I'm surprised how many people always try to fight the trend in this forum. Yesterday people were saying short at 1.9840 just before Cable moved up another 70 pips. Now people are saying long at 1.9740 when we're in the middle of a very strong move ...

Daily Cable Analysis

The Japanese Yen is sharply up against everything which makes me think this could be a case of carry trade unwinding. This has happened a few times in the past couple of years and generally leads to massive 500 pip falls in a few days. Now is ...

Daily Cable Analysis

It's not a good idea to try and catch this falling knife. The only question is how far down it will go. Confluence of 50 fib of the recent move up and previous support at 1.9590 looks a good target for the coming days and weeks.

Daily Cable Analysis

200 pips down in an hour - impressive. The pound is overvalued across the board and is coming down big time.

Daily Cable Analysis

Actually today's pivot is slightly lower - about 1.9830 depending on what time you use as your close. This matches the 50 fib and also some swing highs of the down move. I personally don't see it getting that high unless there is a big surprise at ...

Daily Cable Analysis

For believers in confluence, the 61.8 fib of the move from yesterday's high to today's low is the same as today's pivot point - just above 1.9850. We may need to visit there before a bigger down move.

Daily Cable Analysis

For the new down trend to remain healthy we want 1.98 to hold (61.8 fib of the most recent down wave) and then a push below 1.975.

Daily Cable Analysis

Because yesterday we saw an exhaustion spike and now we're hovering near support which should break and longs will want to dump their positions. It's the start of a reversal. Daily candlesticks don't get much more bearish than yesterday's inverted ...

Daily Cable Analysis

It wouldn't surprise me at all if the decision was unanimous - like the last one. After all, they knew that inflation was at 3% which is only 0.1% away from King having to write a letter to the Chancellor. This will lead to a temporary spike in ...

UK GDP Jan 24

The Bank of England website...

UK GDP Jan 24

It's saying we're in the Asian session where nothing much is happening (as usual). 1.98 will break once Europe wakes up.

Daily Cable Analysis

It's not an easy thing to do. You'll need to learn a bit of computer programming. MetaTrader is free but if you've got money to throw around TradeStation is a lot better and easier.

Backtesting

It's closing near its lows so it's much more likely to break out on the downside than the upside in the Asian and European sessions. Today's low of 1.9775 is the first target. I wonder how many stops there are below that.

Daily Cable Analysis

The New York session is closing only 10-20 pips higher than the London session began - not exactly positive for Cable. Today's move looks like an exhaustion spike. "Everyone" knows Cable is going up and "everyone" is always wrong.

Daily Cable Analysis

Another way of looking at it is that it's now going in waves down, retracing 61.8 each time, the last wave down being from 1.9870 to 1.9813 which just retraced slightly short of the 61.8 fib at 1.9848 and is now heading lower.

Daily Cable Analysis

At the moment what we have here is a blow-off top, price rejection and (unless there's late buying) a bearish inverted hammer daily candlestick. Looks to me like end of rally. Should start heading down to long term fib retracements now.

Daily Cable Analysis

The minutes have been talked up. If they are hawkish then the market may not react too much because it's expected. But if they give no hint of further rate rises that could give the market an excuse for a sell off. Trying to pick tops is always ...

Daily Cable Analysis

I used to trade daily and intraday binary options using exactly that theory but in the long run it didn't work out that well. Not much better than 50/50.

Daily Cable Analysis

If it continues to drift down we could close the day with an inverted hammer - very bearish and possibly the start of a bigger retracement down to a long term fib level.

Daily Cable Analysis

The BBC is talking about $2 to the £ again. Last time that happened it went down strongly. As soon as "everyone" knows a particular market is going in one direction then it usually goes in the opposite direction.

Daily Cable Analysis