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Daily Cable Analysis

  • #1,661
  • Jan 15, 2007 4:28am Jan 15, 2007 4:28am
Quoting mackaozy
Has anyone any ideas of the high the GBP will reach today? It's currently at 1.9664 and I'm wondering whether to take my profit now or carry on?

Thanks
Jut carry on til tomorrow or T/P at 1.969 or 1.97, U.S. market is closed for today.
  • #1,662
  • Jan 15, 2007 4:34am Jan 15, 2007 4:34am
Quoting mackaozy
Has anyone any ideas of the high the GBP will reach today? It's currently at 1.9664 and I'm wondering whether to take my profit now or carry on?

Thanks
9685 is my T/P. This is based on a breakout strategy i use...
"Anything in life worth having, doesn't come easy."
  • #1,663
  • Jan 15, 2007 4:41am Jan 15, 2007 4:41am
Quoting mackaozy
Does anyone actually think it's going to hit the 1.9700 mark today from their charts?

Most Fib levels have been surpassed. The next resistance that I have is
a 78.6% line in the vicinity of 1.9721, depending on who's charts you are using. This 78.6% line is also in the vicinity of an intersect with an upper Descending Trendline on the Daily chart starting from the swing high at 1.9846 then on to 1.9749 and beyond. The charts that I am using appear to consistently be 1 pip different from Monarch.
  • #1,664
  • Jan 15, 2007 4:43am Jan 15, 2007 4:43am
Quoting mackaozy
Has anyone any ideas of the high the GBP will reach today? It's currently at 1.9664 and I'm wondering whether to take my profit now or carry on?

Thanks
I gone short, as failed to get past R1 expecting a move down to the friday High. Short at 9665
  • #1,665
  • Jan 15, 2007 5:01am Jan 15, 2007 5:01am
Quoting wpbsyn
Most Fib levels have been surpassed. The next resistance that I have is
a 78.6% line in the vicinity of 1.9721, depending on who's charts you are using. This 78.6% line is also in the vicinity of an intersect with an upper Descending Trendline on the Daily chart starting from the swing high at 1.9846 then on to 1.9749 and beyond. The charts that I am using appear to consistently be 1 pip different from Monarch.
I'm a complete newbie, I have a few charts using RSI, moving av, and MACD. I mainly go on fundamentals and micro trade on the 1 min chart. Is there any chance you could give me a copy of the chart that you use? I use MT4... I dont quite know how to apply fib to my charts, or how to read it.


Also what trading platform do you use to trade cable? I'm currently using Easy Forex as I have less than £200 to play with, but they're spread is 10 pips!!!!

Do you know any more reasonable platforms wit a low deposit?
Many thanks!!!

By the way I took profit at 1.9662....Thanks for all your help.
  • #1,666
  • Jan 15, 2007 5:07am Jan 15, 2007 5:07am
Quoting mackaozy
Also what trading platform do you use to trade cable? I'm currently using Easy Forex as I have less than £200 to play with, but they're spread is 10 pips!!!!

Do you know any more reasonable platforms wit a low deposit?

Try Oanda
  • #1,667
  • Jan 15, 2007 5:14am Jan 15, 2007 5:14am
Cheers... I'll take a look.
  • #1,668
  • Jan 15, 2007 5:15am Jan 15, 2007 5:15am
another nice call Monarch you the man
  • #1,669
  • Jan 15, 2007 5:15am Jan 15, 2007 5:15am
Quoting mackaozy
I'm a complete newbie, I have a few charts using RSI, moving av, and MACD. I mainly go on fundamentals and micro trade on the 1 min chart. Is there any chance you could give me a copy of the chart that you use? I use MT4... I dont quite know how to apply fib to my charts, or how to read it.


Also what trading platform do you use to trade cable? I'm currently using Easy Forex as I have less than £200 to play with, but they're spread is 10 pips!!!!

Do you know any more reasonable platforms wit a low deposit?
Many thanks!!!

By the way I took profit at 1.9662....Thanks for all your help.

I am not new to trading but I am new to this discussion group. I do not want to over step any boundries. Someone asked Monarch on a previous post how he chose the placement of the beginning and ending points of his Fibs. I am in complete agreement with everything that Monarch has said so far. He may have an e-mail that he could forward you. I want to be respectful of this group and what he is doing. On a side note the price has retreated back to the area of the 78.6% line (1.9645) of the 1.9749 to 1.9261 Fib.
  • #1,670
  • Jan 15, 2007 5:25am Jan 15, 2007 5:25am
Quoting wpbsyn
I am not new to trading but I am new to this discussion group. I do not want to over step any boundries. Someone asked Monarch on a previous post how he chose the placement of the beginning and ending points of his Fibs. I am in complete agreement with everything that Monarch has said so far. He may have an e-mail that he could forward you. I want to be respectful of this group and what he is doing. On a side note the price has retreated back to the area of the 78.6% line (1.9645) of the 1.9749 to 1.9261 Fib.
Sorry, wpbsyn, a doubt here. In your previous post you mentioned a fib 78.6% near (9721). I don't have this figure here. I'd appreciate if you tell me how you got it, thanks.

2- In a market expecting low volume due to US holidays, do you think it is likely another attempt on higher levels before resuming a down move?
  • #1,671
  • Jan 15, 2007 5:27am Jan 15, 2007 5:27am
Quoting wpbsyn
I am not new to trading but I am new to this discussion group. I do not want to over step any boundries. Someone asked Monarch on a previous post how he chose the placement of the beginning and ending points of his Fibs. I am in complete agreement with everything that Monarch has said so far. He may have an e-mail that he could forward you. I want to be respectful of this group and what he is doing. On a side note the price has retreated back to the area of the 78.6% line (1.9645) of the 1.9749 to 1.9261 Fib.
Any chance you could forward it to me? I hear a lot about Fibs, would you say they are a reliable indicator?
  • #1,672
  • Jan 15, 2007 5:44am Jan 15, 2007 5:44am
Quoting cesarnc
Sorry, wpbsyn, a doubt here. In your previous post you mentioned a fib 78.6% near (9721). I don't have this figure here. I'd appreciate if you tell me how you got it, thanks.

2- In a market expecting low volume due to US holidays, do you think it is likely another attempt on higher levels before resuming a down move?

Cesarnc, The 78.6% line at 1.9721 is from a Fib drawn from 1.9846 to 1.9261 on the daily chart. Monarch mentioned this same Fib on post #1633, although as I mentioned, his charts and mine are about 1 pip different.

In reference to 2, I am still looking through the charts. The weekly Stochastics and the 4 hour are in their upper ranges but rolling. The daily stochastics has a sharp angle up. When you combine these it usually tends to compress the price until they come into alignment. That is the broad view. I am still calculating any measured moves and looking for other chart and candle patterns.
  • #1,673
  • Jan 15, 2007 6:05am Jan 15, 2007 6:05am
Quoting mackaozy
Any chance you could forward it to me? I hear a lot about Fibs, would you say they are a reliable indicator?
I do not have the information that Monarch forwarded to the other individual. In reference to Fibs, they are one of the most important and accurate indicators that I use. I have used them in different markets and they worked well but I have found that they are exceptional with the GBP/USD. I have docuemted very many charts with accurate Fibs, all the way from a 21 year Fib on the Monthly chart down to Fibs on the 1 minute chart. Most beginners tend to struggle with the starting and ending points and then also with which retrace or extension level the price will respect. This should come with experience. This forum should be very helpful.
  • #1,674
  • Jan 15, 2007 6:12am Jan 15, 2007 6:12am
Quoting wpbsyn
Cesarnc, The 78.6% line at 1.9721 is from a Fib drawn from 1.9846 to 1.9261 on the daily chart. Monarch mentioned this same Fib on post #1633, although as I mentioned, his charts and mine are about 1 pip different.

In reference to 2, I am still looking through the charts. The weekly Stochastics and the 4 hour are in their upper ranges but rolling. The daily stochastics has a sharp angle up. When you combine these it usually tends to compress the price until they come into alignment. That is the broad view. I am still calculating any measured moves and looking for other chart and candle patterns.
Thanks, wpbsyn.

I'm also checking daily / 4hr / 1hr charts. Looks like in a couple of hours 4hr and 1hr start indicating a down move. And daily is repeating the pattern since the high 98XX, so no surprises if it comes down along with 4hr and 1hr.
  • #1,675
  • Jan 15, 2007 6:22am Jan 15, 2007 6:22am
ok...technicly the picture is still bulish maybe a little retracement to 1.9640 before breaking 1.9663 (i see a par. coma below today dailly open candle in bph7, -->support good), fundamentally the market is still trending the rate increase, they wont close their positions untill they see, the market is going
the wrong way, so far its not...and the elections in UK are coming closer each day,...BUT

dont listen to me, trade what u see...

the fibo can be draw if u click the fibo line indicator, and on dailly or weekly chart u click at the top and hold it and go to the bottom, and unclick the mouse.
its just money
  • #1,676
  • Jan 15, 2007 6:36am Jan 15, 2007 6:36am
hey goodthings, saw a report that russia and others are thinking japan isn't going to raise rates this week, keeping gbp high. if they are wrong, could be very profitable to short. just an opinion.
  • #1,677
  • Jan 15, 2007 6:46am Jan 15, 2007 6:46am
Quoting de123
ok...technicly the picture is still bulish maybe a little retracement to 1.9640 before breaking 1.9663 (i see a par. coma below today dailly open candle in bph7, -->support good), fundamentally the market is still trending the rate increase, they wont close their positions untill they see, the market is going
the wrong way, so far its not...and the elections in UK are coming closer each day,...BUT

dont listen to me, trade what u see...

the fibo can be draw if u click the fibo line indicator, and on dailly or weekly chart u click at the top and hold it and go to the bottom, and unclick the mouse.
Breaking 9663 towards?
  • #1,678
  • Jan 15, 2007 6:49am Jan 15, 2007 6:49am
From the looks of these technicals, the cable seems bullish right now.
I have two TL's(red lines); the bottom one being the daily and the other the 4H, both showing an uptrend.
The blue areas on the chart show strong fibo confluence. I believe the cable will continue up to around the 1.9677 area, then drop to .9592 or .9540. From there it should continue upwards.
Attached Image
  • #1,679
  • Jan 15, 2007 6:59am Jan 15, 2007 6:59am
Quoting monarch
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.
This teade has been working out using the ADX/ DI lndicators and has been showing a steady clime with the neg di line about 11.5 and the positive still riding level at 20 plus with the ADX line staying steady and level, so far no pitch to the down side. let it ride
  • #1,680
  • Jan 15, 2007 7:53am Jan 15, 2007 7:53am
Quoting ghitz
when cable meets target of higher low or 123, expect consolidation, and then cable tanks.

target of higher low is 9650. 9670 is apex of weekly triangle. 9670 is alslo 61% of daily outside bar that breaks weekly triangle.

patterns work.

stalled at 9670. lol
consolidation taking place.

wait till tomorrow.

g
With a break always expect a pullback, otherwise, you're dead meat/
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