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Daily Cable Analysis

  • #6,841
  • Feb 22, 2007 2:49pm Feb 22, 2007 2:49pm
does anyone think we are going to hit 1.9550 or is it at the bottom and on its way back up? Thanks for the input.
  • #6,842
  • Feb 22, 2007 2:54pm Feb 22, 2007 2:54pm
Quoting rjambler
does anyone think we are going to hit 1.9550 or is it at the bottom and on its way back up? Thanks for the input.
The move from 1.9473 to the high at 1.9600 would place the 38.2.% Fibo at 1.9551.

I exited before that point, but yes it could come to the 1.9550 this hour before the Daily Candle Close, but 1.9560 is supporting right now.
  • #6,843
  • Feb 22, 2007 2:56pm Feb 22, 2007 2:56pm
ok I get it, daily TF time frame
  • #6,844
  • Feb 22, 2007 3:10pm Feb 22, 2007 3:10pm
Quoting rjambler
does anyone think we are going to hit 1.9550 or is it at the bottom and on its way back up? Thanks for the input.
if yesterday is any indictcation, we hit near term resitance then dropped to support retraced to the 50% fib then contiued downward in frankford?london so maybe we'll see1.9536 during asia ,a break of 1.9550 would not be bullish in my book
  • #6,845
  • Feb 22, 2007 3:12pm Feb 22, 2007 3:12pm
Flag formation top line was within 10 pips of being reached.

Expecting a re-test at 1.9600 in next Daily Candle, but breakout could happen after news release beyond the 1.9600 or a downward move to test the lower line around 1.9450.
Attached Image
  • #6,846
  • Feb 22, 2007 3:13pm Feb 22, 2007 3:13pm
1.9536 was the breakdown level yesterday incidently
  • #6,847
  • Feb 22, 2007 3:18pm Feb 22, 2007 3:18pm
Quoting 59fender
1.9536 was the breakdown level yesterday incidently
Breakdown Level, can you explain this comment please.

Thanks.
  • #6,848
  • Feb 22, 2007 3:20pm Feb 22, 2007 3:20pm
"3rd week of month always the toughest.... option settlements on
Thursday and a lot of mess......... "

That sums it up for me as a quote from a fellow trader stated. I
still don't see a true breakout yet with todays move failing to
penetrate 1.9600. I do agree that the asian market will bring it down
the 1.9535 area but after that no idea, I have BULL signals on my charts but
I still don't trust them at them moment. A clear break above 1.9620
and then I'll talk BULLS. Henrycarol could still be right as well
with another test in the 1.94xx........ we will all see tonight and Friday.
Good luck to all!
Show me the PIPS!
  • #6,849
  • Feb 22, 2007 3:37pm Feb 22, 2007 3:37pm
Quoting monarch
Breakdown Level, can you explain this comment please.

Thanks.
after the retrace to the 50 fib the price dropped to 1.9517 then moved to 1.9536 where it sat for the longest time just sitting. it is where the price was resting untill frankfort cane in pushing the price to our other breakdown level 1.9511( where I placed a short)
  • #6,850
  • Edited 3:50pm Feb 22, 2007 3:46pm | Edited 3:50pm
Here is a Daily chart showing a rise in the Lows and Highs. This was my expectation from before Market open on Sunday.

You can see for the past 5 days each candle had a higher high by an average of 15 pips each day. (pink lines shower higher highs on chart)

That would place tomorrows candle high at 1.9615 which would keep it in the daily flag formation perimeters.

Looking at the white lines I drew across the bottom of the flag formation, you can see that I expect the next daily candle to rise from 1.9615 then downward to the 1.9460 area for the next test of the lower support line on this flag formation.

This is all speculative, and not a recommendation for position.

I have no positions opened now, and plan on waiting until the Frankfurt open.

Comments anyone?
Attached Image
  • #6,851
  • Feb 22, 2007 4:16pm Feb 22, 2007 4:16pm
There is going to be a very large move shortly. And I am almost certain it will be upwards.
Attached Image
  • #6,852
  • Feb 22, 2007 4:19pm Feb 22, 2007 4:19pm
Monarch,

I am just speculating here. I still think that the H&S formation is still in play from the 4hr chart, since it broke the neckline. With the Flag formation I think that there's possibility to test the 9460 but like you said with higher highs and higher lows I don't think that it'll go that low. If it were to test the lows, I think that it will go down to the 9515-20 level and test there since it's the 61.8% fibo. If it does make it that low I definitely expect to have a nice breakout to the upside. I also noted the area of which it should be testing and maybe a nice spot to enter a long position for the ride up tomorrow.

I also think that once it does breakout if it's bullish and crosses over the top yellow of the traingle that it is going to rest that again. It may even breach that line before continuing upward to the 2's. I think tomorrow will be the test and the rest of the action will happen in the next week. I would expect to see 9900's by the end of next week if it does break the upside.

What do you think?
Attached Image
  • #6,853
  • Feb 22, 2007 4:28pm Feb 22, 2007 4:28pm
Quoting monarch
Here is a Daily chart showing a rise in the Lows and Highs. This was my expectation from before Market open on Sunday.

You can see for the past 5 days each candle had a higher high by an average of 15 pips each day. (pink lines shower higher highs on chart)

That would place tomorrows candle high at 1.9615 which would keep it in the daily flag formation perimeters.

Looking at the white lines I drew across the bottom of the flag formation, you can see that I expect the next daily candle to rise from 1.9615 then downward to the 1.9460 area for the next test of the lower support line on this flag formation.

This is all speculative, and not a recommendation for position.

I have no positions opened now, and plan on waiting until the Frankfurt open.

Comments anyone?

Lol I jwas just looking my daily chart & seen same wat u have put .......cool we r thinking at same level...........let us see wat market has in her mind.
"Trade for sake of trading & not for winning or Lossing"
  • #6,854
  • Edited 5:16pm Feb 22, 2007 5:13pm | Edited 5:16pm
Quoting monarch
Comments anyone?
Yep. It's Thursday. We got us a bull [daily] candle about to close. That means trade long for Friday when the current candle closes. Hold your trade until close on Friday (make sure it's before your broker disables trade for the weekend).

You will have positive pips.

Is your SL my TP?
  • #6,855
  • Feb 22, 2007 6:02pm Feb 22, 2007 6:02pm
Quoting kenmania
Yep. It's Thursday. We got us a bull [daily] candle about to close. That means trade long for Friday when the current candle closes. Hold your trade until close on Friday (make sure it's before your broker disables trade for the weekend).

You will have positive pips.

Well, so much for that. It went three pips lower than Wednesday's close to turn into a bear candle.

Too close to call either way.

But what the heck- I'm still going long.
Is your SL my TP?
  • #6,856
  • Feb 22, 2007 6:03pm Feb 22, 2007 6:03pm
Quoting kenmania
Yep. It's Thursday. We got us a bull [daily] candle about to close. That means trade long for Friday when the current candle closes. Hold your trade until close on Friday (make sure it's before your broker disables trade for the weekend).

You will have positive pips.

Although it is an up day, it wasn't what I would consider a strong up day. Also most up thursdays are followed by up friday but not all.
  • #6,857
  • Feb 22, 2007 6:06pm Feb 22, 2007 6:06pm
Quoting SunTrader
Although it is an up day, it wasn't what I would consider a strong up day. Also most up thursdays are followed by up friday but not all.
Not all- true. But going back to June of last year Friday candles have closed higher than Thursday bull candles and lower than Thursday bear candles about 80% of the time.
Is your SL my TP?
  • #6,858
  • Feb 22, 2007 7:21pm Feb 22, 2007 7:21pm
I see us still in a triangle so there really hasn't been a breakout yet. 1.9490 is the bottom of the current triangle and 1.9600 is the top. So, we are still ranging folks...... and that makes me scared! HA! Just kidding! We'll see what she does today! Good luck all!
Show me the PIPS!
  • #6,859
  • Feb 22, 2007 8:05pm Feb 22, 2007 8:05pm
Quoting thunder
Monarch,

I am just speculating here. I still think that the H&S formation is still in play from the 4hr chart, since it broke the neckline. With the Flag formation I think that there's possibility to test the 9460 but like you said with higher highs and higher lows I don't think that it'll go that low. If it were to test the lows, I think that it will go down to the 9515-20 level and test there since it's the 61.8% fibo. If it does make it that low I definitely expect to have a nice breakout to the upside. I also noted the area of which it should be testing and maybe a nice spot to enter a long position for the ride up tomorrow.

I also think that once it does breakout if it's bullish and crosses over the top yellow of the traingle that it is going to rest that again. It may even breach that line before continuing upward to the 2's. I think tomorrow will be the test and the rest of the action will happen in the next week. I would expect to see 9900's by the end of next week if it does break the upside.

What do you think?
Thanks for the informative chart.

Very good analyis you put together.

I am looking across the charts now trying to see anything that would stand out. The news later may push the Cable up to the 1.9600/15 area, or down to the 1.9515/22 area, but I do not see any news coming out during the London session that would cause a move over 50 pips either way.

I expect 1.9560-70 area to be the middle of the range prior to Frankfurt and London Open.

We will try some live trade calling here during the Frankfurt and London open.

I would appreciate everyone who can to participate during this time.

Remember, great ranging like this makes nice scalping opportunities.

Lets all work together and pull some profits!
  • #6,860
  • Feb 22, 2007 8:34pm Feb 22, 2007 8:34pm
I should be up for the frankfurt session,not sure but definitely for the London opening. I am looking forward to hearing the ideas. I set a limit buy order @9560 and am going in for the long haul for above the 9600 mark tomorrow. It got triggered about 1-2 hrs ago. I am still playing the h&s formation and expect it to reach the 9690 level to complete the formation. Set my stop loss at 9475 and limit 1 at 9610 and limit 2 at 9660. Hopefully I'll be able to close out my position with profits on Fri. After the retracement and weekend is complete open up another long with a better price and play the triangle formation on Monday. I guess this will be the first trade and comments?

Thanks,
Bob
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