Daily Cable Analysis | Page 209 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD

Similar Threads

Is it just me or is cable acting random? 49 replies

Fundamental Analysis, Technical Analysis Or Graph Analysis? 28 replies

CABLE Centurion 16 replies

Cable: Measuring Fibonacci From Where ? 29 replies

Attachments: Daily Cable Analysis
Exit Attachments

Daily Cable Analysis

  • #4,161
  • Jan 25, 2007 8:29pm Jan 25, 2007 8:29pm
Quoting mtcdavs
Earlier today (1pm CST), because of what I was seeing, put in a sell trade at 1.9679. What was interesting was, my t/p hit my limit right on the mark at 1.2925. Wish I could do that more often. Came out with a good +54 pips! And, since I used a lot level of .25, was a nice money maker as well. iBut, I don't let myself do that too often.
oh very nice....good trading everyone talk to you guys tomorrow

cheers
  • #4,162
  • Jan 25, 2007 8:33pm Jan 25, 2007 8:33pm
[offtopic]
wuhoo..morning everyone...
[/offtopic]
I am just here to talk nonsense =D
  • #4,163
  • Jan 25, 2007 8:35pm Jan 25, 2007 8:35pm
Quoting gico
it looks like is trying to brake the .650 , what do u think ?


buy the dips

JMO
  • #4,164
  • Jan 25, 2007 8:41pm Jan 25, 2007 8:41pm
Anybody knows any good charting software that run on linux? I don't want to use WINE though....My analysis using oanda fxtrade platform kinda limited though....
I am just here to talk nonsense =D
  • #4,165
  • Jan 25, 2007 8:43pm Jan 25, 2007 8:43pm
Quoting dukeofdents
Bodge,

I guess they don't have the 3 stooges down under. Cultural mistake, my bad...

Anyway, take a look at the daily candlestick chart on GBP/JPY. It fell out of bed. The carry trade is falling apart for the moment and I made 150+ pips shorting it yesterday. I booked those profits and I'm trying to figure out where it will go next, while holding a short on GBP/USD. I'm waiting for the upturn on Cable to exit, but GBP/JPY still looks very interesting...

I thought you didn't close your short when it was somewhere near the same price yesterday? How could you made 150+ pips then? You open a new trade?
I am just here to talk nonsense =D
  • #4,166
  • Jan 25, 2007 9:04pm Jan 25, 2007 9:04pm
Finally wave 5 showed itself imo. Bad thing is it did that while I was sleeping! Oh well But it seems that the subwave count isn't completed yet, still has room to go down further.
Tra-X
  • #4,167
  • Jan 25, 2007 9:05pm Jan 25, 2007 9:05pm
Quoting dukeofdents
Bodge,

I guess they don't have the 3 stooges down under. Cultural mistake, my bad...

Anyway, take a look at the daily candlestick chart on GBP/JPY. It fell out of bed. The carry trade is falling apart for the moment and I made 150+ pips shorting it yesterday. I booked those profits and I'm trying to figure out where it will go next, while holding a short on GBP/USD. I'm waiting for the upturn on Cable to exit, but GBP/JPY still looks very interesting...
Nice job there dukeofdents, and nah I've never seen the 3 stooges.
The lower it goes the more juicy it looks to me for a long. A DBLHC formed on the gbp/jpy 4H, even though the lows are 3 or 4 pips apart, it could be ready to move upward. Time will tell.
  • #4,168
  • Edited 9:41pm Jan 25, 2007 9:10pm | Edited 9:41pm
I expect the market to trade and close above 1.9666 today, which will probably mean a reversal to 1.9910 will be taking place next week.. If it does not, a further drop will then lead to 1.9584 which is the midrange of this month and also to be a major support for Cable....


p/s: Monarch, isn't 1.9584 is one of your dream number and what you expected?
I am just here to talk nonsense =D
  • #4,169
  • Jan 25, 2007 9:20pm Jan 25, 2007 9:20pm
Anyway, what I mean by today is Friday, which is the last trading day of this week...
I am just here to talk nonsense =D
  • #4,170
  • Jan 25, 2007 9:34pm Jan 25, 2007 9:34pm
Quoting Zarul Shahrin
I expect the market to trade and close above 1.9661 today, which will probably mean a reversal to 1.9910 will be taking place next week.. If it does not, a further drop will then lead to 1.9584 which is the midrange of this month and also to be a major support for Cable....


p/s: Monarch, isn't 1.9584 is one of your dream number and what you expected?
What makes you expect that it'll close at 1.9661 today.....?i just need some more advice and tutoring....thanks
  • #4,171
  • Jan 25, 2007 9:42pm Jan 25, 2007 9:42pm
Quoting tiges159
What makes you expect that it'll close at 1.9661 today.....?i just need some more advice and tutoring....thanks
1.9666 to be correct, it is the month hi-low, 38.2....
I am just here to talk nonsense =D
  • #4,172
  • Jan 25, 2007 9:57pm Jan 25, 2007 9:57pm
Here is a possibility for a break out from the triangle. Although for an upside breakout, the price needs to breach the pivot point as well.
Attached Image
  • #4,173
  • Jan 25, 2007 10:01pm Jan 25, 2007 10:01pm
Retracement Levels

23.6% - 1.9762
38.2% - 1.9666
50.0% - 1.9589
61.8% - 1.9512
78.6% - 1.9402

Hopefully that will be helpful....
I am just here to talk nonsense =D
  • #4,174
  • Jan 25, 2007 10:54pm Jan 25, 2007 10:54pm
[quote=Zarul Shahrin;198906]I expect the market to trade and close above 1.9666 today, which will probably mean a reversal to 1.9910 will be taking place next week.. If it does not, a further drop will then lead to 1.9584 which is the midrange of this month and also to be a major support for Cable....


p/s: Monarch, isn't 1.9584 is one of your dream number and what you expected?[/quote

Low 1.9260
High 1.9914
Total 654 / 2 = 327

1.9914 - 327 = 1.9587

That is one reason I see this number this week, there are several other calculations I am watching also.

This is the actual movement I expect for the remainder of the week, but I could be wrong.

Frankfurt will test the 1.9679 area, and the London may take us up to the 1.9690-9700 area, then from there I expect a downward move to 1.9606 area that should hold for some time, price will channel between 1.9624 and 1.9580 and 1.9606 should be our market closing price at the end of the US Session.

This would set the Market Open around 1.9606 area next week.

Then a continuation downward to 1.9550 area before we hit a support level, then an upward movement would be in the forecast for the remainder of next week.

This is only an analysis - remember the Cable has a mind of its own, and the BOE does not tell me everything, only somethings.
  • #4,175
  • Jan 25, 2007 11:05pm Jan 25, 2007 11:05pm
Monarch, I can see the possibility for it to go down to the midrange, but I don't understand why you said that it will drop lower from that level. Ohya, 1.9587 has also been tested twice this month in an attempt to move back down but failed....
I am just here to talk nonsense =D
  • #4,176
  • Jan 25, 2007 11:05pm Jan 25, 2007 11:05pm
Low during the Frankfurt Hour at 1.9649
(were skirting this area now).

High at the Close of first 5 Min. Candle 1.9703

High for Todays Session 1.9733
(2 pips below the Frankfurt Low the previous Day)

Low for Todays Session 1.9624

Distance in Todays Session 109 pips

Middle of the Range for Today is 1.9679
  • #4,177
  • Jan 25, 2007 11:19pm Jan 25, 2007 11:19pm
Quoting Zarul Shahrin
Monarch, I can see the possibility for it to go down to the midrange, but I don't understand why you said that it will drop lower from that level. Ohya, 1.9587 has also been tested twice this month in an attempt to move back down but failed....
I agree with the 1.9587 being tested, and rightly so. But I recognize what I call and extension/expansion, which would be a slight move below the support, and that could be 30-40 pips in this transition.

This movement down will find resistance at a support, which I see would be 1.9587. It pressures this point, and eventually breaks past it, and realizes it cannot find the support it was looking for below this level, it then returns back to the point that resisted, to find it as a true support level.

This extension/expansion is just a space for the test, in which it returns to the point that was suppose to support it in the first place.

This is almost like a Child learning to walk. The child holds on to the coffee table, releases their hand from what is supporting them, takes two steps to find a support on the ground. They realize that the table was a better support area, so they return there once again to find support. They may do this for a while, but eventually they get their bearing and off they go in another direction.

There must be room for expansion, especially if there has been a nice move towards a point of reference.

Support and Resistance is just that point, but they always bend slightly when under pressure.

This may sound like a bunch of blah - blah - blah, and I am sorry I can't explain it better than this.
  • #4,178
  • Jan 25, 2007 11:27pm Jan 25, 2007 11:27pm
Quoting monarch
I agree with the 1.9587 being tested, and rightly so. But I recognize what I call and extension/expansion, which would be a slight move below the support, and that could be 30-40 pips in this transition.

This movement down will find resistance at a support, which I see would be 1.9587. It pressures this point, and eventually breaks past it, and realizes it cannot find the support it was looking for below this level, it then returns back to the point that resisted, to find it as a true support level.

This extension/expansion is just a space for the test, in which it returns to the point that was suppose to support it in the first place.

This is almost like a Child learning to walk. The child holds on to the coffee table, releases their hand from what is supporting them, takes two steps to find a support on the ground. They realize that the table was a better support area, so they return there once again to find support. They may do this for a while, but eventually they get their bearing and off they go in another direction.

There must be room for expansion, especially if there has been a nice move towards a point of reference.

Support and Resistance is just that point, but they always bend slightly when under pressure.

This may sound like a bunch of blah - blah - blah, and I am sorry I can't explain it better than this.
LOL! Ok, I got what are you trying say, the only thing that made me wonder is the fact that, it is about 40 pips away from the main support line and I am really stuborn to believe that the price can break the midrange level....But, this is forex, anything is possible....
I am just here to talk nonsense =D
  • #4,179
  • Edited Jan 26, 2007 12:02am Jan 25, 2007 11:47pm | Edited Jan 26, 2007 12:02am
Quoting Zarul Shahrin
LOL! Ok, I got what are you trying say, the only thing that made me wonder is the fact that, it is about 40 pips away from the main support line and I am really stuborn to believe that the price can break the midrange level....But, this is forex, anything is possible....
Yeah 40 pips sounds like a lot, but in the spectrum of the Monthly I had the Fibo Retracements on the Downward Move from 12-1-06 to 1-5-07 as follows:

High 1.9841
Low 1.9260

38.2% 1.9485
50% 1.9553
61.8% 1.9621

We have since Completed these Fibo Retracement on the move up to the High at 1.9914 on 1-23-07.

Fibo Setup for this upward move is as follows:

Low 1.9260
High 1.9914

38.2% 1.9664 (Completed)
50% 1.9587 (Point of Interest for this Weeks Low)
61.8% 1.9510 (Hard Sell this Week, but Possible next Week)

Cross Reference Calculation:
I take the 38.2% and the 61.8% figure and subtract the distance betwen the two and it is as follows:

Downward 1.9621 minus 1.9485 = 136 pips
Upward 1.9664 minus 1.9510 = 154 pips

Add this number together = 290 pips
Add 290 from the the Low at 1.9260 and it equals 1.9550.

Or you can take the High at 1.9914 and subtract the 290 and it equals 1.9624 (we have found support here today)

That is just a few ways I calculate points of interest.
  • #4,180
  • Jan 26, 2007 12:05am Jan 26, 2007 12:05am
Quoting monarch
Yeah 40 pips sounds like a lot, but in the spectrum of the Monthly I had the Fibo Retracements on the Downward Move from 12-1-06 to 1-5-07 as follows:

High 1.9841
Low 1.9260

38.2% 1.9485
50% 1.9553
61.8% 1.9621

We have since Completed these Fibo Retracement on the move up to the High at 1.9914 on 1-23-07.

Fibo Setup for this upward move is as follows:

Low 1.9260
High 1.9914

38.2% 1.9664 (Completed)
50% 1.9587 (Point of Interest for this Weeks Low)
61.8% 1.9510 (Hard Sell this Week, but Possible next Week)

Cross Reference Calculation:
I take the 38.2% and the 61.8% figure and subtract the distance betwen the two and it is as follows:

Downward 1.9621 minus 1.9485 = 136 pips
Upward 1.9664 minus 1.9510 = 154 pips

Add this number together = 290 pips
Add 290 from the the Low at 1.9260 and it equals 1.9550.

Or you can take the High at 1.9914 and subtract the 290 and it equals 1.9624 (we have found support here today)

That is just a few ways I calculate points of interest.

Thanks for sharing the great formula, I believe this will be very helpful to me...
I am just here to talk nonsense =D
19 traders viewing now