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Daily Cable Analysis

  • #3,021
  • Jan 22, 2007 8:49am Jan 22, 2007 8:49am
Quoting Just1Pip
Heee's Baaaack!
Welcome back Monarch.
i am sure you don't have any one.....
  • #3,022
  • Jan 22, 2007 8:51am Jan 22, 2007 8:51am
Signs are forming that the market is going to sell the dollar soon....
  • #3,023
  • Jan 22, 2007 8:51am Jan 22, 2007 8:51am
Quoting khaled22
i am sure you don't have any one.....
?????
  • #3,024
  • Jan 22, 2007 8:53am Jan 22, 2007 8:53am
Quoting Pickensrulz
Signs are forming that the market is going to sell the dollar soon....
Could you please elaborate on what those signs might be? Thank you.
  • #3,025
  • Jan 22, 2007 8:55am Jan 22, 2007 8:55am
Quoting Pickensrulz
Signs are forming that the market is going to sell the dollar soon....
jumped in @1.9746
  • #3,026
  • Jan 22, 2007 8:56am Jan 22, 2007 8:56am
Quoting Pickensrulz
jumped in @1.9746
Long or short? and why?
  • #3,027
  • Jan 22, 2007 8:57am Jan 22, 2007 8:57am
Quoting Just1Pip
?????
i am very sorry
  • #3,028
  • Jan 22, 2007 9:01am Jan 22, 2007 9:01am
Quoting rdrainey
Long or short? and why?

Selling the $$ mate. Gold is spiking higher for one reason. usd/jpy is easing back which is what is supporting the dollar today for second reason.
  • #3,029
  • Jan 22, 2007 9:10am Jan 22, 2007 9:10am
Quoting Pickensrulz
Selling the $$ mate. Gold is spiking higher for one reason. usd/jpy is easing back which is what is supporting the dollar today for second reason.
Sure is right...

http://www.kitco.com/charts/livegold.html
Is your SL my TP?
  • #3,030
  • Jan 22, 2007 9:15am Jan 22, 2007 9:15am
Quoting kenmania
Sure is right...

http://www.kitco.com/charts/livegold.html

God, what a stick market this is today. Yuk! Whipping us all like mules.
  • #3,031
  • Jan 22, 2007 9:22am Jan 22, 2007 9:22am
Quoting jacko
Hi cesarnc

Looks an interesting speculative short opportunity.

It looks like it might be rolling over. Although I don't usually trade GBP, I can see potential for 1.9500. Worth a trade with a 50 pip stop. Currently 1.9750.

Suggest you ignore the indicators...they will just cloud your decision and make you less decisive.

What are you going to do? Take the trade or contemplate your indicators some more?
Just received an email asking how I arrived at the target of 1.9500.

Firstly, Price does not like support or resistance levels. It mostly tests them and then moves away quickly. You’ll rarely find much price action in the vicinity of the line. If price is hanging around a support or resistance level, it’s likely to break in the opposite direction. It is currently "hanging around" the 1.9750 (+ or - 30 pips). I think it is rolling over and may now go in the opposite direction...that is drop.

Secondly, the target of 1.9500 is just above the 8 hourly support line from 10/16/06 through to now.

Thirdly, we know that professional traders love round numbers to target...it brightens up their dull day to push and cajole the market to a target number. Now 1.9500 is the roundest number there is around those levels, so the pros have gotta be saying that the big game in the industry is to now grind and push the market to 1.9500. After that they don't care, they have had their fun...and thats why a market will whip and drop/rise dramatically straight after the target has been hit.

Therefore, given that a high has been hit in the last couple of days,the good ole boys will really be looking for a reason to hit the new "short" target ...1.9500...and thats why I think this market may be heading down...so that they can get closer to the target to hit it and get their jollies (Masters of the Universe stuff).

But then again, I may be wwwwrong ! (That's why I would have a 50 pip stop loss...). As I said above, I don't usually trade GBP

  • #3,032
  • Jan 22, 2007 9:23am Jan 22, 2007 9:23am
Last Thursday and Friday were bad for me. Lost all the money I made in the previous week
Anyways, here is my daily chart and my take on it. The price on Friday managed to close above the red trend line. I think that I would only take a short position now if the price were to move down below the red line again. There also seems to be a double top forming (blue circles), but again I would only take a short position if price closes below the red line (~1.9680).
The weekly chart (I dont have it right now) continues to show bullish movement. Based on that and the fact that the price is now above the red trend line on the daily I feel it will move up further this week. What do you guys think?
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  • #3,033
  • Jan 22, 2007 9:24am Jan 22, 2007 9:24am
Quoting Pickensrulz
Selling the $$ mate. Gold is spiking higher for one reason. usd/jpy is easing back which is what is supporting the dollar today for second reason.
you mean buying the pound?
Be a sniper not a jumper
  • #3,034
  • Jan 22, 2007 9:24am Jan 22, 2007 9:24am
So far we have seen no real sign of direction for the Cable.

What we have witnessed is the re-test of the support at 1.9722 that I mentioned at the pre-Frank/London opens.

On the High, we tested 1.9762-63 mark from last Fridays London High.

We are basically staying within the confines that were established last Friday after the London Open and the US News, and therefore, we have seen no true breakout on the Up or Down.

This has been ideal for scalping such as Cesarnc has, and with a day of light news items, it may bounce up and down until direction is revealed.

I will see you at Frankfurt Open.
  • #3,035
  • Jan 22, 2007 9:27am Jan 22, 2007 9:27am
Quoting sierra
you mean buying the pound?
LOL. yes If you are trading gbp.usd and you buy the pound you are selling dollars and vice versa.
  • #3,036
  • Jan 22, 2007 9:32am Jan 22, 2007 9:32am
Maybe pound and her big sister euro are waiting for each other to act first ; problem is, euro is already stuck for 1.5 weeks with no clear breakout.
Tra-X
  • #3,037
  • Jan 22, 2007 9:41am Jan 22, 2007 9:41am
This really makes me wonder who is bidding so heavily at 1.9739. It's like a brick wall.

30 seconds later: okay, maybe a crack in the wall finally.
  • #3,038
  • Jan 22, 2007 9:47am Jan 22, 2007 9:47am
Quoting jacko
Hi cesarnc

What are you going to do? Take the trade or contemplate your indicators some more?
Contemplate my indicators some more, thank you very much

Just kidding,

Actually, I'm looking for a medium term window to quit depending on scalping rush to make a few bucks.

The overall trend is still up and I'll not jump in a short position untill having it much clearer than I have now. I still don't see reasons to short, HOWEVER, as I stated previously, the lack of punch to the upside (as today) is my concern... We haven't seen any attempt to breakout up today. I was expecting some fight in the 9770 area to define whether we go up or colapse down, dragging the 9722 support with the bears....

I'm still set to jump in above 9765 (LONG) or below 9716 (SHORT w/ special attention to 9695), but the short position still in "short-term" mode, until we break free from 9680.... Those are my figures here, that can be changed quicky due to the indecision of the market...

Not a recommendation, whatsoever
  • #3,039
  • Jan 22, 2007 9:52am Jan 22, 2007 9:52am
Hi Monarch,
Your thread is the best in the forum regarding gbp/usd.
It's an excellent source of learning for newbie . Please continue your analysis and post more charts .
Thanks a lot.
  • #3,040
  • Jan 22, 2007 9:55am Jan 22, 2007 9:55am
This is H4 Chart.I'm waiting for the candle to settle.if the close below the 46 ( lower than previous open ) than the market will go down i presume.if now I will wait the price touch 76 then open short at that price.any opinion?
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