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Cable Update (GBPUSD)

  • #2,761
  • Dec 20, 2006 11:20am Dec 20, 2006 11:20am
I think that the GBP/USD will go down and maybe we will see an inverted h&s formation on the 4h chart. Right now i am looking at the formation of the right shoulder. (Left shoulder at 1.9460 zone, head at 19445 zone, and right shoulder: ? )<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

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Just a supposition <o></o>

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  • #2,762
  • Dec 20, 2006 11:27am Dec 20, 2006 11:27am
All my time frame indicators are showing a sell indication. 9530 just gave way on GBP/USD. EUR/USD is playing ball also. I "think" we see 9540 sometime soon.
  • #2,763
  • Dec 20, 2006 11:29am Dec 20, 2006 11:29am
Quoting fxkenny
All my time frame indicators are showing a sell indication. 9530 just gave way on GBP/USD. EUR/USD is playing ball also. I "think" we see 9540 sometime soon.
Do you think that will happen today?
mama
  • #2,764
  • Dec 20, 2006 11:31am Dec 20, 2006 11:31am
That would be 220 pips for today, a bit too much in my opinion. Then he has nothing left for tomorrow.
  • #2,765
  • Dec 20, 2006 11:34am Dec 20, 2006 11:34am
Quoting Mama007
Do you think that will happen today?
Probably not. I am going to let this one ride with a trail. This time of year anything can happen. Fundamentally, I think the USD may have a slight upper hand right now. My techs are supporting this, so I am going to let it play out until my indicators change or my stop is hit. I am going to the beach now and will check back this evening. (With a bigger balance I think)
  • #2,766
  • Dec 20, 2006 11:34am Dec 20, 2006 11:34am
Quoting Mama007
Do you think that will happen today?
The answer is Yes. Do you believe me ?

  • #2,767
  • Dec 20, 2006 11:39am Dec 20, 2006 11:39am
Goodthings,
what is the percentage of 200 plus previous days retracing to 38.2, in our case 9616?
thanks
tom
  • #2,768
  • Dec 20, 2006 11:42am Dec 20, 2006 11:42am
Quoting fxkenny
All my time frame indicators are showing a sell indication. 9530 just gave way on GBP/USD. EUR/USD is playing ball also. I "think" we see 9540 sometime soon.
U mean if it hit 540, it will go up or down?
  • #2,769
  • Dec 20, 2006 11:45am Dec 20, 2006 11:45am
Cable opened today around 1.9707, and is closing in on its 100 pip move for the day. Now the question is whether cable has enough momentum to break through the 23 fib (9609ish) or will it simply test that level and bounce. A week ago 13 December, cable bounced at this same fib level, around 9602.
  • #2,770
  • Dec 20, 2006 12:04pm Dec 20, 2006 12:04pm
Interestingly enough, the cable uptrend began at open, 1.9476 yesterday, 19 December which also approximates the 38 fib.

A similar run and retracement began 11 Dec and ended on 18 Dec (See 4h chart). Are we seeing the same price movement, with some imbedded elliott upwaves preceding the downward trend on the way to the 38 fib?
  • #2,771
  • Dec 20, 2006 12:06pm Dec 20, 2006 12:06pm
looks like it is taking a nap!! this is like giving birth, wait wait wait!!!aaarrrggghhh!!!! will the data from japan tonight cause any movement in the pound??? or just affect the pound/yen??? or will we have to wait til 4:30 for gbp data??
  • #2,772
  • Dec 20, 2006 12:12pm Dec 20, 2006 12:12pm
Quoting mtrmth
looks like it is taking a nap!! this is like giving birth, wait wait wait!!!aaarrrggghhh!!!! will the data from japan tonight cause any movement in the pound??? or just affect the pound/yen??? or will we have to wait til 4:30 for gbp data??
Bull climbs the hill fast and angry... The Bear is a fat lazy bast..... Has to rest a little even going DOWNWARDS !!!
  • #2,773
  • Dec 20, 2006 12:17pm Dec 20, 2006 12:17pm
Cable on monthly looks like a broadening triangle in progress to me. Might turn into a diamond later on.
  • #2,774
  • Dec 20, 2006 12:25pm Dec 20, 2006 12:25pm
For me it looks (in 15m chart) like a Wave 4 up now, then a Wave 5 down.
Price could wait with more corrections until london open for more down.

http://img238.imageshack.us/img238/5...sddailyrs8.jpg
  • #2,775
  • Dec 20, 2006 12:31pm Dec 20, 2006 12:31pm
Quoting katzenhai2
For me it looks (in 5m chart) like a Wave 4 up now, then a Wave 5 down.

http://img238.imageshack.us/img238/3...sddailytv6.gif
I think you're right.
Good observation.
  • #2,776
  • Dec 20, 2006 12:32pm Dec 20, 2006 12:32pm
Have edited the picture above.
Price could wait with more corrections until london open for more down.
  • #2,777
  • Dec 20, 2006 12:42pm Dec 20, 2006 12:42pm
Quoting katzenhai2
Have edited the picture above.
Price could wait with more corrections until london open for more down.
Do you think it will go down more on the London open and to what level? Hope you dont mind me asking?
mama
  • #2,778
  • Dec 20, 2006 12:55pm Dec 20, 2006 12:55pm
Well I am sitting here looking at the charts posted on the thread, but I do not have access to a live chart as of now.

I would say that we have hit our high around the 1.9740 area for the week, and now we are seeing the drop off from the jump up.

Looking at this weeks formation, it looks to be doing the same thing we seen during last weeks formation.

Drop down first - then jump up several hundred pips, then down, but we will not see the low go below last weeks low.

This is setting up for a higher high next week, before eventually hitting the 2's area that were expecting to see.

Hope everyone is enjoying their vacations, get ready for some great trading in January 07.

Monarch
  • #2,779
  • Dec 20, 2006 1:20pm Dec 20, 2006 1:20pm
Time test
  • #2,780
  • Dec 20, 2006 1:34pm Dec 20, 2006 1:34pm
Time test
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