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  • #1,341
  • Dec 28, 2006 4:28pm Dec 28, 2006 4:28pm
Bigger picture short will be to 9040's before major trend upwards again.
  • #1,342
  • Dec 28, 2006 5:04pm Dec 28, 2006 5:04pm
Scott to better answer your question. After looking at some charts on different time frames hard to say if we are long or short for tomorrow. Top could be 9697 and bottom 9589. 9618 is your pivot. If 5 hours from now and considering we continue this downward trend we have been in the last 8 hours, if we get a good break on 9589 I see short for tomorrow otherwise its a chance we can get a bounce at the 9580's area and go to 9697. We still have not hit the 78% fib yet to complete a mini wave 2 on the daily of a BIG C wave we have hit 68% so by rule we do fit rule for 2 wave. Just see how things are moving 5 hours from now and watch price action if we are near the 9580's. 9604 for right now is some strong support.



Quoting Scott111552
Thanks for all your help, Fix.... tell me, are we bullish or bearish at this point?
  • #1,343
  • Dec 29, 2006 2:45am Dec 29, 2006 2:45am
Short-term look at the Pound


GBP/USD

Here is a short-term look at the British poulnd
for tommorow , the last tradinhg day of the year 2006

////////////////////////////////////////////////////////////////////

Chart #1
Attached Image
  • #1,344
  • Dec 29, 2006 2:46am Dec 29, 2006 2:46am
Chart #2
Attached Image
  • #1,345
  • Dec 30, 2006 4:34am Dec 30, 2006 4:34am
December 29, 2006

GBPUSD

BUY

Entry: 9571-9556
Target: 9645-9669
Stop: 9471
This is new system where each trade generally last 1 to 2 days at a time generating avg 80pips per day.
  • #1,346
  • Dec 30, 2006 9:57am Dec 30, 2006 9:57am
happy new year to all
  • #1,347
  • Edited Feb 2, 2007 3:49pm Dec 31, 2006 10:58am | Edited Feb 2, 2007 3:49pm
Looking at the Weekly Chart for GBP/USD, Do you see the Wave 5 complete yet, or still going higher?

Thanks
  • #1,348
  • Dec 31, 2006 10:59am Dec 31, 2006 10:59am
Fixme1too, do you have this wave going higher? How much Higher could it go?

See attached chart above ^^^^^

Thanks
  • #1,349
  • Dec 31, 2006 1:18pm Dec 31, 2006 1:18pm
Hello Monarch, I believe the cable is finished now. I'm looking for 90's now based on EWT not my new system.


Quoting monarch
Fixme1too, do you have this wave going higher? How much Higher could it go?

See attached chart above ^^^^^

Thanks
  • #1,350
  • Dec 31, 2006 1:29pm Dec 31, 2006 1:29pm
Quoting fixme1too
Hello Monarch, I believe the cable is finished now. I'm looking for 90's now based on EWT not my new system.
This seems the more reasonable direction.

I am cautious of any spike upwards, but if it starts the week with an upwards spike it would help confirm a downward direction to follow.

EW - Wave 5 looks to be exhausted at this point, I am watching for the Wave A correction.

If we head down, I would expect the Wave A correction on the Monthly taking us as low as 1.9318 area.
  • #1,351
  • Dec 31, 2006 6:12pm Dec 31, 2006 6:12pm
Happy new years Fixme,

With your new system you see the GBP/USD going up to about 9665 before dropping to 90 with EW is this correct?

EdLo
  • #1,352
  • Dec 31, 2006 6:44pm Dec 31, 2006 6:44pm
New system has nothing to do with EWT but the signal I got has cable going up between the area I posted. Have a happy new year



Quoting edlow
Happy new years Fixme,

With your new system you see the GBP/USD going up to about 9665 before dropping to 90 with EW is this correct?

EdLo
  • #1,353
  • Edited Feb 2, 2007 3:49pm Dec 31, 2006 7:12pm | Edited Feb 2, 2007 3:49pm
Here is the GBP/USD Monthly Chart.

Looks like Wave 5 is nearing it's completion.

The Weekly also is at Wave 5 completion.

This week should set our course for Wave A correction once Wave 5 Top is completed.
  • #1,354
  • Dec 31, 2006 7:13pm Dec 31, 2006 7:13pm
Fixme,

Thanks for the reply. Could you share on your new system or is it to soon?

EdLo
  • #1,355
  • Edited Feb 2, 2007 3:49pm Dec 31, 2006 7:26pm | Edited Feb 2, 2007 3:49pm
This Monthly Chart with the Fibo retracement levels and the price Channel favors a small jump possibility, with greater expectations on the downward side of the market this week.
  • #1,356
  • Edited Feb 2, 2007 3:49pm Dec 31, 2006 7:52pm | Edited Feb 2, 2007 3:49pm
Fixme1too, let me know if I am placing to many charts on your thread, I figured it is better to see what I am talking about.

Thanks

On this Daily Chart you can see the formation of a triangle/pennant which shows the Price coiling in the converging point.

A breakout downwards will be a confirmation the top is close to being complete on the Wave 5 on the Weekly and the Monthly.

If we see breakout to the upwards, then I would wait for the final top in the Weekly to form before going Short. This small breakout would probably have enough strength to compliment the 2's are for the Pound, and set us up for a great retracement in the Wave A-B-C.

Either way, I expect some support initially for the recent upward trend before giving way to the retracement that is expected.

A key to the Montly would be that we still have not seen a Closed Monthly Candle above the 1.9700 mark in 25 years or more, we shall be watching closely for the Doji candle to appear if this is the month for the trend to finally drop downward with vigor.
  • #1,357
  • Dec 31, 2006 7:58pm Dec 31, 2006 7:58pm
I was just wondering whether anyone here has been paying attention to GBP/JPY.

Usually this pair moves in response to what happens with cable or in response to what is happening with the yen. I have been interpreting the recent movement of the pair to be a reflection of cable's movement. I see nothing in what is happening to the yen to explain it nor do I believe that the yen is as weak as this pair would lead one to believe.

Basically what EW and I guess non-EW people are saying is that cable is either peaking at present or fairly close to doing so and that it will subsequently prove Newton's law of gravity.

Since I am expecting GBP/JPY to follow cable, then presumably it will also fall, which would seem to be appropriate considering everything else about these currencies.

Do any of you have any other insights into the present/future of this pair?
  • #1,358
  • Edited Feb 2, 2007 3:49pm Dec 31, 2006 8:36pm | Edited Feb 2, 2007 3:49pm
Quoting moonchild
I was just wondering whether anyone here has been paying attention to GBP/JPY.

Usually this pair moves in response to what happens with cable or in response to what is happening with the yen. I have been interpreting the recent movement of the pair to be a reflection of cable's movement. I see nothing in what is happening to the yen to explain it nor do I believe that the yen is as weak as this pair would lead one to believe.

Basically what EW and I guess non-EW people are saying is that cable is either peaking at present or fairly close to doing so and that it will subsequently prove Newton's law of gravity.

Since I am expecting GBP/JPY to follow cable, then presumably it will also fall, which would seem to be appropriate considering everything else about these currencies.

Do any of you have any other insights into the present/future of this pair?
I have not studied this pair much, but the looks of it show a very strong Bull Trend for the year 2006. GBP/JPY found Support at 205.33 in May of 2006 and has not turned back since.

Looking at its Bullish Trend which looks the same as GBP/USD in 2006, I would say that it has hit a price top at 233.32 in December 2006. I would speculate that if GBP/USD goes down so would the GBP/JPY in the same manner.

My prediction which is very loose due to my incomplete study of this pair would be a High at 233.88 which just completed this month, and a retracement to the Fibo as follows:

Fibo 38.2 at 230.75 which should be in the Corrective Wave A area.
Fibo 50% at 229.81 which would be the lowest I see if 38.2 is passed, but probably at the Corrective Wave C to be more realistic.


I will include a weekly chart for this view.
  • #1,359
  • Dec 31, 2006 9:18pm Dec 31, 2006 9:18pm
Quoting monarch
I have not studied this pair much, but the looks of it show a very strong Bull Trend for the year 2006. GBP/JPY found Support at 205.33 in May of 2006 and has not turned back since.

Looking at its Bullish Trend which looks the same as GBP/USD in 2006, I would say that it has hit a price top at 233.32 in December 2006. I would speculate that if GBP/USD goes down so would the GBP/JPY in the same manner.

My prediction which is very loose due to my incomplete study of this pair would be a High at 233.88 which just completed this month, and a retracement to the Fibo as follows:

Fibo 38.2 at 230.75 which should be in the Corrective Wave A area.
Fibo 50% at 229.81 which would be the lowest I see if 38.2 is passed, but probably at the Corrective Wave C to be more realistic.


I will include a weekly chart for this view.

Thank you for the response, it is much appreciated. I just have one question. What point are you using as the start point to figure your retracement? It cannot be 205.33.

I had been expecting you to come up with one of the 2 retracement scenarios I had drawn, one beginning at the very beginning of the trend at 192.61 in July 2005 and the second beginning with the trend line break in December 2005 at 201.13. I had never considered 205.33 from May of this year.

There are times like this when I just cannot decide where to start my retracement calculations from. No matter which of these I use, I do not get a 38.2% retracement above 222.78, with a range of 218.22 to 222.78 depending which of the 3 initial points I use.

No matter what I seem to use I end up with a deeper retracement than you do. I do not expect the pair to prove Newton's law, but I thought I was seeing the basis for a larger retracement.
Attached Image
  • #1,360
  • Edited Feb 2, 2007 3:49pm Dec 31, 2006 9:50pm | Edited Feb 2, 2007 3:49pm
Sorry I did not place that on the Chart.

Here is what I figured from:

I went line by line and eliminated every Sub Division of Fibo up to the Point where the Next Upwards Trend started at, this point was the Candle on the Weekly 12/08/2006 - the Low 225.68, and the High 233.88.

I also ran some Grand Super Cylce on the Monthly and Super Cycles on Weekly. I used the 205.33 as my new Support which ruled out any of these Cylces occurying. The reason I found this to be a good pivot was due to the fact it had surpassed the original retracement to the Super Cycle of the down trend prior. After the price broke the 3 Fibo marks on that retracement, it found support and trended upwards to where we are now.

It was at 205.33 where I sub-divided each rising Fibo and retracement, and ended up at 225.68 for the Low. This should be revealed in the retracement Fibo's I placed in my last post.
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