Day Trading & Forex Forum

counter_violent

OK had a discussion today about price levels....assuming a cash cable price of 1.6000 at the time of writing which price level will be hit and why.

There is no right or wrong answer btw...it's not a trick question...i'm just interested to see others views and thoughts on how they arrive at their own answer.

Nearly hitting one of the levels will not be good enough...this is not about being right or wrong, and time factors are also irrelevant.

1.6000 is the middle point between the Two so we have a level playing field.

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trade321

Hi, good question or is it?? I dont think they are similar levels to compare, the fact that price is around 1.60 now and is about half way doesnt mean anything.
From where cable is, i am expecting a significant retrace but to 1.45? i dont think it will get that far. but it is just a random number.
Now to ask will it make it back to the levels before huge drop (the 1.9300/400 area) or make a new low?? is a good question. i would say 1.93/94

Anyway this prob makes no sense but i know what im on about (honest)

I voted for 1.75 by the way.

rav700

Hi counter violet.....1.7500.....not yet.....1.5400 by next 2 weeks may be next week .....any takers....
This move is not a logical move.....and being trading for so many years.....I could not understand...this move..but lets see..how she holds...I will post my charts if you wish to prove it is not possible....at least in the next 2 months...

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rags2riches

I don't have an opinion. Price does what it does and I tag along when I see a pattern I recognize.

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Mikeyfx

1.7500 all the way baby!!

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maxima

Are you selling naked puts and use the forum as the indicator ?

Jaydee

Good question CV - I think we are currently just looking at a much needed rally whilst still staring into the face of a weak (bottomless) pound. For all the political talk, I still can't see why the UK economy is going to be better than the EU and US for the next few years.

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glyder

Well I think'/guess we're heading upwards to 1.75, not that I'd let it affect my trading, but
1. based on fundies
The US can do QE better than we can....The BoE just doesn't have the firepower that the Fed has for printing money. And they need to do more of it than we do.
Based on technicals....
2. 1.75 is just around the 61% fib retrace from the very top and there's also a nice pivot zone around there.

Also I have two MAs on my daily chart, (20 and 365 ema) hangovers from the past which I never even usually look at, but looking at them on the chart now I see the 20 has been a support line on the way up and still is, so maybe there's a consolidation going on prior to the next up shift.
If you belive an EMA can be a support. Not entirely sure that i do, being such a pure PA trader these days.