Daily Cable Analysis

e/u doesnt wanna go down below 1.2900

Come on......who can sell e/u with 100000000lots pls now.

There you go...

Gosh, I gotta make some friends like yours here...

Cool I also hope so..........

yeah broke nicely e/u !!

yes.. it's fall... and if news who coming are good for $$$... big drop in perspective...

e/u broke major trendline on daily

ok fine run my stops and then bounce right back

Investors are now looking at U.S. durable goods and new home sales data later in the day for more evidence that the U.S. economy is remaining relatively strong. But some analysts warn that both sets of figures could have a lot of "noise," with durable goods boosted by a sharp increase in aircraft orders, as well as high corporate profits, and home sales helped by the warm weather in December.
....

Price spiked below 4hr 200 sma and is currently trading above it.

now GU is at the middle of S1 and 200sma line. Most traders are waiting for the US news

my idea now is that we are at strong support area on 4 hr, also a large measure for trend direction on how it holds. On the dailys and weeklys, we still have space to the upside or at least double top. The weeklys look strong even considering this weeks pullback, we are still above bottom trendline. If commercials are going to continue to shift positions slowly to the longside, this would be the ideal level at which to do it. Doesn't really get too much better than at 200 smA on 4hr for intrady buy area in an uptrending market.

The problem for the moment seems to be liquidity, however once news time rolls around, speculators will be there to provide it and the commercials will make their stand. Furthermore, even if the second piece of news data comes out strong, it may be coupled with larger commercial buying and if not, as long as first half of scenario occurs, it should only be a small blurp in the larger scheme of things, perhaps even double bottom at 200sma.

We'll soon see.

US Dec Building permits revised to 6.6 from 5.5

C'mon cable, finish your final downspike quick! Let the bulls come back down there!

Hey the 9584 was touched today. Are we seeing an uptrend after the US news?

hey guys, any ideas about the effect of the US news coming up soon? I am predicting a sharp fall of gbp/usd by about 25pips then an engulfing candle up!

What do you think?

just pray ...

Oh damn,

I completely messed up this whole week's view on things, in my eyes. I looked at the wrong COT report and this has caused me great grief right now. Commercials are net short, at extreme levels with specs at extreme net long. At these levels the breakout becomes weak as not enough speculative buyers left to buy, as they geared up and added on breakout, it was only met with more selling pressure and as it started barreling down, positions were being heavily unwound.

As far as hitting a double top and moving to above 2.0000, I still see it as likely but a test of lower weekly trendline may be called for prior. As of next week, this falls at 9400 level. Also, due to extremes in positioning being unwound and rethought. Some consolidation also possible after all of this craziness.

As for the news I still have the same view as the 200 sma is significant and provides a good entry buying level, followed by the 9400 level next week if price is to reach it where the trendline lies and the positive reversal on weekly close remains valid.

As for my long positions I have dropped them upon learning of my screwup, even though they were no leverage positions making the loss minor to my acct. It has killed me to do so and although I believe that they will end up in profit eventually, perhaps even breakeven or higher today, it is just a slap in the face rule that I have for myself. this way, the position that was entered on some false pretenses has no bearing on my actions from here on out. In fact, to make sure of it, I may just watch today and drink some beers.

Bears pray for price to go down, bulls pray for price to go up. Now it depends which prayers are stronger.

50% retracement has been achieved at 1.9588...target if this line is broken is next at 61.8% retracement at 1.9511...

Personally i will be loading up the pound on the long side with stages from 1.9511..

ok guys... 5 min to go... jump when the light is green :-)

TPed out 9579.... Didn't think it would be that big fat mover they were talking around...

Durable as forecast - rumors were just it.