Daily Cable Analysis

no surprise here hold my short for hours and soon as I close it drops like a rock

there was no decision yet. "While that was not yet a decision, the key here is that Fukui voted NOT to hike rates at the last meeting. We have basically moved closer to a hike. The last vote was 6:3 for a no change"

mike wQuote:
Originally Posted by enzo2325 http://forexfactory.com/images/buttons/viewpost.gif
LOL I knew price was coming down hahaha I think im starting to control the Forex Wahhahahahahaha

I always knew it would turn into a classic battle of heroes and villians...


That was funny. Yeah I held my short for a while too 59fender. Patience is the name of the game my friend. So many times I have let go of price like that and then it moves. Macd has crossed on my 60 min chart finally. Also price hit my 50% fibo and bounced back up but looks like its going to retest it.

TOKYO, Feb. 21, Feb 21, 2007 (Kyodo via COMTEX) --
(Kyodo) - The Nikkei stock average dropped and the U.S. dollar depreciated slightly against the yen Wednesday afternoon following media reports that Bank of Japan Governor Toshihiko Fukui proposed an interest rate hike at the central bank's policy meeting.
The Nikkei at one point was down nearly 100 points and fell below the 17,900 level, apparently dampened by the news of the rate hike proposal. The dollar also dropped from the lower 120 yen level to the upper 119 yen level.

this is a cable thread so I won't mention that if dollar /yen does break it should make a lower low, previous low was 118.99

it's lunch time in japan,everybody relax

Hello Members,

I'm new but i am impressed w/ this forum and would just like add my 2 cents.

Looking at Cable I was wondering if anyone had noticed what seemed to be an obvious H&S pattern clearly forming on the 4hr.(Please see chart) I have already got a great fill at 9562, and took first profit as price fell into the 20's. The 200 ema is acting as the Res. And 9565/68 is the mid levle between the 50% & 62% retrace of the move from head to base of right shoulder.9658 is the exact price of left shoulder.

Also the neck line of the formation serves as the bottom of the pennant on my daily chart (please see chart) where price action is ranged and waiting for a release of pressure. The break of the support at 9430 would lend for a wide drop w/ the next possible supp being at 9260 area.
The only thing we need is a stimulus , be it either us strength or uk weakness or a combo of both. All things considered i think this is a bonified formation waiting on the fundies to validate it.

Enough talk, thats just what i see i hope that you ladies and gents please scrutinize my techs and give some feedback.

I enjoy reading this forum and decided i would say what i thought for a change, i hope my input is appreciated.

LBeezi

Maybe we'll see the typical Euro/London sessions bring the price down today followed by a quick and furious rebound up in the US session. At least that's the way it has been lately.

breaking the neckline of the h&s bottom??

neckline at 568? maybe wait for a candle open and close above it?

cynthia

Maybe before announcement at 4:30 AM EST.

I have a short @ 50% retrace fib 1.9580, tight stop

After the cable drop when last time BoE spears told us the hunky-dory is it possible to expect another drop in the price today when the BoE meets in an hour?

is it gonna drop on today BOE news?

All good things come to those who wait....

as the first focus for Cable is the minutes of the Feb BoE meeting. This left rates unchanged at 5.25%, but the subsequent BoE Quarterly Inflation Report has left the door open for one more rise even though the Jan inflation number released after the BoE meeting was unexpectedly benign.


my opinion is that rate left unchanged. GBP to do what it needs to do BELOW.visit 9260 area

The BOE news later isn't a meeting. It's actually the minutes of their past meeting in which they kept rates at 5.25%. What everyone should anticipate is how the voting went. IMO, a 5-4 split in the voting will be bullish for the cable. A unaninomous or 8-1 or 7-2 vote may be bearish.

but then.....the following tips a bullish voting guys....so ...it can go either way it seems..but it all depends how 'benign' the inflation report was after boe meeting earlier in feb

Plenty on tap today in [UK] markets with the BOE's Feb minutes and CBI's industrial trends on tap from 9.30GMT. Both are set to be focused around the likelihood of another ate hike with 5.5% the perceived end result for the UK rate cycle. Although industrial trend are expect to edged higher today to -8, the series is deep in red and is hardly likely to be aided by a hawkish interpretation of BOE policy. The minutes of the CB's Feb meet are tipped to show a 7-2 vote with Sentance and Besley thought to have opted for another 25bps hike. US and semi official European sellers have been tipped above 1.9575, but in general the Pound will likely benefit from the markets infatuation with yield, that will no doubt be reinforced by the reaction to the BOJ hike.

Have you got this the wrong way round?

I understand now. Another thread explained it for me. 8 in favour of no hike as opposed to in favour of a hike.