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Cable Update (GBPUSD)

  • #65,061
  • May 9, 2008 3:17pm May 9, 2008 3:17pm
Quoting Bones
Salah it is much deserved you are a credit to this thread .
I hope everything is ok out there on the streets Lebanon?
thank u very much for these words
i have much respect 4 u and u just raised my spirits through the roof

the streets are calm at the moment but blocked as well
i hope we will be done soon

thnx again
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #65,062
  • May 9, 2008 3:38pm May 9, 2008 3:38pm
its a pity this cable going to shut its flying....long is looking postive now..pivot will move less resistance so it should make it now
  • #65,063
  • May 9, 2008 4:30pm May 9, 2008 4:30pm
Here is my new daily chart and below it is the 4 hr chart. Notice the Magenta lines are the daily lines and the red are the 4 Hr. We have a morning star at the final gun, but the pair is just retracing fellows. All that Morning Star tells me is that there was a residual retracment Friday afternoon and I put ZERO stock in Friday afternoon movement. You can see the crossed 4 Hr trendlines is right where the pair reversed, but it will be short lived. My target for Sunday night right now is no more than 9600 if there is no news. If we get news favorable for the pound, we could go back up thru, but right now, its back up to the daily trendline and back down.

Jim
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  • #65,064
  • May 9, 2008 5:36pm May 9, 2008 5:36pm
Great analysis Jim as usual but I would like to see where the attached TL is coming from
Thanks in advance.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #65,065
  • May 9, 2008 6:07pm May 9, 2008 6:07pm
latest pin ,its not great.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #65,066
  • May 10, 2008 2:38am May 10, 2008 2:38am
Quoting hard1head1
Here is my new daily chart and below it is the 4 hr chart. Notice the Magenta lines are the daily lines and the red are the 4 Hr. We have a morning star at the final gun, but the pair is just retracing fellows. All that Morning Star tells me is that there was a residual retracment Friday afternoon and I put ZERO stock in Friday afternoon movement. You can see the crossed 4 Hr trendlines is right where the pair reversed, but it will be short lived. My target for Sunday night right now is no more than 9600 if there is no news. If we get news favorable for the pound, we could go back up thru, but right now, its back up to the daily trendline and back down.

Jim
great analysis jim
I agree im worried about the resistance line a bit higher up, shall post chart later but yes your right...trend is down and it could just be a retracement as well....need to be very carefull ...

evening stars are on weekly but not monthly...this says to me that the downtrend is short lived....im guessing here but it would make sense?

any views on this ?
  • #65,067
  • Edited 3:08am May 10, 2008 2:41am | Edited 3:08am
Quoting Bones
latest pin ,its not great.
tone great chart...pin is good buddy formed at a confluence as well good sign me feels

the middle support 1.9616...if we cross this 1.98 levels again and sell ..hopefully this isnt asking to much

2 crazy candles showing the opposite...LOL all we need 19616 i think it will reach then news is needed to bring to 1,98 .....then maybe breakout or down again...
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  • #65,068
  • May 10, 2008 3:13am May 10, 2008 3:13am
seems to respond well to bold line .....bounce right where it was supposeed to be ....not a fluke
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  • #65,069
  • May 10, 2008 3:26am May 10, 2008 3:26am
Hey Nav you paying for them FXtrek charts
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #65,070
  • May 10, 2008 3:35am May 10, 2008 3:35am
Quoting nAVIN2007
seems to respond well to bold line .....bounce right where it was supposeed to be ....not a fluke
While it is true that it bounced off, I don't expect it to only up to 1.96 before starting back down again.
Expected the unexpected
  • #65,071
  • May 10, 2008 4:23am May 10, 2008 4:23am
Quoting Bones
Hey Nav you paying for them FXtrek charts
nope free buddy ...
  • #65,072
  • May 10, 2008 4:25am May 10, 2008 4:25am
Quoting scyang
While it is true that it bounced off, I don't expect it to only up to 1.96 before starting back down again.
why?
  • #65,073
  • May 10, 2008 4:31am May 10, 2008 4:31am
Just had the most amazing 2h cross country flight. Air was clear and as stable as you get. Does wonders for the soul!

Jim I believe in those channel, That’s way I am still convinced that we are going up the 4H channel, even though we are in a short term down trend. That red channel line was draw on the daily (bottom) just fitted in nicely. Nav that is a very nice morning star! I think we will go to at least the first upper channel line. If we have some good cable news we might see the upper trend line and then.................... well back down to the bottom of the channel unless the news is really good the we can break through and continue the loooooong term up movement. I personally see 1.9730 Monday!
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  • #65,074
  • May 10, 2008 4:45am May 10, 2008 4:45am
i think yur right bro ...cable is so volatile and the rejection to price north and south is the same so no doubt we will see 1.97 at least...im thinking up ..testing 1.98 levels rejection.....1.93 will be seen but it has to go up first, so the channel low is low enough to 1.93...triple bottom and breakout..to the top

pure speculation
  • #65,075
  • May 10, 2008 4:45am May 10, 2008 4:45am
Just look how nice it played the Fibo tunes on Friday!!
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  • #65,076
  • May 10, 2008 5:06am May 10, 2008 5:06am
i can relate to yur trading decisions.... ....i think we were thinking exactly the same thing

sorry for the poor annotation to chart and break of copyright .....
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  • #65,077
  • May 10, 2008 5:33am May 10, 2008 5:33am
Quoting nAVIN2007
why?
The bullish reversal late Friday was very weak. Moreover, for the last week or so, it keeps making lower highs and lower lows. So I just can't see how it could retrace that high because going down again. I was thinking to go long on Friday initially, but then when I saw its lackluster ways, I became hesitant. Hope you guys can convince otherwise.
Expected the unexpected
  • #65,078
  • May 10, 2008 5:42am May 10, 2008 5:42am
Quoting scyang
The bullish reversal late Friday was very weak. Moreover, for the last week or so, it keeps making lower highs and lower lows. So I just can't see how it could retrace that high because going down again. I was thinking to go long on Friday initially, but then when I saw its lackluster ways, I became hesitant. Hope you guys can convince otherwise.
i had to longs....i exited the one in profit yesterday cause im still learning and i know i have a long way to go b4 i can start thinking of making a descent living from trading....

the reason why cable is sinking more to do with it correlation to EUR i beleive than anything else...the downtrend is short lived....and ok yes trend is down and yes retracement happen but not when indecision arise.....last week cable hit one end then the other where was the retracements?...

this is my point ...
time will tell......
  • #65,079
  • May 10, 2008 5:47am May 10, 2008 5:47am
Quoting Runway Trade
Just look how nice it played the Fibo tunes on Friday!!

I'm sorry but totally objective as I can be view here, I see nothing but after the fact only value and randomness from Fibo's.

ie.

at the 0% line, it didn't pick the bottom, you assigned 0% after the fact to the bottom, same on the high.

And even if you look at those levels on a M1 chart, there is no hesitation or anything to suggest there is anything in it what so ever.

Draw a few lines at random values you'll still see merit, well you likely have to believe in it which is the only reason you see value in your levels.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #65,080
  • May 10, 2008 5:49am May 10, 2008 5:49am
Quoting nAVIN2007
i had to longs....i exited the one in profit yesterday cause im still learning and i know i have a long way to go b4 i can start thinking of making a descent living from trading....

the reason why cable is sinking more to do with it correlation to EUR i beleive than anything else...the downtrend is short lived....and ok yes trend is down and yes retracement happen but not when indecision arise.....last week cable hit one end then the other where was the retracements?...

this is my point ...
time will tell......
I looked at the chart again and I see the morning star configuration you guys are talking about. I am more convinced now from the technical standpoint that cable might be going up at least for a while, and possibly up to 1.97 or 1.98 level you guys mentioned. But fundamentally I don't feel cable is as strongly as euro. If you had been watching the price actions over the last several days, for the most part, cable had its own movements, not correlated to euro's movements. The UK's economy is much more resembling the US than any of the European nations. The UK is suffering from credit crisis and housing bubble, just lagging the US for a few months. That's the same reason why many of the analysts are calling to sell the pound against other majors. So I am not convinced that long term trend for the UK is up. But I think I am convinced that for the next couple of days to a week, cable might trend up rather than down.

I am sure I am less experienced than any of your guys on this forum. I would be very willing to listen and take your side of the view and learn.

Thank you all.
Expected the unexpected
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