No sooner said than done; sell orders filled, stops done. More light stops above 1.5105 I hear but nothing big.
12 Responses to “All done in the cable”
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AUTOREFRESH 
hi Sean hope u had a good day, ? when you say sell orders filled do u mean there were cable sellers nd usd buyers, also whats your techs on gbp.usd nd eur.jpy.
thanks
JAHED
Morning sean, quick question:
If you have heavy stop losses on one side, and heavy pending orders on the other, which way would price action gravitate?
Cheers
Hi Chngster. Always towards the stop-losses. Dealers will try and take all the sellers out of the market, load up and then ‘march’ the market as quick as they can to where they can trigger the stops and thus exit their longs (does that make sense?).
Hi Jahed, the term cable refers to the GBP/USD pair alone. Sellers of cable means yes that they are selling GBP and buying USD. Support building now around 1.5000, next resistance I have at 1.5145/50, the 15-day MA which has been fairly accurate recently.
Still holding from the other week ‘n all.
So you’re in bad company
Good day sean, i have been short since yesterday n am really in a mess, wots ur tech on cable.
thanks
Victor
Thanks! I guess this is because stop losses are tied to real contracts, whereas pending orders can be yanked at any moment. The analogy of price action as a snake eating its way to where the food is. So then I suppose if you have equally heavy stop losses on both sides, but not at equal distance – price action should gravitate towards the nearest stops?
G’day Victor, nice to hear from you. I have support now at 1.5000 which was the pullback low overnight and resistance at 1.5145, the 15-day SMA which has been a good indicator over the last few weeks of bearish activity
Hi Sean, so would you still recommend staying long on cable or get short around 5070 – 80?
Well Eric I’m not allowed to recommend anything but I’d say the pair is looking a bit toppy at 1.5080 and the chances are we see a drift back towards 1.5020. Overall though on a more medium term basis I will stick with my buy dip strategy as I think the market is very short.
Yyyip me too.
And nightie night.
time to hedge the cable to lala land