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Cable Update (GBPUSD)

  • #229,201
  • May 30, 2010 11:56pm May 30, 2010 11:56pm
i can see both 1.4700 and 1.4300 now were in the middle
Verily, in every difficulties there is relief
  • #229,202
  • May 31, 2010 1:11am May 31, 2010 1:11am
What a spike! 50+ pips! Hope no one got hurt. Snatched 16 on its way down
  • #229,203
  • May 31, 2010 2:38am May 31, 2010 2:38am
Have entered long 1.4430 aim 1.4600. Seems like bullish to me.
  • #229,204
  • May 31, 2010 2:42am May 31, 2010 2:42am
In looking at the S&P 500, as represented by the S&P 500 SPDRS (NYSE:SPY) ETF, you can see that Friday's bounce off the 200-day moving average suggests that this level of resistance might be stronger than many bulls would like to believe. If SPY is able to break above its 200 DMA then traders will quickly look to the $114-$115 levels as areas for the next wave of possible sellers. This was the early January high and an area of trading activity a few days ago.

http://i.investopedia.com/chartadvis...SPY_052810.jpg Source: MetaStock The Diamonds Trust Series 1 (NYSE:DIA) ETF, which tracks the Dow Jones Industrial Average, reacted almost in an idential fashion as SPY for another week with a strong reaction after testing its nearby 200-day moving average. While the majority of the week was spent trying to battle back from last week's losses, the DIA gave back some of its gains on Friday. There appears to be strong support near $98-$99 and this is a key level moving forward. A drop below that would surely have traders in a panic. Looking higher, the $107 area appears to be a possible area of overhead supply.

http://i.investopedia.com/chartadvis...DIA_052810.jpg Source: MetaStock The Nasdaq, as represented by the Powershares QQQ ETF (Nasdaq:QQQQ), fared a little better than SPY and DIA in that it managed to hold above its 200-day moving average. This is an important clue as it shows some leadership coming from the tech sector. Despite the fact that the QQQQ chart remains under pressure from the bears, the relative strength as compared to its peers is promising. There is still some room underneath before QQQQ tests its lows and if the markets continue to falter, it's possible that those lows will still come into play as a possible bottom.

http://i.investopedia.com/chartadvis...QQQ_052810.jpg Source: MetaStock The Russell 2000, as represented by the iShares Russell 2000 Index (NYSE:IWM) ETF, is showing a very interesting story. When comparing the price action of IWM versus its larger cap peers, IWM was much stronger recently as it bounced nicely off its 200-day moving average. When looking at the larger trend, IWM remains in much better shape than its peers. Notice how the other indexes are close to their February lows, while IWM remains well above these levels. This suggests that the longer term strength in IWM is still intact, and that the Russell is still in a leadership role. As a market leader, IWM should be monitored closely to see if it begins to falter ahead of its peers.

http://i.investopedia.com/chartadvis...IWM_052810.jpg Source: MetaStock Bottom Line
Investors were certainly on edge this week as traders tried to fight back after last week's losses. While the reaction was positive for bulls, traders need to remain extremely cautious. While it’s tempting to rush in and start picking up bargains, relatively speaking, stocks were still showing weak performance this week based on Friday's market action. Many stocks are well under support levels and are not looking healthy. Most stocks are oversold and could continue to bounce, but there will be many traders looking to cash in on stocks they have held through the recent weakness. This is what makes this environment dangerous, as traders will be tempted with sharp rally attempts only to be met with other traders who have been anxious to get out at better prices. The markets will need to consolidate much further before a healthy trend can emerge. Until then, traders should either trade on shorter time frames, or simply stand aside and wait for better opportunities.

  • #229,205
  • May 31, 2010 3:15am May 31, 2010 3:15am
Will add another long if 1.4600 is reached. Very bullish.
  • #229,206
  • May 31, 2010 3:49am May 31, 2010 3:49am
Quoting Haymaker
Will add another long if 1.4600 is reached. Very bullish.

lol i dont see VERY BULLISH today at all.... i will be happy if it reaches 1.4530 today
  • #229,207
  • May 31, 2010 3:54am May 31, 2010 3:54am
Quoting primzvicious
there still too many scenarios here... the key is whether 1.4600 could hold or not...
i prefer downside too 1.6302 first
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Verily, in every difficulties there is relief
  • #229,208
  • May 31, 2010 3:56am May 31, 2010 3:56am
Quoting primzvicious
i prefer downside too 1.6302 first
set stop @ BE
Verily, in every difficulties there is relief
  • #229,209
  • May 31, 2010 4:21am May 31, 2010 4:21am
any idea why action is soo slow on both fibre and cable today? I got 20 pips and then closed my trade as I don't have any idea what she's gonna do. Can go up or down...
@pawpaw1000 on Twitter
  • #229,210
  • May 31, 2010 4:21am May 31, 2010 4:21am
today i am poised to follow the market whereever it may go. if it goes up, then up i go. if it breaks down, then we go for a dive. thanks room for your help so far. may jehovah be with all of you
  • #229,211
  • May 31, 2010 4:21am May 31, 2010 4:21am
Quoting pawpaw1000
any idea why action is soo slow on both fibre and cable today? I got 20 pips and then closed my trade as I don't have any idea what she's gonna do. Can go up or down...
Bank holiday in the UK today
  • #229,212
  • May 31, 2010 4:26am May 31, 2010 4:26am
Quoting pawpaw1000
any idea why action is soo slow on both fibre and cable today? I got 20 pips and then closed my trade as I don't have any idea what she's gonna do. Can go up or down...
US and UK on holidays...
  • #229,213
  • May 31, 2010 4:26am May 31, 2010 4:26am
Quoting pawpaw1000
any idea why action is soo slow on both fibre and cable today? I got 20 pips and then closed my trade as I don't have any idea what she's gonna do. Can go up or down...
UK banking holiday.
  • #229,214
  • May 31, 2010 4:27am May 31, 2010 4:27am
Quoting crak0
US and UK on holidays...
aah...
then there's no use trading...

cheers boys
@pawpaw1000 on Twitter
  • #229,215
  • May 31, 2010 5:05am May 31, 2010 5:05am
Quoting pawpaw1000
aah...
then there's no use trading...

cheers boys


Who says. If u can beat the market on such a thin day like this, then u have arrived. U can imagine what u will now do, when there is volume
  • #229,216
  • May 31, 2010 5:07am May 31, 2010 5:07am
Quoting Bydyke
Who says. If u can beat the market on such a thin day like this, then u have arrived. U can imagine what u will now do, when there is volume
When you can type "you" instead of "u", you know your typing skills have arrived.
Every time you use 'hopium' in a post, God kills a kitten.
  • #229,217
  • May 31, 2010 5:08am May 31, 2010 5:08am
Quoting Bydyke
Who says. If u can beat the market on such a thin day like this, then u have arrived. U can imagine what u will now do, when there is volume
I would say it depends on your strategy. I want high volume and are not comfortable when the volumes are low and we are not trending.
  • #229,218
  • May 31, 2010 5:28am May 31, 2010 5:28am
Quoting profxtrader
When you can type "you" instead of "u", you know your typing skills have arrived.

I like dat.

I wish I were as good as the many shorthand exponents we have on this Forum.

Do u know dat till date, I am yet to figure out what 'Lol' means
  • #229,219
  • May 31, 2010 5:35am May 31, 2010 5:35am
Quoting Bydyke
I like dat.

I wish I were as good as the many shorthand exponents we have on this Forum.

Do u know dat till date, I am yet to figure out what 'Lol' means
LOL = Long or Long. The only two choices hardcore bulls have.

OK this is fun, but PA is getting silly. I'm going to go take a nap and wake up for the non-existent US session.
Every time you use 'hopium' in a post, God kills a kitten.
  • #229,220
  • May 31, 2010 5:37am May 31, 2010 5:37am
Quoting TheSwede
I would say it depends on your strategy. I want high volume and are not comfortable when the volumes are low and we are not trending.


For me, the ultiamte is to become a confident and consistent trader like Cloggie, Magix, etc. And there is no better day to play around the market than on such a difficult day as this.

Have u noticed that since London was supposed to have opened (supposing today had not been a holiday) GU has not been respecting the Pivot points? Now if u are able to squeeze out pips such a tumultous scenario, wouldn't u be singing hurrah!
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