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Cable Update (GBPUSD)

  • #2,701
  • Dec 20, 2006 3:52am Dec 20, 2006 3:52am
probably no big moves today. the price cant seem to break though my 76.4 and 61.8 fib. probably tomorrow.
  • #2,702
  • Dec 20, 2006 3:55am Dec 20, 2006 3:55am
Does this look like a W formation guys? drop a bit and then go up? any comments?
Attached Image
  • #2,703
  • Dec 20, 2006 3:56am Dec 20, 2006 3:56am
Jeez, this is sure a big change from last night !! I have conflicting signals right now so don't know which way to jump. Maybe should just wait for New York. Any ideas??
  • #2,704
  • Dec 20, 2006 4:00am Dec 20, 2006 4:00am
Quoting fxkenny
Jeez, this is sure a big change from last night !! I have conflicting signals right now so don't know which way to jump. Maybe should just wait for New York. Any ideas??
same here, got alerted with both buy and sell.

As of now, it hasn't broken out of the european open and close candle. I'd wait until it breaks out either direction before jumping in.. sure is a quiet morning..
  • #2,705
  • Dec 20, 2006 4:03am Dec 20, 2006 4:03am
this thing is afraid to leave 19700. are the traders out at high tea???
  • #2,706
  • Dec 20, 2006 4:08am Dec 20, 2006 4:08am
Quoting mtrmth
this thing is afraid to leave 19700. are the traders out at high tea???
Maybe everybody is already mixing up the eggnog?
  • #2,707
  • Dec 20, 2006 4:46am Dec 20, 2006 4:46am
Quoting yulvme
Does this look like a W formation guys? drop a bit and then go up? any comments?
Target near enough to 1.9980 off that W.
9740 and 9850 are massive overhead Resistance but we should in thory slice through for the $2 grail clip.

But usd/jpy has to mirror/sync along with the europeans for a true $ thrashing!
  • #2,708
  • Dec 20, 2006 5:17am Dec 20, 2006 5:17am
The pound before yesterdays 200 pip run has move 200 pips (difference between the daily high and the daily low) 30 times and 26 of those times (86.7%) of the time it has retraced to the 23.6 fib level which is 9647. Also on my chart it end with DBHLC (Double Bar High Lower CLose). We will have to wait and see how strong of an attraction the 23.6 fib level is and how strong the DBLHC is. That also would be the bounce of off the descending trend line. Just looking for technical direction.
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  • #2,709
  • Dec 20, 2006 5:44am Dec 20, 2006 5:44am
Is Crude Oil Inventories a potential market mover?
  • #2,710
  • Dec 20, 2006 5:51am Dec 20, 2006 5:51am
Quoting goodthings
Haven't figured that one still working on the wedge
May I know where u found the wedge?
  • #2,711
  • Dec 20, 2006 5:58am Dec 20, 2006 5:58am
Quoting goodthings
The pound before yesterdays 200 pip run has move 200 pips (difference between the daily high and the daily low) 30 times and 26 of those times (86.7%) of the time it has retraced to the 23.6 fib level which is 9647. Also on my chart it end with DBHLC (Double Bar High Lower CLose). We will have to wait and see how strong of an attraction the 23.6 fib level is and how strong the DBLHC is. That also would be the bounce of off the descending trend line. Just looking for technical direction.
Agreed; I've positioned orders below this current range of 9710 - 9730, looking for that 100 pip move to the 23 fib. Until the breakout, it's a scalper's market.
  • #2,712
  • Dec 20, 2006 6:00am Dec 20, 2006 6:00am
USD only needs a good data then it will going down and will retrace to its position on which it was on the day when it move to the current position.
  • #2,713
  • Dec 20, 2006 6:24am Dec 20, 2006 6:24am
agreed, today is scalper day, already got 30 pips till now

  • #2,714
  • Dec 20, 2006 7:08am Dec 20, 2006 7:08am
Quoting garitempe
agreed, today is scalper day, already got 30 pips till now

How do you make a decisions on where to scalp? The candles just go up and down - you cannot predict where they are going to go - How can you be sure so you do not loose
mama
  • #2,715
  • Dec 20, 2006 7:16am Dec 20, 2006 7:16am
Quoting Mama007
How do you make a decisions on where to scalp? The candles just go up and down - you cannot predict where they are going to go - How can you be sure so you do not loose
Do what the other guy did, lol which is throw in any position if it stops you out reverse and if that stops out reverse again.. until you throw out your computer..!

just kidding DO NOT USE THIS IDEA..
  • #2,716
  • Dec 20, 2006 7:42am Dec 20, 2006 7:42am
The bullish trend in the market is understandble, the upward move seems that market is trying to reach its high of 1.9846, which if breaks a new high can be seen i.e. its psychological level of $2.0000. the pair needs a very strong data to pull back to its below 1.90 level, but first its needs to break the level 1.9177, which for the moment seems quite impossible (But in the forex market nothing is impossible)
  • #2,717
  • Dec 20, 2006 7:42am Dec 20, 2006 7:42am
9700 a support during the last 4 hours... What does it tell you? I'm clueless...

... as I've been consistently ...
  • #2,718
  • Dec 20, 2006 7:45am Dec 20, 2006 7:45am
Quoting Asif
The bullish trend in the market is understandble, the upward move seems that market is trying to reach its high of 1.9846, which if breaks a new high can be seen i.e. its psychological level of $2.0000. the pair needs a very strong data to pull back to its below 1.90 level, but first its needs to break the level 1.9177, which for the moment seems quite impossible (But in the forex market nothing is impossible)
Are you sure you mean 19177?
mama
  • #2,719
  • Dec 20, 2006 7:55am Dec 20, 2006 7:55am
Buy near support @9700 & sell near resistance @9727...this has been the range 4 the past 3 hours....
Quoting Mama007
How do you make a decisions on where to scalp? The candles just go up and down - you cannot predict where they are going to go - How can you be sure so you do not loose
  • #2,720
  • Dec 20, 2006 8:00am Dec 20, 2006 8:00am
[quote=forexnovice]Buy near support @9700 & sell near resistance

Thanks ForexNovice

I will keep an eye on that idea
mama
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