Daily Cable Analysis

A slight move upward has started now...

Based upon the Long Term (Monthly Chart) I would say once we see the Close of this Months Candle we may be able to project it closer.

On the Chart I posted above, you can see there is still a possibility of going up past the 1.9914 High - into the 2's area.

This would be the area that I expect Wave 5 to top out, then you would see more of the Wave "A" Correction.

Remember I am only talking about the "Grand Supercyle" Wave Setup, there are many other wave patterns at work already.

I am looking for a more major push up for this to accomplish what most are expecting - and that is reaching the 2.0000 mark.

Tomorrow is going to be very interesting as there is a ton of news coming out for the USD. I may just sit on the side lines on this one b/c with the US cooked news you just never know what you're going to get. We'll see what happens but currently I thought the GBP would rise into the London and Frankfurt session but right now things are holding tight.

So far the low is 1.9604, nice drop from open price at 1.9623 area.

I would expect a climb back up into the range that we have been at all day.

1.9624-34 area.

Based on the High at 1.9629 and the Low at 1.9604 we would have the 61.8% Fibo Retracement at 1.9619 area.

We just accomplished the retracement at that point, now expecting to drop to 1.9610 area, before the next push upwards in the Frankfurt Hour, and prior to the London Open.

The Fibo level at 1.9610 was completed with the drop to 1.9608, now the next level should be 1.9615 (this mark was reached just now) for a complete Fibo of the Downward move that started right before the Frankfurt Open.

This could leave us at a Upward or Lower swing here.

The mark to watch would be a break above the 1.9618/19 on the upper, and the 1.9604/01 on the Lower line.

Pressure on the 1.9606 mark is heavy for a downward move right now.

Monarch, where do u project cable to go later today? If we're to see subwave C, it'll go up. Either breakout on the upside sraightaway, or false breakout on the downside, then reverses.
What do you think? Thanks alot.

Should just sit here for the next 5 minutes, and then 15 till the Open, price should go upwards.

Moved up some now, we will watch next 20 minutes or so to London.

We are looking on the 5 Minute close for a break above the 1.9618/19 mark for a signal of upwards move during the next 15 minutes or so.

This price is resisting well, as is 1.9606 on the lower.

Looks like a standoff, but usually this formation shows upward on my studies.

We shall see soon enough.

My post earlier today was:
Key ranges to watch during the Frankfurt and London Session.

High 1.9659
Low 1.9570/80
Middle range 1.9613/18

Other Key areas: 1.9603/06 - 1.9618/24 - 1.9647/49

Right now I expect a upper price to be 1.9647 and possibly to 1.9659, but we might have to visit 1.9570.80 first.

Either way, we should see both of these numbers by the close of tomorrows daily candle.

Now the price is bouncing in a 12 pip channel - with a little more sign of dropping first, I am waiting for London 5 Minute Candle to clear more of this up for me.

Frank Low so far 1.9881, close to the place I was watching, may drop some more here, but that would signal a Long for me upwards.

Still watching for 7 minutes befoe London on the Long, could drop to 80 or below.

At what point you will short GBP/USD monarch?
Thank you

Frank Low 1.9571, one pip from my low estimate.

Watching the London Open in 2 minutes.

I don't know but this move seems to be bearish for me and expect it to continue til 1.9510-20. Everything is pointing down for me.

I had no intention of a Short, not after this drop from 1.9630 area in 1 hours.

London will give more indication if the move down is on or not.

It just broke trendline of Jan. 7 and Jan. 10 low.

The First 5 Minute Candle low on the London was 1.9555 - This is near our Low for the week at 1.9547.

A Retracement here would take the price back up to 1.9596 area, the 1.9587 is our median price that we have been bouncing below and above for the week so far.

News in London reported a Terror threat which could have caused this down spike . Everything seems to be under control though

The High at 1.9695 and the Low 1.9547 would place us at 1.9624 for the middle of the channel.

This was the price for most part of the past Session, we shall see if there is enough push to go back up towards the median of the Channel range.

First of all thanks monarch for a great thread. I have a newbie question. If the first candle of the Frankfurt open was down, and the first candle of the london open was down, and the spike broke 9600. Shouldn't that mean that traders want to sell and the day will be down also?