Magpie Trader
Saturday, September 17, 2005
Cable next week > 19/09/05
This year seems to have gone fast?...
Cable's at an interesting point right now (although the chart isn't loading?,will try later) -
Positives:
right at the bottom of the channel
Hedge funds and small specs (you and me) are heading long -all the while the big dogs are slowly unwinding their long positions.
Price is in the top half of the daily bolly with the centre line about 60 pips south of current price.
At the major down trend 61% fib support, with most recent uptrend 76% fib 30 pips south of current price.
Possible failure points are the failure of the RSI TLs to hold and the fact that in the major down trend from April 05 it was only a 61% retrace. The next major support level is 1.7820, then 1.7629, then 1.6743
Probably long, but a break of the channel means 1.7820 is next.
German election on Monday, no idea what sort of effect that's going to have.
// posted by Magpie @ 5:57 pm 
