Magpie Trader
Monday, September 05, 2005
5/9/5 - Cable
After missing the majority of cable's meteoric rise for various reasons not to do with trading, this week should be interesting as the COT data has show a marked increase of the big dogs starting to short the pound. As it usually takes 2-8 weeks for their influence to show in the market, it is probably only a correction before more north, but you never know.
This is my analysis today, with cable hitting some pretty rigid fib resistance on the black chart from three different angles. There''s enormous divergence on the hourly chart and as I look at the 15 min chart, we've been resisted at a pivot and there's divergence here also. Not sure how far it's going as there's likely to be some major money coming in when they think it's cheap again (techinicals get overruled when it gets emotional and getting stopped out on an irrational spike is annoying), but i'm short till the 8415-25 area, where a wait and see tactic will come in.
// posted by Magpie @ 6:39 pm 
