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Cable Update (GBPUSD)

  • #225,221
  • May 8, 2010 6:09pm May 8, 2010 6:09pm
Quoting malcolmb14
Attachment
Thanks for the tip, malcolmb14,

Which paris/TF do you think this works the best?
  • #225,222
  • May 8, 2010 7:34pm May 8, 2010 7:34pm
I had thought that the UK share might be larger. But with effectively no government in Britain at the moment, this becomes a political football after the election as well as a 700 pound gorilla in the room.

http://www.telegraph.co.uk/news/worl...-out-euro.html
Ah Luv the smell of a good prediction in the mornin!
  • #225,223
  • May 9, 2010 9:45am May 9, 2010 9:45am
read with me


May 9, 2010 Market Summary

Commentary:
Well, you don’t see that every week. The markets dropped in epic fashion earlier this week as the Dow Jones retreated almost 1000 points intraday on Thursday. What started off as weakness generally attributed to concern over Greece and Europe eventually built up enough steam to trigger some unknown chain of events that snowballed into a crash. There have been rumors of a hedge fund blowing up, a “fat finger” error by an institutional seller and algorithmic computer programs gone wild. The bottom line is we will likely not find out what really caused the crash, but there is still plenty for traders to analyze in an effort to interpret what the markets are telling us.
Recently, we have mentioned how several market leaders were beginning to suffer from institutional selling and how the markets were starting to show cracks in its foundation. While a healthy pullback was expected, this week revealed just how fragile the markets are right now. Below is a weekly chart spanning the past three years for the S&P500 as represented by the S&P 500 SPDRS (NYSE:SPY) ETF. Sometimes it is important to step back and evaluate longer term charts to get a feel for the big picture. In looking at this chart one thing that pops out at you is how SPY failed right at the same level were it really broke down during the height of the financial crisis in 2008. This level now takes on even more importance, and this could be an important top for an extended period. The reversal from this level was very sharp and on huge volume. Another thing that stands out is the volume at this level as shown by the price by volume bars on the left hand side of the chart. The more volume involved in a price level, the more importance that level becomes. This is because more market participants are involved at this level and thus more emotions are tied to it. There are two clear levels on the longer term charts that could act as the boundaries for a new trading range based on the volume by price bars. The recent high just above $120 is one level and there is another level near $90 that marked the breakout area from the bottoming pattern back in 2009.

http://i.investopedia.com/chartadvis...y-05072010.png The Diamonds Trust, Series 1 (NYSE:DIA) ETF which tracks the Dow Jones Industrial Average is showing a very similar pattern to SPY. It reversed from an important level on a sharp increase in volume as well. While the markets have been on a strong rally for several months, taken in context, the markets have basically retraced about 2/3rds of the prior decline. DIA is also showing two longer term levels to watch moving forward much like SPY. The $113 level and the $90 level should be important from a technical perspective based on the price action that has occurred there. There is also an important support level near term near $100. This is the area that contained the last pullback in February and where the markets bounced this week.

http://i.investopedia.com/chartadvis...a-05072010.png It’s much of the same story for the Nasdaq as represented by the Powershares QQQ ETF (Nasdaq:QQQQ). The $50 level will be huge moving forward as traders will fear another reversal from this level on a subsequent test. The $40 level will likely provide near term support on continued weakness, but the longer term support level that stands out to me is near $32-$33.
http://i.investopedia.com/chartadvis...q-05072010.png The Russell 2000 has been leading for the past few months, but it also started to falter recently. The Russell as represented by the iShares Russell 2000 Index (NYSE:IWM) ETF is showing the same pattern present in its large cap peers. IWM reversed sharply from the $75 level confirming this area as resistance. Notice the failed rally attempts uin this area back in early 2008. Also, notice how the price volume bars are showing the largest concentration of volume over the past few months occurring at this level. All of this is pointing to this level being extremely important for IWM.
http://i.investopedia.com/chartadvis...m-05072010.png Bottom Line
While we have been preaching caution for the past few weeks, the trading action this week is ushering in a new sense of urgency for many traders. Many investors are concerned with the ease in which the markets sliced through buyers this week, and there is a real concern that market participants will take the next opportunity they get to reduce exposure to the current market. This is how levels become psychologically tied to market participants, and how traders behave in the next few weeks will offer much more insight into the next trend move. The markets have shown a very clear level where sellers overwhelmed buyers and this area is also significant on the longer term charts. Traders should be extremely cautious until this level is cleared. If the markets continue to weaken, there are some intermediate levels that should offer at least a reflexive bounce, but with the severity of this weeks drop, it is not out of the question that the markets are headed for a test of these longer term support levels.
  • #225,224
  • May 9, 2010 10:57am May 9, 2010 10:57am
Last week's trade was pretty simple

Start a sell order on monday and cover it on friday

4 hour is still down, 1 hour talks of some correction

lets see how it goes this week

http://img708.imageshack.us/img708/6805/cableh.gif
  • #225,225
  • May 9, 2010 11:03am May 9, 2010 11:03am
Overall weekly is still down and there is no major correction in sight, so it does seem we will see 3500 levels sometime soon

http://img534.imageshack.us/img534/9379/cablef.gif
  • #225,226
  • May 9, 2010 11:09am May 9, 2010 11:09am
4 hour

http://img100.imageshack.us/img100/71/cabled.gif
http://www.forexfactory.com/We%20wil...nd%20continued
  • #225,227
  • May 9, 2010 11:10am May 9, 2010 11:10am
CABLE still in Volatile Market & Strong BEARISH in This Week :nerd:

My View in H4 Chart for This WEEK

There is Possibility for Retracement to Fibo 50.0
Or UP to Fibo 61.8 for MAX, if Fibo 50.0 BROKEN before Go DOWN again.

How Fibo 0.00 BROKEN ?? I think... We say HELLO to Price 1.3780

Maybe I'm Wrong, but... Hopely be Right
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-05-10_Big H4.jpg Size: 326 KB
Always looking the GREAT, never left GOOD Point...
  • #225,228
  • May 9, 2010 11:19am May 9, 2010 11:19am
salam hi all

to tell u the truth

i dont know where is the market going it just a guess and a feeling


i think we will visit the low of last week in the way we need to break 14714 its the line on the sand other wise 14900 is the top we might see, below that south is the way for this week although its still crazy and risky i will take it hour by hour with SL a must best of luck

i might be wrong
Attached Image (click to enlarge)
Click to Enlarge Name: d cable n.gif Size: 26 KB
  • #225,229
  • May 9, 2010 11:24am May 9, 2010 11:24am
there is a 85 pip spike up on EU just fyi


Quoting kill56
salam hi all

to tell u the truth

i dont know where is the market going it just a guess and a feeling


i think we will visit the low of last week in the way we need to break 14714 its the line on the sand other wise 14900 is the top we might see, below that south is the way for this week although its still crazy and risky i will take it hour by hour with SL a must best of luck

i might be wrong
Its all in the mind.
  • #225,230
  • May 9, 2010 11:33am May 9, 2010 11:33am
Quoting Tsar
CABLE still in Volatile Market & Strong BEARISH in This Week :nerd:

My View in H4 Chart for This WEEK...
keep it coming bro
  • #225,231
  • May 9, 2010 11:36am May 9, 2010 11:36am
Quoting 5abi
there is a 85 pip spike up on EU just fyi
yes its now 12843 @xe

cable still the same
  • #225,232
  • May 9, 2010 11:39am May 9, 2010 11:39am
EG short in making for laterzzz.....

Quoting kill56
yes its now 12843 @xe

cable still the same
Its all in the mind.
  • #225,233
  • May 9, 2010 11:49am May 9, 2010 11:49am
Quoting 5abi
EG short in making for laterzzz.....

any news about the eur

eg is 8690

ej 11800

rest of pairs no move yet

if this stand we might see some crazy market
  • #225,234
  • May 9, 2010 12:01pm May 9, 2010 12:01pm
lots of noise over weekened. lots of threats from merkel da fat lady etc.

http://www.bloomberg.com/apps/news?p...7dRkIhN8&pos=1




Quoting kill56
any news about the eur

eg is 8690

ej 11800

rest of pairs no move yet

if this stand we might see some crazy market
Its all in the mind.
  • #225,235
  • May 9, 2010 12:07pm May 9, 2010 12:07pm
darn i wish my broker is open now

cable 14864

fiber is down 12828 it was 12876
  • #225,236
  • May 9, 2010 12:09pm May 9, 2010 12:09pm
It is a huge mess in Brussels, Sarkozy and Merkel are trying to ram through an unlimited loan guarantee for Spain, Portugal and Italy on top of the 80Bn so far for Greece. This is one to watch today and tomorrow.

Gilts spiked up dramatically in late trading on Friday on news of a hung parliament, again one to watch.

Looks like another week of trading run by the fundamentals, at least we got to my first target of 1.44; 1.35 next
  • #225,237
  • May 9, 2010 12:52pm May 9, 2010 12:52pm
it seems to me we are in for a big correction, maybe to .51 level seeing that the whole dip was a kinda mistake, and eu are taking greece plus othe isssues into hand we are staring the week at a much healthier place, ewven in as much as uk election results, at least now we know the results!
  • #225,238
  • May 9, 2010 12:53pm May 9, 2010 12:53pm
http://www.google.com/hostednews/ukp...QEfyuCFNp5oGkA

what darling had to say today regards euro issues.
  • #225,239
  • May 9, 2010 1:07pm May 9, 2010 1:07pm
Hey guys

I have an indicator I use but during my night time hours when I sleep it only alerts one time. I would like to change this to keep alerting until I manually cut it off. I was wondering if someone can help me with that?Thanks in advance for your help!! Please PM me if you are willing to help?
Please ask questions and share your experiences with us all!
  • #225,240
  • May 9, 2010 1:07pm May 9, 2010 1:07pm
Please read our thoughts on GBP/USD @ http://bit.ly/97YeHr
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