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Daily Cable Analysis

  • #641
  • Jan 8, 2007 3:42am Jan 8, 2007 3:42am
Quoting de123
but it wont succeed, fresh shorters will came again , great work Monarch, keep posting pls.cheers
Sorry de123, what makes you so sure?

Just trying to see what you see, thanks.
  • #642
  • Jan 8, 2007 3:44am Jan 8, 2007 3:44am
market deph in future ...
its just money
  • #643
  • Jan 8, 2007 3:47am Jan 8, 2007 3:47am
Quoting dobbie11
thats not correct monarch wave 3 has to be the larger move, wave 4 can exceed the wave 2
Looking at terri1 chart the wave 5 was below Wave 3, which is incorrect.

I agree with wave 4 cannot exceed Wave 2, I renumbered them to show Wave 5 higher than wave 3 (wave 3 cannot be higher than wave 5 which is showing on terri1 chart).
  • #644
  • Jan 8, 2007 3:50am Jan 8, 2007 3:50am
Right now the cable is hanging out at the daily pivot of 9339. If you go to Nov 24 there abouts you will see that it stayed in that area with in 50 pips for a couple of days before breaking thru. Not saying or even indicating it will be there for a couple of days but just making note it is a point of resistence that held for a while.
  • #645
  • Jan 8, 2007 3:51am Jan 8, 2007 3:51am
I beleive right now today their will be very little movement maybe up to 360 and down again. This will form a spinning top or a dragonfly doji on the daily chart. ending this down move. The starting of a correction wave on the hourly chart a A , B , C move. Lows could go as low as 235 - 175. This is also a continuation of the banner on the daily chart, when we start the up move again.
Quoting dobbie11
thats not correct monarch wave 3 has to be the larger move, wave 4 can exceed the wave 2
  • #646
  • Jan 8, 2007 3:52am Jan 8, 2007 3:52am
it is called a truncated wave 5 . were wave 5 doen't exceed wave 3. It is very normal for the pound
Quoting monarch
Looking at terri1 chart the wave 5 was below Wave 3, which is incorrect.

I agree with wave 4 cannot exceed Wave 2, I renumbered them to show Wave 5 higher than wave 3 (wave 3 cannot be higher than wave 5 which is showing on terri1 chart).
  • #647
  • Jan 8, 2007 3:55am Jan 8, 2007 3:55am
Double Pin bar on the Highs, could be all she wrote folks, I am closing up here quickly, 2AM and getting a little sleepy.
  • #648
  • Jan 8, 2007 3:58am Jan 8, 2007 3:58am
Hi guys,
First of all, thanks for an excellent thread. Allow me to add at what I'm looking at, at the moment (and waiting for response & comments, of course).
My method is, trend line pivot. Blind as a bat on EW and wave counts. I'm looking at a short term pivot signal at 1.9330/1.9320 with TP 1.9435.
Appreciate some thoughts.. Thanks

Kind Regards & Good Trading
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Veritas Omnia Vincit
  • #649
  • Jan 8, 2007 3:58am Jan 8, 2007 3:58am
Quoting dobbie11
it is called a truncated wave 5 . were wave 5 doen't exceed wave 3. It is very normal for the pound
I thought in your post it was not common, my error. Thanks
  • #650
  • Jan 8, 2007 4:04am Jan 8, 2007 4:04am
I am not saying that it is wave 5 but it is very possible. I think we are in wave C of the wave 4 correction. Do I think it is going to go up to the 2's. No I do not. normally wave 5 is the distance of wave 1 and 2. Which in this case is about 65 pips. Which would put it at 1.9900. On the hourly chart.
Quoting dobbie11
it is called a truncated wave 5 . were wave 5 doen't exceed wave 3. It is very normal for the pound
  • #651
  • Jan 8, 2007 4:12am Jan 8, 2007 4:12am
Quoting monarch
Actually on Terri1 chart of wave count, I renumbered them and placed a circle around the correct place for the count.

This would show that we are in the Wave C correction down movement.

Your count would make wave 5 bigger than 3, no?

Now I have only the most basic idea about EW, but wouldn't the sizes make more sense like the attached chart?
Also the extended wave 3 FE 161.8% lines up with the wave 3 end with this count and wave 4 doesn't go below the high of wave 1.
No idea how many other subtle rules there are, but afaik 3 just usually is the biggest and some start/ends of waves shouldn't go past prior start/endpoints..


Btw, wave 4 doesn't have to be over yet, I still think we got 80 pips or so more potential under the last low if we do drop back down.
But I am by no means an expert
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Trust price. Know yourself.
  • #652
  • Jan 8, 2007 4:20am Jan 8, 2007 4:20am
I am reading this, but my brain is pretty shot right now, I am hanging on by a thread staying awake.

Right now price is at 1.9313 which is the 61.8% fibo retracment on the movement up we are in on the Hourly Chart.

Bottom 1.9260
High 1.9345

Have Entry Short at below 1.9208 5 min candle open below line not touching body/wick.
  • #653
  • Jan 8, 2007 4:21am Jan 8, 2007 4:21am
1.9313 is the 38.2% retracement level - not 61.8%
  • #654
  • Jan 8, 2007 4:23am Jan 8, 2007 4:23am
Quoting de123
market deph in future ...
would you care to elaborate?

thanks
  • #655
  • Jan 8, 2007 4:27am Jan 8, 2007 4:27am
Quoting cesarnc
Just trying to see what you see, thanks.
see?, and even now support is not greater then res., any retracement back to 1.9340 , its a good gateway for those who are long, if any, my thoughts only
its just money
  • #656
  • Jan 8, 2007 4:31am Jan 8, 2007 4:31am
Monarch,

do u think it will break the recent high? it's consolidating here
  • #657
  • Jan 8, 2007 4:31am Jan 8, 2007 4:31am
Quoting de123
see?, and even now support is not greater then res., any retracement back to 1.9340 , its a good gateway for those who are long, if any, my thoughts only
Help a sleepy hollow man here, you saying 9340 cannot be obtained here, or that once obtained it won't act as a resistance, or it was a support and now is a resistance.

Whew......
  • #658
  • Jan 8, 2007 4:33am Jan 8, 2007 4:33am
Quoting de123
see?, and even now support is not greater then res., any retracement back to 1.9340 , its a good gateway for those who are long, if any, my thoughts only
So, u think it will break the resistance?
  • #659
  • Jan 8, 2007 4:35am Jan 8, 2007 4:35am
no,...
its just money
  • #660
  • Jan 8, 2007 4:36am Jan 8, 2007 4:36am
Quoting c1ro
Monarch,

do u think it will break the recent high? it's consolidating here
I am still in a Long, based upon the just completed attempt to break below the 1.9309 low of the first 5 minute candle at the London open.
(came to 1.9310)

If price breaks below the 1.9308 and opens a new candle there, I may consider a short, but I am not too jumpy for that just yet.

I am also watching the Hourly Small frame Fibo retracements.
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