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Cable Update (GBPUSD)

  • #1,221
  • Dec 11, 2006 2:20am Dec 11, 2006 2:20am
This is from FXCM

December 11. Sterling has pushed its recovery envelope from its Asian session
11-day low of 1.9467 to a high of 1.9868 since the European open. The M&A news
that CSN has agreed a 515 pence per share pre-conditional offer for Corus (DJ)
is lending support to the pound.
Flagged offers at 1.9590 and 1.9650 represent appreciation obstacles/bull
targets north of 1.9568. Demand is noted ahead of 1.9460--a 38.2% Fibo
retracement point of the rally from 1.8836 to 1.9849 (Dec 1, 14-year high)
To recap Friday"s price action: GBP/USD fell to a low of 1.9535 after November"s
better-than-expected NFP number, before rallying to a high of 1.9729 on the back
of Eastern European, Middle Eastern and Asian Central Bank USD sales. Cable"s
subsequent slump to a low of 1.9515 was blamed on hedge fund buying of the
USD--with seven yards the cumulatively touted amount.
UK November producer prices, and the size of October"s UK trade deficit, will be
revealed at 09:30GMT.
  • #1,222
  • Dec 11, 2006 2:25am Dec 11, 2006 2:25am
I'm a bit hesitant ot go short because of this....
Attached Image
  • #1,223
  • Dec 11, 2006 2:29am Dec 11, 2006 2:29am
Quoting c1ro
Why dont u think it's just a pinnochio bar?? what makes u think it will go up?
This is exactly what I see, The open/close are in the Pins of the previous and post pins of the Pinnochio Bar that closed at midnight Pacific time.

I went Long once we passed the 1.9531 mark, but now see some resistance at the 1.9555-1.9560 area.

I made exit on Long here with a total of + 22 pips, waiting again for new entry Long or Short?

Monarch
  • #1,224
  • Dec 11, 2006 2:31am Dec 11, 2006 2:31am
Retracements of last Fridays high low bear run from last weeks bear week.
Attached Image
  • #1,225
  • Dec 11, 2006 2:34am Dec 11, 2006 2:34am
I ran a Fib from High on 12/8/06 to the Low at 12/10/06 and the 38.2% is right at the 1.9566 mark. We just hit this high during around 12:30 am Pacific time, and it is bouncing this resistance now.

Waiting for a break here, or possibly a drop down?

Monarch
  • #1,226
  • Dec 11, 2006 2:37am Dec 11, 2006 2:37am
I also have that Fibo marked on my charts. Now I am waiting for the break of 1.9566, if it does, I will be watching the 1.9589 mark.

Monarch
  • #1,227
  • Dec 11, 2006 2:39am Dec 11, 2006 2:39am
Quoting monarch
This is exactly what I see, The open/close are in the Pins of the previous and post pins of the Pinnochio Bar that closed at midnight Pacific time.

I went Long once we passed the 1.9531 mark, but now see some resistance at the 1.9555-1.9560 area.

I made exit on Long here with a total of + 22 pips, waiting again for new entry Long or Short?

Monarch
Hmm.. I do think that it will move up until 9600ish. I was long and just exited my position. What do u think for the next? considering the upcoming news sound good for cable
  • #1,228
  • Dec 11, 2006 2:44am Dec 11, 2006 2:44am
Quoting c1ro
Why dont u think it's just a pinnochio bar?? what makes u think it will go up?
Even though I see a good entry on the 4 Hour, I will moniter the 1 Hour and the 15 Min. Charts to adjust my Entry and Exit.

I made an Entry at 1.9532 using the 4 Hour on this Pinnochio, but then I exited my position at 19554 with +22 pips after I seen the Fibo Hold me up.

I will wait here for new entry.

Monarch
  • #1,229
  • Dec 11, 2006 2:50am Dec 11, 2006 2:50am
I am hesitant for entry at this point.

I would like to see 1.9570 break for a Long, or if it breaks below 1.9530 again I will set for a Short.

Waiting for the 1:00 am Candle Open now.

Monarch
  • #1,230
  • Dec 11, 2006 2:56am Dec 11, 2006 2:56am
Looks like the GBP made a drop back towards the Open of today. 3 minutes till 1 am candle Pacific time. I am really wanting a Short here. See it soon enough.

Monarch
  • #1,231
  • Dec 11, 2006 3:10am Dec 11, 2006 3:10am
Quoting monarch
Looks like the GBP made a drop back towards the Open of today. 3 minutes till 1 am candle Pacific time. I am really wanting a Short here. See it soon enough.

Monarch
Short now??
  • #1,232
  • Dec 11, 2006 3:15am Dec 11, 2006 3:15am
Well, we opened the day at 1.9530 then we seen a drop down to 1.9464 a 66 pip drop.

Then up to 1.9566 a 102 pip rise.

Then at the 1 am Pacific time open we find ourself back at the 1.9530 price.

In all there were gains going both ways, and we find ourself in a draw.

Now we hurry and wait for the next move.

Anyone?

Monarch
  • #1,233
  • Dec 11, 2006 3:17am Dec 11, 2006 3:17am
I have no position opened for GBP/USD at this time.

I expected it to jump up a bit, but the resistance held strong.

I am now contemplating sleep for a couple of hours.

Monarch
  • #1,234
  • Dec 11, 2006 3:25am Dec 11, 2006 3:25am
possible move to watch for 9488 to 9615
  • #1,235
  • Dec 11, 2006 3:43am Dec 11, 2006 3:43am
Quoting fixme1too
possible move to watch for 9488 to 9615
Is it a range?
  • #1,236
  • Dec 11, 2006 3:51am Dec 11, 2006 3:51am
Quoting c1ro
Is it a range?
So far we have a High of 1.9566 and the Low of 1.9464.

The middle of the High/Low is 1.9513.

We are at the 1.9507 area at 1:50 am Pacific, and looking for a little more drop off.

I would say that it will drop somewhere near where Fixme1too is looking - 1.9488 or a slighty lower.

Once at 9480/8488 area we can look for a Long for about 60-70 pips.

Monarch
  • #1,237
  • Dec 11, 2006 3:52am Dec 11, 2006 3:52am
Once at 9480/8488 area we can look for a Long for about 60-70 pips.

Sorry should be 1.9480/1.9488 - I need to sleep sometime!
  • #1,238
  • Dec 11, 2006 3:53am Dec 11, 2006 3:53am
it was a possbility and dont look now like we will get that low the bounce may have already happened at 68% instead of the 78% .68% was 1905



Quoting c1ro
Is it a range?
  • #1,239
  • Dec 11, 2006 3:55am Dec 11, 2006 3:55am
looking for atleast 9670 on the 1 hour and mid 9700's on the daily
  • #1,240
  • Dec 11, 2006 4:01am Dec 11, 2006 4:01am
Quoting fixme1too
it was a possbility and dont look now like we will get that low the bounce may have already happened at 68% instead of the 78% .68% was 1905

so what's the lowest you think? then when we reach that low, are you going to make a long position?
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