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Daily Cable Analysis

  • #6,981
  • Feb 23, 2007 6:04am Feb 23, 2007 6:04am
Quoting Islander
Yep its certainly messy Elliott-wise and I think its too easy to get hung up trying to aways get a "nice" EW move to fit the chart.

I would sumarise what I am seeing as either we get a Lower High - that would bring my ABC correction into play OR we break 9600 and make new highs - that would bring your Wave 3 targets ito play.

I guess we´ll have to wait and see what New York wants to do - I´m flat whilst this works itself out! Not going to risk todays profits! - also, its poets day on my side of the pond.
I'm going to wait for another impulsive pattern to form. Already exited last long from yesterday at 9580. Your ABC correction pattern is more likely now based on current pattern. Watch out for new impulse waves downwards tho (your ABC becoming 123 with 4 and 5 following after).
Tra-X
  • #6,982
  • Feb 23, 2007 6:38am Feb 23, 2007 6:38am
Currently EU and Swissy both depreciating but GBP on a upward move .... yesterdays close for GBP 1.9663 and Pivot point around 1.940 , so can the GBP move precipitously down? If any move either way will come after 10a.m EST in my opinion.......
Would like to hear you all thoughts and predications for today , waning hours of the week...............
BANDA333
  • #6,983
  • Feb 23, 2007 6:43am Feb 23, 2007 6:43am
Quoting thunder
During the weekend, when I have to fill my time with something because the market is closed and I can't get my daily doze of medicament for my forex-addiction, I will look into those books of Robert Balan and Robert Prechter. I heard those Bobs are the best.
I think I might do the same. Good luck and I hope that it will all come together within the next few weeks for us. [/quote]


Suggest one study the beginning of chapter V of Robert Balan Book.
Harmonics and Pitchfork using korHarmonics from TradingArsenal
  • #6,984
  • Feb 23, 2007 6:56am Feb 23, 2007 6:56am
I think if GBP breach 1.9650-60 it will go further north..... maybe 1.961 then it could be 1.9720 by end of the day , before retracing a bit back to 1.9650. This is pure speculation from a novice who lost 1 account already
BANDA333
  • #6,985
  • Feb 23, 2007 7:21am Feb 23, 2007 7:21am
Quoting BANDA
I think if GBP breach 1.9650-60 it will go further north..... maybe 1.961 then it could be 1.9720 by end of the day , before retracing a bit back to 1.9650. This is pure speculation from a novice who lost 1 account already
LOL Banda.....that might have sounded far fetched, until you remember the statistics....the average daily range of cable is around 125 pips, so if todays low is already in at 9544, that targets the 9670 area for todays high!!
Trading Levels with WRBs
  • #6,986
  • Feb 23, 2007 7:29am Feb 23, 2007 7:29am
Quoting Islander
LOL Banda.....that might have sounded far fetched, until you remember the statistics....the average daily range of cable is around 125 pips, so if todays low is already in at 9544, that targets the 9670 area for todays high!!
I should also add that the average weekly range is around 287 pips, with this weeks low of 9435 on Monday that would make.....9722....is that how you arrived at 9720?
Trading Levels with WRBs
  • #6,987
  • Feb 23, 2007 7:53am Feb 23, 2007 7:53am
Sorry it was my mistake..........daily range around 150 -125..........so it has to be weekly
I am very sorry ...........beg pardon.......
BANDA333
  • #6,988
  • Feb 23, 2007 7:56am Feb 23, 2007 7:56am
LOL 100% subwave 1 fibo expansion target at 1.9621 was already hit.
Tra-X
  • #6,989
  • Feb 23, 2007 8:38am Feb 23, 2007 8:38am
Quoting Traex
LOL 100% subwave 1 fibo expansion target at 1.9621 was already hit.
Darn it, I was slow picking this up....off todays 5m, from this morning´s low at 9543, W1 = 588; W2=567;W3=630;W4=613 making W5 targets 656/63/76

Got some pips, but was eating lunch.
Trading Levels with WRBs
  • #6,990
  • Feb 23, 2007 8:41am Feb 23, 2007 8:41am
At last guys r taking profit now..............hahahha...............I M out at 1.9640............with 40 pips...........................I M short now let me speculate bcos volume as decreased...........with stop loss at 1.9655
"Trade for sake of trading & not for winning or Lossing"
  • #6,991
  • Feb 23, 2007 8:58am Feb 23, 2007 8:58am
Quoting Traex
LOL 100% subwave 1 fibo expansion target at 1.9621 was already hit.

Am I the only one who went long at 1.9540 and still has it?

I'm keeping this until I get a full reversal.
Traex, I know this isn't a count and I really have no idea WHAT we're in, but at least I get quite a few hints that 1.9800 lines up real well. Well, and 2.0050 and that other area, but let's not go crazy just yet
I sure wouldn't mind seeing this continue higher tho...either we go past the high or we crash just below it after a reversal for a real washout lower. We will see. Trade what you see, not what you think and so forth
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Trust price. Know yourself.
  • #6,992
  • Feb 23, 2007 9:02am Feb 23, 2007 9:02am
Still in a long and wondering if we will break that 9650 mark any time in the near future....
All hard work brings a profit, but mere talk leads only to poverty.
  • #6,993
  • Feb 23, 2007 9:13am Feb 23, 2007 9:13am
It looks bulls are very strong very eager to go up & but bears are not strong too much.............right now bulls lost the war i believe................& i allready short as posted before..........1.9640/50 acted very good resistence bcos its higest on 14 feb on daily chart & opening on 15 feb & from there it correct till 9498.............hoping for that nonononono
"Trade for sake of trading & not for winning or Lossing"
  • #6,994
  • Feb 23, 2007 9:22am Feb 23, 2007 9:22am
Quoting HonaForex
It looks bulls are very strong very eager to go up & but bears are not strong too much.............right now bulls lost the war i believe................& i allready short as posted before..........1.9640/50 acted very good resistence bcos its higest on 14 feb on daily chart & opening on 15 feb & from there it correct till 9498.............hoping for that nonononono
yes I believe that is correct a pullback to there seems about right maybe 1.9622 monday I calculate 1.9714 quite possibly
  • #6,995
  • Feb 23, 2007 9:30am Feb 23, 2007 9:30am
Resistance at 9650....while Euro moves higher - you'd think it would drag the Cable with it....
All hard work brings a profit, but mere talk leads only to poverty.
  • #6,996
  • Feb 23, 2007 9:32am Feb 23, 2007 9:32am
the low was 1.9535 high 1.9601 1.9601 -1.9535 =65 pips 1.9601 +65 =1.9666 if we make a higher high there ya go
  • #6,997
  • Feb 23, 2007 9:40am Feb 23, 2007 9:40am
I think the Candles are exhausted and so am I trying to figure out where the ceiling will be on this currency
All hard work brings a profit, but mere talk leads only to poverty.
  • #6,998
  • Feb 23, 2007 9:53am Feb 23, 2007 9:53am
Quoting Sami7
I think the Candles are exhausted and so am I trying to figure out where the ceiling will be on this currency
Its getting late on a Friday afternoon and the London traders are remembering its Poets Day, so they´ve lost interest.

I´m starting to think about a San Miguel quality control test myself!
Trading Levels with WRBs
  • #6,999
  • Feb 23, 2007 10:07am Feb 23, 2007 10:07am
Hopefully I will get out of my shorts at 1.9500 on Monday
  • #7,000
  • Feb 23, 2007 10:07am Feb 23, 2007 10:07am
Quoting SeekingLight
Am I the only one who went long at 1.9540 and still has it?

I'm keeping this until I get a full reversal.
Traex, I know this isn't a count and I really have no idea WHAT we're in, but at least I get quite a few hints that 1.9800 lines up real well. Well, and 2.0050 and that other area, but let's not go crazy just yet
I sure wouldn't mind seeing this continue higher tho...either we go past the high or we crash just below it after a reversal for a real washout lower. We will see. Trade what you see, not what you think and so forth
Hey SeekingLight,

Hadn't seen you around lately. So there you waited for cable to make a move from its super tight range huh lol. Thanks for the fibo-mania chart.
I'm still trading on smaller tf tho like hourly now.
Well, catch up with you later.
Tra-X
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