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Cable Update (GBPUSD)

  • #67,581
  • May 23, 2008 11:11am May 23, 2008 11:11am
Im seeing 9960 as a key level. If broken and held next week I would consider this pair in an uptrend. Until that daily TL is broken though, or if it bounces, it could retest 93xx very quickly.
USD Est Non Mortuus
  • #67,582
  • May 23, 2008 11:13am May 23, 2008 11:13am
Ok ive looked at the Dow to see if there is dollar weakness as Salah says and there is.
Current price 12512 .
Monthly is in a downtrend (possible retrace after strong move up) and has so far been rejected at 13150 which is a price pivot zone.
Weekly you have a (BEOB) bearish out side bar which if broken will take you down to 11940 if you got PA there it could be a buy.

Daily is a double top off PPZ. Two BEOB.
To buy now is high risk there is nothing to suggest reversal of immediate trend .The 12505 PPZ we sit on may hold if we get a close above it then sell the retrace of this weekly bar at 12710.
Overall Dollar weakening in front of my eyes.
Attached Image (click to enlarge)
Click to Enlarge Name: dow.gif Size: 15 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #67,583
  • May 23, 2008 11:18am May 23, 2008 11:18am
Quoting Bones
Ok ive looked at the Dow to see if there is dollar weakness as Salah says and there is.
Current price 12512 .
Monthly is in a downtrend (possible retrace after strong move up) and has so far been rejected at 13150 which is a price pivot zone.
Weekly you have a (BEOB) bearish out side bar which if broken will take you down to 11940 if you got PA there it could be a buy.

Daily is a double top off PPZ. Two BEOB.
To buy now is high risk there is nothing to suggest reversal of immediate trend .The 12505 PPZ we sit on may hold if we get a close above it then sell the retrace of this weekly bar at 12710.
Overall Dollar weakening in front of my eyes.
yeah bro dollar weakness is the only thing that cut the cable downtrend and did not let reach 9000 area.

bummer would have been a nice buy from that point.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #67,584
  • May 23, 2008 11:28am May 23, 2008 11:28am
Quoting LuckyLurker
Im seeing 9960 as a key level. If broken and held next week I would consider this pair in an uptrend. Until that daily TL is broken though, or if it bounces, it could retest 93xx very quickly.
Does cable's downtrend need the help of fiber? If fiber keeps going up, which is what many believe according to the charts, can cable still go down by itself? Has that happened before? I have been around forex trading long enough to know that.
Expected the unexpected
  • #67,585
  • May 23, 2008 11:36am May 23, 2008 11:36am
Quoting scyang
Does cable's downtrend need the help of fiber? If fiber keeps going up, which is what many believe according to the charts, can cable still go down by itself? Has that happened before? I have been around forex trading long enough to know that.

Alert: Cable needs less fiber in it's diet!! This could be a huge mess.
USD Est Non Mortuus
  • #67,586
  • May 23, 2008 12:09pm May 23, 2008 12:09pm
Mr Buffet says he doesn't care about the DOW level when he is buying shares - it's the individual company price that counts. Most days he doesn't even know how the DOW moved. Not interested . Don't like to mention Cramer but it's similar to his 'always a bull market somewhere' philosophy

Buying at 12500 and selling at 12700 is zilch percent if you can only do it once every year

Of course traders dream of doing it every week of the year and making mega percents

Nothing wrong with dreaming but the tortoises usually win in any decent time span
  • #67,587
  • May 23, 2008 12:30pm May 23, 2008 12:30pm
Well I wouldnt buy into the Dow at all ,I would sell it though .It is going down.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #67,588
  • May 23, 2008 12:37pm May 23, 2008 12:37pm
Quoting Bones
Well I wouldnt buy into the Dow at all ,I would sell it though .It is going down.

so u saying cable shall go up based on dollar weakness.......any idea why it become so weak as i shorted..lol
  • #67,589
  • May 23, 2008 12:37pm May 23, 2008 12:37pm
look at the charts for a seel for 300 pips and more..
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eurgbp1.gif Size: 58 KB
  • #67,590
  • May 23, 2008 12:41pm May 23, 2008 12:41pm
Quoting crazy horse
look at the charts for a seel for 300 pips and more..
man u try to prredict to much ....how on earth can u suggest a fall like this especially when the neckline isnt broke???

this is yur problem bro ....dont try predict market based on a head n shoulder, the formation only matter once the neckline breaks....yur jumping the gun..

im not having a go..just trying to help u realise where u could be better
  • #67,591
  • May 23, 2008 12:45pm May 23, 2008 12:45pm
navin..follow my lead my friend,, many many years of experience trading crown signals. the eur/gbp is heading to 0.76 ,,gbp/usd will go up and eur/usd will stall between 1.58 and 1.59 and that will lead the eur/gbp to go down..
  • #67,592
  • May 23, 2008 12:48pm May 23, 2008 12:48pm
Quoting crazy horse
navin..follow my lead my friend,, many many years of experience trading crown signals. the eur/gbp is heading to 0.76 ,,gbp/usd will go up and eur/usd will stall between 1.58 and 1.59 and that will lead the eur/gbp to go down..
time will tell buddy ...i shall make a note of it
  • #67,593
  • May 23, 2008 12:50pm May 23, 2008 12:50pm
The Dollar is on 95% of all tickets including our nasty favourite Cable.
If you can see the direction of the Dollar ………….
Also the pound is one of the only major currency not to be driven by a commodity.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #67,594
  • May 23, 2008 1:03pm May 23, 2008 1:03pm
Added longs @ 1.9798, revised target for today - 1.9830 - 1.9835.
Will short at market price at 4:45 p.m. to catch Sunday gap down (at least 25 pips)
"Luxury is one of the basic needs", (c), Don Corleone
  • #67,595
  • May 23, 2008 1:14pm May 23, 2008 1:14pm
Quoting Firstboss
Added longs @ 1.9798, revised target for today - 1.9830 - 1.9835.
Will short at market price at 4:45 p.m. to catch Sunday gap down (at least 25 pips)
sunday gap down?

if market gaps down I hope your broker opens at market hours because it will close the gap back UP

and its a holiday monday in the USA and the UK

I have never seen anyone trade a gap that may or may not happen, do you do this often?





Pivot: 1.9778

Our preference: Long positions above 1.9778 with targets @ 1.985 & 1.99 in extension.

Alternative scenario: Below 1.9778 look for further downside with 1.9735 & 1.9685 as targets.

Comment: a key rising trend line maintains upward pressure.
Don't chase the market, Let the market come to you
  • #67,596
  • May 23, 2008 1:20pm May 23, 2008 1:20pm
Tmac, my broker opens at 5-15 on Sunday.
I bet on GBP gap down whenever the pound raises from x.xx00 to x.xx30-40 during the last 2 hours on Friday - when pricing is purely speculative and liquidity is extremely low. In most of the cases it would gap down or fall back to x.xx10 during eraly Sunday trading
If GBP finishes above x.xx60, however, a gap is unlikely.
"Luxury is one of the basic needs", (c), Don Corleone
  • #67,597
  • May 23, 2008 1:23pm May 23, 2008 1:23pm
Quoting Firstboss
Tmac, my broker opens at 5-15 on Sunday.
I bet on GBP gap down whenever the pound raises from x.xx00 to x.xx30-40 during the last 2 hours on Friday - when pricing is purely speculative and liquidity is extremely low. In most of the cases it would gap down or fall back to x.xx10 during eraly Sunday trading
If GBP finishes above x.xx60, however, a gap is unlikely.
interesting

thanks for sharing that
Don't chase the market, Let the market come to you
  • #67,598
  • May 23, 2008 1:31pm May 23, 2008 1:31pm
We are going down short term.
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #67,599
  • May 23, 2008 1:35pm May 23, 2008 1:35pm
But in mid and long term trend is up.
  • #67,600
  • May 23, 2008 1:45pm May 23, 2008 1:45pm
Yes I would say so.


Quoting kobra11
But in mid and long term trend is up.
On-site guru & also FF member's' psychiatrist, when not drinking tea
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