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Cable Update (GBPUSD)

  • #6,781
  • Feb 22, 2007 12:18pm Feb 22, 2007 12:18pm
there is no fundemental reason for this peak, i am wondering if some big institution didnt go and dump a lot of $ 30 minutes before London close, maybe some institution with a trilion spare $ ? i am just wondering
  • #6,782
  • Feb 22, 2007 12:18pm Feb 22, 2007 12:18pm
well, I've seen faster retracements....

Still holding above 23% fibo from 9490 - 9600

This is a BAD sign for bears...
  • #6,783
  • Feb 22, 2007 12:20pm Feb 22, 2007 12:20pm
Quoting SeekingLight
Higher highs + higher lows = not bearish.
Some creative trendlines here, but they're just for illustration....anyone else expecting a peak above 1.9600 in a few?
Unless the bears kick in and kick us in the shin ;d

One side of the wedge/triangle has to give either way.
I have concluded the same on my daily chart.

I can see no reason why it should now go dramatically down (I don't understand what is meant by just look at the peaks?) before a major long. I think 1.97+ is coming soon. The strength of support for Cable today (check out the tail on the daily candle) plus the current and sustained break of the upper channel trend line on the daily suggests long to me.

I know that breaking news may have contributed to today's climb but I now feel that a long breakout has been waiting in the wings and is now imminent.

Just mp 2ps worth
  • #6,784
  • Feb 22, 2007 12:26pm Feb 22, 2007 12:26pm
Quoting goonergonebad
I have concluded the same on my daily chart.

I can see no reason why it should now go dramatically down (I don't understand what is meant by just look at the peaks?) before a major long. I think 1.97+ is coming soon. The strength of support for Cable today (check out the tail on the daily candle) plus the current and sustained break of the upper channel trend line on the daily suggests long to me.

I know that breaking news may have contributed to today's climb but I now feel that a long breakout has been waiting in the wings and is now imminent.

Just mp 2ps worth
Same here... That's why I took too long to enter a trade this morning. Way too many bounces and buyers right below 9500 to imagine that they were just after a 100 pip trade.

Price must remain above 9550 (IMO) to go on pointing north as 9547 was a big fat resistance yesterday..

Or, tomorrow it will be another lousy day to trade the 9550-9500....
  • #6,785
  • Feb 22, 2007 12:32pm Feb 22, 2007 12:32pm
Keep optmistic. Im going to recoup my losses tomorrow...

Maybe even tonight if the bear comes back!! hopefully to about 1.9550
  • #6,786
  • Feb 22, 2007 12:36pm Feb 22, 2007 12:36pm
Quoting patricio0793
Keep optmistic. Im going to recoup my losses tomorrow...

Maybe even tonight if the bear comes back!! hopefully to about 1.9550
I don't trust that much on the Asian session.
  • #6,787
  • Feb 22, 2007 12:42pm Feb 22, 2007 12:42pm
  •  Trader#0000
  • | Status: Unregistered Trader
Looking at daily chart I see no signs of sell,,, MA is saying up, Fozzie is saying up and Woodies is backing up away from -100 (which means the sell move is over) nearing 0 all good signs of a buy.

Which also explains the nice move we had earlier it will almost always move more in the direction of the trend.
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  • #6,788
  • Feb 22, 2007 1:33pm Feb 22, 2007 1:33pm
shape of the retracement suggests a steep drop - not the usual drift back to23.8 of a trending market so Henry carol may be right - see if we get another doji onthe daily chart today if we do go with henry.

Monny a mickle macks a muckle
  • #6,789
  • Feb 22, 2007 1:44pm Feb 22, 2007 1:44pm
Our indecision is market's indecision.

Too many good reasons to go both ways... I just liked to see Euro that has retraced to nealy 50fib from the big move up and will likely form a pin bar on the daily, suggesting up for tomorrow...

Euro also had a hard time at 3180, so maybe the fuel to go up is already ok. There are GBP/EUR news for tomorrow, but I don't know if they are (or will be) big movers. It's also Friday, which adds some tension in my neck per se.

The clue may be quick scalp of early Frankfurt session, check on the news and ride what the day offers until NYC. Friday afternoon is capable to drive Gandhi insane, so no way I'll trade it...

I just don't want to see 9500 for a good 6 months... Otherwise I wll have to start therapy...

See you guys tomorrow... Thanks for the friendship and good mood in this crazy day....
  • #6,790
  • Feb 22, 2007 1:49pm Feb 22, 2007 1:49pm
Quoting coshbrewer
shape of the retracement suggests a steep drop - not the usual drift back to23.8 of a trending market so Henry carol may be right - see if we get another doji onthe daily chart today if we do go with henry.

Monny a mickle macks a muckle
Always looking to learn. Please can you be more explicit about the shape of the retracement. i.e. chart period and actual shape you refer to. On my 5 min chart it is upside down saucer. Is this what you mean?

Thanks in advance.
  • #6,791
  • Feb 22, 2007 1:52pm Feb 22, 2007 1:52pm
Quoting cesarnc
Our indecision is market's indecision.

Too many good reasons to go both ways... I just liked to see Euro that has retraced to nealy 50fib from the big move up and will likely form a pin bar on the daily, suggesting up for tomorrow...

Euro also had a hard time at 3180, so maybe the fuel to go up is already ok. There are GBP/EUR news for tomorrow, but I don't know if they are (or will be) big movers. It's also Friday, which adds some tension in my neck per se.

The clue may be quick scalp of early Frankfurt session, check on the news and ride what the day offers until NYC. Friday afternoon is capable to drive Gandhi insane, so no way I'll trade it...

I just don't want to see 9500 for a good 6 months... Otherwise I wll have to start therapy...

See you guys tomorrow... Thanks for the friendship and good mood in this crazy day....
A few beers, a good sleep then up and at em suitably refreshed. Me, I'm banjaxed today - totally drained and no reward - Line them up barperson...
  • #6,792
  • Feb 22, 2007 1:58pm Feb 22, 2007 1:58pm
  •  Trader#0000
  • | Status: Unregistered Trader
Thanks to everyone who has taken the time to post here. I have learned so much and yet I am trading profitably live for a few years now.

I just want to add that we have to believe what we see on our charts...

'Trade what you see' if all your indic is saying its a buy then that is what we should be doing. Trade what you see, not what we are hoping for ... that also means if we are in a trade that is going south on us we need to get out and reverse.

This morning was a good example of that.. indic's start saying its a buy and yet I am sure lots of people were hesitant to take the plunge as so many was expecting a sell signal.
  • #6,793
  • Feb 22, 2007 2:00pm Feb 22, 2007 2:00pm
Quoting goonergonebad
A few beers, a good sleep then up and at em suitably refreshed. Me, I'm banjaxed today - totally drained and no reward - Line them up barperson...
Same here.... My best trading days usually ends at 10-11h am GMT. If I profit I usually loose afterwards on overtrading. If I loose and usually loose even more afterwards overtrading.

Lession learned here today... 8 times bouncing a damn figure is way too much... My -30 pips trade was broken even 8 times and I was blind not to figure out what it meant... Never to repeat.
  • #6,794
  • Edited Feb 23, 2007 2:33pm Feb 22, 2007 2:42pm | Edited Feb 23, 2007 2:33pm
Quoting de123
Fundamentals rules guys....lol....what about that one....
ok....my fundamental view...
its just money
  • #6,795
  • Feb 22, 2007 4:31pm Feb 22, 2007 4:31pm
If I may share my view
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  • #6,796
  • Feb 22, 2007 4:41pm Feb 22, 2007 4:41pm
I must say this is one hell of a thread and sure is funny. Keep it up!!!
Quoting cesarnc
If I may share my view
  • #6,797
  • Feb 22, 2007 5:04pm Feb 22, 2007 5:04pm
Quoting goonergonebad
Always looking to learn. Please can you be more explicit about the shape of the retracement. i.e. chart period and actual shape you refer to. On my 5 min chart it is upside down saucer. Is this what you mean?

Thanks in advance.
Yes - the saucer shape often precedes a steeper retracement, this one has held up at the 23.8 but is that because it is going to go up in the morning or has lack of volume slowed it?
tomorrow will tell

Monnya mickle macks a muckle
  • #6,798
  • Feb 22, 2007 5:11pm Feb 22, 2007 5:11pm
Quoting thunder
I must say this is one hell of a thread and sure is funny. Keep it up!!!
This is the only f'n way to keep sanity around here. 100% of the posts I've seen in all Cable-related threads today were saying "down the hole!!!", because of this fibo, this wave, this news, this shit, that shit.

And I ended the day boring the guy upstairs here asking for my 15M candle back.

Oh, tomorrow is going up because of this news, that fibo, this shit, that shit... The best way to foresee tomorrow is with the chart above. The rest is..

BIG and FAT B.S.


P.S. Sorry... Still venting the lousy day here
  • #6,799
  • Edited 8:16pm Feb 22, 2007 5:38pm | Edited 8:16pm
Quoting cesarnc
This is the only f'n way to keep sanity around here. 100% of the posts I've seen in all Cable-related threads today were saying "down the hole!!!", because of this fibo, this wave, this news, this shit, that shit.

And I ended the day boring the guy upstairs here asking for my 15M candle back.

Oh, tomorrow is going up because of this news, that fibo, this shit, that shit... The best way to foresee tomorrow is with the chart above. The rest is..

BIG and FAT B.S.

P.S. Sorry... Still venting the lousy day here
It's no problem man, vent all that you have to. I used to get really mad when I lost money; espically when my trade would get hit with my stop loss, then turn around, hit my tp and then some more on top of it. Then I would start yelling at the comp," I knew that trade was going to be in my favour." My girlfriend always would say, " You always say that!!" I realized I must be doing something wrong and changed my emotions to be a more successfull trader. I'm definitely more successfull now then before, but I still have days like yours once in awhile. BTW the guy upstairs should be giving you another beer!!

I'm not totally familiar with Brazil, but I would think that it's more relaxing over there than in the States. I've traveled a number of times to Central America and love it there. If Brazil is anything like CA the women are beautiful there and I would never leave if I didn't have to. I would love to live there one day. Whenever I go there I sit in my hammock and drink away. Hope you have a better Fri adn then you can go .

Bob
  • #6,800
  • Feb 22, 2007 6:51pm Feb 22, 2007 6:51pm
As everyone knows that it is still early to know for sure what fri will have in store for us, be aware that the 38.2% fibo level is approaching and may even see the 50% level. Maybe it's a good spot to get in for a long and catch the wave up or will it go below the 9500's? Any comments?
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