anyone trading cable 2013 - lets roll

[bbmac]

Bad Luck.

5min wedgy/triangle thingy / congestion resolved to upside as classic 'congestion 2nd b/o' play set-up on that t/f

G/L

 

[bbmac]

a couple of thoughts

I wonder whether the market is buying off that weekly/monthly ascending trend line ? It may have been hit - looks like it on weekly + t/f - but actually joining the lows on the daily it is slighly lower down (?) as detailed in a previous post today .

Interesting re BeginnerJoe chats re his buying in a clearly bearish market...remember that it is bull traps that are the most common in a falling market not bear traps lol ! (and vice versa,) until the end of the trend of course. It is profit take/closing of positions and those bull traps that cause price to pullback/extended pullbacks trapping bulls and providing liquidity for bears to sell 'with down trend;' after the pullback...(and vice versa.)

G/L

 

[cablemonster]

CABLE: The corrective pullback off UK services PMI react highs of $1.5805
Tuesday extended to $1.5630 in NY, the rate closing the session at $1.5663. This
sharp reversal in cable was again seen driven by euro-sterling, the rate
reacting to a strong euro reaction to a MNI source story suggesting that ECB
members don't see the current strength of the euro as having a significant
impact on monetary policy. The cross, which had pulled back from Friday highs of
stg0.8717 to stg0.8555 Tuesday, bounced to stg0.8688. Cable in Asia consolidated
the pullback between $1.5650/65, while the cross was contained by
stg0.86625/0.86795. Cable came under renewed pressure into Europe, the rate
pressed down to $1.5632, but traders noted strong demand placed into $1.5630,
the level seen as long term trend line support off 2009 lows. Cable recovered,
the move squeezing spec shorts as traders adjusted positions as some suggested
BOE Governor in waiting Carney may not be as dovish as some forecast when he
stands in front of the TSC Thursday. Euro-sterling extended its pullback off
stg0.8688 to stg0.86315. The pound was off best recovery levels late morning.

 

[cablemonster]

CABLE: MNI Cable: Fundamental levels (orders, options, technicals),
$1.5720/30 Medium offers
$1.5700 Medium offers/$1.5697 38.2% $1.5805-1.5630
$1.5680/85 Medium offers
$1.5673 Int.Day high Europe, Asia $1.5666
$1.5662 **Current market rate 1015GMT Wednesday
$1.5632 Int.Day low Europe, Asia $1.5650
$1.5630 Tues Feb5 low (NY)/Long term t-line from 2009 lows
$1.5630 Strong demand/Option expiry
$1.5625 Tech 50% $1.5269-1.6381
$1.5610/00 Strong demand/$1.5608 1.618% swing $1.5683-1.5805;50%
$1.5235-1.6381/Stops
$1.5600 Option barrier?
$1.5580/70 Medium demand

 

[cablemonster]

Re: a couple of thoughts

I wonder whether the market is buying off that weekly/monthly ascending trend line ? It may have been hit - looks like it on weekly + t/f - but actually joining the lows on the daily it is slighly lower down (?) as detailed in a previous post today .

Interesting re BeginnerJoe chats re his buying in a clearly bearish market...remember that it is bull traps that are the most common in a falling market not bear traps lol ! (and vice versa,) until the end of the trend of course. It is profit take/closing of positions and those bull traps that cause price to pullback/extended pullbacks trapping bulls and providing liquidity for bears to sell 'with down trend;' after the pullback...(and vice versa.)

G/L

you could well be right mate, MNI reported 1.5630 as a long term trend line from 2009 lows.

 

[bbmac]

That should read 5825 and has already been breeched to downside lol ! An mni mistake I think

CABLE: MNI Cable: Fundamental levels (orders, options, technicals),
$1.5720/30 Medium offers
$1.5700 Medium offers/$1.5697 38.2% $1.5805-1.5630
$1.5680/85 Medium offers
$1.5673 Int.Day high Europe, Asia $1.5666
$1.5662 **Current market rate 1015GMT Wednesday
$1.5632 Int.Day low Europe, Asia $1.5650
$1.5630 Tues Feb5 low (NY)/Long term t-line from 2009 lows
$1.5630 Strong demand/Option expiry
$1.5625 Tech 50% $1.5269-1.6381
$1.5610/00 Strong demand/$1.5608 1.618% swing $1.5683-1.5805;50%
$1.5235-1.6381/Stops
$1.5600 Option barrier?
$1.5580/70 Medium demand

 

[bbmac]

The classic 50% fib , - lots of anecdotal evidence/observations that cable ' likes ' the 50% (!?)- ie price pullsback finds support at the 50% of the then current daily lo-hi

G/L

 

[cablemonster]

The classic 50% fib , - lots of anecdotal evidence/observations that cable ' likes ' the 50% (!?)- ie price pullsback finds support at the 50% of the then current daily lo-hi

G/L

ah but you will get the anti TA crowd saying fibs dont work.

 

[cablemonster]

quadruple rejection forming on 5m

 

[cablemonster]

short 70.8

 

[tar]

Here's my position profile. On the latest swing high, I am averaging 20 pips down, not too terrible. Most of the fractional positions at the top, although out of money by a lot, are probes and have minimum effect. My bias remains long and will be adding on swing lows.

IMO you should space your entries ...

Take this : short @ 668

 

[cablemonster]

out for -3.4

 

[cablemonster]

long 76.0

 

[cablemonster]

lolol stitched up like a kipper

 

[BobbyBB]

You Cable monkeys have so many levels I'm surprised you know if you're coming or going, let alone making a profit. Fib levels here, trendlines there, runours of bids and offers etc.

Good luck anyway.

 

[tar]

You Cable monkeys have so many levels I'm surprised you know if you're coming or going, let alone making a profit. Fib levels here, trendlines there, runours of bids and offers etc.

Good luck anyway.

I ignore all

 

[cablemonster]

You Cable monkeys have so many levels I'm surprised you know if you're coming or going, let alone making a profit. Fib levels here, trendlines there, runours of bids and offers etc.

Good luck anyway.

yes being a pro cable trader is not for simpletons. :whistling

 

[bbmac]

Surprised you came out of that short - good potential sbr level being a previous 1hr/4hr/daily swing lo - for potential pip gain.

G/L

lolol stitched up like a kipper

 

[bbmac]

Lol - I wouldn't have it any other way.

G/L

You Cable monkeys have so many levels I'm surprised you know if you're coming or going, let alone making a profit. Fib levels here, trendlines there, runours of bids and offers etc.

Good luck anyway.

 

[cablemonster]

Surprised you came out of that short - good potential sbr level being a previous 1hr/4hr/daily swing lo - for potential pip gain.

G/L

absolutely stitched up like a retail chump mate, shaken out by a few buyers, now underwater on my long, i just felt it would pop the 80s and then go for 1.57. Will cut this if it pops below 50s. :cheesy: