C u all Tue @ 4 am est UNLESS my price alarm rings and all my pagers and phones start to vibrate breaching prices
What is a correction, if not a retracement?
Okay, I'll repeat: I WASN'T SAYING CABLE WAS GOING DOWN TODAY
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I was just trying to help because last correction was hard to me and since i learned my lesson, i was checking if you learned yours.
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Hey Cesar...I'm not as experienced as you and others here, but I think it is really tough for the pound to go down anytime soon considering the fundamentals. We have record foreclosure, economy down the hill, gas price skyrocketing...etc...etc. The Brits and Europe as a whole are in a lot better shape
I'm a dollar bull but one would be out of his mind to jump on the greenback these days. Maybe the cable will trend for a while.... not go up that much anymore...but a significant retracement...or a CORRECTION...man thats tough to imagine !!!!
If somebody disagrees with what I have said, I would really appreciate it if the person could back up his or her statements...it would be really instructive.
).Check your weekly chart: Cable resumed a strong uptrend by early-2006 and this trend gives NO SIGN of weakness so far.
On the other hand, looking at the same chart, we are forced to notice that Cable spends much more time correcting previous impusive push than trending properly (I'm not posting the chart here because I'm too lazy right now. The interested, do the homework
Now check the highs: 9028 / 9129 / 9848 / 0131: All those highs, reached during 4-6 bullish weeks were followed by a "correction" period (call it retracement or whatever you want) of about 10 - THAT'S RIGHT - TEN WEEKS.
I'm bringing this up because I am the one here who openly stated that I STINK during correction periods, which means I stink in 10 out of 16 weeks average (THAT IS BAAAAAAAAAAAADDDDDDDD for someone intending to trade for a living!!!!!!).
So, as I plan to quit stinking during a next correction period, I'm forced to - AT LEAST - be prepared to the next 8-10-12 weeks of correction we might have.
Last but not least, the correction periods seen since early 2007 ended right at the arrival of strong fundamental data to push it to new highs - the surprising hike, the 3.1% CPI and now the dollar dumping after last FED statement.
With the last hike in UK, another hike - if expected - is not expected for next month and CPI/Retail Sales readings confirming a short term downtrend will FORCE the market to correct from the last high (put at 0402 or not).
Make no mistake: there will be another 8 or 10 or 12 weeks of correction. Question is what is the top. I dare saying we've seen the top already at 0402. Not the 2007 top. Not the 21st Century top. Not the millenium top. The short term (WEEKS) top.
!!!
Check your weekly chart: Cable resumed a strong uptrend by early-2006 and this trend gives NO SIGN of weakness so far.
On the other hand, looking at the same chart, we are forced to notice that Cable spends much more time correcting previous impusive push than trending properly (I'm not posting the chart here because I'm too lazy right now. The interested, do the homework
I see what you're saying here. The Cable spends about 4-5 weeks in a serious uptrend, and then spends double that or more chopping back and forth in a general downards trend. Rinse and repeat. At least, that's the pattern since April 06.
As of note, in each of the past correction periods back to April 06, the retracement has gone to about the 50% Fib level (on one it retraced as far as 61.8%). I think that if we get a daily close below last week's close of 2.0338, it's a good sign that a correction/retracement has arrived. At least if you go back to the previous turning points, that seems to be exactly what happened in all cases - once daily price failed to close above the previous week's close, price began to fall (with some attempts to rally, but never sustained).
Exactly. So far 50% fib lies at about 2.0000, very consistent with the fact that 2.0000 will be a HARD NUT to crack. 1.9 days are over?
Then we could possibly see 2.0700 and beyond. Your correct to make that call of the 1.9 days being over...I bet free444 wishes he would of listen to you...
