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Cable Update (GBPUSD)

  • #10,661
  • Apr 18, 2007 3:48am Apr 18, 2007 3:48am
Quoting el_duende
2.0150 even
the question at this level, 26 year high, who is the buyers.

after cable hits so high and just stay there, buyers lose momentum. also short are scary to short.

so cable now don't have any direction.

i think it might get some up with short suqeeze. but don't expect up more.
  • #10,662
  • Apr 18, 2007 3:50am Apr 18, 2007 3:50am
After a rally, when bulls lose momentum, the next obvious step WOULD be profit-taking... somebody could call them "bears"... I rather call them "sleepy bulls"...

Quoting wshhmm
the question at this level, 26 year high, who is the buyers.

after cable hits so high and just stay there, buyers lose momentum. also short are scary to short.

so cable now don't have any direction.

i think it might get some up with short suqeeze. but don't expect up more.
  • #10,663
  • Apr 18, 2007 3:53am Apr 18, 2007 3:53am
  •  CWH
  • | Joined Feb 2007 | Status: United We Buy, Divided We Sell | 249 Posts
Quoting iiivb
After a rally, when bulls lose momentum, the next obvious step WOULD be profit-taking... somebody could call them "bears"... I rather call them "sleepy bulls"...
When will this 'sleepy bulls' manifest itself? Overnight? In your opinion, where will the support level lie?
"If, at first, you don't succeed, try, try, try again" - Winston Churchill
  • #10,664
  • Apr 18, 2007 3:53am Apr 18, 2007 3:53am
Quoting iiivb
After a rally, when bulls lose momentum, the next obvious step WOULD be profit-taking... somebody could call them "bears"... I rather call them "sleepy bulls"...
yea, whatever you call it. it just stay there like a dump ....
  • #10,665
  • Apr 18, 2007 3:55am Apr 18, 2007 3:55am
Iīve taken a 1/4 of a position short, based on the lack of follow through.

Keeping a watch on the euro...IMO if that breaks above the 3600 level itīll take cable up to more new highs.
Trading Levels with WRBs
  • #10,666
  • Apr 18, 2007 3:56am Apr 18, 2007 3:56am
Quoting CWH
When will this 'sleepy bulls' manifest itself? Overnight? In your opinion, where will the support level lie?
I think it will depends on the big guys. if the big guys want to get out of the positions, they will keep it flat for a while, if not, it might be zigzag up.

I prefer its staying flat for very few days then game over.
  • #10,667
  • Apr 18, 2007 3:58am Apr 18, 2007 3:58am
Quoting Islander
Iīve taken a 1/4 of a position short, based on the lack of follow through.

Keeping a watch on the euro...IMO if that breaks above the 3600 level itīll take cable up to more new highs.
I don't think so. check my blog. eu didn't get all time high so we still have some room for it to go up.

and some asia countries are interesting eu, which might last for longer time.
  • #10,668
  • Apr 18, 2007 3:59am Apr 18, 2007 3:59am
Euro pushing past 1.36 now! Poor dollar keeps being kicked whilst its down.

This may push GBP up still more
  • #10,669
  • Apr 18, 2007 3:59am Apr 18, 2007 3:59am
Quoting Islander
Iīve taken a 1/4 of a position short, based on the lack of follow through.

Keeping a watch on the euro...IMO if that breaks above the 3600 level itīll take cable up to more new highs.
Out for a couple of pips....euroīs making new highs
Trading Levels with WRBs
  • #10,670
  • Apr 18, 2007 3:59am Apr 18, 2007 3:59am
It seems to me that we should forget about 100 + pip retracements for a while with such strong fundamentals. This is starting to look like the EUR/JPY journey!!
  • #10,671
  • Apr 18, 2007 4:01am Apr 18, 2007 4:01am
  •  CWH
  • | Joined Feb 2007 | Status: United We Buy, Divided We Sell | 249 Posts
Quoting wshhmm
I think it will depends on the big guys. if the big guys want to get out of the positions, they will keep it flat for a while, if not, it might be zigzag up. I prefer its staying flat for very few days then game over.
No chance for a correction? What if Euro breaks above the 1.36 psychology level? More ups for the cable as well?
"If, at first, you don't succeed, try, try, try again" - Winston Churchill
  • #10,672
  • Apr 18, 2007 4:01am Apr 18, 2007 4:01am
Quoting iiivb
After a rally, when bulls lose momentum, the next obvious step WOULD be profit-taking... somebody could call them "bears"... I rather call them "sleepy bulls"...

And when that happens you bet there will be a lot of selling pressure.
Unless one is already long and have a lead it's equally risky getting into the market right now.
  • #10,673
  • Apr 18, 2007 4:02am Apr 18, 2007 4:02am
It will be difficult to go long after the BoE minutes. I got in before that at .0078 so still manage to get +40 pips profit. IMHO if the cable start bearish. It will test the 2.01 support first then 2.00 support. But dont its time to go short now.
  • #10,674
  • Apr 18, 2007 4:02am Apr 18, 2007 4:02am
Quoting CWH
No chance for a correction? What if Euro breaks above the 1.36 psychology level? More ups for the cable as well?
I think the room for cable up is very limited but for eu, we still have some room.
  • #10,675
  • Apr 18, 2007 4:04am Apr 18, 2007 4:04am
Quoting dd33
It will be difficult to go long after the BoE minutes. I got in before that at .0078 so still manage to get +40 pips profit. IMHO if the cable start bearish. It will test the 2.01 support first then 2.00 support. But dont its time to go short now.

hehe, both sides are tough, i feel reall difficult.
  • #10,676
  • Apr 18, 2007 4:07am Apr 18, 2007 4:07am
There are 3 major Currency pairs traded out of Europe: EUR, GBP and CHF.

Inspite of the big Bullishness of EUR and GBP vs USD, CHF was the most bullish of all gaining against all three!

Keep it up and its time to short CHF
  • #10,677
  • Apr 18, 2007 4:07am Apr 18, 2007 4:07am
  •  CWH
  • | Joined Feb 2007 | Status: United We Buy, Divided We Sell | 249 Posts
Quoting wshhmm
I think the room for cable up is very limited but for eu, we still have some room.
You know what's on my mind? Based on your illustration, the cable might comfortably ride the downside of the rollercoaster at the start of next week's session. The rest is history...

By then, a new chapter in forex will unfold..
"If, at first, you don't succeed, try, try, try again" - Winston Churchill
  • #10,678
  • Apr 18, 2007 4:14am Apr 18, 2007 4:14am
TP partially. Will left some to see if cable can test on .150. Set SL to .099.
  • #10,679
  • Apr 18, 2007 4:14am Apr 18, 2007 4:14am
hmmm... what i meant is: is there any sense shorting cable now... maybe it is too high to buy... but the trend is up... VERY up...

The support is the 2.0050 and 2.0 level... for the one thats asked me the support levels... And the "sleepy-bulls" or "bears" have really no fixed time to show up... They just appear, due to a fundamental reason... or whatever... they dont sleep.. so they appear whenever they like...

Quoting wshhmm
yea, whatever you call it. it just stay there like a dump ....
  • #10,680
  • Apr 18, 2007 4:18am Apr 18, 2007 4:18am
  •  CWH
  • | Joined Feb 2007 | Status: United We Buy, Divided We Sell | 249 Posts
Quoting BurgerKing
There are 3 major Currency pairs traded out of Europe: EUR, GBP and CHF. Inspite of the big Bullishness of EUR and GBP vs USD, CHF was the most bullish of all gaining against all three! Keep it up and its time to short CHF
Like watching a drama..
"If, at first, you don't succeed, try, try, try again" - Winston Churchill
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