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Cable Update (GBPUSD)

  • #2,861
  • Dec 21, 2006 9:47am Dec 21, 2006 9:47am
Quoting cesarnc
If Cable is mirroring last week, as I think so and am working with, you will notice that "big downs" took place in GMT mornings - up to 1200 GMT. Then recovering during the afternoon.

I am not trading this "blindfold", but once price movements indicates that the pattern is about to happen, I go based on last week channel...

César
Good point Cesar,

Cable bottomed out today at 9555 around 13:30 gmt and has since risen to its current level of 9600 at 15:30 gmt. So cable price should continue rising or at least stabilizing, then begin falling around 01:00 GMT, until around 12:00 GMT, toward the aforestated target of 100+ pips, which would be approx 9490.

Good team work fellas! Sounds like a plan to me.
  • #2,862
  • Dec 21, 2006 9:48am Dec 21, 2006 9:48am
Not only is the market doing the same as last week, it's doing the exact same as yesterday. A 5 wave upgoing followed by a sharp drop is what Im thinking. Look on the 30 minute charts from today and yesterday, exactly the same. The first wave up just came, now consolidation and then the rest come after.
I dream, therefore I become.
  • #2,863
  • Dec 21, 2006 9:52am Dec 21, 2006 9:52am
Exactly! So much better trading when you can see a pattern, isn't it? I'm mean, you may be wrong, but you'll never get caught pants-off like last Monday...

I still think this consolidation between 9625 and 9650, given last week.

Quoting mike w
Not only is the market doing the same as last week, it's doing the exact same as yesterday. A 5 wave upgoing followed by a sharp drop is what Im thinking. Look on the 30 minute charts from today and yesterday, exactly the same. The first wave up just came, now consolidation and then the rest come after.
  • #2,864
  • Dec 21, 2006 9:54am Dec 21, 2006 9:54am
I think your right about the consolidation also. Right now it's leading right into it, then comes the dullness of the afternoon market and then the huge downfall again.
I dream, therefore I become.
  • #2,865
  • Dec 21, 2006 9:58am Dec 21, 2006 9:58am
Plus the nice little pin formation on the 1H.
  • #2,866
  • Dec 21, 2006 10:01am Dec 21, 2006 10:01am
Quoting cesarnc
I still think this consolidation between 9625 and 9650, given last week.
Yeah, I'm getting out around 9640. Makes 9490 a beautiful target!
  • #2,867
  • Dec 21, 2006 10:03am Dec 21, 2006 10:03am
Quoting MoneyMa$ter
Yeah, I'm getting out around 9640. Makes 9490 a beautiful target!
So 9640 it is!...

P.S. Tell the big boys, willya?
  • #2,868
  • Dec 21, 2006 10:03am Dec 21, 2006 10:03am
I think cable will go further down at 12:30GMT tomorrow when Core Durable Goods and Core PCE news comes out. So let's trade long for now until before London opens tomorrow.
  • #2,869
  • Dec 21, 2006 10:06am Dec 21, 2006 10:06am
Dont know why I wasn't allowed to post earlier, but cable formed nice little negative reversal and straight shot to target occured. It is forming once again. As long as 1.9663 isn't taken out, look for a reversal and move down to 1.9520.
Man who scratches ass should not bite fingernails
  • #2,870
  • Dec 21, 2006 10:11am Dec 21, 2006 10:11am
Well folks, I did not even look at one chart live this week, but I did see a few here on the thread, and I can tell you that your going to see a close near the same vicinity as last week.

There is a good 250-300 pips in this channel, but remember that this week we found ourselves going a little higher, and it should continue for next week as well.

With the Big Money on vacation, we propbably will not be seeing the close above the 1.9700 at the end of the Months Candle closing.

I really expect the price to stay below the 1.9700 mark at the end of Dec. Candle Close, which will set us up for the hard push to the 2's area in early Jan.

This is perfect conditions the past several weeks to be making a killing on pips. If you watch the close Friday, it should be around last weeks closing price. Then this Sundays Open should drop once again, then push for a Higher High for the Week.

Who can really Know?

Well, MoneyMaster and I have been slowly paving the way, but it looks like the "scalping trader panic" has set in, and you act as if GBP is a runaway train.

Think Again, it is only setting a foundation for what is really expected to happen in January, the question lays before us here. Up or Down?

I am still in position for the 1.9840 area for a Short (small target of 150-200 pips in the drop) then will set forth my Long to the top of the 2's.

This is only my view of the GBP - Do not trade or take any trade signals according to my post - you may find yourself in a large hole of despair!!

Monarch

Quoting MoneyMa$ter
Hello??? Why the surprise???

Above is my quote from yesterday at post #2806, quoting earlier posts and agreement with Monarch. Cable didn't quite hit 9713 overnight but hit 9698 and then went short. Key words "short to 9600 or less". So far, this week is a mirror of last week, particularly from the 4h chart.
  • #2,871
  • Dec 21, 2006 10:15am Dec 21, 2006 10:15am
Riding in the desert on a horse with no name.... a desert called the afternoon valley, looking to flatten out at 9590, then return long....
  • #2,872
  • Dec 21, 2006 10:16am Dec 21, 2006 10:16am
Still difficult to me to swallow those 20pips / 5min variation... I'll need a cardiologist by Jan 2...
  • #2,873
  • Dec 21, 2006 10:23am Dec 21, 2006 10:23am
hello none of you trading the philly fed at 5.00GMT? Am I alone? help!!
mama
  • #2,874
  • Dec 21, 2006 10:23am Dec 21, 2006 10:23am
Quoting Monarch
Well, MoneyMaster and I have been slowly paving the way, but it looks like the "scalping trader panic" has set in, and you act as if GBP is a runaway train.
Not everyone is a long term trader.
  • #2,875
  • Dec 21, 2006 10:29am Dec 21, 2006 10:29am
I'll Just wait for tomorrows PCE.
Quoting Mama007
hello none of you trading the philly fed at 5.00GMT? Am I alone? help!!
  • #2,876
  • Dec 21, 2006 10:37am Dec 21, 2006 10:37am
Quoting Mama007
hello none of you trading the philly fed at 5.00GMT? Am I alone? help!!
I thinking about closing my position prior to the news... Then get back to the "just-like-past-week" strategy...

Do you all think this upcoming news can (may, might, will) shake things here? I'm not in a position to risk losing 50 pips for the greed to make them... I'm working to close the holes left by Tuesday's insanity

Thoughts?
  • #2,877
  • Dec 21, 2006 10:40am Dec 21, 2006 10:40am
Quoting katzenhai2
Not everyone is a long term trader.
What??
I'm known as a NewsTrader!!! But I also understand how FA and TA work together, so when there's no trend-making news I can read charts or use EAs as necessary. But no one's ever accused me of being a long term trader!!! That's too funny!!
  • #2,878
  • Dec 21, 2006 10:43am Dec 21, 2006 10:43am
Quoting MoneyMa$ter
What??
I'm known as a NewsTrader!!! But I also understand how FA and TA work together, so when there's no trend-making news I can read charts or use EAs as necessary. But no one's ever accused me of being a long term trader!!! That's too funny!!
so quickly give us some advice on how to trade the philly fed please
mama
  • #2,879
  • Dec 21, 2006 10:44am Dec 21, 2006 10:44am
Quoting MoneyMa$ter
accused me of being a long term trader!!!

I usually feel accused when people use the term "scalp"

  • #2,880
  • Dec 21, 2006 10:49am Dec 21, 2006 10:49am
Must be the holy-days!!!
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