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Cable Update (GBPUSD)

  • #2,781
  • Dec 20, 2006 1:42pm Dec 20, 2006 1:42pm
Is this what Monarch meant?

Click to enlarge.

http://i2.photobucket.com/albums/y28.../dec20_big.jpg



César
  • #2,782
  • Edited 2:22pm Dec 20, 2006 2:10pm | Edited 2:22pm
Quoting Mama007
Do you think it will go down more on the London open and to what level? Hope you dont mind me asking?
If there will be a Wave 5, Target could be around 1.9590. The 38.2% fib level from the very move up to the latest low (see pic below). Price sitting on 50% at the moment.
The 38.2% shown here in red would coincidence with a 50% retracement from the uptrend started on Monday (blue fibo).

Depends how the market react on london open and later on New York open. I have problems in predicting the market several days ahead because, everything can happen. I mostly have a look on price action and -patterns, which is easier to understand at the time of the movement.
And sure, I make many many mistakes. But thats how I see the market at the moment.

http://img105.imageshack.us/img105/7...sddailyrw4.gif
  • #2,783
  • Dec 20, 2006 4:04pm Dec 20, 2006 4:04pm
I sold cable at 1.9684 my TP was 1.9615 but my trailing stop got hit for a 45 pip profit. I am happy
I think if the pair drops below the 1.9615ish level, there is a chance it will head further south. If not, it looks bullish.
  • #2,784
  • Dec 20, 2006 4:14pm Dec 20, 2006 4:14pm
This is a nice looking chart, helps me to see it more clearly.

I can see how everyone would have thought the price was going to hit bottom last week, but actually it was a movement that brought in Short positions, then reversed back up taking their stops out.

GBP is staying within a nice channel allowing traders to make a lot of pips on the up swing and the down swings.

There has been no indication that GBP is topped out yet, therefore, trade the small channels until the Long Term Monthly Resistance of 1.9700 has been broken at the end of this month candle close.

This should set us up with a clear view of the Top, begin to reveal its reversal formation that is expected to happen in January.

GBP has had a Bull Trend that showed itself strong the past few weeks, and it will take a few more weeks to slow it down, or reverse it completely cooling this large jump in price lately.

Monarch


Quoting cesarnc
Is this what Monarch meant?

Click to enlarge.

http://i2.photobucket.com/albums/y28.../dec20_big.jpg



César
  • #2,785
  • Dec 20, 2006 4:52pm Dec 20, 2006 4:52pm
appreciate your comments, Monarch, thank you...
  • #2,786
  • Dec 20, 2006 6:30pm Dec 20, 2006 6:30pm
see post 2666 and 2675. Then you might want to go to your chart and draw it based on the picture in 2675
Quoting c1ro
May I know where u found the wedge?
  • #2,787
  • Dec 20, 2006 6:42pm Dec 20, 2006 6:42pm
I have a surprising news. GTS FXsol is so buggy, i've had wrong high's and lows all the time. Sometimes my heart skipped the beat, when i saw the highs and lows, but this time, my knees almost buckled.

check the image. My heart almost collapsed and almost choked.
Attached Image
  • #2,788
  • Dec 20, 2006 6:51pm Dec 20, 2006 6:51pm
Quoting m00jiman
I have a surprising news. GTS FXsol is so buggy, i've had wrong high's and lows all the time. Sometimes my heart skipped the beat, when i saw the highs and lows, but this time, my knees almost buckled.

check the image. My heart almost collapsed and almost choked.
You don't like to use their AccuCharts?
Steve
  • #2,789
  • Dec 20, 2006 6:54pm Dec 20, 2006 6:54pm
I tried it once, didn't like it. You use it? any better than the GTS?
  • #2,790
  • Dec 20, 2006 6:54pm Dec 20, 2006 6:54pm
if you are referring to daily high/lows, they may differ depending on what time that broker considers as the start of the day.



Quoting m00jiman
I have a surprising news. GTS FXsol is so buggy, i've had wrong high's and lows all the time. Sometimes my heart skipped the beat, when i saw the highs and lows, but this time, my knees almost buckled.

check the image. My heart almost collapsed and almost choked.
  • #2,791
  • Dec 20, 2006 6:57pm Dec 20, 2006 6:57pm
Quoting Yummybabes
if you are referring to daily high/lows, they may differ depending on what time that broker considers as the start of the day.
No no, look at the image. It shows the low as 0.7003
  • #2,792
  • Dec 20, 2006 7:20pm Dec 20, 2006 7:20pm
HEY guys and girls!
I am going long now for now.......stop loss 30pips and limit 60pips! All my strategies are affirmative with this trade. Anyone oppose? or in other words, what do you guys think?
  • #2,793
  • Dec 20, 2006 7:28pm Dec 20, 2006 7:28pm
oh yeah the white line



Quoting m00jiman
No no, look at the image. It shows the low as 0.7003
  • #2,794
  • Dec 20, 2006 7:39pm Dec 20, 2006 7:39pm
Quoting venomdesignsUK
HEY guys and girls!
I am going long now for now.......stop loss 30pips and limit 60pips! All my strategies are affirmative with this trade. Anyone oppose? or in other words, what do you guys think?
hm...what's your reasoning behind this? My indicators and my gut feeling tells me that it's going to keep going down after a bit of indecision. Though I dont have enough evidence to enter the trade either way. Cable has been wacky lately, I'm only going in if I see a very good signal.
  • #2,795
  • Dec 20, 2006 7:47pm Dec 20, 2006 7:47pm
Quoting m00jiman
I tried it once, didn't like it. You use it? any better than the GTS?
Yes I do, it seems to have all the indicators I need, and I can save it in many profiles. Very flexible.
Of course I use MT4 also.
Steve
  • #2,796
  • Dec 20, 2006 8:22pm Dec 20, 2006 8:22pm
Hello,
Just wait for the europe session.I think there will be a signal today.To me it's not wacky but sometimes not patiently to wait for the signal.good trade
cheers


Quoting Lamdun
hm...what's your reasoning behind this? My indicators and my gut feeling tells me that it's going to keep going down after a bit of indecision. Though I dont have enough evidence to enter the trade either way. Cable has been wacky lately, I'm only going in if I see a very good signal.
  • #2,797
  • Dec 20, 2006 9:31pm Dec 20, 2006 9:31pm
What I see is that cable has potential to travel up passing yesterdays high.
I took the point where it started the upward movement from yesterday and today it has retraced back to 50% fib. Normal retracement value before heading up again. Plus it just passed to the upper of my 25 moving average .Any comments?
Attached Image
  • #2,798
  • Dec 20, 2006 9:49pm Dec 20, 2006 9:49pm
Here's a 15 min chart, noticed how it was riding on the moving average? when it crossed over.. it went south and when staying on top of moving average it went north. Although that big rush upward two days ago was unexpected. It did show on the moving average that it was staying on top..
Attached Image
  • #2,799
  • Dec 20, 2006 9:50pm Dec 20, 2006 9:50pm
I short it. hmm any though? still early in the morning,so i guess time will tell.huaaa.Cheers.



Quoting yulvme
What I see is that cable has potential to travel up passing yesterdays high.
I took the point where it started the upward movement from yesterday and today it has retraced back to 50% fib. Normal retracement value before heading up again. Plus it just passed to the upper of my 25 moving average .Any comments?
  • #2,800
  • Dec 20, 2006 9:54pm Dec 20, 2006 9:54pm
Quoting parlenk
I short it. hmm any though? still early in the morning,so i guess time will tell.huaaa.Cheers.
Any reason why you shorted your position? I'm open to any comments
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