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Daily Cable Analysis

  • #3,701
  • Jan 24, 2007 6:33pm Jan 24, 2007 6:33pm
If it was to hit the 2, I dont think we'll see it happening before easter.
Mono
  • #3,702
  • Jan 24, 2007 6:34pm Jan 24, 2007 6:34pm
Also, the G7 is getting really pissed about the weak Yen, it's causing all kinds of havoc in other markets, this carry trade is going to get blown out eventually, and we may see a big BOJ rate increase next time around. There's international pressure on Japan, and this ain't '98...
"The time to act is when others show signs of tire." --W.D. Gann
  • #3,703
  • Jan 24, 2007 6:37pm Jan 24, 2007 6:37pm
It's not going to hit 2! At least not in the near future. Keep on going long, please, so I can take the pips along with the majority...

When it turns the other way, I'll go long again, but I won't try to set future prices in my mind. I'll wait and see when it turns, then go short. That could be anywhere.
"The time to act is when others show signs of tire." --W.D. Gann
  • #3,704
  • Jan 24, 2007 6:45pm Jan 24, 2007 6:45pm
1.9640 is providing good support currently, I'll hold my longs like I've been doing for months.
  • #3,705
  • Jan 24, 2007 6:48pm Jan 24, 2007 6:48pm
Quoting dukeofdents
It's not going to hit 2! At least not in the near future. Keep on going long, please, so I can take the pips along with the majority...

When it turns the other way, I'll go long again, but I won't try to set future prices in my mind. I'll wait and see when it turns, then go short. That could be anywhere.
I agree, my charts posted earlier shows where I think its going

http://www.forexfactory.com/showthre...184#post196184
Mono
  • #3,706
  • Jan 24, 2007 7:39pm Jan 24, 2007 7:39pm
I would like to point out a major error I have made in the past, that many people here at FF are making right now. I learned the hard way to not make price projections. Once you make them, you believe them. Once you believe them, you act on them. Then price goes the wrong way, and you still believe them. This is a flaw of purely technical trading, if you start to use a combinative approach you will realize, for example, that sticking with the supposed long trend that has supposedly been going on since that big move in November that still screws with your math will kill you. November's over, it's January, and I use technical analysis to determine specific entry and exit points, and fundamental analysis to determine market direction.

To all you pure techhies, why did this move on Cable happen? If there is any purely technical trader out there that can explain why, I'd like to hear it.
"The time to act is when others show signs of tire." --W.D. Gann
  • #3,707
  • Jan 24, 2007 7:46pm Jan 24, 2007 7:46pm
I don't know which way it goes... and duke always says stuff that rubs the wrong way ( but it's OK duke ) But I have seen, for a dent fixer... duke knows his stuff !!!
  • #3,708
  • Jan 24, 2007 7:48pm Jan 24, 2007 7:48pm
I don't listen to any fundamentals. Here is my purely technical trade

for the resistance zoom out on your monthly charts. Keep it simple.
Attached Image
  • #3,709
  • Jan 24, 2007 7:51pm Jan 24, 2007 7:51pm
Quoting dukeofdents
....

To all you pure techhies, why did this move on Cable happen? If there is any purely technical trader out there that can explain why, I'd like to hear it.
me too...

I'm no techie, no fundi.. just a tape reader
  • #3,710
  • Jan 24, 2007 8:10pm Jan 24, 2007 8:10pm
Quoting dukeofdents
I would like to point out a major error I have made in the past, that many people here at FF are making right now. I learned the hard way to not make price projections. Once you make them, you believe them. Once you believe them, you act on them. Then price goes the wrong way, and you still believe them. This is a flaw of purely technical trading, if you start to use a combinative approach you will realize, for example, that sticking with the supposed long trend that has supposedly been going on since that big move in November that still screws with your math will kill you. November's over, it's January, and I use technical analysis to determine specific entry and exit points, and fundamental analysis to determine market direction.

To all you pure techhies, why did this move on Cable happen? If there is any purely technical trader out there that can explain why, I'd like to hear it.
I totally agree dukeofdents, but if people know how to use the long term trend to their advantage, well, that's another story.
Personally I don't make price projections, no one can measure projections to the exact pip, so why try.
Like mbqb11 said, the pin bar set off his short position, whereas I was taking the opportunity to set up my long positions. It doesn't matter who makes money in which direction, as long as we do.
  • #3,711
  • Jan 24, 2007 8:47pm Jan 24, 2007 8:47pm
I just love carry trades when they unwind...
  • #3,712
  • Jan 24, 2007 8:51pm Jan 24, 2007 8:51pm
I doubt its permanently unwinding, if you're short I suggest locking in some profit.
  • #3,713
  • Jan 24, 2007 9:21pm Jan 24, 2007 9:21pm
To those of you who is about to go short, don't get overly excited yet, as on my hourly chart, there is a high possibility that the market will go up to 1.9910.....
I am just here to talk nonsense =D
  • #3,714
  • Jan 24, 2007 9:22pm Jan 24, 2007 9:22pm
G7 is really pissed off about this constant devaluation of the Yen, look for some strong language at the next meeting to cut JPY down even further. As far as asking the pure techhies why the current GBP move is happening, I just wanted to see if any of them came up with the fact that the BOE minutes at 0930GMT yesterday showed that the BOE rate increase was supported by a 5-4 vote, instead of the expected 7-2, or even 8-1, vote reported before the release of the minutes. That's actually what caused all this...
"The time to act is when others show signs of tire." --W.D. Gann
  • #3,715
  • Jan 24, 2007 9:23pm Jan 24, 2007 9:23pm
Zarul, all I know is I'm making $$$ and it ain't stopping yet...
"The time to act is when others show signs of tire." --W.D. Gann
  • #3,716
  • Jan 24, 2007 9:24pm Jan 24, 2007 9:24pm
I personally think that the current drop is nothing more than to gain enough momentum to reach that level
I am just here to talk nonsense =D
  • #3,717
  • Jan 24, 2007 9:26pm Jan 24, 2007 9:26pm
Quoting dukeofdents
Zarul, all I know is I'm making $$$ and it ain't stopping yet...

Good for you then but I suggest that you get ready to lock your profit in case the market start moving back up again...
I am just here to talk nonsense =D
  • #3,718
  • Jan 24, 2007 9:36pm Jan 24, 2007 9:36pm
Base on my analysis, the market should end this week at somewhere around 1.9800 area, before moving up to the 1.9900 level and perhaps 2 by next week... But, this is just my 2 pips though...
I am just here to talk nonsense =D
  • #3,719
  • Jan 24, 2007 9:37pm Jan 24, 2007 9:37pm
i think that you guys should stop worrying which way the market is going to move and be right when it does..
  • #3,720
  • Jan 24, 2007 9:37pm Jan 24, 2007 9:37pm
Quoting Zarul Shahrin
Base on my analysis, the market should end this week at somewhere around 1.9800 area, before moving up to the 1.9 level or perhaps 2 by next week... But, this is just my 2 pips though...
May I ask what you are basing you analysis on? What charts or indicators or fundamentals, etc. Thanks for your insight.
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