Cable Update (GBPUSD)

Will have to wait until at least after the NY closing.....but that sure looks like a real nice target.

What I'm looking at right now is FOMC minutes and then BOE minutes....then I will be able to look at my charts and see what the market is telling me.

These next couple of days should be fun.....

Long GU LONG>>>>>>>>>>>>>>

Dow below last week's low already. -200

a selloff yes sir.

- Citi downgraded
- Paris Hilton video footage released

pointed as the reasons. At least here in the forum...

Yes, I have been thinking along these lines too. Possibly even 200. Seems to be having a bit of difficult with 224 at the moment, but I think it will blast through at some point.

I'm not sure that we will each that low. I could realistically see 219 again though. The reason I doubt it is that it won't have enough momentum built up to get there before the bulls try to intervene. What do you think? Wow, I am an idiot. That was your target for the weekly charts. Yes, I think your right on that.

I wonder where the dow would end up if this happens... perhaps 12k

I think we will have a good deal of trouble at the 213 level as well. There is support at a much higher level as well; 221. I doubt there will be much trouble at this area however. This is based on my own analysis through dynamic fib levels. If it were to break that low of a level (213), I could see 200 as well. If not, then I would look for the reversal at the 213 area.

I guess the video wasn't as good as expected. Dow climbing back up, traders coming back but wait, I think shares of Pzier (makers of viagra) are on the rise. There is still hope of the closing under 13000.

Hi PeterM, I am no expert at all on this, but I have noticed the dow move quite a bit on moves that haven't been very big. For instance, when we hiked up to 241, it moved with it and it moved quite a bit to create an all time high. If it moved that much with a move of say 500 pips, wouldn't you think it would move a lot more for a move down of 1500 pips or more?

I would think that we would end up seeing much lower levels than 12K. What are your thoughts on this?

Where can I get the video?

it could be quite major.. i have thought the dow has been overpriced for a while.. we could see it crash down.. but we will have to wait and see. :-)

Plot these Fibs on ur chart, drop down to 4hr and 1hr charts, check out what you see. Lots of opportunities.

Found it! On The Sun - http://www.thesun.co.uk/sol/homepage/

daaaa - where else? :

GMT November 19 Cable opened in New York trading 2.0500 and following an
initial rally to 2.0550 early on, the pair was well offered for the remainder of
the session with steady selling seen back under 2.0500. The pair had already
been under pressure coming into the open with the overnight release of the
disappointing Rightmove house price index, while an increased risk aversion,
equity sell-off, and news of more problems with Northern Rock also helped to
weigh on the higher yielding GBP in the final session. Technically, the pair has
reached critical medium-term trend-line support dating back to August, and as
such, moves over the next few days should provide a clearer picture of the
direction the pair decides to take. A break below the t-line which comes in by
2.03 would trigger a fresh round of selling to open an immediate retreat back
towards the 2.00 handle.
Looking ahead to tomorrow: the DMO will auction GBP 750mn index-linked Gilts
maturing 2047 (the auction result is expected circa 11:00GMT). CML and BSA
October UK mortgage lending figures will be disclosed at 09:30GMT, alongside
October UK public finance data, with the CBI"s monthly industrial trends survey
ensuing at 11:00GMT

I going to make a call here. I smell range this week, Trends never reverse on a dime, a correction is needed, credit crisis blah, blah, blah and EU is moving like an old lady with her walker. Of course I am only posting this because every call I post goes in the opposite direction.

I, umm.. have to go to the bathroom. It was something I ate, be back in two minutes.

Dow closed -200, below last week's low...

Looks like halloween is gonna kick in on thanksgiving

Add long at 497....... target 640...