Daily Cable Analysis

Several hours until the Frankfurt open and here is where the market has taken us thus far.

Open at 1.9612 which was a "Gap" on my MT4 Charts, the close Friday was 1.9592 (20 pip gap at open)

The price moved upward to 1.9615 then dropped back down 1.9576 to fill the Gap left from the Open of Market.

I would expect the Gap up to 1.9612 to be filled on the upward movement from now until the Frankfurt Open.

I actually expect the High during the Frankfurt to be 1.9633 area, or possibly during the first 5-15 Minute Candle of the London Open.

This is only a speculation, first, we must move above the 1.9615/18 prior to reaching this Daily High projection.

The High and Low during Frankfurt and London Open should give us more direction prior to the US Market open in 8 1/2 hours from now.

Through the upcoming session these are the key price I am watching:

1.9612/14 (Frankfurt Open Price projection)
1.9592-1.9605 ( Frankfurt Low projection)
1.9633 (Frankfurt High, or London Open High - first 15 minutes or so)
and then down to 1.9550-54 (Retest of Friday Low)

Range for remainder of London Session should be 1.9565 to 1.9605/12 area.

Well, I put it all on the line, hope your not trading on this scenario, it may just do the opposite.

Have fun, and trade wisely.

C U @ Frankfurt Open.

If the Cable continues going down, and goes past the 61.8 retracement, it can than touch the trendline and from there it will either be rejected which would be a good place to go long again or it will break the trandline and perhaps find support at either 1.9430 or 1.9259. However, for this downward move to happen, first the retracement needs to be violated and then the support at 1.9508. Otherwise, it could bounce off of the 61.8 and head up to the resistance at 1.9757. Please tell me what you guys think.

My current Modus Operandi being 4 hour vegas says stay short until further notice. I know there are a lot of naysayers regarding this method lately, but it's making me a lot of $$. I use an independent confirmation method based on Demark, however. Also, you need to use it a while to get a feel for when it's not right.

That method can't be backtested mechanically because it's really not mechanical but discretionary. It takes a while using it to recognize the situations where it will not work, and also I have found that if there is a news event behind the slope change, it's almost always dead on.

Another thought, BTW, everyone seems to use a black background for their charting software. In my college psychology class we learned that colors have a dramatic effect on mental attitude. If you take an agitated person and sit them in a room with the walls painted black, it exacerbates their mental state. If you sit them in a room with the walls painted cool blue, or beige, they seem to calm. Especially if the agitating event happened in the dark colored room. That's why my charts are backed in white.

I have actually started using a Green back drop as in "Greenback".

Thanks.

I mostly just lurk here and read the posts.

But I have to say Thanks for the lessons to Monarch, Cesnarc and the others who post here and I learn from their ideas.

BTW:

I calculate 1.9632 for the 61.8 fib retractment.

I calculate 1.9478 for a 61.8 fib continued move down.

Darnell

Here is a sample of my preference.

Nice looking color, the color of pips.

That's why I like Vegas with an intervening confirmation method. I don't have to calculate anything! I'm short until it fibs or slopes, and I have absolutely no idea when or where it will happen. At this point I'm along for the ride, and what a ride it's been since I figured out how to read this stuff...


$$$

Pretty cool, Monarch, makes me feel mellow...

The black screens put me off when I first started this stuff, I've never used them...

I show the black on my post, it helps the picture for the thread.

My acual ones are kinda light grayish, and softer to the eye, But I prefer the darker to help make a contast for my vision.

Appreciate it.

Well, half an hour to Frankfurt now, what do you think about holding a short, Monarch?

With the slower move upwards prior to the Frankfurt, we may only see 1.914/18 as a High during the Frankfurt Hour.

I will not make any decision for Long or Short until the London Open and about 5-15 minutes after it opens.

I would still expect the price to go slightly higher in the next 1 to 1 1/2 hours, but eventually it should go back down to the 1.9554 area.

We will see soon enough, and what are your projection here, even though your in a Short now?

Hi all,

Have a good week of winning trades !

Larry

Like I said, I have no projection, nor do I ever. I'm short until Demark or Vegas tells me to stop. I don't trade intra-day, even though I have to watch all the time because I trade off 4hr charts. I hope you're right about it ending up down, though, because I made at least a little money even if I get out over 1.9700...

If it ends up at 1.9554 I'll be 181 pips in the black since 1/24!

Sell GBPUSD @ market price

Stop-Loss at 1.9625...

Take profit at 1.9500...

Just my too-scents!

And that idea is based on what?

Price action... but anyway is just an idea... i am short Cable by the way

Stay short for a while until it turns around, this looks like a good deal to me. I wouldn't enter any new shorts, but then again, I have no reason to...

it seems good short. if price below 9570, that is a good sign for short.

Euro is holding her little sister (cable) from a free fall so far imo. Don't know when it'll last tho...