Cable Trading (Serious Trading No Jokes)

Still long to 14900 4 H still Up .

good call, i joined in

I will join too if the price drops to 1.4725

as expected, resistance was encountered at the 1.4870 area, which was a confluence of fibonacci levels from two different fib studies, a 78.6% retracement at 1.4877 and a higher level 50% retracement at 1.4864. I was able to take a short right at that area and made around 80 pips into the morning. however the short movement did not follow through into the afternoon, and price ended friday on an upward note, heralding further upwards movement towards possibly the next fibonacci level, 61.8% at D2, 1.5013 which also roughly coincides with a previous high at 1.5053. I expect to see resistance at that level, however that may not provide an end to the bullish trend until the larger 78.6% retracement at D3, 1.5225 which also roughly coincides with a 1.27% fibonacci extension of the lower level fib study at 1.5277. So if the butterfly holds true we can expect to see the uptrend reverse at either D2 or D3. In either case we can expect resistance to kick in on some strength level at either of those price areas.

this is not to say that it couldn't just sell off from here; certainly it could. But with the failure to follow through on yesterday's down move, one would suspect that further upwards momentum is still in play.

the butterfly pattern I previously posted for USDCAD I believe is now negated with yesterday's price action... with price drifting (nay, rushing!) below the 78.6% level, that increases the likelihood of a complete 100% retracement, which completely throws off the validity of the suspected butterfly, or rather makes this a "failed" butterfly pattern. Had support held at the 78.6% retracement level, where it looked promising for a while, the possibility of it following through was great; but now, with the certain abandonment of the 78.6% price level, it appears quite probably to be a failed pattern.

Similar retrace to around 1.4450 area

Sometimes .......... very simple charts give a much better picture

I am Long with SL 1.4720 and TP 1.5000

http://img155.imageshack.us/img155/2918/31433156.gif


http://img294.imageshack.us/img294/7761/11528688.gif

long GBP/USD @

4800......TG @ 4900
4837......TG @ 5000

I will add longs on any 50pips rise....the name of the game is going to change now as the Chinese Officials has agreed to revaluate their currency.....its going to give a boost to the EUR/USD and GBP/USD and the whole WORLD ECONOMY

I was looking @ dollar index daily chart , with macd indicator

make your own conclusions

http://img80.imageshack.us/img80/359/usdixa.gif

I see that. Also, China's announcement yesterday that it was going to let the Yuan appreciate against the dollar for the first time in two years, may set up some appreciation in currencies and markets opposite the dollar, which would tend to reinforce the current view. There is already quite a bit of talk about that

Ok price at 14870 no , 30 more pips to go

we are holding the trend on Monday as well

http://img97.imageshack.us/img97/4595/90839591.gif

Hi folks, most seem long here. Here's an alternate perspective. GL this week.

Already closed on that trade, nice way to start the week. Here's my long term view on this pair. When I see a range of this size I like to wait for weakness and trade on it, thats just my style. But this range still seems too healthy for me to think of holding shorts too long.

Add one thing: persistent failure to break and close above 4849 will spark more short sales, perhaps deeper.

Added another long this is a scalp to 4880

All dips on 5 min are being bought

the UK retail sales news on Thursday was the catalyst for this move.

http://img535.imageshack.us/img535/7238/15240566.gif

indeed it will, when you get down to serious business

Repositioned all 3 longs to close @ 1.4881, will decide new entry later

Booking profits @ 1.4881

this was previous top, will need a decisive break above it to continue to 4908

http://img267.imageshack.us/img267/4503/29303406.gif

I went long at DP. TP 1.4950 I think we have the momentum today to get there at London session