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Cable Update (GBPUSD)

  • #10,281
  • Apr 12, 2007 4:56pm Apr 12, 2007 4:56pm
Are there any signs showing that cable is going north to 1.9820?
  • #10,282
  • Apr 12, 2007 5:02pm Apr 12, 2007 5:02pm
Quoting pino2
Are there any signs showing that cable is going north to 1.9820?
Well, dow is up today. Plus current trend is pretty strong. But I think it wouldn't test it till tomorrow at least not in Asian session http://www.forexfactory.com/images/icons/icon5.gif
  • #10,283
  • Apr 12, 2007 6:19pm Apr 12, 2007 6:19pm
19:12 Cable once again testing near 1.9800 with no follow through. There is trendline resistance near the 1.9810 level which comes in from the high on January 23rd. If that resistance is broken we could see a nice rally ensue.
  • #10,284
  • Apr 12, 2007 6:41pm Apr 12, 2007 6:41pm
Sorry for my question: A resistance level is stronger if more time has passed?
  • #10,285
  • Apr 12, 2007 6:42pm Apr 12, 2007 6:42pm
Quoting cesarnc
19:12 Cable once again testing near 1.9800 with no follow through. There is trendline resistance near the 1.9810 level which comes in from the high on January 23rd. If that resistance is broken we could see a nice rally ensue.


Me and you must be linked by the universal ether(net) because this is the chart I was working on as you posted that. Here is the chart that shows what you were talking about. Notice the 1-23 TL you're talking about and the next one up is the one from 2-19. Then the grandaddy up top from 12-06 that potentially could be in play. A break of this TL right here could trigger a run for 2.00. A bounce might only drop it to low 1.97ish which in turn could be only a wind-up for a big bust through this TL being pressed now.

The angled and tightening bollinger band suggests a big move up. My slow stoch on the daily chart which this chart is also is pointing up, angled aggressively and still not quite mature so my other indicators agree with a breakthrough. Nothing on the weekly chart suggests this move to 2.00 can't happen. Athough I would say that if this does make a big move up during the last 24 hours of this week it likely would stop at the next TL, next week may make a stab at 2.00 and that upper TL. If that goes down the price probably wouldn't stay up all week long. The price would be too stretched out for the charts and likely a healthy retracement would be be logical soon after.

Hope you like the chart.
Attached Image (click to enlarge)
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  • #10,286
  • Apr 12, 2007 6:57pm Apr 12, 2007 6:57pm
Quoting Pipsta
Me and you must be linked by the universal ether(net) because this is the chart I was working on as you posted that. Here is the chart that shows what you were talking about. Notice the 1-23 TL you're talking about and the next one up is the one from 2-19. Then the grandaddy up top from 12-06 that potentially could be in play. A break of this TL right here could trigger a run for 2.00. A bounce might only drop it to low 1.97ish which in turn could be only a wind-up for a big bust through this TL being pressed now.

The angled and tightening bollinger band suggests a big move up. My slow stoch on the daily chart which this chart is also is pointing up, angled aggressively and still not quite mature so my other indicators agree with a breakthrough. Nothing on the weekly chart suggests this move to 2.00 can't happen. Athough I would say that if this does make a big move up during the last 24 hours of this week it likely would stop at the next TL, next week may make a stab at 2.00 and that upper TL. If that goes down the price probably wouldn't stay up all week long. The price would be too stretched out for the charts and likely a healthy retracement would be be logical soon after.

Hope you like the chart.
Perfect. I was looking for this move today, but am's trade balance may have it postponed.

If there's something to be rewarded here more than good entries/exits, that something is called patience...

And I am so FR$#@ DA#$@%#% MOTHER#$@$$# SONAVA$@#$@$%@ patient right now...
  • #10,287
  • Apr 12, 2007 7:01pm Apr 12, 2007 7:01pm
I am interested in your opinions. On the 4hr chart we basically have a double top on 4-10 it hit 1.9818 and today it hit 1.9813 and we have not quite had a 38% retracement since the 10th. It doesn't look like it wants to retraced now. Do you think we can break 1.9820 without a 50% retracement.
  • #10,288
  • Apr 12, 2007 7:39pm Apr 12, 2007 7:39pm
Tokyo Fix in 20 min. stops 9810 / 9825 and I'll call it a week...
  • #10,289
  • Apr 12, 2007 7:41pm Apr 12, 2007 7:41pm
The TL is getting pounded. Who's buying on the break? Hehehehe.
  • #10,290
  • Apr 12, 2007 7:42pm Apr 12, 2007 7:42pm
Quoting cesarnc
Tokyo Fix in 20 min. stops 9810 / 9825 and I'll call it a week...
Are you selling the bounce and putting your stops at those levels?
  • #10,291
  • Apr 12, 2007 7:48pm Apr 12, 2007 7:48pm
Quoting Pipsta
Are you selling the bounce and putting your stops at those levels?
No. I'm long from below.

all non-carry/USD at highs now... All about to push...
  • #10,292
  • Apr 12, 2007 7:57pm Apr 12, 2007 7:57pm
Quoting cesarnc
No. I'm long from below.

all non-carry/USD at highs now... All about to push...
You said something about stop at a price above the TL so I just was thinking that's what I would do if I was catching a short off the TL.

This same TL has been tested a number of times. If it doesn't break this time it could be it's not going to until it retraces some. That was my initial impression until this mornings activities lead me to believe that a break actually could happen sooner than later. I almost had my long entry in 25 pips lower but wasn't paying attention. I saw the wind up but wasn't watching on that final recoil until it was already pressing the TL for this push. Sometimes working from home can distract with with stoopid nonsense and ruin a good opportunity.
  • #10,293
  • Apr 12, 2007 7:58pm Apr 12, 2007 7:58pm
I'm long @1.9783 SL @BE TP open
  • #10,294
  • Apr 12, 2007 8:02pm Apr 12, 2007 8:02pm
I also have short GBP/USD @ 1.9809 SL @BE TP open as well
  • #10,295
  • Apr 12, 2007 8:03pm Apr 12, 2007 8:03pm
Quoting pino2
I'm long @1.9783 SL @BE TP open
Good deal. Except that bounce was pretty sizable. 20 pip bounce off the failed break. Let's see if it has another run in it's legs.
  • #10,296
  • Apr 12, 2007 8:05pm Apr 12, 2007 8:05pm
Quoting pino2
I also have short GBP/USD @ 1.9809 SL @BE TP open as well
Hedged or two separate accounts? That's a nice hedge, got your front door and back door covered...lol
  • #10,297
  • Apr 12, 2007 8:07pm Apr 12, 2007 8:07pm
Quoting Pipsta
You said something about stop at a price above the TL so I just was thinking that's what I would do if I was catching a short off the TL.
No I was looking for breach of the trend line, getting to 9825. That would open room for further highs, 9800 holding as new s/t support.

Still on the cards... But I'm so tired right now that I'm really afraid of doing something stupid.

I still can't figure out in which way is the stupidity. leaving the long to the Asian session to take care of or take profit right now.
  • #10,298
  • Apr 12, 2007 8:10pm Apr 12, 2007 8:10pm
hedging
  • #10,299
  • Apr 12, 2007 8:13pm Apr 12, 2007 8:13pm
Quoting cesarnc
No I was looking for breach of the trend line, getting to 9825. That would open room for further highs, 9800 holding as new s/t support.

Still on the cards... But I'm so tired right now that I'm really afraid of doing something stupid.

I still can't figure out in which way is the stupidity. leaving the long to the Asian session to take care of or take profit right now.
Yea clean break would be probably even lower than 9825 but it's hard to say. Asian sess could whipsaw things a screw with people. It's happened plenty of times that way. For some reason the Asian session likes to be messier compared to the Euro and US sess. Other times they go kamikazi and all pile on for a huge quick move. You never know what you're gonna get going into the Asian sess.
  • #10,300
  • Apr 12, 2007 8:16pm Apr 12, 2007 8:16pm
Partial in the pocket

At least my head is not feeling like it was going to explode anymore
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