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Cable Update (GBPUSD)

  • #84,881
  • Aug 29, 2008 4:20am Aug 29, 2008 4:20am
Hourly chart below, you can see that cable found resistance earlier in session at those previous swing lows (white dotted lines) and the underside of the breeched ascending supp t/line (red solid line)

Question now is whether the L circled turns out to be higher than the last LL of the downtrend, this might be confirmed by a breech of the last LH at 8345 area. Or is the downtrend still intact??

Time will tell,

G/L all
Attached Image
ex member
  • #84,882
  • Edited 4:27am Aug 29, 2008 4:26am | Edited 4:27am
So it can press down cable ?
Jesus Christ is my only Lord !
  • #84,883
  • Aug 29, 2008 4:32am Aug 29, 2008 4:32am
is anyone making money.this market is too choppy
  • #84,884
  • Aug 29, 2008 4:36am Aug 29, 2008 4:36am
Quoting oolides
is anyone making money.this market is too choppy
I would say Yes

but anyway I am short
Jesus Christ is my only Lord !
  • #84,885
  • Aug 29, 2008 4:37am Aug 29, 2008 4:37am
Quoting ddblue
Took another +21 pips.
This is kind of high stress, I think I'm gonna call that a victory and give it a rest for awhile
I have a trader friend of mine...who is very successful in trading....Apart from his winning strategy...he has a very nice disciplined habits too....

He took maximum (yes maximum) 2 trades a day.... Be it, the winning one or losing one. Once the daily trades is up, he just will not trade anymore, even how good the set up is....


and I can see that he is doing very well in trading..u can do sth like that as well.

sonic
  • #84,886
  • Aug 29, 2008 4:42am Aug 29, 2008 4:42am
Do you see a flag on 30 min chart

or seeing smthg is just my obsession
Jesus Christ is my only Lord !
  • #84,887
  • Aug 29, 2008 4:43am Aug 29, 2008 4:43am
when the taxidrivers talk about pound weakness it's time to go long- TP 1.8790 SL below 1.8175
  • #84,888
  • Aug 29, 2008 4:44am Aug 29, 2008 4:44am
Attached is the daily chart..I would think the position traders in this trend will be comfortable so long as the area shown re the white dotted lines holds, as a potential sbr/res area of the previous swibng lows on that chart...but a break above the last LH on that chart might be more worrying...although the next identifiable previous swing lows are up at 9360-9440 area.
Attached Image
ex member
  • #84,889
  • Aug 29, 2008 4:50am Aug 29, 2008 4:50am
looks like gbp/usd wants to breakup... and eur/usd over 1,4800
Attached Image (click to enlarge)
Click to Enlarge Name: holding.jpg Size: 80 KB
Twitter: Forexlivetrade - Buy: AFFI.CPH ISIN: DK0015966592 - target 12 DKK
  • #84,890
  • Aug 29, 2008 4:50am Aug 29, 2008 4:50am
Quoting toze30
when the taxidrivers talk about pound weakness it's time to go long- TP 1.8790 SL below 1.8175
Haha..we have a similiar saying in Singapore....

When a Hawker (food court worker) talks about the Bull on Share Market, it is time to go short!!!

This is what happened in 2007 Oct...

sonic
  • #84,891
  • Aug 29, 2008 4:56am Aug 29, 2008 4:56am
MNI Cable: Fundamental levels (orders, options, technicals)
$1.8375/75 Medium offers
$1.8355 Stops
$1.8350 Medium offers on approach
$1.8344 Int.Day high (Asia)
$1.8315/25 Medium offers/$1.8318 recovery high
$1.8285 ***Current market rate 0842GMT Friday
$1.8260 Int.Day low (Europe, Asia $1.8271)
$1.8240 Medium demand/NY low Thus
$1.8210/00 Medium demand
$1.8180/70 Medium demand/Tech $1.8176
$1.8150 Medium demand
Trading is 80% Emotional, 20% Technical
  • #84,892
  • Aug 29, 2008 5:02am Aug 29, 2008 5:02am
Quoting fx local
MNI Cable: Fundamental levels (orders, options, technicals)
$1.8375/75 Medium offers
$1.8355 Stops
$1.8350 Medium offers on approach
$1.8344 Int.Day high (Asia)
$1.8315/25 Medium offers/$1.8318 recovery high
$1.8285 ***Current market rate 0842GMT Friday
$1.8260 Int.Day low (Europe, Asia $1.8271)
$1.8240 Medium demand/NY low Thus
$1.8210/00 Medium demand
$1.8180/70 Medium demand/Tech $1.8176
$1.8150 Medium demand
Yesterday I made 67pps scalping with use of Your table
Jesus Christ is my only Lord !
  • #84,893
  • Aug 29, 2008 5:08am Aug 29, 2008 5:08am
break it or not?

If yes, then on Daily will be nice reversal candle and possibility for some upward movement.
Attached Image (click to enlarge)
Click to Enlarge Name: break.JPG Size: 92 KB
  • #84,894
  • Aug 29, 2008 5:21am Aug 29, 2008 5:21am
cable in tight 36pip consolidation/congestion range for last 2hrs 40mins + , 8280-8316, majority of consolidation between 8282-8306, shows well on 5/15min charts.
ex member
  • #84,895
  • Aug 29, 2008 5:22am Aug 29, 2008 5:22am
Quoting hipcio
Yesterday I made 67pps scalping with use of Your table

Well done to you, that is great.
ex member
  • #84,896
  • Aug 29, 2008 5:34am Aug 29, 2008 5:34am
Quoting magictrader
break it or not?

If yes, then on Daily will be nice reversal candle and possibility for some upward movement.
this pattern u have..what is it called cause i cant seem to find in in the books, its not calld a falling wedge and therefore cant be given a price target?..any idea what it is?
  • #84,897
  • Aug 29, 2008 5:43am Aug 29, 2008 5:43am
Ldn FX: EMU Inflation Data Eases Pressure On Sterling Aug 29 / 06:35


LONDON, August 29 (MNI) - Sterling retained an underlying heavy
tone through European morning trade Friday, with recovery attempts in
cable as it attempted to move away from Thursday's lows of $1.8240
meeting further supply above $1.8300. Release of a lower than expected
flash forecast for EMU inflation provided some respite as euro-sterling
gave back some of its recent gains.

STERLING SUMMARY: Opened early Europe at $1.8314, stg0.8053
-- Cable opened Asia at $1.8295 before easing in early trade, tracking
early euro-dollar slippage, before finding decent demand interest
which kept the rate buoyed above $1.8270 (Asia low $1.8271). The rate
rallied back, again taking its cue from euro-dollar, as euro-sterling
remained well within its recent consolidation range of stg0.8030/60
(Asia range stg0.8036/53). Cable rallied through $1.8300, trading to
$1.8327 on the initial move. The release of an improved GfK UK
consumer confidence index (though underlyingly still weak) provided
only limited added benefit. The rate remained above $1.8300 through
the balance of the session, extending the highs to $1.8344 ahead of
the European open before slipping back. The downside correction
accelerated in early Europe, breaking the asian base to $1.8260, as
euro-sterling edged above stg0.8060. Cable recovered, again with
euro-dollar, as euro-sterling was held below stg0.8070. Offers at
$1.8315/25 capped the move at $1.8318 before dropping back to
$1.8280, rallying back above $1.8300 as euro-sterling was pressured
lower on the release of lower than expected EMU flash inflation data.
-- Cable bids $1.8280, $1.8260-40. Offers $1.8315/25, $1.8340/50
-- Euro-sterling bids stg0.8040, 0.8030. Offers stg0.8070, 0.8080
Trading is 80% Emotional, 20% Technical
  • #84,898
  • Aug 29, 2008 5:47am Aug 29, 2008 5:47am
8/29/2008 6:27:52 AM - CABLE - Paul Day of MIG Investments notes that market is struggling with the close through critical support at $1.83 Thursday. Day adds that as he has been noting over the recent week believes market is in the process of forming some sort of top for the US dollar on a broad basis but is concerned that sterling won`t find the strength to join the party leading to an across the board sell-off for the pound against its major peers. Day has been favouring buying dips to a $1.83 handle above the risk level of the recent TD Combo 13 count at $1.8315 and the 38.2% retracement of the long-term bull run at $1.8306 ($1.3680/2.1160 from 2001-2007) looking for a potential bounce to $1.93 but now suggests that looks sensible to fade rallies to TDMA1 resistance currently at $1.8415 and trade from the short side. His long-term view is that cable will eventually see $1.60 a close below $1.83 (particularly on the week) suggests we could head straight to $1.74 in a quick fashion. Through 1.8415 TDMA1 resistance seen at $1.8586/95 then $1.8800
  • #84,899
  • Edited 6:09am Aug 29, 2008 5:52am | Edited 6:09am
Quoting Stanton81
8/29/2008 6:27:52 AM - CABLE - Paul Day of MIG Investments notes that market is struggling with the close through critical support at $1.83 Thursday. Day adds that as he has been noting over the recent week believes market is in the process of forming some sort of top for the US dollar on a broad basis but is concerned that sterling won`t find the strength to join the party leading to an across the board sell-off for the pound against its major peers. Day has been favouring buying dips to a $1.83 handle above the risk level of the recent TD Combo 13 count at $1.8315 and the 38.2% retracement of the long-term bull run at $1.8306 ($1.3680/2.1160 from 2001-2007) looking for a potential bounce to $1.93 but now suggests that looks sensible to fade rallies to TDMA1 resistance currently at $1.8415 and trade from the short side. His long-term view is that cable will eventually see $1.60 a close below $1.83 (particularly on the week) suggests we could head straight to $1.74 in a quick fashion. Through 1.8415 TDMA1 resistance seen at $1.8586/95 then $1.8800
the quickier it tanks the better....the longer the more i lose...im waiting for 1.82 to break to enter another sell ...break of the descending traingle (more looking like a wedge..)

i see 1.62 as a potential target area...we very close to a critical area...if we can close below 1.8124....this will go toward 1.6
  • #84,900
  • Aug 29, 2008 6:02am Aug 29, 2008 6:02am
It's just ranging right now. maybe some scalping opportunities but other than that is all plain.
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