AUTOREFRESH 
Orders close by in cable
By Sean Lee || March 11, 2010 at 22:57 GMT
|| 6 comments || Add comment
I’m hearing that there is some solid selling interest close by in the cable, around 1.5070/75, and there are quite heavy stops just above 1.5080/85. That should keep the GBP dealers busy.
..
Hey Sean, Do you think gbp/jpy is a good short at 138? And how’s the weather in Sydney today? Cheers,
Morning JR. I see a 3 wave fall starting from 150.70/138.20/143.50/131.90. We’re presently retracing leg 3 which should meet stern resistance at 137.70 (50%) and then 139.10 (61.8%). The trendline is also around low 139’s so I’d look for levels around there to start building from?
Hi Sean
Just wondering in the last post you said to be long on cable with target 15285 and in next post you have told how there are heavy sell interest around 15180… isn’t it bit contradicting or you have your own plan and you don’t care about these sell orders.
Given the way gbp moves, I think I’ll wait for a really good entry point above 140, and use a wide stop… Cheers,
You’re right there JR. Pick a good entry level and then add 200 pips for the ’sterling factor’
Hi Inderjit. There will always be short term order flows in both directions but I try not to be influenced by that unless it’s getting close to my levels