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Cable Update (GBPUSD)

  • #5,281
  • Jan 8, 2007 8:00pm Jan 8, 2007 8:00pm
I get the same feeling. Price met some resistance at the daily R1 and weekly pivot. I went short at 1.9423. I'm going to take profits on half my position when it reaches the lower trendline of this channel that has formed over the past day. After that I'm going to wait to see if the lower trendline is broken and decide my next course of action from there.

Quoting Pickensrulz
I'm getting close to a confirmation of a sell here @ 1.9426. Took a small position and will add when I get my confirmation.

good trades
  • #5,282
  • Jan 8, 2007 8:30pm Jan 8, 2007 8:30pm
Looks to me like a drop to about 9345, and i'm eyeing that as a buy point for a continuation upward..
  • #5,283
  • Jan 8, 2007 9:20pm Jan 8, 2007 9:20pm
Good call mrsmoothy... I think you are right... I made LONG at 1.9419... PT at 1.9470... though I am also betting it goes higher.

Goodthings says when price already moved 40 or more pips since open of the days candle... 87% probablility price continues in same direction... and average daily move for GBP is 134 pips...
  • #5,284
  • Jan 8, 2007 9:20pm Jan 8, 2007 9:20pm
Where the heck is everybody ?? No one looks in this thread anymore???
  • #5,285
  • Jan 8, 2007 9:34pm Jan 8, 2007 9:34pm
I think i caught today's bottom...or proly the bottom.. i placed a limit at 375 and left for work.... looks like the bull trend just resumed
  • #5,286
  • Jan 8, 2007 9:50pm Jan 8, 2007 9:50pm
monarch has a thread that alot of people are looking at as well. his thread is just analysis, i think some are there just to get strategies to make money. might have gotten tired of all the banter.
  • #5,287
  • Jan 8, 2007 9:53pm Jan 8, 2007 9:53pm
well, this up move ia taking it's sweet time about going anywhere!!!!! keeps hitting 19438 and stops!!! is this some kind of resistance level or is this waitijng for the euro open.
  • #5,288
  • Jan 8, 2007 9:55pm Jan 8, 2007 9:55pm
Yeah, but what else are we supposed to be doing while we grow our butts to our chairs... banter is about all we got sometimes...
  • #5,289
  • Jan 8, 2007 10:02pm Jan 8, 2007 10:02pm
Yes i'm on with the uptrend as well. not planning to trade the retraces down, just add position and move s/l as we go up toward 95. Looks like heavy resistance at around 9530 (TP)..

I'm sure lot's more people will be around later and tomorrow. Some don't trade mondays, one reason is that a weekly trend gets established, not much news, longer weekend?
  • #5,290
  • Jan 8, 2007 10:07pm Jan 8, 2007 10:07pm
On my charts it is both the Daily R1 and Weekly Pivot point.

Quoting mtrmth
well, this up move ia taking it's sweet time about going anywhere!!!!! keeps hitting 19438 and stops!!! is this some kind of resistance level or is this waitijng for the euro open.
  • #5,291
  • Jan 8, 2007 10:10pm Jan 8, 2007 10:10pm
From the hourly, i'd expect some correction but never thought the price wuld jump back so quickly. Personally, the trend downwards is still intact. From the 4hr bar top, if we drew a fibo...the retacement now is abt 23.8? id expect it to retrace up to 38.2 or proly 50 before it resumes down wards...oh well thats 59 pips in the bag...back to work! Yes BOSS, i'm coming!
  • #5,292
  • Jan 8, 2007 10:10pm Jan 8, 2007 10:10pm
There may be many people coming to this thread and reading but not contributing because they do not have anything constructive to contribute.

In many ways that is better than people taking up a lot of space for absolutely no reason. Better not complain or they may all start posting. If you wish for something you just might get it.
  • #5,293
  • Jan 8, 2007 10:17pm Jan 8, 2007 10:17pm
Quoting mtrmth
monarch has a thread that alot of people are looking at as well. his thread is just analysis, i think some are there just to get strategies to make money. might have gotten tired of all the banter.
Hi,

Where is Monarch's thread? I am always up for reading quality analysis.
Thanks a bunch.
  • #5,294
  • Jan 8, 2007 10:36pm Jan 8, 2007 10:36pm
Quoting Pickensrulz
I'm getting close to a confirmation of a sell here @ 1.9426. Took a small position and will add when I get my confirmation.

good trades
I'm out for -2 pips. Still haven't gotten confirmation, better safe than sorry.
  • #5,295
  • Jan 8, 2007 11:09pm Jan 8, 2007 11:09pm
it is called daily cable anaysis, has his moniker under the name of the thread.
  • #5,296
  • Jan 9, 2007 12:03am Jan 9, 2007 12:03am
Some mof my studies on the daily...
We could have 2 scenarios ere.

Trend resumtion or bear correction...either way if we note the SRs, we should not be missing on easy pips off the daily.
Attached Image
  • #5,297
  • Jan 9, 2007 12:07am Jan 9, 2007 12:07am
The chart formation is still very bullish. Look for upward breakout.
Well if i were to short it target 408 as a support...if it tanks below, give urself some 5-10 pips space so 398-403 would be a good short entry.
Attached Image
  • #5,298
  • Jan 9, 2007 12:27am Jan 9, 2007 12:27am
Looks like resistance is going to hold for now. I'm waiting to add to my short position.
  • #5,299
  • Jan 9, 2007 12:31am Jan 9, 2007 12:31am
I stick to the candles......notoften i see single candle on daily....waiting for upward breakout....send the cookie.
  • #5,300
  • Jan 9, 2007 12:35am Jan 9, 2007 12:35am
Quoting mickeymickey
Looks like resistance is going to hold for now. I'm waiting to add to my short position.
You sure about adding to yer position? when a pair consolidates, my best guess would be to sit back and wait that beautiful breakout."Guessing" right now would be like playing roulette, u go to casino often?
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