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Cable Update (GBPUSD)

  • #221,961
  • Edited 4:16pm Apr 27, 2010 4:06pm | Edited 4:16pm
Quoting Magix
The fix is in!

Cable has been beat down something serious today. The mass plummet with shallow if any retrace, crushing through support levels all the way down. When will this madness end?

Really, nobody can say for sure and as much as nobody wants to try and catch falling knives, the low price does seem somewhat appealing. So, what to look for and when?

Well, I watch for retraces and exits on every 24x200 moving average cross. So far the only one that has played through proper on buy back has been the 5m chart and that......

Hard to ignore the graphic display and power of a compression - release pattern.
This could retrace up to the green (~1.5285) and even on up to the aqua areas
(1.5306 144ema and 1.5325 dotted 200ema) and still maintain momentum south.

Dr. D.
Attached Image
  • #221,962
  • Apr 27, 2010 4:15pm Apr 27, 2010 4:15pm
Quoting egkid
Thanks for the Link , I enjoy reading beside technical view
My pleasure!
  • #221,963
  • Apr 27, 2010 4:24pm Apr 27, 2010 4:24pm
Quoting fourxtrader
Hard to ignore the graphic display and power of a compression - release pattern.

Dr. D.
That does look soothing to look at, especially if you were short on this occasion! Markets are in turmoil! Reality of well established countries defaulting has finally hit home. If the Europeans really want to save the Euro they need to speak and act soon! At the moment it is a cat and mouse game between the IMF, Germany/France and Greece, although I feel they are just delaying the inevitable.I believe they know it too! Europe will be divided again, but maybe this time no wall is required!
  • #221,964
  • Apr 27, 2010 4:39pm Apr 27, 2010 4:39pm
So much PA during the deadzone and it seems this thread has become the deadzone instead!
  • #221,965
  • Apr 27, 2010 4:43pm Apr 27, 2010 4:43pm
Quoting bbakker
The Asian markets were closed when this news hit, so I expect some fireworks from them too. I could be wrong though!
GBPJPY is almost 400 pips down... so the news is accounted for everywhere... retrace either today or tomorrow..
  • #221,966
  • Apr 27, 2010 4:44pm Apr 27, 2010 4:44pm
Quoting bbakker
So much PA during the deadzone and it seems this thread has become the deadzone instead!
Just trying to fathom out whether I should be booking additional shorts down to 1.50 or whether to book a long on retrace to 1.53? What's your view?
  • #221,967
  • Apr 27, 2010 4:57pm Apr 27, 2010 4:57pm
just a thought

every body is shorting cable and it did go down sharply rating is bad for more than one country we are trading the news

to clean up all the shorts what the big boys will do buy the heck out cable and let the eur sink or buy both and clean the house

i did see that happen during the tears of trading


i might be wrong
  • #221,968
  • Apr 27, 2010 5:00pm Apr 27, 2010 5:00pm
THis is something I am questioning, Lost on my longs from yesterday fotunately triggering a short. Long position in gold working nicely.

Fibre Keeps printing new lows seems like any breakouts north on cable and fibre may just be crushed by shorts.

At this rate fibre will break into the .2000's!

Like Magix said there will be a retrace but when....

Quoting OldReigatian
Just trying to fathom out whether I should be booking additional shorts down to 1.50 or whether to book a long on retrace to 1.53? What's your view?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #221,969
  • Apr 27, 2010 5:27pm Apr 27, 2010 5:27pm
stuck between 200 and 24 on m1 lets see if it breaks
Attached Image (click to enlarge)
Click to Enlarge Name: 1m cable n.gif Size: 13 KB
  • #221,970
  • Apr 27, 2010 5:38pm Apr 27, 2010 5:38pm
Quoting XTrade
THis is something I am questioning, Lost on my longs from yesterday fotunately triggering a short. Long position in gold working nicely.

Fibre Keeps printing new lows seems like any breakouts north on cable and fibre may just be crushed by shorts.

At this rate fibre will break into the .2000's!

Like Magix said there will be a retrace but when....
Any attempt in retracing this drop gets shot down almost at once on M5/M15, this will need a few hours to stabilise and a few good bull candles on H1 with my eye on a close on H4 above 5294 for any retrace to have any chance of success.

Goodnight boys and girls see you at Franky open.
  • #221,971
  • Apr 27, 2010 5:43pm Apr 27, 2010 5:43pm
Quoting Honored
GBPJPY is almost 400 pips down... so the news is accounted for everywhere... retrace either today or tomorrow..
I was thinking stock markets, but even they have it priced in!
  • #221,972
  • Apr 27, 2010 5:57pm Apr 27, 2010 5:57pm
Quoting egkid
I read some thing Nice thought to share
Copy:-

On Greek debt
“Some people see things that are and ask, Why? Some people dream of things that never were and ask, Why not? Some people have to go to work and don't have time for all that.”
George Carlin
One last thing before i go sleep , have work early
Copy:
“The world is a tragedy to those who feel, but a comedy to those who think.”
Horace Walpole


GL All
  • #221,973
  • Apr 27, 2010 6:25pm Apr 27, 2010 6:25pm
Quoting Honored
GBPJPY is almost 400 pips down... so the news is accounted for everywhere... retrace either today or tomorrow..
retrace tonight continuation tomorrow
  • #221,974
  • Edited 6:31pm Apr 27, 2010 6:26pm | Edited 6:31pm
True, I have started trading H1 primarily. Still use lower TFs but it's sometimes bothersome to block out the noise on M1 and m5.

When this move comes it will be likely be visible on H1 and H4 clearly seen

Even after retrace - I am not certain cable will not plunge a bit further.

I am watching swissy closely for a a break and potential short. If she doesn't take .0900 I will set sights on retest of .0700

Quoting cloggie
Any attempt in retracing this drop gets shot down almost at once on M5/M15, this will need a few hours to stabilise and a few good bull candles on H1 with my eye on a close on H4 above 5294 for any retrace to have any chance of success.

Goodnight boys and girls see you at Franky open.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #221,975
  • Apr 27, 2010 6:35pm Apr 27, 2010 6:35pm
Quoting kill56
just a thought

every body is shorting cable and it did go down sharply rating is bad for more than one country we are trading the news

to clean up all the shorts what the big boys will do buy the heck out cable and let the eur sink or buy both and clean the house

i did see that happen during the tears of trading


i might be wrong
Imho we havent completed down move yet we may see retrace into 1.53 area during asian session but ill be shorting the hell out of it during frankie (and perhaps begining of london session)

many % of times (not sure exactly but probably 80) if price retraces in asia after such fall as today you get an impulsive push in that direction during frankie and then usualy in london session you get weak holders shakeout and then the price goes to test the lows or lower.

I don wanna play nostradamus or anything but low volume is good for big boys to move price into more attractive area and then sell into it when volume comes in... the only problem with that at the moment is that distribution was done yesterday and no one knows how much more they have to sell

in fact we may see as low as 1.52 in early asian session but then should get a nice retracement during 2nd half. Sometimes those asians like to copy Americans at the start of their trading and then kind of make up their own mindS
  • #221,976
  • Apr 27, 2010 6:38pm Apr 27, 2010 6:38pm
i went long 1.5234, with t/p 1.5418
  • #221,977
  • Apr 27, 2010 6:57pm Apr 27, 2010 6:57pm
Quoting fxoxford
i went long 1.5234, with t/p 1.5418
Just wondering if you wouldn't mind sharing a chart or analysis with this.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #221,978
  • Apr 27, 2010 7:00pm Apr 27, 2010 7:00pm
Quoting Magix
Just wondering if you wouldn't mind sharing a chart or analysis with this.
base on my pre-program system where in a swing trading system, witch means we are going back and fourth on either daily support or daily resistance, we should se by tommorow. trade what the market give you, nothing set in stone. good luck to all
  • #221,979
  • Apr 27, 2010 7:23pm Apr 27, 2010 7:23pm
update
Attached Image (click to enlarge)
Click to Enlarge Name: 1m cable n.gif Size: 14 KB
  • #221,980
  • Apr 27, 2010 7:33pm Apr 27, 2010 7:33pm
Went short at 5245 ... hoping that Asian will continue down move.
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