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Cable Update (GBPUSD)

  • #68,521
  • May 30, 2008 10:47am May 30, 2008 10:47am
Look at the weekly chart - current week is closing where it started for a nice bearish candle. Sunday open below 1.9799 would be a classic turnaround signal
"Luxury is one of the basic needs", (c), Don Corleone
  • #68,522
  • May 30, 2008 10:55am May 30, 2008 10:55am
Quoting Firstboss
Look at the weekly chart - current week is closing where it started for a nice bearish candle. Sunday open below 1.9799 would be a classic turnaround signal

i know what u mean ....monthly going to end engulf previous candle...suggesting overall movement toward end of month next could. should be bearish ....conflicting views..leaves plenty of question marks
  • #68,523
  • May 30, 2008 11:02am May 30, 2008 11:02am
Quoting nAVIN2007
i know what u mean ....monthly going to end engulf previous candle...suggesting overall movement toward end of month next could. should be bearish ....conflicting views..leaves plenty of question marks
Thought you where going to erase that crap Navin and start making short time wise trades.

Read the small print :-

Past Performance is not a indication of future performance
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #68,524
  • May 30, 2008 11:11am May 30, 2008 11:11am
Quoting Turveyd
Thought you where going to erase that crap Navin and start making short time wise trades.

Read the small print :-

Past Performance is not a indication of future performance
bro..

im just saying what the charts say...thats it ....

i ve been scalping 5 pips here there and everywhere, building my account slowly by slowly
  • #68,525
  • May 30, 2008 12:43pm May 30, 2008 12:43pm
i am still watching potential inverse head and shoulders on cable daily chart building, neckline is 1.9840. Might be interesting for next week. Thoughts?
  • #68,526
  • May 30, 2008 1:29pm May 30, 2008 1:29pm
Quoting piptrain
i am still watching potential inverse head and shoulders on cable daily chart building, neckline is 1.9840. Might be interesting for next week. Thoughts?
i havent much noticed it but i will say one thing..i doubt any1 next week going to short....we should see a bullish breakut now....

its not a head n shoulder pattern.....the shoulders arent 61.8 from neckline..
  • #68,527
  • May 30, 2008 1:34pm May 30, 2008 1:34pm
The current setup looks to me like a classic GBP behaviour on Friday...

Slow rise during the last 2 hours to close around x.xx30-40. Most likely the daily R1 @ 1.9830 will be the absolute maximum.

This is usually followed by a Sunday 20 - 30 pips gap down.

I am already short and definitely add more above 1.9825
"Luxury is one of the basic needs", (c), Don Corleone
  • #68,528
  • May 30, 2008 1:55pm May 30, 2008 1:55pm
I see it too but its a long way off forming.

Quoting piptrain
i am still watching potential inverse head and shoulders on cable daily chart building, neckline is 1.9840. Might be interesting for next week. Thoughts?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #68,529
  • May 30, 2008 2:05pm May 30, 2008 2:05pm
Ok the first one I posted is a week odd old
The second one is today.
Trend line retested and held
Past performance on a chart is all we have other than fundamentals and Sentiment.



Quoting Turveyd
Thought you where going to erase that crap Navin and start making short time wise trades.

Read the small print :-

Past Performance is not a indication of future performance
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Click to Enlarge Name: day today.gif Size: 28 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #68,530
  • May 30, 2008 5:04pm May 30, 2008 5:04pm
Quoting Bones
Ok the first one I posted is a week odd old
The second one is today.
Trend line retested and held
Past performance on a chart is all we have other than fundamentals and Sentiment.

Don't Worry Bones, Trend lines like that work with a high enough probability that you can keep them, they aren't in the BS category!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #68,531
  • May 30, 2008 5:26pm May 30, 2008 5:26pm
Quoting Turveyd
Nice work there Moe, set and forget has it's advantages hey.
If I Go Broke Trying Then I Will die happy.
  • #68,532
  • May 30, 2008 5:49pm May 30, 2008 5:49pm
twezzer bottoms on D1 tells me that this thing will be going up...possible to see 1.9900+ on Monday.

Will be wathing 1hr williams % for validation
"Keep your eyes on the helpers" - Mr. Rogers
  • #68,533
  • May 30, 2008 7:09pm May 30, 2008 7:09pm
Quoting damonl
twezzer bottoms on D1 tells me that this thing will be going up...possible to see 1.9900+ on Monday.

Will be wathing 1hr williams % for validation
Nice set of tweezers. A retace to ~1.977 would be nice..

Weekly is conflicting. Downtrend break (or is it just a downtrend shift?) but a double top and possible hanging man (to be confirmed). A daily close clearly above ~1.985 should indicate significant upside.

Monthly real bodies still flat, but March pinbar confirmed with May's fall. Could be more of same in June. Bias is down - one long shadow up, 3 down.
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Darkness lies one inch ahead..
  • #68,534
  • May 31, 2008 4:24am May 31, 2008 4:24am
Heres my 30 min view
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #68,535
  • May 31, 2008 9:34am May 31, 2008 9:34am
Quote
i havent much noticed it but i will say one thing..i doubt any1 next week going to short....we should see a bullish breakut now....

its not a head n shoulder pattern.....the shoulders arent 61.8 from neckline..


I don't see reason for long, well time will tell, but a little push up is possible, the weekly closed with a doji at a very important ratio of prior last wave move.


here is my daily chart and u can see the chart itself
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  • #68,536
  • May 31, 2008 11:43am May 31, 2008 11:43am
Im waiting for husin naiji's analysis on cable at his thread tomorrow.check this out!
  • #68,537
  • May 31, 2008 12:13pm May 31, 2008 12:13pm
If the cable can break out of this range I would look for the cable to head towards 2.02-2.04 in the next few weeks.
Attached Image
  • #68,538
  • May 31, 2008 1:36pm May 31, 2008 1:36pm
Well I have thought as to what is driving & going to drive this pair
The BOE have confirmed that inflation target will not be at a comfortable area until 2010 and next week is the interest rate statement.
Are they going to drop rates?...I very much doubt it.
I think with the recent ,smoothed lets say ,inflation figures that came from the US means they will keep their rates on hold for a bit.

I think the path of least resistance is up with a triple bottom in place.

On my weekly it has the last 3 candles as bullish.(assuming we close at this level on Sunday )
Quoting Naijafx
I don't see reason for long, well time will tell, but a little push up is possible, the weekly closed with a doji at a very important ratio of prior last wave move.


here is my daily chart and u can see the chart itself
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #68,539
  • May 31, 2008 2:32pm May 31, 2008 2:32pm
Manufacturing PMI
Halifax House Price Index m/m
Services PMI
Official Bank Rate

plus a whole lot of other not so important news
plus very inportant US and euro zone news

yup looks like this week is it we either brake above 2.00 or under 9500

too strong fundamentals and technicals are just waiting for an excuse to brake eitherway.

good luck gentlemen
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #68,540
  • May 31, 2008 2:40pm May 31, 2008 2:40pm
I must admit for cable to rise I do feel the dollar has to weaken as it has got stronger generally due falling commodities.
Although when you look at the dollar strength on other currencies cable has held its ground very well ??
USDX has just hit resistance.
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On-site guru & also FF member's' psychiatrist, when not drinking tea
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