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Cable Update (GBPUSD)

  • #5,221
  • Jan 7, 2007 9:41am Jan 7, 2007 9:41am
Quoting karmostaji
The market opens in a couple of hours, what's going to happen with GU
just keep on 'watching'.
  • #5,222
  • Jan 7, 2007 10:50am Jan 7, 2007 10:50am
I'm thinking it will either go up or down

Quoting stonie
just keep on 'watching'.
Trade what you see - Not what you think
  • #5,223
  • Jan 7, 2007 11:27am Jan 7, 2007 11:27am
That is why they call him Summit!

High Peaks - Low Valleys. You can make a profit at the summit or in the valley.
  • #5,224
  • Jan 7, 2007 11:58am Jan 7, 2007 11:58am
Quoting summitfx
I'm thinking it will either go up or down
lol how about sideways...
Trade what you see, not what you think.
  • #5,225
  • Jan 7, 2007 12:48pm Jan 7, 2007 12:48pm
The overall trend is still up and we're approaching some Fib levels which should provide buying opportunities. The first is the 61.8 of the rally from 1.8837 to 1.9850. 1.9224 might be a good buying opportunity.
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  • #5,226
  • Jan 7, 2007 12:54pm Jan 7, 2007 12:54pm
...but given the speed of the move down we might go straight through to longer term Fib support. The 1.9185 level looks particularly interesting being the breakout level and the 50 Fib level.
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  • #5,227
  • Jan 7, 2007 1:10pm Jan 7, 2007 1:10pm
Euro has reached strong support at 1.30, interest rates announcements due by both ecb and boe on Thursday, talk in U.K. weekend paper is of 30% chance of surprise rise in interest rates by MPC. and given that they surprised the markets with the last rate rise, I suspect caution will be exercised this week which will prevent £ and euro going much lower. Also £ has dropped well away from its moving averages on shorter time frames so a slight retracement may occur at least before thursday. BUT on day to day business you play what you see!!
  • #5,228
  • Jan 7, 2007 3:56pm Jan 7, 2007 3:56pm
Does anyone think that we will see the cable reach 1.9740 this week again?
  • #5,229
  • Jan 7, 2007 4:00pm Jan 7, 2007 4:00pm
Good luck everyone
Trade what you see, not what you think.
  • #5,230
  • Jan 7, 2007 4:26pm Jan 7, 2007 4:26pm
Quoting $$Trader$$
Does anyone think that we will see the cable reach 1.9740 this week again?

I dont think that it will go higher than 1,95 this week, but you know its only my opnion good news everywhere for US so USD up.
  • #5,231
  • Jan 7, 2007 5:19pm Jan 7, 2007 5:19pm
We are at an interesting point I believe. Looking at weekly studies we have a Fib level around 9223 which , dependent on the 50 CCI bouncing off the 100 level would indicate a Long position. If it goes through the 100 level then we are definitely short.
  • #5,232
  • Jan 7, 2007 5:43pm Jan 7, 2007 5:43pm
$$TRADER$$,

I really don't see a climb to much past the 1.9400 level this week. Dollar is strong at the moment.

Good luck to all this week!
Show me the PIPS!
  • #5,233
  • Jan 7, 2007 6:20pm Jan 7, 2007 6:20pm
I think this what will happen in todays asian session an european. I think during asian session we will se both cable and EURUSD got slightly below its friday lows and then it will start retracing, and this retrace will continue at the start of european session and after a pullback it will turn downward again.
  • #5,234
  • Jan 7, 2007 6:53pm Jan 7, 2007 6:53pm
Quoting $$Trader$$
Does anyone think that we will see the cable reach 1.9740 this week again?
Definitely not. Such total and dramatic reversals don't usually happen. Expect some range trading before we reach a bottom and start moving up after a few weeks (assuming the dollar hasn't already reached a long term bottom).
  • #5,235
  • Jan 7, 2007 7:01pm Jan 7, 2007 7:01pm
going long @9283 t/p 9320 short term play
  • #5,236
  • Jan 7, 2007 7:10pm Jan 7, 2007 7:10pm
Japanese markets are closed today so expect the markets to be dead until Europe wakes up.
  • #5,237
  • Jan 7, 2007 7:39pm Jan 7, 2007 7:39pm
Quoting tathlynq
$$TRADER$$,

I really don't see a climb to much past the 1.9400 level this week. Dollar is strong at the moment.

Good luck to all this week!
tathlyng, where in NC, anywhere near Pinehurst?
Pip By Pip
  • #5,238
  • Jan 7, 2007 7:47pm Jan 7, 2007 7:47pm
Quoting obeewon
going long @9283 t/p 9320 short term play
long from 9275 and cashed in 9295... scalping...
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  • #5,239
  • Jan 7, 2007 8:08pm Jan 7, 2007 8:08pm
There is a very strong positive reversal forming in the weeklys at a level in the range that is significant. Although this formation is well on its way(in terms of formation), it is still possible that a weekly close under 1.8957 would negate the scenario. Nevertheless, judging by most of the indicators and timeframes, I do not see this happening, and expect some near term support in the 1.9222 area. Once the weekly turns however we will be looking for a broad based moved back up in the minimum past the nov - dec top. A failure to do so would be a strong signal for a longer term dollar bull vs GBP on the rise.
Man who scratches ass should not bite fingernails
  • #5,240
  • Jan 7, 2007 8:10pm Jan 7, 2007 8:10pm
short 9288 cashed in 9275... it may go down...
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