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Cable Update (GBPUSD)

  • #3,781
  • Dec 28, 2006 5:26pm Dec 28, 2006 5:26pm
I think she may be goin' down, but what do I know.
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Life is too short to have anything but delusional notions about yourself.
  • #3,782
  • Dec 28, 2006 5:28pm Dec 28, 2006 5:28pm
Sorry, that was the Euro, but I watch it as closely as the Pound.
Life is too short to have anything but delusional notions about yourself.
  • #3,783
  • Dec 28, 2006 5:28pm Dec 28, 2006 5:28pm
Quoting lonespruce
1.9562
Lonespruce,

1.9563ish was Thursday's low; assuming support is now in the 9550-9560 area, it would make sense for cable to drop to 1.9562 as it continues establishing the new support level.

Also guys and gals, if you draw your fib on the 1 HOUR CHART, from Dec 18th's low of 9430 to the Dec 20th high of 9750, you will see all the prices moving about the fib levels. For example, you'll see today's high bounced of the 23 level; you'll see 9550 at the 61 fib (with six bounces over the last week) and you'll see current price hovering at 38 fib.

So QwikTrader, I don't know lonespruce's reasoning but the following makes sense to me: the last two times price passed 9675 breaking through 23 fib on the 21st and 22nd of December, cable fell back to the 61 fib, which as we know is 9550. However, because cable broke through Cesarnc's Channel, chances are it won't fall that low this time but more likely to fall to 9560-9570.

One last point, there's a nice little pin bar on the one hour, signaling a possible move to the upside and as we know, overnight it's not unusual for cable to move up.

Conclusion: Overnight gain to 9650 area, followed by short move targeting 9560ish, more like 9570. Higher gain tonight helps lock in 100 pips to the downside as we move to 9570 tomorrow.
  • #3,784
  • Dec 28, 2006 5:38pm Dec 28, 2006 5:38pm
Thank you for you thoughts MoneyMaster it's much appreciated. I'm still in the learning phases here and what you're saying makes complete sense. I gotta get good at this as my wife and I just had a baby girl on Friday and I need to bring in some extra cashola!
If you can't produce some results and make some serious PIPS, YOU'RE FIRED!
  • #3,785
  • Dec 28, 2006 5:49pm Dec 28, 2006 5:49pm
Quoting Qwiktrader
Thank you for you thoughts MoneyMaster it's much appreciated. I'm still in the learning phases here and what you're saying makes complete sense. I gotta get good at this as my wife and I just had a baby girl on Friday and I need to bring in some extra cashola!
Thanks for the comments Qwiktrader and congratulations....I'm curious though: you and your wife had a baby girl do what on Friday??? Walk?? Talk?? Make pips in her first trade??

Seriously though congrats on that life-changing, life-enhancing event. Gives you a year to get ready for next Christmas!!!

And by the way, everyone here is learning as forex is a live, dynamic market composed of live, dynamic trading individuals and individuals managing trading institutions. So it will always demand we learn something new daily. You learn, you earn. Simple.
  • #3,786
  • Dec 28, 2006 5:56pm Dec 28, 2006 5:56pm
EWT guys are looking for 9685 tonight. IMHO, since cable reached 9650ish three times today it could do so again tonight for a modest 30 pips. So while I can live with the EWT call of 9685 (as 9675 is the 23 fib), I'll TP at 9650.Just information; not a recommendation.
  • #3,787
  • Dec 28, 2006 6:00pm Dec 28, 2006 6:00pm
Many of my indicators are pointing at or near down, if there is to be a push up, should find some resistance at 9680 area, however, i dont see this move up today, i think it should be a straight shot down(probably even through 9550 area. Just a guess.
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Man who scratches ass should not bite fingernails
  • #3,788
  • Dec 28, 2006 6:07pm Dec 28, 2006 6:07pm
Sure is pushing down now Leugimp.... hope I set a deep enough SL!! It should turn between 9609 and 9605...
  • #3,789
  • Dec 28, 2006 6:08pm Dec 28, 2006 6:08pm
It's funny you ask Money! The wifey woke me up at 1:30am PST on Friday because she was having a ton of contractions and while she was in the shower I ran down to check out the market and I was able to put a nice short on the cable and had a sweet return as it hit my TP. So I got two nice gifts for XMAS a baby girl and some PIPS, LOL!
If you can't produce some results and make some serious PIPS, YOU'RE FIRED!
  • #3,790
  • Dec 28, 2006 6:11pm Dec 28, 2006 6:11pm
Quoting Qwiktrader
It's funny you ask Money! The wifey woke me up at 1:30am PST on Friday because she was having a ton of contractions and while she was in the shower I ran down to check out the market and I was able to put a nice short on the cable and had a sweet return as it hit my TP. So I got two nice gifts for XMAS a baby girl and some PIPS, LOL!
That's fabulous!! Remember that story for your daughter!!
  • #3,791
  • Dec 28, 2006 6:11pm Dec 28, 2006 6:11pm
If you go back in time it does appear that every night/early am from the start of every new trading day through the European open the cable tends to rise and fall in the middle of the night but none the less it tends to go up first before falling.
If you can't produce some results and make some serious PIPS, YOU'RE FIRED!
  • #3,792
  • Dec 28, 2006 6:15pm Dec 28, 2006 6:15pm
Quoting MoneyMa$ter
Sure is pushing down now Leugimp.... hope I set a deep enough SL!! It should turn between 9609 and 9605...
that would be the 50% mark on the afternoon move. Somehow, though I dont see it holding today - more likely to me straight shot today to 9500.
Man who scratches ass should not bite fingernails
  • #3,793
  • Dec 28, 2006 6:15pm Dec 28, 2006 6:15pm
Quoting Qwiktrader
If you go back in time it does appear that every night/early am from the start of every new trading day through the European open the cable tends to rise and fall in the middle of the night but none the less it tends to go up first before falling.
I'm so glad somebody vetted that...and you win...another baby daughter next year!!!!

I think it starts around 22:00 GMT and continues perhaps on average 30-40 pips, although a couple of nights it ran wild. Haven't studied it, but a quick review shows there's some truth to that move.
  • #3,794
  • Dec 28, 2006 6:16pm Dec 28, 2006 6:16pm
Quoting MoneyMa$ter
Sure is pushing down now Leugimp.... It should turn between 9609 and 9605...
Famous last words MM...
  • #3,795
  • Dec 28, 2006 6:20pm Dec 28, 2006 6:20pm
9609.....9608.....9607.....

Like watching paint dry; think I'll fix a snack, watch ESPN, snooze, and return to a profit.
  • #3,796
  • Dec 28, 2006 6:20pm Dec 28, 2006 6:20pm
Quoting MoneyMa$ter
Famous last words MM...
how would u know that exactly?
Ghost Swoopen in for my pips while no one is lookin !!
  • #3,797
  • Dec 28, 2006 6:23pm Dec 28, 2006 6:23pm
Quoting Ghostpipper
how would u know that exactly?
Know what exactly, GP?
  • #3,798
  • Dec 28, 2006 6:25pm Dec 28, 2006 6:25pm
Here is what my chart looks like. 15min time frame. If we can get through 1.9606 we shouldn't have a problem getting to 1.9562

Moneymaster - you're obviously a wise and rich man... I wish I had your way with words - I'd be better able to explain my reasoning then

Hope you all capture the move that you see coming
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  • #3,799
  • Dec 28, 2006 6:26pm Dec 28, 2006 6:26pm
I would love to see this sucker hit around 9650 before partying on down to the 9500s. We'll have to wait and see but I've been holding onto a long position as well for a little bit now and am hoping for that move to exit and then short!
If you can't produce some results and make some serious PIPS, YOU'RE FIRED!
  • #3,800
  • Dec 28, 2006 6:30pm Dec 28, 2006 6:30pm
just wanted to wish you all a happy(drunken) safe new year. Good luck with the pound tomm hope you all go out with a bang, in the good way. Since I had a great day(my bang), and could make arguments for both ways on the USD; I am done trading till 2007 man that seems far away!!! Hope you all find continued success in this exciting market.



best,
Mike

Oh yea this is my 300th post so now its a real party
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