I see that server outage on Monday made new topic I created on Sunday disappear, so I am kicking it off once again.

After a poor trading yesterday, Cable was dropped sharply on European open.
The move down looks done, at least for a while. I think Cable will react to 1.2420 or 60-70 before further drops.

Ok, Cable is reacting nicely. With all that volume today, I think we might be starting a solid move up.
1.2435 and 1.2490-1.25 are my next levels.

The higher area already tested.

Originally posted by MarcinO

Ok, Cable is reacting nicely. With all that volume today, I think we might be starting a solid move up.
1.2435 and 1.2490-1.25 are my next levels.

1.2530-40 and 1.26 are next. Who knows, maybe even tonight?

30's hit. Pound is crazy tonight. The way it got there makes me think that might be it.

No signs of weakness yet. 1.26 today?
There is also a wider level above, at 1.2635 +/- 15-20 pips, which is also a play.
Anyway, the move might be done any minute now. It's already above 200 pips up, and statistically, one may expect such a volatility on only 17% of trading days.

There is only one expression to describe price action in the Pound today - piece of $#!^.
I think they will drop it to 1.2455 after sending it up to 1.2530 region.

They sent it even higher, to 40's, drawing reversed head and shoulders, to trick people into long position, I guess. Now they started a drop, but if the volatility doesn't jump significanlty, Cable won't make it below 1.25, not to mention my lower areas at 1.2455, 35 and 10.

I have been looking at stock earnings. Panera Bread Co. (PNRA) beat earning estimates yesterday after the CLOSE. I watched the OPEN and entered long PNRA. Price soon reversed, and I lost some bread. I spent the next hour or so buying and selling PNRA and I finally made back my bread and made a small profit. The bid -ask spread was pretty large, imo, and I was buying below the Ask price and selling back above the bid price. I made several trades this way and they worked. I do not understand this, but I guess I need to learn more about it.




Al

NVDA beat its earnings estimates that were released after the CLOSE yesterday. I read that NVDA traded up after that. NVDA's 15 minute chart this morning at the OPEN showed a nice 0.886 fibo retrace and a nice three point trendline. I followed roofer's requirements for the "Beauty and Simplicity" pattern and was able to profit from it. Thank you roofer, Jim, and all the Kane traders. : )









Al