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Cable Update (GBPUSD)

  • #4,321
  • Jan 2, 2007 7:54am Jan 2, 2007 7:54am
Quoting Moe
you think the dollar is gonna get hammer this week if so the n.f.p will put the pound at 2.000
and euro at 1.35
Ghost Swoopen in for my pips while no one is lookin !!
  • #4,322
  • Jan 2, 2007 7:57am Jan 2, 2007 7:57am
Quoting Moe
you think the dollar is gonna get hammer this week if so the n.f.p will put the pound at 2.000
I am thinking that the holiday labor force may skew the non farm numbers in the dollars favor. If so it may just be a great data fade opportunity.
Profit is where readiness meets Opportunity
  • #4,323
  • Jan 2, 2007 7:59am Jan 2, 2007 7:59am
From my friends at forexcycle

EURUSD will form a sideways consolidation in a range between 1.3051 and 1.3364. Near term resistance is at 1.3244, if gives way, there are still chances of test previous high resistance at 1.3364 level. Near term support is at 1.3051, only break below this level will delay the resumption of up trend. For long term analysis, the pair is in consolidation of the up trend and further rise above 1.3668 (the top of 2004) to reach the next cycle top on weekly chart is still possible in the next several weeks. We predict the next cycle top on weekly chart would appear after January 2007.
If I Go Broke Trying Then I Will die happy.
  • #4,324
  • Jan 2, 2007 8:01am Jan 2, 2007 8:01am
whatyou got MOe? this may be the last window of opportunity today....
  • #4,325
  • Jan 2, 2007 8:04am Jan 2, 2007 8:04am
Quoting cesarnc
whatyou got MOe? this may be the last window of opportunity today....
it does look good for a buy but ima sit this one out guys.
If I Go Broke Trying Then I Will die happy.
  • #4,326
  • Edited 8:18am Jan 2, 2007 8:06am | Edited 8:18am
Quoting cesarnc
whatyou got MOe? this may be the last window of opportunity today....
if i buy right now it will be at 1.9730 not bad prices will go up so lets see where this would of took me.
If I Go Broke Trying Then I Will die happy.
  • #4,327
  • Jan 2, 2007 8:08am Jan 2, 2007 8:08am
who's long and at what price?
If I Go Broke Trying Then I Will die happy.
  • #4,328
  • Jan 2, 2007 8:11am Jan 2, 2007 8:11am
I got everything here telling "buy". But there seems to have NO MARKET trading in the last few hours...

And I see 9740 too strong a resistance for a thin market like that to break ...

What gets me SICK is that indicators seems to colapse in low volume markets. Ultra-Strong indications vanish in a matter of minutes...
  • #4,329
  • Jan 2, 2007 8:15am Jan 2, 2007 8:15am
Quoting cesarnc
I got everything here telling "buy". But there seems to have NO MARKET trading in the last few hours...

And I see 9740 too strong a resistance for a thin market like that to break ...

What gets me SICK is that indicators seems to colapse in low volume markets. Ultra-Strong indications vanish in a matter of minutes...
thats why im on the sidelines, signal just not strong enough for me, and i know my system it gave a good signal but with caution so i sat out. we got good news comming this week.
If I Go Broke Trying Then I Will die happy.
  • #4,330
  • Jan 2, 2007 8:18am Jan 2, 2007 8:18am
A 60 pips-wide channel up formed from today's market. This is disgusting.
  • #4,331
  • Jan 2, 2007 8:21am Jan 2, 2007 8:21am
If the pound finds the fuel to make another new high, I have updside target area of 9777 to 9795. I am considering 9680 short term support.
Profit is where readiness meets Opportunity
  • #4,332
  • Jan 2, 2007 8:23am Jan 2, 2007 8:23am
last night at around 2pm-3pm etc everyone was posting about a short, i didnt see any shorts so i went long, baffled why people were going short .. im sure glad i stuck to my method instead of doing what i saw pople posting ..
  • #4,333
  • Jan 2, 2007 8:23am Jan 2, 2007 8:23am
Quoting FXopportunist
If the pound finds the fuel to make another new high, I have updside target area of 9777 to 9795. I am considering 9680 short term support.
Are you in the market right now?
  • #4,334
  • Jan 2, 2007 8:26am Jan 2, 2007 8:26am
did you ever notice when there's a u.s. holiday or like today mouring day, most of the movement happens during euro, it like they say to each other lets take this money and run, leaving u.s. traders with chump change.
If I Go Broke Trying Then I Will die happy.
  • #4,335
  • Jan 2, 2007 8:26am Jan 2, 2007 8:26am
Thoughts MoneyMaster?
  • #4,336
  • Jan 2, 2007 8:27am Jan 2, 2007 8:27am
Quoting Moe
did you ever notice when there's a u.s. holiday or like today mouring day, most of the movement happens during euro, it like they say to each other lets take this money and run, leaving u.s. traders with chump change.
  • #4,337
  • Jan 2, 2007 8:33am Jan 2, 2007 8:33am
Quoting cesarnc
sure there's money on table but not as much as they took this mourning
If I Go Broke Trying Then I Will die happy.
  • #4,338
  • Jan 2, 2007 8:34am Jan 2, 2007 8:34am
Good morning and welcome to the New Year,

Looks like cable broke through the upper TL around 9655 overnight rather than bouncing short in our typical Phase II move. Too much inconsistency last night with platforms not operating or giving widely divergent prices made me uncomfortable. So I stopped trading, canceled calls made, and went to bed. That was a good decision!

Now price hovers around 1.9730. Time to re-construct trendlines, examine PA, monitor euro (overbought?), look at indicators, blah, blah, blah....in other words take a moment to step back and patiently determine how we arrived here this morning and where the market's likely to go next.
  • #4,339
  • Jan 2, 2007 8:46am Jan 2, 2007 8:46am
Quoting cesarnc
Are you in the market right now?
At this moment I am flat. I may get back in around 10:00 am e.s.t. if the short term price action looks right to me.
Profit is where readiness meets Opportunity
  • #4,340
  • Jan 2, 2007 9:03am Jan 2, 2007 9:03am
Looking at the 4H, you can draw a price level at 1.9740 for resistance. Cable approached or marginally exceeded this current price level (1.9738ish) on Dec 8th, 13th and 20th, retreating or retracing significantly each time. Also on the 4H, looks like a double pin forming, which will complete around 11:00 est, or 16:00 GMT.

Unless you just feel like gambling, don't be fooled by falling prices (1.9718); wait until the candle closes, looking for it to close below 1.9710 and expect the next 4H candle to continue and confirm the retreat. That would give us a beautiful pin for a short entry.

Just information; not a recommendation.
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