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Cable Update (GBPUSD)

  • #49,041
  • Jan 10, 2008 7:52am Jan 10, 2008 7:52am
Quoting soros_junior
Come On Guys! Let's Move The Market Faster! Let's Short Big Time! Target 1.9000 Then 1.8000!
stay cool man

i agree with you

look chart in monthly and weekly (Longterm only)
  • #49,042
  • Jan 10, 2008 7:56am Jan 10, 2008 7:56am
well it can go either way depends on how u see it

a triple bottom is broken but theres a support level at 1.9540 approx to go bearish still and to go up if feel it needs to cross 50% fib and also 61.8 fib on a 1hr chart..only then can u say bullish
but mostly with cable retracement are to the 50 % level so its impossible to b4 these places are crossed..if my analysis is correct
  • #49,043
  • Jan 10, 2008 8:01am Jan 10, 2008 8:01am
beware, big banks are made as hell with boe for the decition and are dumping tons of sterling to create false spikes.

i bet normal traders buying sterling while banks are in unification dumping it.
lets see where this goes but would love to see how big banks retreat
and we traders suceed.

also there is a big fight cause there is a probable change in the trend and many sterling bears are risking their positions, optiions and futures contracts.
  • #49,044
  • Jan 10, 2008 8:07am Jan 10, 2008 8:07am
GBP/USD Daily Outlook

Daily Pivots: (S1) 1.9653; (P) 1.9740; (R1) 1.9816;
Cable's recent down trend remains in force and edges further lower to 1.9539 today but it's still pressing mentioned 1.9553 key medium term support (04 high). At this point, intraday bias remains on the downside as long as 1.9654 minor resistance holds. And further decline could be seen to test channel support at 1.9480. Sustained trading below 1.9554 will encourage deeper decline to next medium term support at 1.9183. On the upside, above 1.9654 will turn intraday outlook consolidative first. But still further decline is expected as long as recovery is limited below 1.9853 resistance.
In the bigger picture, prior break of medium term rising channel and 2.0 psychological support at least indicate that rise from 1.8090 has already completed at 2.1161. With 55 weeks EMA taken out too, it's likely that the medium term up trend from 1.7047 has also completed. Focus is now on mentioned 1.9554/1.9589 cluster support (04 high at 1.9554 and 38.2% retracement of 1.7047 to 2.1161 at 1.9589). Sustained trading below this support zone will confirm such case and bring deeper decline to next medium term target at 61.8% retracement at 1.8619.
On the upside, however, above 1.9853 resistance will be the first alert that cable receives strong support from 1.9554 support zone. Short term outlook will be turned neutral first in such case and focus will be back to the short term falling channel resistance (now at now at 2.0171). Should this channel resistance be taken out, the fall from 2.1161 will be confirmed as completed and another strong rally would then be seen.

http://www.actionforex.com/images/st...d20080110a.gif

  • #49,045
  • Jan 10, 2008 8:08am Jan 10, 2008 8:08am
why cable failed to go long?

there is nothing to do with banks or billionaires.. just it touched a major fib (61.8) level and most likely price will retrace from there.. it happens every time..!
Attached Image (click to enlarge)
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  • #49,046
  • Jan 10, 2008 8:11am Jan 10, 2008 8:11am
Quoting acidguy
i bet normal traders buying sterling while banks are in unification dumping it.
nope... normal traders like us are selling sterling... dunno bout the banks, probably the same
  • #49,047
  • Jan 10, 2008 8:12am Jan 10, 2008 8:12am
Quoting forexguru
why cable failed to go long?

there is nothing to do with banks or billionaires.. just it touched a major fib (61.8) level and most likely price will retrace from there.. it happens every time..!
there's no reason technically or fundamentally for cable to go long... all points south at this current period of time... therefore SHORT CABLE SHORT!
  • #49,048
  • Jan 10, 2008 8:14am Jan 10, 2008 8:14am
Quoting soros_junior
there's no reason technically or fundamentally for cable to go long... all points south at this current period of time... therefore SHORT CABLE SHORT!
well it made the short move already.. be cafeful as it can go up from now on collect your pips and go .. do not hold for long.
  • #49,049
  • Jan 10, 2008 8:16am Jan 10, 2008 8:16am
Quoting forexguru
well it made the short move already.. be cafeful as it can go up from now on collect your pips and go .. do not hold for long.

how many pips did u make yesterday buddy? ...u called it right all the way
  • #49,050
  • Jan 10, 2008 8:16am Jan 10, 2008 8:16am
Quoting forexguru
well it made the short move already.. be cafeful as it can go up from now on collect your pips and go .. do not hold for long.
i believe that the downward wave is not yet completed... a new low will be established soon!
  • #49,051
  • Jan 10, 2008 8:18am Jan 10, 2008 8:18am
Quoting nAVIN2007
how many pips did u make yesterday buddy? ...u called it right all the way
i do not remember in which occassion you mention.... I make pips lose pips... if you keep your losses short and let your profit go you are on winning side
  • #49,052
  • Jan 10, 2008 8:20am Jan 10, 2008 8:20am
Quoting soros_junior
i believe that the downward wave is not yet completed... a new low will be established soon!
it is possible but the down channel has reached already so bears have to push really hard now.. otherwise price up.
  • #49,053
  • Jan 10, 2008 8:20am Jan 10, 2008 8:20am
Quoting forexguru
i do not remember in which occassion you mention.... I make pips lose pips... if you keep your losses short and let your profit go you are on winning side
lol..thats a great point lol
  • #49,054
  • Jan 10, 2008 8:21am Jan 10, 2008 8:21am
ROFL then who will lose the money if 99% short the cable.This is zero sum game..not a tree full of money and we grap it from into our pocket.

Quoting soros_junior
u must be kidding right? why u wanna go long when 99.99% of the traders are shorting?
  • #49,055
  • Jan 10, 2008 8:21am Jan 10, 2008 8:21am
I must admit that i'm attracted to soros_junior's posts alot, not only because of his technic but also his avatar. hahaha.
That's why i would prefer cable to be up. cause when u look at that avatar u will be up....
  • #49,056
  • Jan 10, 2008 8:21am Jan 10, 2008 8:21am
by the way I am long now with a stop loss at the end of down channel line at 9543
  • #49,057
  • Jan 10, 2008 8:24am Jan 10, 2008 8:24am
Quoting forexguru
by the way I am long now with a stop loss at the end of down channel line at 9543
Yessssss. I'm long @ 1.9557
  • #49,058
  • Jan 10, 2008 8:24am Jan 10, 2008 8:24am
banks dumping sterling in mass is not secret, just go to bloomberg video library, how they got angry for today decition.

even for continuing down, gu like to go on waves, there is much chance going to the upside to find more sellers.

any here want to bet a *beer* we will get close to 1,98 about next week?.

even ecb is more close now to cut rates than raise, Trichet seemed somehow worried by the economy, something we had not seen for years.
the man is not sounding so hawkish and now is more like on hold of his bullish emotions.
  • #49,059
  • Jan 10, 2008 8:25am Jan 10, 2008 8:25am
Quoting thucai
I must admit that i'm attracted to soros_junior's posts alot, not only because of his technic but also his avatar. hahaha.
That's why i would prefer cable to be up. cause when u look at that avatar u will be up....
good for u then...
  • #49,060
  • Jan 10, 2008 8:26am Jan 10, 2008 8:26am
still way to early to do anything...
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