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Cable Update (GBPUSD)

  • #1,801
  • Dec 14, 2006 9:54am Dec 14, 2006 9:54am
1 Day Candle Folks,

Price dropped to 1.9578 which is right on top of the Candle that sent us in the upward direction. This is a key support right now, and the Bears have left the building.

Now we should settle back up in the 1.9630 area for the Close of the 4 Hour Candle. There we will see what the indicators show us, I agree with Qu|cksilver, but I am not taking any positions until there is a completed standoff.
  • #1,802
  • Dec 14, 2006 9:58am Dec 14, 2006 9:58am
Quoting Qu|cksilver
hmm... yes possible.. 2.00
yeap..i think my new position goin to be a loser side again..i guess i always prepare for the bad day..
  • #1,803
  • Dec 14, 2006 10:04am Dec 14, 2006 10:04am
time to move my sl to breakeven-nap time..gudnite everbody
  • #1,804
  • Dec 14, 2006 10:06am Dec 14, 2006 10:06am
i just close my position. today i grab 167 pip. long then short then long again the short last i long and close. i need to sleep now..
"Invest With The Insiders, Not The Masses" George Muzea
  • #1,805
  • Dec 14, 2006 10:09am Dec 14, 2006 10:09am
I'm back from the dark side, got rid of my silly short!

now profitably long, target @ 9653
sell limit @ 9651

and than will see
  • #1,806
  • Dec 14, 2006 10:09am Dec 14, 2006 10:09am
The news that sent this puppy down was actually in favor of the upward trend.

Even though the Bears jumped in and tried to move it down, the reality the Pound is still where it wants to be, and no matter how much it "looks" like its collapsing, it is not.

This is significant for my 4 Hour Candle indication. I am really liking the setup if it holds true for a closed candle above the 1.9625-1.9635 mark.

Get a feel for this, it is the Pound at its best!

Remember it usually achieves 300 pips (estimate) in one direction in a weeks course.

At that rate we hit a Low in the beginning of the week at 1.9464 which would possibly end the week at a high of 1.9764 mark.

We are still in the Positive pips trend for this week, next week we will wait and see the direction it will go?

Monarch

Please do not use this as a signal or trading strategy, it is only for the purpose of discussion on the GBP/USD currency.



Quoting monarch
I am looking (not predicting) for the price to close between 1.9625 and 1.9637. The Four Hour Candle and its indications that Fixme1too is talking about has me very curious right now.

It seems that the bottom has been tested on the 1 Hour Chart twice at the 1.9603 at 7am (Pacific) yesterday, and 1.9604 at 6am (Pacific) today.

This is helping us see there is not enough Bearish invlovement that it wants to drop hard just yet, the Bulls are hanging to their positions closely, waiting to finish this uptrend for the week.

The channel here which is looking for a breakout, I usually start looking for final positions to be entered during the Thursday trading session.expected there is a 100 pip channel now at 1.9610 to 1.9710.

I will wait for Position 3 after the 9:00 4 Hour Candle Opens(Pacific)

Monarch
  • #1,807
  • Dec 14, 2006 10:11am Dec 14, 2006 10:11am
Quoting Qu|cksilver
i just close my position. today i grab 167 pip. long then short then long again the short last i long and close. i need to sleep now..

You should change your Avatar to QuickPip!

Good Job - see you when you wake!

Monarch
  • #1,808
  • Dec 14, 2006 10:13am Dec 14, 2006 10:13am
short at 9625, based on sidus and vegas..hehe
  • #1,809
  • Dec 14, 2006 10:13am Dec 14, 2006 10:13am
today cable move with the channel... anyone dare to short again?
Attached Image
"Invest With The Insiders, Not The Masses" George Muzea
  • #1,810
  • Dec 14, 2006 10:16am Dec 14, 2006 10:16am
and the bigboys to wanna see 2.0 in the near future. Anyway time to short now again.. hopefully.
"Invest With The Insiders, Not The Masses" George Muzea
  • #1,811
  • Dec 14, 2006 10:32am Dec 14, 2006 10:32am
Possible wolf wave formation at

1) 1.9608
2) 1.9650
3) 1.9585
4) 1.9630
5) 1.9560??? (maybe tomorrow)
and up to 1.9650 again

just my thoughts ahead.
  • #1,812
  • Dec 14, 2006 10:34am Dec 14, 2006 10:34am
Quoting Qu|cksilver
i mean long for only 15-20 pips only. tomorrow short the whole day.. gd luck everyone..
Why short tomor, just short now, :
Right teaching produces right believing leads to right living. - J.P
  • #1,813
  • Dec 14, 2006 10:35am Dec 14, 2006 10:35am
5th wave is not guarenteed but seems possible. But if it forms back up to 1.9650s quite possible.
  • #1,814
  • Dec 14, 2006 10:35am Dec 14, 2006 10:35am
Appreciate ur enthusiasm. Thanks 4 the chart
Quoting Qu|cksilver
today cable move with the channel... anyone dare to short again?
  • #1,815
  • Dec 14, 2006 10:38am Dec 14, 2006 10:38am
hahaha yes if you brave to short now... but i just exit again my short...

Quoting barakah
Why short tomor, just short now, :
"Invest With The Insiders, Not The Masses" George Muzea
  • #1,816
  • Dec 14, 2006 10:50am Dec 14, 2006 10:50am
no problem.. my pleasure..

Quoting forexnovice
Appreciate ur enthusiasm. Thanks 4 the chart
"Invest With The Insiders, Not The Masses" George Muzea
  • #1,817
  • Dec 14, 2006 10:53am Dec 14, 2006 10:53am
Go ahead and Short now................
Put about - lets say a 400 pip Stop on it!

Give it a litte time to rest, reevaluate the situation some.

Daily Candle shows the Fibo (DOWN) at 1.9617
(Top - 12/1/06 / Bottom -12/11/06)
Now we are bouncing the top of Fibo 61.8% 1.9617 for the upward wave.

<Also>

Daily Candle shows the Fibo (UP)
(Bottom 11/17/06 / Top 12/1/06)
We already hit and bounced the top of Fibo 38.2% at 1.9464.

Monarch

This is my two cents worth, and if you follow my trading strategy, "you will have two cents worth".
  • #1,818
  • Dec 14, 2006 11:15am Dec 14, 2006 11:15am
Dont know about others but ur "two cents" is worth a lot of pips 4 me!! Full steam ahead 4 the Pound
  • #1,819
  • Dec 14, 2006 11:15am Dec 14, 2006 11:15am
Monarch, thx for your argument. But - maybe even just to play devil's advocat - what makes you so sure that the recent 9726 high is not the second double top and it's down from here?
Consistency and patience is everything
  • #1,820
  • Dec 14, 2006 11:23am Dec 14, 2006 11:23am
"This is significant for my 4 Hour Candle indication. I am really liking the setup if it holds true for a closed candle above the 1.9625-1.9635 mark."

The 4 Hour Candle closed at 1.9642, 5 pips higher than I wanted to see.

Now I will wait for the final setup of the next 4 Hour candle close at 1pm (Pacific)

I am looking for the price to have its movement down to a low of 1.9620, then looking for a Close of the 4 Hour Candle above 1.9650 to be set. (1.9655 is a 50% Fibo on my Hourly Chart.

Well, I am going to go do my real job for a few hours, then come back and see if this really happened.

Position 3: I entered a trade at the opening of this 4 Hour Candle - I won't say if it is Long or Short (wouldn't want anyone to get on to me)

It is an experimental trade, but to give you a clue, I had several people call me from the Bank of England telling me to go for it, it's a sure thing!!!!

See you in 4 hours.

Monarch

Don't try this at home, it could be dangerous to your health!
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