Daily Cable Analysis

Welcome to the "Daily Cable Analysis."

The purpose of this thread is to Analyze the Cable (GBP/USD) currency pair on a Daily basis.

Please keep the discussion on the Cable.

Analysis should be observed for every Time Frame
(from the 15 Minute to the Monthly).

By using different strategies and indicators, which will be identified as the thread progresses, we can identify and pin-point a better profitable entry and exit stategy.

It should be our deepest desire to exercise every fiber of our trading experience, and knowledge, to help perfect our abilities in becoming an experienced and profitable trader.

There are many different techniques for every trader; Fibo Retracements, Elliot Wave Theory, Channel Formations, Candle Formation Recognition, and etc.

I ask that every member who write a posts would take quality time in preparing your thoughts and ideas prior to posting.

Please be open minded, for there are many ideas and techniques others may have that could help all of us improve.

Strive to work in harmony, make this thread enjoyable and refreshing for every member and visitor.

Once your INTOFX you will be trading more then CABLE, you will be the most advanced scalping trader.
Welcome to the edge of success, it is up to you to press forward and learn from others who have already learned.

Breaking Point down at 1.9725 4:00 am EST (Point A)

Price breaks down to Low 1.9616 at 6:00 am EST (Point B) = 109 pips

Price retraces to 1.9639 at 7:00 am EST (Point C) = 23 pips

Total (A+B) 109 pips + (B+C) 23 pips = 132 pips to support level

At (Point C) 1.9639 to (Point D) 132 pips = price at 1.9507

Support for movement found at 1.9507 from this movement down.

Support Weekly is at 1.9503

Point of Reference for Movement.

Fibo from movement today.

High 1.9749
Low 1.9480

38.2 % Retracement 1.9582 (Likely Chance this week)
50 % Retracement 1.9614 (Unlikely Chance this Week)
61.8 % Retracement 1.9646 (No Chance this Week)

This is my analysis on the Fibo Retracement level on the 1 Hour Chart.

Not to clear of a chart

This was a chart right before movement this morning at London Open.
(I placed this on Fixme1too thread last night for a time stamp placement if you want to verify that I actually had posted this)

My projection was a downward movement to fill the gap from the market open around 1.9580 area.

I expected price to dip to the 1.9555 area and I was Short at 1.9698 during the initial drop after London Open.

So far price has filled the gap easily, and since has dropped to a low of 1.9480.

Market opened this week near 1.9580 which is around the 38.2% Fibo area of todays movement.

I have 2 positions opened now

1. Long at 1.9498 (stops and limits are pre-determined already)
2. Long at 1.9508 (stops and limits are pre-determined already)

I also have 2 positions waiting to be filled if price dips lower before we see a retracement.

1. Entry Long 1.9478 (stops and limits are pre-determined already)
2. Entry Long 1.9458 (stops and limits are pre-determined already)

This strategy of position placement is for the expecation of draw down in the movement to catch the exact location of entry point.

This is my 4 entry strategy, in which the total gain would be far greater than the total losses if price takes my stops out.

Here is the chart now.

If you don't mind me asking, is this thread going to have your positions all the time, or is it just an analysis thread?

Thanks,

TheCableGuy

I analyze the charts in every time frame to see the best possible entry.

I want this thread to be used for Analysis first, and then occasionally I will give me positions.

I placed my recent positions to give an example of my analysis and the response I followed from my own analysis.

I am not going to post to everyone which way I feel the market is going, without first examining it completely, and secondly I will take the actual position my self when I state the technical strategy in the thread.

Fair enough, I will follow up with this thread more later.

C U

TheCableGuy

Great start Monarch. Will tune in here whenever i trade. 1 characterisitc i realise from successful threads is ignoring a few replies. You do not have to reply all who post in this thread. You can simply ignore some which you classify as "nuisance" to avoid bad confrontations. Just joking .

What i learned from my own mistake recently. Accepting loss when realise bad trade is better than moving stop loss all over town. keke.

You make a good point on the Stop Loss, this is one key ingredient to a solid profit.

Most times we can enter at the right spot, but a nice exit strategy will keep profits higher.

Glad your here, please post your strategies and techniques when possible.

Thanks, my humble take is that this range 19481 to 19750 should be ending thereby new waves to come and like what you said before, totally agree but takes discipline to stay out of non farm for beginners like me.

This is a Formation of a Pennant/Flag

High 1.9846
Low 1.9432
Middle of Pennant 1.9639

Waiting for bounce here at 1.9507 support, then to see if it rises back to the middle for Triangle coil.

Breakout to Bottom is possible here, but the Pound has been in a nice channel since 12-01-06 High.

May still see a dip in price before jump up, especially after the previous Day Candle formed into a nice 218 pip (Bear) Benchmark Candle.

This was the reason for my two lower entry positions waiting, could still have a little drop, and the 2 entries would catch for a Long position.

Just wanted to say nice work Monarch! Hopefully this thread will stay CABLE and not drift to different currency pairs like so many before this one that get the thread out of focus. Happy trading to all and good luck!

This chart examines the Elliott Wave Theory.

Wave 1 started 6-15-2001 and now is at Wave 5.

Waiting for the Completion of Wave 5 now, but it also could be completed now and working the ABC Corrective waves.

Note: This is just some examples of some indicators, or chart studying I do.
This may not be the indicator that tells me to pull the entry trigger, but all the reviewing of every indicator, chart, time frame works together to let me know where the Pound stands upon my entry and exit positions.

To tell you the truth, I have not even looked one time this week or the past 2 weeks at any other currency pair.

I may listen to some news, but I watch the Pound usually to see it's reaction.

I have not even traded another pair for a while now, 100% of my studying goes into the Cable.

This Chart shows the Pennant/Flag along with a Andrews Pitchfork.

The area circled would be the point to watch.

Breakout down, or could be a false break out, then a rise.

I will ananlyze the Daily chart in coordination with the Weekly and Monthly indicators for a verification of any real long term breakout.

I will be back online during the Frankfurt Open 2:00 am EST

I will then work on another short term strategy during a 3 hour period that does not affect the positions I have opened right now.

Well done Monarch,

Is this thread going to be analysing cable with mainly EW theory?

I am using the EW Theory for a backdrop of the direction the price has been, and where the price is going.

I have a lot of different scenarios at play, which derive from supports, pivots, channels, Fibo's, EW, and other Indicators. I have a few EMA/SMA trend lines, but I mean only a few.

I have been through most of the different setups on the threads, and eliminated the indicators that were not helping in my trading performance, and scenario recognition.

This is my first day with my own thread, and I am still in the beginning stages of design for which exact strategy I want discuss here. Most analysis are technical, and I spend many hours every day in front of the Cable charts researching.

I have over 25 different GBP/USD Charts opened at one time with each strategy at each Time Frame available. I have determined to keep the indicators that work best in accordance to my whole Cable outlook.

We will dive into more specifics and charting patterns in the days/weeks to come, but for now, I can only post occasionally do to the time I spend researching the charts.

Please allow me a little time, we should be kicking pretty good in a week or two.