Best Thread Live Cable Trading

[Kaffee]

The old trading adage “the bigger the fall, the broader the bottom” often comes true, and several rally attempts may fail before one ‘sticks’….

Todays upside effort could be the start of a decent cable correction, but maybe we’ll see a pullback to form a higher low which could be a good long entry point…

Apparently, cable often has its own ‘Santa Rally’ in December, and if it breaks through the top channel trendline at 1.7500ish, the target could be a test of October resistance in the high 1.7800’s imho…

(if it falls through 1.7050, I’ll have to put off that Xmas shopping trip to the Big Apple… )

Couldn't agree more, will probably give 100+ pips back tomorrow.

 

[Baruch]

I am agnostic on Big-Ben more generally (from past experience), but happy to start watching again for a month or so. You never know what we might learn. Livermore, I wouldn't put too much emphasis on the 9:30 data, though mortagage approvals may have a moderate impact given that its used as a leading indicator to actual house prices. If my calendar is right, we have Nationwide house prices at 7:00, so that could easily put a spanner in the works if notably away from expectations.

abobtader,

I can't find Nationwide house prices on my calendar. Anyway: Do you know of any consensus? :?:

 

[Baruch]

I Repeat:

"I name this ship HMS SINKING Cable"
"God Bless her and all who take pips from her"

HMS Cable sinking? Today it was flying...What a ship. :cheesy:

 

[abobtrader]

abobtader,

I can't find Nationwide house prices on my calendar. Anyway: Do you know of any consensus? :?:

It's a bit annoying because they don't announce clearly in advance. As far as I know it is tomorrow at 7:00 (UK time). Consensus is 0.3% m/m, or 2.6% y/y. Previous number was 3.3% y/y, so its if the consensus is right, its a gradual easing. If we get a surprise number reinforced by the mortgage approvals the GBP could be longer lasting, but recently the number sure hasn't created any fx earthquakes.

 

[Mornington Crescent]

good rally
but its got a headache.

 

[Baruch]

It's a bit annoying because they don't announce clearly in advance. As far as I know it is tomorrow at 7:00 (UK time). Consensus is 0.3% m/m, or 2.6% y/y. Previous number was 3.3% y/y, so its if the consensus is right, its a gradual easing. If we get a surprise number reinforced by the mortgage approvals the GBP could be longer lasting, but recently the number sure hasn't created any fx earthquakes.

The number was unchanged (and therefore below consensus), but we saw a bullish Cable-move. But was this because of the data, or was it the Big Ben move? I suppose it was the Big Ben, because we also got a move in Euro..

PS. Which calendar do you use?

 

[Baruch]

abobtrader,

Very good forex trading blog: http://www.abobtrader.blogspot.com

PS. All here should read it...

Well, I just wanted to repeat it...

 

[zuke]

I welcome more trades to fade :cheesy:

Oh bt..you rascal!! Serves me right for trading against the trand!! As I say, Im glad I only did 1 lot

 

[zuke]

First trade of the day LONG @50 30, 30 stop and target.

 

[abobtrader]

Hi Livermore, I have some contacts in the City with Reuters/Bloomies. In terms of a free calendar I love Oanda's monthly calendar, which is produced the research agency 4cast. If you sign up to their free demo (ongoing and no downloads) I think you should be able to access it.

Re the house price data, I'm not sure what was going on. The 7:00 effect may have had an impact as you noted with the EUR/USD move. Otherwise I'd say steady as she goes on the housing mkt. The annual N'wide inflation rate is 2.4% y/y and this morning's approvals point to stability of a modest pick-up further down the line. Either way, right now this is second tier data in my opinion. Around xmas, retail sales data is going to be paramount.

Here is a mon.policy grid that may be of interest to help traders frame their views on EUR/USD. The quadrant speaks for itself, but there's more commentary on my blog if you are interested.

 

[zuke]

First trade of the day LONG @50 30, 30 stop and target.

Signal weakend, close at 70 for 20 pips.

 

[PipSqueek]

Signal weakend, close at 70 for 20 pips.

nice trading sir...i didn't trade cable 2day, looks like few from here traded it today...errr well only you :cheesy:

cable looks a mess to me, eur $ seems much clearer .

 

[zuke]

nice trading sir...i didn't trade cable 2day, looks like few from here traded it today...errr well only you :cheesy:

cable looks a mess to me, eur $ seems much clearer .

I spent most of the day on the swissy, with good reults I'll have a look at Cable tonight to try and figure whats going on. On fundamentals though, Im bearish on cable. I think we could go as low as 6860

 

[PipSqueek]

I spent most of the day on the swissy, with good reults I'll have a look at Cable tonight to try and figure whats going on. On fundamentals though, Im bearish on cable. I think we could go as low as 6860

nice work with swissy!

i am also still bearish on cable, but still am confused about what happened yesterday...was expecting some dollar weakness but that was strange...im thinking it may have been a really nice place to go short, for a while...because i can't see the us putting out bad econ data until year end/greenspans exit ...or am i being cynical?!?! hehe

nevertheless cant see cable staying up here for long

 

[trendie]

With reference to the Elliot Wave article, this is my first attempt at finding abc pullbacks.
My analysis says go up, therefore we are in for a drop!
Am I close ? ( does anyone use the abc nethod ? I think DoubleSix does )
Has anyone had a look as to its viability ?

 

[PipSqueek]

With reference to the Elliot Wave article, this is my first attempt at finding abc pullbacks.
My analysis says go up, therefore we are in for a drop!
Am I close ? ( does anyone use the abc nethod ? I think DoubleSix does )
Has anyone had a look as to its viability ?

im not too good with ew stuff, but it looks good to me, i hope your right, would prefer to short higher up then around these levels :cheesy:

 

[Mornington Crescent]

My analysis says go up, therefore we are in for a drop!

trendie
I'm not sure its safe to start and try to put labels on waves in the middle of a trend.
but if you must, have a go at yesterdays rally.(you may need something smaller than 30 min bars)

personally, I use 5min line chart to try and follow what is going on.

whether or not its going up or down next depends on your time frame.

I suspect its trying to find a level to 'embrace' a pile of stuff coming out of U.S.A tomorrow.

did you ever read up on steidlmeyer ?

 

[Zinger]

Blimey! Gone a bit quiet on here...........everyone finished for the year already?

 

[trendie]

.....
did you ever read up on steidlmeyer ?

Cant find any reference to this guy, DoubleSix.
However, there is a Peter Steidlmayer on "global-investor" bookshop. But the blurb doesnt mention EW in that context.

 

[Kaffee]

WTF was that on Cable ?? Gap of 10 pts just appeared.

Wait for the fill then short ??