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Cable Update (GBPUSD)

  • #1,261
  • Dec 11, 2006 10:23am Dec 11, 2006 10:23am
Today would be a good day to go xmas shopping, since hardly anything has moved.
  • #1,262
  • Dec 11, 2006 10:23am Dec 11, 2006 10:23am
Quoting monarch
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
We hit the 1.9566 yesterday and then bounced back down to 1.9488.

We are back on the rise, watching the momentum slow a bit now.

I have my eyes on the 1.9566 area once again.

Yesterday it hit 1.9566 exactly, and it held true, now we are up against it again.

Watch for a Break past here, then we may have continuation on Long to 1.9700 area.

Monarch
  • #1,263
  • Dec 11, 2006 10:27am Dec 11, 2006 10:27am
Quoting africanpip
I pulled out at 9540 +40 pips you can have the rest my friend. I will wait now to see if a small short is in line or whether 9660 is breached for long again.
Probably a good choice with the market being slow.

I will re-evaluate at the 1 Hour Candle close, with the 4 Hour as a backup look.

Monarch
  • #1,264
  • Dec 11, 2006 10:29am Dec 11, 2006 10:29am
Here we are, keep eyes open here!

Monarch
  • #1,265
  • Dec 11, 2006 10:36am Dec 11, 2006 10:36am
Quoting monarch
Probably a good choice with the market being slow.

I will re-evaluate at the 1 Hour Candle close, with the 4 Hour as a backup look.

Monarch

mmm...... maybe 10-15 pips early but now 3rd time today around 9560...will it breach?? or short for another 40 pips down?? maybe the latter me thinks
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #1,266
  • Dec 11, 2006 10:40am Dec 11, 2006 10:40am
I see clouds above, and no sunshine.

I pulled the plug on my Long at 1.9546 after it rose to 1.9561 and pulled back.

Waiting now for the 1 Hour, which I did not wait for like I said on my exit just now.

No Position yet - looking at indicators now.

Monarch
  • #1,267
  • Dec 11, 2006 10:42am Dec 11, 2006 10:42am
Quoting africanpip
mmm...... but now 3rd time today around 9560...will it breach?? or short for another 40 pips down?? maybe the latter me thinks

Africanpip,
How shall we know it failed at 1.9560?
  • #1,268
  • Dec 11, 2006 10:48am Dec 11, 2006 10:48am
Nice pair of hooters on my 30 min chart.....damn i think i fallen in love with forex
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #1,269
  • Dec 11, 2006 10:50am Dec 11, 2006 10:50am
Quoting sarama001
Africanpip,
How shall we know it failed at 1.9560?
wait and see i suppose but I got a 4hr fib there and it is battling at the moment
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #1,270
  • Dec 11, 2006 11:02am Dec 11, 2006 11:02am
So what is the target turn to SHORT for GU
Quoting africanpip
wait and see i suppose but I got a 4hr fib there and it is battling at the moment
  • #1,271
  • Dec 11, 2006 11:02am Dec 11, 2006 11:02am
Don't you want to just chase this surge up?

Waiting still.

Monarch
  • #1,272
  • Dec 11, 2006 11:04am Dec 11, 2006 11:04am
Quoting monarch
Don't you want to just chase this surge up?

Waiting still.

Monarch
what are you waiting for ?
mama
  • #1,273
  • Dec 11, 2006 11:04am Dec 11, 2006 11:04am
so what do we do? should we go long and wait for the 9700?
  • #1,274
  • Dec 11, 2006 11:05am Dec 11, 2006 11:05am
I am so wanting this price to drop back and close the hourly at around 1.9555 or so.

That would place a large nose on the donkey, and we would be short from there.

I am watching now as the 1.9566 is the fence to be straddled?

Any Takers?

Monarch
  • #1,275
  • Dec 11, 2006 11:14am Dec 11, 2006 11:14am
If you excuse me,

In Forex, the most difficult for me is to get the terms you all say here. "nose on the donkey", "nice pair of hooters", "clouds above, no sunshine"...LOL

But, keep going... I'm learning A LOT here... Thanks.
  • #1,276
  • Dec 11, 2006 11:20am Dec 11, 2006 11:20am
did long at 9564...hope it reach 9700....
  • #1,277
  • Dec 11, 2006 11:24am Dec 11, 2006 11:24am
The hooters are self explanatory. T

The clouds I was referring to was the resistance we was bumping at the 1.9566 area, and the sunshine has now poked through the clouds and you see the rainbow above on the surge GBP/USD made just this past hour.

It may be a pot of gold many are looking for here in this surge upwards, but it may actually turn out to be fools gold. LOL
(I missed the Boat to China here on a good buy - I pulled the plug to early)

The nose on the donkey is a phrase I just coined up today. What I am making reference to is a Pin Bar (Nose and eyes).

I just called it a donkey because it has been making a lot of noise, but really has not done a lot.

Hope that helps, I will try to correct my Lingo, and be more Forex Politically Correct.

Sorry to every one.

Monarch
  • #1,278
  • Dec 11, 2006 11:29am Dec 11, 2006 11:29am
Quoting monarch
I will try to correct my Lingo, and be more Forex Politically Correct.
Monarch
No! Never mind, Monarch... As I said keep going because I'm learning a lot here.

But sometimes, I have to give myself a time here just to roll on the floor with your terms...

As a friend of mine use to say: Keep Walking.
  • #1,279
  • Dec 11, 2006 11:31am Dec 11, 2006 11:31am
Quoting titikokatiting
did long at 9564...hope it reach 9700....
good call, .......I also pulled out too early but seemed right at the time can't complain. But I didn't take my own advice and long at 9560.
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #1,280
  • Dec 11, 2006 11:36am Dec 11, 2006 11:36am
Looking at the Fibo on the 4 Hour

Low was 11/17/06 at 1.8834
High was 12/1/06 at 1.9846
The 38.2% Fibo retrace is 1.9461
We hit this Fibo Yesterday and bounced up.

Now on the Retrace upward
High was 12/1/06 at 1.9846
Low was 12/10/06 at1.9464
The 38.2% Ribo retrace is 1.9608

50% is at 1.9652
61.8% is at 1.9697

This is the Target Fixme1too is looking at.

Monarch
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