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Cable Update (GBPUSD)

  • #5,021
  • Jan 4, 2007 4:26pm Jan 4, 2007 4:26pm
Here is a Weekly Chart with Fibo Retracement as follows:

Bottom 11-17-2006 at 1.8834

Top 12-1-2006 at 1.9846

Retracements

38.2% - 1.9455 (Reached this point alredy - now second time re-visiting)
50% - 1.9335 (Low so far 1.9396 - 61 pips away from this Fibo)

I only placed these two targets and not the 61.8%.

Also, along with this chart, I have many other Charts (GBP), Indicators, Strategies, and calculations that support this retracement range.

I could not place all this on the thread, It would be taxing on me, and every one here would leave.

I have much more data to review today, which I perform everyday between US Open and London Open.
  • #5,022
  • Edited Feb 2, 2007 5:49pm Jan 4, 2007 4:27pm | Edited Feb 2, 2007 5:49pm
Here it is. Weekly Chart
  • #5,023
  • Jan 4, 2007 4:58pm Jan 4, 2007 4:58pm
perhaps a retest of 200 sma on 4hr prior to release?
Man who scratches ass should not bite fingernails
  • #5,024
  • Jan 4, 2007 5:07pm Jan 4, 2007 5:07pm
Hey Leugimp, just wanted to say i appreciate your post in this thread. has really helped me learn.
  • #5,025
  • Jan 4, 2007 5:09pm Jan 4, 2007 5:09pm
Based on monarchs chart, I believe my plan for tonight will be to go short trying to get to that weekly 50.o fib line... probably with a pretty tight stop in case it goes the other way while I am sleeping...

In the morning it will either have hit the fib or I will cash out any profit and be out of any trades before NFP... or it will have hit my stop and I lose only just a little.
  • #5,026
  • Jan 4, 2007 5:12pm Jan 4, 2007 5:12pm
Quoting Tiki Trader
Based on monarchs chart, I believe my plan for tonight will be to go short trying to get to that weekly 50.o fib line... probably with a pretty tight stop in case it goes the other way while I am sleeping...

In the morning it will either have hit the fib or I will cash out any profit and be out of any trades before NFP... or it will have hit my stop and I lose only just a little.
I think I would base my position more on what you feel it is going to do, Monarch posted a Chart, but is there more to see?

Does Monarch really know?

TheCableGuy
TheCableGuy
  • #5,027
  • Jan 4, 2007 5:19pm Jan 4, 2007 5:19pm
Hmm, Good stuff. I don't think I will know what i am going to do on a intraday basis until I look at the price action just before the London open...

This has been a great week for volatility. Very tradable... and a lot of fun.

One of these days I have to try that sleeping thing you mention.


Quoting Tiki Trader
Based on monarchs chart, I believe my plan for tonight will be to go short trying to get to that weekly 50.o fib line... probably with a pretty tight stop in case it goes the other way while I am sleeping...

In the morning it will either have hit the fib or I will cash out any profit and be out of any trades before NFP... or it will have hit my stop and I lose only just a little.
  • #5,028
  • Jan 4, 2007 5:46pm Jan 4, 2007 5:46pm
It is not that I do it just for monarchs chart... I already think price must go down a bit still. I think his fib line is pretty good target for the moment.

But since all this talk is based on probably 15 min charts... I would not want to be around when NFP comes along... too dangerous for my tastes...

And as far as London session goes.... DANG all you guys that can stay up that late !!! Really bums me out that I can't seem to do it... work and a 5 year old... pretty much beat me to a pulp before London session ever comes around...
  • #5,029
  • Jan 4, 2007 5:57pm Jan 4, 2007 5:57pm
Guys i'm not trying to throw a point blank hard hitting curve ball that should be followed. What I have read from this afternoon's post everyone seem to go for short on cable. Personally and this is just me personally.. Heading LONG target mid 19500 area before london rolls in.

I can not explain in detail about why I put in this trade. But, a little hint. go look at the daily average of u.s. stock market.

Good luck everyone!!
  • #5,030
  • Jan 4, 2007 5:58pm Jan 4, 2007 5:58pm
Well enjoy your 5 year old while you can. They grow up in the blink of an eye. I envy you. LOL

Scott
Quoting Tiki Trader
It is not that I do it just for monarchs chart... I already think price must go down a bit still. I think his fib line is pretty good target for the moment.

But since all this talk is based on probably 15 min charts... I would not want to be around when NFP comes along... too dangerous for my tastes...

And as far as London session goes.... DANG all you guys that can stay up that late !!! Really bums me out that I can't seem to do it... work and a 5 year old... pretty much beat me to a pulp before London session ever comes around...
  • #5,031
  • Jan 4, 2007 5:59pm Jan 4, 2007 5:59pm
Quoting yulvme
Guys i'm not trying to throw a point blank hard hitting curve ball that should be followed. What I have read from this afternoon's post everyone seem to go for short on cable. Personally and this is just me personally.. Heading LONG target mid 19500 area before london rolls in.

I can not explain in detail about why I put in this trade. But, a little hint. go look at the daily average of u.s. stock market.

Good luck everyone!!
If I'm wrong on this one which I feel so strongly about!! I will never come to this site again.
  • #5,032
  • Jan 4, 2007 6:04pm Jan 4, 2007 6:04pm
Quoting yulvme
If I'm wrong on this one which I feel so strongly about!! I will never come to this site again.
seems to be dropping right now.
  • #5,033
  • Jan 4, 2007 6:11pm Jan 4, 2007 6:11pm
Quoting yulvme
If I'm wrong on this one which I feel so strongly about!! I will never come to this site again.
Hi yulvme,

If u don't mind, can u tell me what makes u so sure about long? I'm in the same boat with u. I went long since the last drop. But I'm still confused about where should I put my t/p.


Thanks...
  • #5,034
  • Jan 4, 2007 6:33pm Jan 4, 2007 6:33pm
hi guys, hope i can share with you
Its clear! GBP/USD will continue bearish
strong top and it may pospond for its high
Attached Image
  • #5,035
  • Jan 4, 2007 6:37pm Jan 4, 2007 6:37pm
Well Guys and Gals:


Are there any Gals here ? If so please speak up. If not I can save a considerable amount of time looking for the keys to acknowledge you !!

I post something every day about this time. Not sure if anyone reads it, but I suppose it does me some good.

Normally, I have a pretty good feel for different scenarios that might play out during the coming trading session. I must confess I really do not have a good feel for either long or short.

If tomorrow was not NFP day, and if this was not a holiday week, I would feel comfy with GBP/USD continuing to the bottom of the daily channel @ 9330/40. But it is !!

Another thought. Could NFP be the needed push to test the bottom channel line? Will we be there before the numbers come and NFP rockets towards the top of the channel?

Ignoring the extenuating circumstances, The dailies tell me we will test the bottom and then most likely rebound back towards the top of the range. Hourly charts could be setting up for a few ticks up before continuing the downward move. Shorter term tell a story of gradual sag and consolidation.

My wish is that this might give you some things to contemplate as you prepare for your trading day (or night).
  • #5,036
  • Jan 4, 2007 6:43pm Jan 4, 2007 6:43pm
[quote=fxkenny]Well Guys and Gals:


Are there any Gals here ? If so please speak up. If not I can save a considerable amount of time looking for the keys to acknowledge you !!

I post something every day about this time. Not sure if anyone reads it, but I suppose it does me some good.

Normally, I have a pretty good feel for different scenarios that might play out during the coming trading session. I must confess I really do not have a good feel for either long or short.

If tomorrow was not NFP day, and if this was not a holiday week, I would feel comfy with GBP/USD continuing to the bottom of the daily channel @ 9330/40. But it is !!

Another thought. Could NFP be the needed push to test the bottom channel line? Will we be there before the numbers come and NFP rockets towards the top of the channel?

Ignoring the extenuating circumstances, The dailies tell me we will test the bottom and then most likely rebound back towards the top of the range. Hourly charts could be setting up for a few ticks up before continuing the downward move. Shorter term tell a story of gradual sag and consolidation.

My wish is that this might give you some things to contemplate as you prepare for your trading day (or night).[/QUOT

ATTENDED!!
  • #5,037
  • Jan 4, 2007 6:44pm Jan 4, 2007 6:44pm
Hi, fxkenny. Yes, some of us are GALS. Thank you for taking the time to ask. Happy trading!
  • #5,038
  • Jan 4, 2007 6:45pm Jan 4, 2007 6:45pm
where will this find a bottom?
  • #5,039
  • Jan 4, 2007 6:47pm Jan 4, 2007 6:47pm
ladies and gents,

this is going to get extremely fun til the close. carry trades are feeling the pressure and will start to unwind soon..for the purposes of this gbp forum. gbp/jpy will touch 229.5 today. trade wisely!
  • #5,040
  • Jan 4, 2007 6:50pm Jan 4, 2007 6:50pm
Quoting c1ro
Hi yulvme,

If u don't mind, can u tell me what makes u so sure about long? I'm in the same boat with u. I went long since the last drop. But I'm still confused about where should I put my t/p.


Thanks...
Projected should turn around right around 1.9395-1.9405. Then long to mid 19500 range.
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