Late in the week before last week, Cable tumbled to within a hair of 1.7300, then last week spun around and did a sharp and impressive mini-silver spike retracement to within a fraction of 1.7800. Cable longs (such as myself) would easily clear over 400 points profit (I made above 200-pips though at one point was looking at over 400-pts in the black) by staying long and TPing at a reasonable rate. Well, it looks like cable is setting up for a repeat. We're within 2-cents of the pound hitting its hardscrabble low of late week before last. I see no indications of the pair dropping much below (if any) the lowest level recently marked off, before another fat retracement triggers. This would give cable bulls a second opportunity to pull substantial gold out of silver on a well-managed trade. We're in an environment where the dollar can easily slide 5-cents against the British pound. Though, I would not suggest opening a long for at least another 100-pips down. Good luck to cable longs. current market = 1.7462
nailed 193. oh well, better than nothing. current back down to 1.7515 <img src=http://elitetrader.com/vb/attachment.php?s=&postid=796321>
Blimey, did you get your 5 yr old nephew to draw those labels? Thought about that level, but when i saw that movement, bloody hell-dont like small time frame charts. Clear as day on the 5 / 20 min, i guess anyone who could stay awake that long and mix it up might have done ok. Youre an expert, any particular reason for those expanding range triangulation swings off that level?
Whoops, my big , was up late watching the tour de france , im not big on numbers or time. I meant the area before the level was hit, and the swing directly after it was hit. Could have been late night blurry eyes, but you get that. If only i could stay up AND pay attention, things would be ok. Im not sure if i dont like forex-or it doesnt like me. Still bullish for the cable coming into next week?
No. In fact it's probable that it will go against me. That's what I'm hoping. I make my most money in adverse situations. I'm glad to report that I made over 1% on my entire account balance last week with the British silver volatility. It helped.
here's a statement just made by a forex website. Do any cable traders think this is accurate? <-- not the statement made. UNDER this statement is the statement made. You can tell because it is colored blue. GBP/USD - British pound longs remained under pressure from the dollar bulls as the battle for dominance entered the next stage with cable bulls temporarily relinquishing the control of the 1.7400 handle. As the price action remains in a sideways motion, a move above the 1.7450, will most likely see the sterling bulls charge the greenback defenses around the psychologically important 1.7500 figure. A break above 1.7500 will most likely see the pair head toward the recent highs around 1.7600. Indicators signal a potential reversal in the overall trend as volatility remains extremely high, which is indicative of reversal setups, with ADX declining to 31.85.