rav700
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TheBramble
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TheBramble's Friday September 14th 2007 Cable Analysis
Interesting day potentially.
Very narrow local band structure. Inner bands at 2.0188 to 2.0198 (yep, just 10 pips).
(What does that tell us, and on a Friday too? Bad news on a Friday is only bad news if it’s good news before Monday. LOL)
Outer bands then at 2.0156 to 2.0230.
What’s more interesting is that the current price (2.0165) is sitting close to potential short-term Resistance at 2.0195 and just 82 pips from very long term potential Support at 2.0083. There is also an short-term uptrend line crossing 2.0083 TODAY.
This wont necessarily be of interest to you intraday Cable people, but longer term players will be looking to see how the price develops, or not, around these areas.
I still maintain a bias to the Short side with 17/08 Low at 1.9651 while not technically indicating the start of a major reversal, when followed by the price development over the next 15 trading sessions indicates a definite weakening of momentum.
For my part, if it goes through 2.0195 to the upside I’ll be sitting it out. If it goes down through 2.0156 and after a re-test to confirm Resistance at that level drops below the lowest level it reached on the breach, I’ll be short with a stop 10 pips above Resistance at 2.0166. 1st target the next major Support at 2.0083 where if it bounces I’ll take half and bring the stop down to 2.0096 really tight. If it doesn’t bounce but merely halts, or ploughs on through I’ll let the entire stack run down to 1.9954 which is next short-term Support.
Interesting day potentially.
Very narrow local band structure. Inner bands at 2.0188 to 2.0198 (yep, just 10 pips).
(What does that tell us, and on a Friday too? Bad news on a Friday is only bad news if it’s good news before Monday. LOL)
Outer bands then at 2.0156 to 2.0230.
What’s more interesting is that the current price (2.0165) is sitting close to potential short-term Resistance at 2.0195 and just 82 pips from very long term potential Support at 2.0083. There is also an short-term uptrend line crossing 2.0083 TODAY.
This wont necessarily be of interest to you intraday Cable people, but longer term players will be looking to see how the price develops, or not, around these areas.
I still maintain a bias to the Short side with 17/08 Low at 1.9651 while not technically indicating the start of a major reversal, when followed by the price development over the next 15 trading sessions indicates a definite weakening of momentum.
For my part, if it goes through 2.0195 to the upside I’ll be sitting it out. If it goes down through 2.0156 and after a re-test to confirm Resistance at that level drops below the lowest level it reached on the breach, I’ll be short with a stop 10 pips above Resistance at 2.0166. 1st target the next major Support at 2.0083 where if it bounces I’ll take half and bring the stop down to 2.0096 really tight. If it doesn’t bounce but merely halts, or ploughs on through I’ll let the entire stack run down to 1.9954 which is next short-term Support.
