Cable Weakness
The GBPUSD has broken down below 1.9800 yesterday. It has also dropped out of the weekly channel which started in May 2006. This could be a fake out so todays news will be very important in helping us determine the direction of this pair. Like I mentioned a few weeks ago regarding the Loonie and the profit potential on that, this could also provide us with a big profit.
The Cable on weekly has broken out of the channel, it has a divergence, reversed at MOB time, RSI divergence, RTC (96.3) has been broken. However, support is not too far away at fib (as shown on chart) and again at 1.9500 (not shown on chart). Other supports you can see on the charts below. The 1.9800 zone is now a resistance level. Oil is likely to determine the GBP possible vulnerability here.
The charts below are weekly British Pound against Dollar.
Hope some of you managed to cash in some profits on the USDCAD that we called a short on yesterday.
We recieved an email today from another trader who is finding success in the markets. Hope some of you find this a motivation for 2008. Excerpts of the email below.
I did start trading 3 months ago, some trades I was wining and some losing, not doing well i made a loss of £9600, I even thought of quitting. Then I had training from you last week of November 07.
Thank you for the training. I must say that I am very, very pleased with this, It's just brilliant. For a long time I've been looking for training of sorts where the mentor says "This is what you do" First you do this, then this, then that etc, as well as showing you all the indicators and how they work.
From a loss of £9600 to 3rd Jan 08 I have made my loss back of £10200 in three weeks, the strategies taught really worked. Initially I tested the strategies on a demo account, one week later I went back to trading and produced an increased gain.
It gave me such confidence, I know for me it's still early days, but its only a matter of time before this becomes a good source of income for me.
You are a man of integrity and very professional. I was skeptical at first but have grown to trust and admire your word and work. Thank you very much.
S.J
We recieved an email today from another trader who is finding success in the markets. Hope some of you find this a motivation for 2008. Excerpts of the email below.
I did start trading 3 months ago, some trades I was wining and some losing, not doing well i made a loss of £9600, I even thought of quitting. Then I had training from you last week of November 07.
Thank you for the training. I must say that I am very, very pleased with this, It's just brilliant. For a long time I've been looking for training of sorts where the mentor says "This is what you do" First you do this, then this, then that etc, as well as showing you all the indicators and how they work.
From a loss of £9600 to 3rd Jan 08 I have made my loss back of £10200 in three weeks, the strategies taught really worked. Initially I tested the strategies on a demo account, one week later I went back to trading and produced an increased gain.
It gave me such confidence, I know for me it's still early days, but its only a matter of time before this becomes a good source of income for me.
You are a man of integrity and very professional. I was skeptical at first but have grown to trust and admire your word and work. Thank you very much.
S.J
Thank you S.J and good luck with your continued trading success.
Finally, as a reminder to you all, don't forget NFP. Figure seems to be 70k.
Have a great weekend.
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Forex Analysts
Anne Chapman & Javid Shaik
posted by Javid Shaik @ 12:00 AM
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