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Cable Update (GBPUSD)

  • #1,661
  • Edited Feb 2, 2007 3:50pm Dec 13, 2006 9:10am | Edited Feb 2, 2007 3:50pm
Quoting Mama007
Can you tell me where you draw your fibo lines on the 5 min chart - Is it from the high of the day?
Here is the Fibo example
  • #1,662
  • Dec 13, 2006 9:15am Dec 13, 2006 9:15am
Quoting forexnovice
Dont know whether this will help u. Give it a try.
Thanks for the links, I am printing them now.

Monarch
  • #1,663
  • Dec 13, 2006 9:18am Dec 13, 2006 9:18am
Quoting monarch
Here is the Fibo example
Thanks Monarch for your assistance

I live in London and all these fifferent time franes are doing my head in !! according to mtatrader my high of the day would have been about 19727
so I am confused a bit
mama
  • #1,664
  • Dec 13, 2006 9:19am Dec 13, 2006 9:19am
Your correct, thanks for the help.

I do not have a Fibo mark for this when I ran some numbers the other day.

I put a mark on the Chart for this number, I either figured it wrong, or just placed a point of Entry for a Short that is waiting now.

Thanks for the correction, it is a lifesaver.

I need to change my Charts right now.

Monarch


Quoting ikholod
Well,

Let's see:

High on Dec 1 = 1.9848
Low on Dec 11 = 1.9465

So, the range = 1.9848 - 1.9465 = 383
78% of 383 = 298.74

So, a 78% retracement would roughly put us at 1.9465 + .0299 = 1.9764

1.9764 is not equal to 1.9743 and that is why I asked the question.
  • #1,665
  • Dec 13, 2006 9:22am Dec 13, 2006 9:22am
The 2nd file contains the info regarding average pips per day
Quoting monarch
Thanks for the links, I am printing them now.

Monarch
  • #1,666
  • Dec 13, 2006 9:24am Dec 13, 2006 9:24am
Quoting monarch
Your correct, thanks for the help.

I do not have a Fibo mark for this when I ran some numbers the other day.

I put a mark on the Chart for this number, I either figured it wrong, or just placed a point of Entry for a Short that is waiting now.

Thanks for the correction, it is a lifesaver.

I need to change my Charts right now.

Monarch
Monarch,

No problem. I'm learning a ton from you, so no need to thank me. BTW, what is the "official" FIBO number that you use after 61.8? Is it 78 like you say? For some reason I thought it was 78.6.

Also, for all of those who don't know, there is no reason to manually calculate these levels. You can just go to Properties on your fibo extensions and add the level you want, like 78.
  • #1,667
  • Edited 9:41am Dec 13, 2006 9:30am | Edited 9:41am
Gbp auto Fibo
Attached Image
  • #1,668
  • Dec 13, 2006 9:32am Dec 13, 2006 9:32am
Well I guess we are all 50/50 most of the time. Just in this thread alone you have those who are long right now, and those who are short.
(It seems my account is always on the short end)

I am looking at every time frame there is, and making a mess out of my charts. The charts I post here are generic, if I placed my actual charts on the post, there would be an outcry.

Given the strength of the Pound the past few weeks, actually over the year to be more precise, it takes a little time to blow out the steam from this great upwards move.

We stared in the low 1.7xxx area and now find ourselves at 1.9700 area, just about 2500 pips give or take.

Also we are facing a large obstacle in the road. Not just an a little varment that you hit and feel a little bump, but a very large Moose is standing in the middle of the road. I guess it will all depend on the force that the vehicle/vessel hits the roadblock will decide the outcome.

In reality, the Big Money Movers are driving the vehicle up the road, and they will decide if they want to press forward or not. Were the little guy who sits on the sidelines, and jumps in for one play, and back out again.

Monarch


Quoting Geldmeister
Thanks Monarch, I also only started to consider fibs more seriously recently (there was just too much other stuff to take during my first few months of FX).

As a small aside, on my chart the 76.4 fib is @ 9755 (rather than your 9743).

More critically, you seem pretty convinced that cable will go back up at least to 76.4% rather than down from here. If so, where do you take that conviction from - given that some cynics might argue it's actually 50/50 most of the time?

Thanks again for your valuable insights!
  • #1,669
  • Dec 13, 2006 9:33am Dec 13, 2006 9:33am
The picture in my mind has changed for the GBP/USD. The technicals picture is very close to being short looking, the candlestick formations agree with a short, and the Fundamentals agree. I went short on the last bounce up at 675. One thing that can change the picture would be if the Pound has a very good Retail Sales tonight to change the picture, but right now I have to disagree with most of you. I expect a dip to 9595 and a break lower would give us 9565, and then way down at 9515 is the 377 EMA the GBP bounced from earlier this week...Guess we'll know soon enough.
  • #1,670
  • Dec 13, 2006 9:34am Dec 13, 2006 9:34am
Quoting ikholod
Monarch,

No problem. I'm learning a ton from you, so no need to thank me. BTW, what is the "official" FIBO number that you use after 61.8? Is it 78 like you say? For some reason I thought it was 78.6.

Also, for all of those who don't know, there is no reason to manually calculate these levels. You can just go to Properties on your fibo extensions and add the level you want, like 78.
Just found that on my charts.

Boy I would lose my head if it wasn't being controlled by my wife.

Monarch
  • #1,671
  • Dec 13, 2006 9:39am Dec 13, 2006 9:39am
Quoting lockstock
Try here: http://www.bloomberg.com/tvradio/tv/


cheerio

www.newsstrike.com
  • #1,672
  • Dec 13, 2006 9:42am Dec 13, 2006 9:42am
Quoting trademe4x
www.newsstrike.com

Yes they are good for the US news events but for the UK you better find someone else. I find Trade the News pretty good, and of couse a Bloomberg terminal is the best but it runs around $1700/month and Reuters is 2nd best running around $800 a month. Forget about Bloomberg radio... That's a joke if you are trading news events. On Trade the news you can use coupon code fxb3006 for 30% off per month. Good luck!
  • #1,673
  • Dec 13, 2006 9:49am Dec 13, 2006 9:49am
Quoting mmccormac
The picture in my mind has changed for the GBP/USD. The technicals picture is very close to being short looking, the candlestick formations agree with a short, and the Fundamentals agree. I went short on the last bounce up at 675. One thing that can change the picture would be if the Pound has a very good Retail Sales tonight to change the picture, but right now I have to disagree with most of you. I expect a dip to 9595 and a break lower would give us 9565, and then way down at 9515 is the 377 EMA the GBP bounced from earlier this week...Guess we'll know soon enough.
It's fallen already since this post by quite a bit but keep in mind the 89 and 144 EMA's are below it and it must break them for this down move to continue.
  • #1,674
  • Dec 13, 2006 9:54am Dec 13, 2006 9:54am
Quoting mmccormac
It's fallen already since this post by quite a bit but keep in mind the 89 and 144 EMA's are below it and it must break them for this down move to continue.
Now all we have left is the 144 EMA... Looking very good though.
  • #1,675
  • Dec 13, 2006 9:59am Dec 13, 2006 9:59am
Quoting mmccormac
Now all we have left is the 144 EMA... Looking very good though.
We now have a 10/26 ema cross but the 89 is providing a little resistance on it's way down.
  • #1,676
  • Dec 13, 2006 10:02am Dec 13, 2006 10:02am
Doesn't anyone have any input? I've been sitting here talking with myself for the past 30m. Any thoughts? What do you think about my targets that I posted earlier? Anyone?
  • #1,677
  • Dec 13, 2006 10:03am Dec 13, 2006 10:03am
so far so good!
  • #1,678
  • Dec 13, 2006 10:06am Dec 13, 2006 10:06am
well, I wanted to place a entry, but not right now.

I have to go do my real job out there

I am looking for test of support at the S1.

Monarch
  • #1,679
  • Dec 13, 2006 10:08am Dec 13, 2006 10:08am
MM ==> currently GU slowly d/t , can you advice until when Gu will turn tu U/T
  • #1,680
  • Dec 13, 2006 10:08am Dec 13, 2006 10:08am
I'm not sure about what I perceive. Is it possible that the big move down in 5-minute chart was Wave 3, then move up Wave 4 and now comes the Wave 5?
But I can't see a Wave 1 and 2 (Wave 2 would be higher than Wave 1 and it seems thats not EW-Rules confirm), so this would probably more a bigger A,B,C, which leads to the assumption its going higher and not further more down. Hmm.
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