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Daily Cable Analysis

  • #5,941
  • Feb 10, 2007 1:41pm Feb 10, 2007 1:41pm
Quoting Stan
I use Intellicharts (fxtrek) and they show a HUGE drop at the close.
It dropped to 1.9405.
Stan
I think if drop to 1.9405 then will fall more , maybe 1.9310

i have 0.3 lots sell and made T.P on 1.9435
  • #5,942
  • Feb 10, 2007 2:44pm Feb 10, 2007 2:44pm

This what I see about cable

After marked breaking of the uptrend on daily chart and also weak rejection from strong support point at 19460

I see that safe sell is to taken fro 19450 targeting 19260 with first target on levelof 38% fibo at 19380

as shown on the daily chart included

have fun trade

Attached Image
  • #5,943
  • Feb 10, 2007 2:52pm Feb 10, 2007 2:52pm
Gentlemen, please do not get your knickers in a twist just yet.

The most up-to-the-minute accurate prices are to be found at forex.tradingcharts.com/quotes/index.php I just checked and the current price on cable is 1.9491.

Due to G7 I thought that it was too dangerous to keep any GBP or EUR trade open, so I can just watch without worrying. Something similar happened the other weekend with poundyen which dropped over 120 pips during the weekend but was just about where it started when our brokers opened on sunday.

By the way, that website will give you the current price on ANY pair you care to name if you ask for it.

My system was strongly, but not conclusively, suggesting that cable and fiber were both due to rise.
  • #5,944
  • Feb 10, 2007 2:57pm Feb 10, 2007 2:57pm
guys..u'd better dig d latest price for cable..im not sure whether it's for real or something..if it's for real..then i bet u'l choke to death..
  • #5,945
  • Feb 10, 2007 3:00pm Feb 10, 2007 3:00pm
Quoting moonchild
Gentlemen, please do not get your knickers in a twist just yet.

Due to G7 I thought that it was too dangerous to keep any GBP or EUR trade open, so I can just watch without worrying. Something similar happened the other weekend with poundyen which dropped over 120 pips during the weekend but was just about where it started when our brokers opened on sunday.
G7 will no effect on GBP/USD ... they were talking about JPY but without result ...
  • #5,946
  • Feb 10, 2007 3:02pm Feb 10, 2007 3:02pm
So what's the problem ??? I see price right where it left off yesterday afternoon....
  • #5,947
  • Feb 10, 2007 3:02pm Feb 10, 2007 3:02pm
Quoting drsameh
This what I see about cable

After marked breaking of the uptrend on daily chart and also weak rejection from strong support point at 19460
1.9460 isn't strong support .... support was on 1.9480 then 1.9430 ... 1.9480 breaked
  • #5,948
  • Feb 10, 2007 3:18pm Feb 10, 2007 3:18pm
Quoting viking
1.9460 isn't strong support .... support was on 1.9480 then 1.9430 ... 1.9480 breaked
9460 was merely where the price stalled, but there wasn't a big refusal like expected from a strong support. I'm with you on this one.

9480 is previous week's low, makes sense the be considered an expected support -and yes, broken

9430, I'd say 9421, which is a fib to be reached from 92XX to 99XX.

I'd like to see:
- bounce above 93XX and high above 99XX to confirm we're in an overall uptrend

OR

- low below 9200 and high below 9720 to open the window for a overall reversal to the downside

- anything between 9280 and 9720 is merely an overall rangebounds market. The uptrend would be in check.

USD index is rangebounds, as EUR. After no-hikes and dreaded G7, USD may set the tone.
  • #5,949
  • Feb 10, 2007 4:07pm Feb 10, 2007 4:07pm
I just checked Tenfore Ssytems website since is the source for the Real Time Quotes information. They are currently showing a price of 1.9491 for cable and 237.3 for poundyen. However what is very interesting is that they are showing that these prices are a decrease of 1.68% and 1.44% respectively for those pairs.

This means that the prices spiked up quite a bit higher than they are at present and have since dropped to levels comparable to where they closed on friday.
  • #5,950
  • Feb 10, 2007 4:33pm Feb 10, 2007 4:33pm
A screen shot right now at 17:32 EST 02/10/07
http://www.forex-markets.com/quotes.htm

I am sure it is just a spike error that was corrected..
Attached Image
  • #5,951
  • Feb 10, 2007 4:35pm Feb 10, 2007 4:35pm
Quoting Stan
I use Intellicharts (fxtrek) and they show a HUGE drop at the close.
It dropped to 1.9405.
Stan
I am not saying I believe this, I am just showing the spike UP and the spike DOWN are probably not true, (Can't spike both ways at the same time)
Attached Image
  • #5,952
  • Feb 10, 2007 5:20pm Feb 10, 2007 5:20pm
Quoting Stan
I am not saying I believe this, I am just showing the spike UP and the spike DOWN are probably not true, (Can't spike both ways at the same time)

what is this software??? how do you got it???!!!
  • #5,953
  • Feb 10, 2007 5:24pm Feb 10, 2007 5:24pm
Quoting viking
what is this software??? how do you got it???!!!
If you are talking about the "Rainbow" I built it on my charts.
  • #5,954
  • Feb 10, 2007 6:11pm Feb 10, 2007 6:11pm
1.9480 was not important support. A spike low (on 1/31/07) if that is what some are referring to, is not important. "Important" Support or Resistance is when a lot of volume and or time is contained within a narrow band.

A wide zone of 1.9450 down to 1.9250 is important as 5 trading days (1/5/07-1/11/07) are in this area as well as day preceding and day after are partly within.

This support zone can be finetuned by looking at lower time frames.

1.9400 is fibo 78.6% off high but this is really minor.
  • #5,955
  • Feb 10, 2007 6:13pm Feb 10, 2007 6:13pm
Funny, I didn't see the Spike down, but from past experience and also with only the 23.6% Fibo retracement from the downward move I would expect a further drop in price.

We will see how the response is at market open tomorrow, it just may confirm this spike you seen.

Attached is my 15 minute chart.

The point I am watching to see a Resistance is at 1.9531-34 which is a 38.2% retrace.

The price is holding at 1.9515 which is the 23.6% Fibo retracement.

If the price stays below the 38.2 at 1.9531, I would expect a further drop in price.
Attached Image
  • #5,956
  • Feb 10, 2007 6:18pm Feb 10, 2007 6:18pm
Quoting moonchild
I just checked Tenfore Ssytems website since is the source for the Real Time Quotes information. They are currently showing a price of 1.9491 for cable and 237.3 for poundyen. However what is very interesting is that they are showing that these prices are a decrease of 1.68% and 1.44% respectively for those pairs.

This means that the prices spiked up quite a bit higher than they are at present and have since dropped to levels comparable to where they closed on friday.
hi
very interesting!!!!
Attached Image
OldSchool
  • #5,957
  • Edited 7:23pm Feb 10, 2007 6:28pm | Edited 7:23pm
Yes true it wasn't a spike in that it tumbled down over a few hours. Better way to put it was a very long candle wick on a Hammer. My main point was very little time was spent at the bottom. Market went down to 1.9480 and "turned on a dime" based on some market news that morning. Once it came back to that point yesterday and there wasn't any new news there was no support.
  • #5,958
  • Feb 10, 2007 6:36pm Feb 10, 2007 6:36pm
Interesting fact here to watch.

Two major moves downward recently.

The first one came down to 1.9541, retraced to 1.9600 (59 pips) then dropped to 1.9455. Now the move upwards has retraced to 1.9514(59 pips).

I am watching to see if this 1.9514/15 area holds at market time, or if it will be the bounce for a continuation in the downward move.

From the previous downwards they were as follows:

High 1.9693 dropped to 1.9541 - 152 pips
High 1.9600 dropped to 1.9455 - 145 pips

If there is a third move downward and is near the first two moves in comparison of distance, it would take it to 1.9265, right to the Low we had on 1/7/07.
Attached Image
  • #5,959
  • Feb 10, 2007 11:00pm Feb 10, 2007 11:00pm
Quoting monarch
Interesting fact here to watch.

Two major moves downward recently.

The first one came down to 1.9541, retraced to 1.9600 (59 pips) then dropped to 1.9455. Now the move upwards has retraced to 1.9514(59 pips).

I am watching to see if this 1.9514/15 area holds at market time, or if it will be the bounce for a continuation in the downward move.

From the previous downwards they were as follows:

High 1.9693 dropped to 1.9541 - 152 pips
High 1.9600 dropped to 1.9455 - 145 pips

If there is a third move downward and is near the first two moves in comparison of distance, it would take it to 1.9265, right to the Low we had on 1/7/07.
monarch,
i had just done this same analysis in an effort to convince myself to take an even bigger short in the cable, and then signed in to FF to check out new posts and read this post by you outlining exactly what i just did
great minds, eh?
  • #5,960
  • Feb 10, 2007 11:10pm Feb 10, 2007 11:10pm
Quoting pipple
monarch,
i had just done this same analysis in an effort to convince myself to take an even bigger short in the cable, and then signed in to FF to check out new posts and read this post by you outlining exactly what i just did
great minds, eh?
I would imagine we are still in a downward move, but I am one to wait for the cards to be laid on the table at the market open. Therefore, I am only in limbo with my analysis, and hesitant too get back in right now.

If the 1.9536-40 area holds strong, and is not breached, I will probably enter a short from that area. Also, this is only the 5 minute candle, which only gives us a part view of the whole overall picture.

It's nice for me to see what others are viewing.
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