Cable Update (GBPUSD)

Still to slow and hard to read, I did see the break down but lazy

Also I my 1min chart wasn't locked to last, so old data kinda confusing me, if I missed that, likely best not to trade.


Plan to trade Thursday just to keep my eye in, hope I haven't forgotten how to next week

Seems to be a resistance point at 19556 - If it can break this there is a chance of it going down further but I am still reluctant as I do not know if there is enough momentum to follow it through.

I think your are right I was short from 9575 and closed it at 60 made 10 pips but just not enough momentum to move it either up or down. I had been looking to go short but I am starting to wonder if the greenback will have enough good data to make any gains on cable. I hope the housing data will give us a better direction.

Anybody in this move?

I'm waiting to long the retracement, but it looks weird.... USD/JPY just broke 119.00....

Clueless

I have had sell signals looking at me all morning. Just did not see the action I wanted to enter. Guess I should have, but a guess is not how I prefer to trade. I will stay out for now.

NEW YORK, Dec 26 (Reuters) - U.S. stocks rose in light trading on Tuesday, rebounding from the previous session's fall, as a smattering of mergers-and-acquisition news helped stir some demand during what is historically a positive week for stocks.

Shares of miners Freeport McMorRan Copper & Gold Inc. <FCX.N> and Phelps Dodge Corp. <PD.N> were both trading higher after U.S. antitrust authorities said they approved Freeport's bid to buy Phelps Dodge. For details, see [ID:nN26386551]

Shares in phone carrier Savvis Inc. <SVVS.O> rose after telecommunications service provider Level 3 Communications Inc. <LVLT.O> said it planned to acquire Savvis' content delivery network assets.

"Friday didn't give us the usual start to the Santa Claus rally ... but we are into typical rally period for the market, and the pullback last week, in my opinion, improves the odds that we get a rally this week," said Al Goldman, chief market strategist at A.G. Edwards in St. Louis. "This is going to be a low-volume day and when you get a reduced audience you get more dramatic moves. Either way, my sense is we're probably going to go up here."

The Dow Jones industrial average <.DJI> was up 36.77 points, or 0.30 percent, at 12,379.99. The Standard & Poor's 500 Index <.SPX> was up 3.71 points, or 0.26 percent, at 1,414.47. The Nasdaq Composite Index <.IXIC> was up 6.79 points, or 0.28 percent, at 2,407.97.

All but four of the 30 Dow components were trading higher. Volume was about less than half the normal average on the NYSE with many market players taking the day off following the Christmas holiday.

Freeport McMoRan shares were up 1 percent to $54.40 while Phelps Dodge shares climbed 1.3 percent to $118.41 on the NYSE.

Savvis shares rose 2.2 percent to $36.71, while Level 3 shares fell 0.4 percent to $5.64, both on the Nasdaq.

Shares of AMR Corp. <AMR.N>, the operator of American Airlines, fell after the carrier issued guidance that analysts said implied a loss for the fourth quarter [ID:nN26383490].

AMR shares fell 2.1 percent to $29.61 on the NYSE.

Shares of energy companies, including Exxon Mobil Corp. <XOM.N> were higher after Iran threatened to use oil exports as a weapon following the U.N. Security Council's decision to impose sanctions on its trade in nuclear goods. [ID:nSP149621]

Exxon shares were up 0.3 percent to $75.64 on the NYSE.

I said earlier if it breaks 19556 which it did it will go down a bit - I did not enter !!! now I am saying if it breaks 19529 it should go down as well but dont do what I say!

It is now at the Channel's lower trendline. If it mimics last Friday, a recovery is likely in the next hour or so....

I was wondering if you trade on your own signal, or if you are waiting for someone else's confirmation before entering a position?

I dont have any signals- just lines of support and resistance on a daily basis - when they break those I would normally enter if the trend was the same
the reason I am hesitant to get into a trade is because it is a holiday - dont know what happened last year on Boxing day - still learning - I must admit I am listening to what people are saying on the forum - most of the time you guys make a lot of sense - you know more than I do

If cable breaks support at 1.9530, next support level is around 1.9485. That would result in a 100 pip move, given that the high today [up to this point] was 1.9598.

I was short earlier but took profit thinking the market wouldn't move this far today. Actually I was looking for a long retracement; hasn't happened....yet.

Me, too. All Majors are showing exhaustion, JPY bumping a stong resistance but there's no sign of retracement

If you look at the last 3 consecutive Fridays, news announcements momentarily halted downward trends; remove those announcements and cable was steadily going south.

what consists of breaking 9530 , its hit 9518 or so how long does it need to sit below 30s for a break exactly?

GP,

When I wrote that, price was in the 9530s, like 9535 or so. When I posted, price hit 9530. To me a break below 30s means in the mid-to-low 20s, like 9526-9521. Cable currently bid at 9517 so it's broken 9530. We're now looking at the psychological barrier of zeroes, 9510 and 9500. Could see a momentary (20 minutes?) pause. I may take profit at 9503, then re-enter short after the pause.

Beyond the 9485 which I see as the next support level, we have a 38 fib at 1.9463 (fib drawn from the Nov 17th low of 1.8833 to the Dec 1st high of 1.9850).

Cute...real cute....moved back to 9530.....

And stopped out....from $110 profit to $150 contribution to the forex world.

ya i had a 220 profit and now im negative.... errr in at 9540 short

It's nice to give back to the community isn't it?

Dollar also weakened against JPY and Swissy.