
  • Jul 29, 2007 2:23pm Jul 29, 2007 2:23pm
There ya go.......Alea iacta est !!!!!!!!!!
For he that would be deceived, let him.
  • #21,730
  • Jul 29, 2007 3:31pm Jul 29, 2007 3:31pm
Quoting 59fender
looks like we filled the gap here on the thirty min. chart I mentioned a few days ago should be good support
TradeStation doesn't have a gap and I went down to the tick level.
  • #21,731
  • Jul 29, 2007 3:37pm Jul 29, 2007 3:37pm
GU will be dropped to 2.0208 (261.8 my fibonacci, 423.6 or GU at 1.9992) may be wrong because my fibonacci skill hasn't been improved yet. If you guys want the chart, I will post it on this post. I don't see any gap on my FXDD demo metatrader.

2.0208 support line but we will see whether GU will break the support. Don't buy GU. We don't know how far GU will drop.

My short position from last week is still open but with the protective stop (protect my profit).
  • #21,732
  • Jul 29, 2007 3:58pm Jul 29, 2007 3:58pm
Looks like they closed cable about 30 p's lower from platform closeson friday , looking for a gap on the charts. Catching stops or continuation?

Thinking i will be looking for a add to my hedged short already in play. think she needs to catch her breath. Funny they waited for the close of most platforms to push through the bottom's support
"Millionaires don't use astrology, billionaires do"
  • #21,733
  • Jul 29, 2007 4:09pm Jul 29, 2007 4:09pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting OrionsWay
Looks like they closed cable about 30 p's lower from platform closeson friday , looking for a gap on the charts. Catching stops or continuation?

Thinking i will be looking for a add to my hedged short already in play. think she needs to catch her breath. Funny they waited for the close of most platforms to push through the bottom's support
can you explain the relevance of a GAP, been mentioned a few times lately. would have expected every weekend to provide a break in the patern.

many thanks
  • #21,734
  • Jul 29, 2007 4:11pm Jul 29, 2007 4:11pm
Quoting MPP
can you explain the relevance of a GAP, been mentioned a few times lately. would have expected every weekend to provide a break in the patern.

many thanks
GAP is considered as support and resistance. If gap is filled, gap as the support or resistance will be not considered. If gap isn't filled, vice versa.
  • #21,735
  • Jul 29, 2007 4:12pm Jul 29, 2007 4:12pm
The close is whatever your data shows from whoever you trade through. Unlike futures there is no central clearing therefore the O/H/L/C can be all over the board. Gap on this chart and not on another. The only gaps that really matter are to do with friday close to monday (asia) open and when it is universal across most major banks/brokers/ecn etc.
  • #21,736
  • Jul 29, 2007 4:24pm Jul 29, 2007 4:24pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting santoso
GAP is considered as support and resistance. If gap is filled, gap as the support or resistance will be not considered. If gap isn't filled, vice versa.
ok. well i can only find a 2pip gap 2.0228, that must be considered irrelevant. assuming the gap is created between lows and highs over the weekend.
  • #21,737
  • Jul 29, 2007 5:06pm Jul 29, 2007 5:06pm
Nice kickoff...

Short Cable short
  • #21,738
  • Jul 29, 2007 5:16pm Jul 29, 2007 5:16pm
Quoting cesarnc
Nice kickoff...

Short Cable short
Did your system give u a signal or you are just hoping to hit the next Support ?
What time frame are you trading?

I don't see squat for entry.
  • #21,739
  • Jul 29, 2007 5:20pm Jul 29, 2007 5:20pm
Quoting bobblong
Did your system give u a signal you are just hoping to hit the next S/R ?
What time frame are you trading?

I don't see squat for entry.
Never saw 0200 coming today, so I took profit of 1/2 of the remaining positions and now the rest are for the ride...

Expecting a retest of the 38% fib (0262) to make up my mind now....
  • #21,740
  • Jul 29, 2007 5:24pm Jul 29, 2007 5:24pm
Looks like that 50% retrace of the high (0140ish) might be reached tonight..
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