Daily Cable Analysis

1.9635 is holding price down nicely so far here today.

I am looking for a break above Yesterdays Candle High of 1.9640.

We could see a move down to 1.9622 for support or down to 1.9606 (key price for the past two months) for a firm support, then a bounce upwards to the next Resistance area at 1.9649/50.

On the Short side, a test of 1.9640 area first, then downwards to 1.9622.

1.9622 is the initial Support, then the firm support would be at 1.9602/06.

If it breaks below 1.9600, I would be looking for a short to 1.9565.

Price reached Resistance at 1.9647, then down to the Support at 1.9622 so far.

Next Support would be 1.9606 area (if 1.9622 is breached).

If 1.9606 holds, look for upward movement back to 1.9647 for a 2nd test of Resistance.

If price returns to test 1.9647, it should return to 1.9635 for the final support, then onward on a continual upwards move.

If price breaks below 1.9606, next support would be at 1.9565 area.

I am curious where does this come from?

CableGuy,

How did you get such accurate targets?

This is just my notes and prices that have been key lines of past resistances and supports for the past month or so.

Still looking for a test of lower area of 1.9613 or possibly 1.9606.

On the upward, the next resistance test would be 1.9655 then 1.9677 area.

Price may bounce around this channel of 1.9622 and 1.9640 up to the Frankfurt and London.

Only 1 GBP news item that could move the market, but the main test of direction will be tomorrow morning when there is a numerous amounts of USD news.

This is just a wacky looking chart, but it helps me with the Upward Trend and the Downward Trend Lines.

The Triangles are there to place the price into a range area, right now the price is right on the upward trend line, heading for the new Triangle, or it could find resistance and end up back in the lower Triangle.

looks like a Piccasso

I M forcasting the market properly but its Economic indicator which troubling due to which I m coming out of market or not reading the Economic Indicator properly & loosing confidence in my won forcast & later kicking myself not to belive myself.............pls tell how u trade with ecomocmic Indicator & also how to get Ecomonomics news as fast as possible bcos yestraday Richmands Report from US went agiianst me & i had no idea what he actually said & but effect of his speech is seen in market

My Market forcast...........
market is in Corection from 9916
A- 1.9915 to 9480 ( complete) 435 pips

B- 1.9480 to 1.9744(complete) 264 pips

C - 1.9744 - 435 = 1.9305 where complete its Journey
let us break wave C
(1) 9744 to 9536 complete 209 pips
(2) 9536 to 9732 complete 196 pipi
(3) 9732 to 9398 complete 334 pips
(4) 9398 to 9670 complete 272pipi
(5) 9670 - 365 =9305 where market stops its journey..........

Pls comment & also help me how handle Economic Indicator or pls provide any source


Shivaji

FEAR BIGGEST OF ALL ENEMY & ITS MINE TOO

RIGHT NOW..................
We R in wave

What time frame are you looking at, can you show us a chart?

Thanks

Please MR monarch
could u plz explain more ur view about cable today
and aloso I have pleasure if u comment on my view on it as I will show

for the cable right now upwards it faces more that a resistanc point
1 38% weakly fibo
2 down trend on daily and H4 charts

I see to long it if break this down trend ie. on 19656
and shorting it if it reflected from this trend from 19610

Please comment on that

waitng for ur view

I do my study on paper not time basis but on wave count basis & my assumption is that no matter where market is when there wave 1 & there must be wave 2 & so on.


SHIVAJI

Man this is a popular support/resistance number! It's gotta break it for me to consider entering LONG.......... just my two PIPS worth............. of course we have a whole lot of news coming out today as well so more than likelyI may wait either way!

Pls look at the price war there @ 1.9660!!!

daily chart.

we have to be very carefull at this point

please... retail sales... what´s the target?

Stubborn Support here, just like TheCableGuy spoke of.

So far, your analysis is right on.

High 1.9668 area, down to 1.9635.

Need to breach 1.9622, and 1.9613 next once 35 is completed.

Upper would be above 1.9668 area for Long, not too much activity up there.

Measures the value of sales at the retail level. A rising trend has a positive effect on the nation's currency because Retail Sales make up a large portion of consumer spending, which is a major driver of the economy and has a sizable impact on GDP. Traders pay close attention to Retail Sales because it is usually the first significant indicator of the month that relates to consumer behavior and is susceptible to surprises.10:30am GBP Retail Sales m/m http://www.forexfactory.com/images/m...mpact_high.gif

forecast
0.2%
currenct
1.1%
http://www.forexfactory.com/images/m...l_analysis.gif

This is just a rough EW Wave count, there are many others on the Forum who have a better idea, but thought I would post it.

There seems to be some room for an upward move still this week, and the Daily Candle has not even retraced close to 23.6%.

If the price does not go below 1.9606 before the Daily closes, I would project a Long will continue.

So Far the 1.9635 area is showing strong support.

Hi Monarch,

I see your wave count chart there; there are some missing daily bars for past few days? I.E. the rally from 9746 to 9400, then back to above 9600 now wasn't shown there. Thanks.

We seen the 1.9622, 1.9635, Supports hold well, The Resistances at 1.9641, 1.9655, and now the 1.9677 has played a role the past few hours.

We should now test the 1.9677 Resistance once more before news.

I expect the news to make price jump some, but eventually we should find a range in a channel of 1.9640 to 1.9660 during the London Session prior to US News later this morning.

It's been a great time to scalp some pips, I have made a killing on my projection of Supp/Res. today.

Have a great day everyone.