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Daily Cable Analysis

  • #7,061
  • Feb 26, 2007 4:29am Feb 26, 2007 4:29am
This is a possibility off my 30 min chart. There is plenty of support around the 9600 level, but a spike down to these Wave A targets of 9571 or even 9545 would come into the area mentioned by Monarch in his last (9589 / 562)

So far, cable has failed to continue Friday afternoon´s rally and with low volume and no data due until tomorrow afternoon, IMO a meaningful move will be unlikely.

I´m back to scalping off my 1m and 5m charts....+5, +5, -2 and +13 so far......but its hard work!
Attached Image
Trading Levels with WRBs
  • #7,062
  • Feb 26, 2007 4:55am Feb 26, 2007 4:55am
Here´s what I´m seeing off my 1min chart...the higher Low 0 at 4:42 gave a Buy around 9619 that was worth over 10 pips and the retracement Low 2 at 05:11 gave a Buy around 9625 and is still in play
Trading Levels with WRBs
  • #7,063
  • Feb 26, 2007 4:57am Feb 26, 2007 4:57am
Quoting Islander
Here´s what I´m seeing off my 1min chart...the higher Low 0 at 4:42 gave a Buy around 9619 that was worth over 10 pips and the retracement Low 2 at 05:11 gave a Buy around 9625 and is still in play
Woops chart now attached
Attached Image
Trading Levels with WRBs
  • #7,064
  • Feb 26, 2007 6:15am Feb 26, 2007 6:15am
Anyone else think it's going to test those levels Monarch was talking about 89-62. MACD-looks like it may cross on 15 min, soon.
All hard work brings a profit, but mere talk leads only to poverty.
  • #7,065
  • Feb 26, 2007 6:51am Feb 26, 2007 6:51am
Guys i believe market is up after correction from 9660 to 9606 with good support.............look the chart & pls do comment
Attached Image
"Trade for sake of trading & not for winning or Lossing"
  • #7,066
  • Feb 26, 2007 6:58am Feb 26, 2007 6:58am
Quoting Islander
This is a possibility off my 30 min chart. There is plenty of support around the 9600 level, but a spike down to these Wave A targets of 9571 or even 9545 would come into the area mentioned by Monarch in his last (9589 / 562)

So far, cable has failed to continue Friday afternoon´s rally and with low volume and no data due until tomorrow afternoon, IMO a meaningful move will be unlikely.

I´m back to scalping off my 1m and 5m charts....+5, +5, -2 and +13 so far......but its hard work!

Hey still u believe that market is down right now looking the present situation & chart......................looking for ur veiw
"Trade for sake of trading & not for winning or Lossing"
  • #7,067
  • Feb 26, 2007 7:13am Feb 26, 2007 7:13am
Quoting HonaForex
Guys do u feel 1.9606 will act as good support line for upward Journey..........

Wave 1 9424 to 9586 -162 pips

Wave 2 9586 to 9460 -126 pips

Wave 3

Subwave 1 9460 to 9599 -130 pips

Subwave 2 9599 to 9533 - 66 pips

Subwave 3 9533 to 9657 - 124 pips

Subwave 4 9657 to 9602 -55 pips

Subwave 5 9602 to 122 - 1.9724( we are here right now................)

Let me break above subwave 5 after market condiation.............

wave 1 9602 to 9636 34 pips completed

wave 2 9636 to 9613 23 pips completed

wave 3 9613 + 47 pips = 19660 (todays highest in process)

wave 4 9660 - 24 pips = 9636 next

wave 5 9636 + 114 pips =9750..............

than we will correction to wat Monarch saying to 1.9562..............which is very impt line to test for upward journey................This wat i m seeing.............how about U let me......thanks
"Trade for sake of trading & not for winning or Lossing"
  • #7,068
  • Edited 8:02am Feb 26, 2007 7:57am | Edited 8:02am
So far supports are still holding. They're 23.6% of 1.9461 - 1.9651 (subwave 3) at 1.9606 and 38.2% of 1.9535 - 1.9651 (mini wave 5) at 1.9607. Chance of breaking?
Tra-X
  • #7,069
  • Feb 26, 2007 8:00am Feb 26, 2007 8:00am
Well im glad I stayed away from the market. It's way too choppy. Hopefully tonight there will be better direction.
trading on demo is not trading
  • #7,070
  • Feb 26, 2007 8:05am Feb 26, 2007 8:05am
After 4 hours of drifting sideways I cant see any strong clues as to which way it will break.

Above 9640 will favour a test of todays highs and below 9613 a test of the lows. Both can have valid wave counts.

I do feel that it is unlikely to stay within its current 52 pip range - even for a Monday, that would be an unusually narrow range.

I´ll just wait to see if the open of the main NY markets kick it into action...eitherway....and then hope to collect a few more pips.
Trading Levels with WRBs
  • #7,071
  • Feb 26, 2007 8:30am Feb 26, 2007 8:30am
The total range for the day may be 52 pips, but cable's effective range is actually 27, from 9612 to 9639. The high and low for the day have been hit only once, the rest of the time has been spent in a very narrow 27 pip range.

To me this is a breakout in the making, it is just too flat to stay this way. When it comes to breakouts, there is unfortunately no way to know which direction it will occur. So we all have to stay glued to our monitors. Frankly this is putting me to sleep.
  • #7,072
  • Feb 26, 2007 9:02am Feb 26, 2007 9:02am
Quoting moonchild
The total range for the day may be 52 pips, but cable's effective range is actually 27, from 9612 to 9639. The high and low for the day have been hit only once, the rest of the time has been spent in a very narrow 27 pip range.

To me this is a breakout in the making, it is just too flat to stay this way. When it comes to breakouts, there is unfortunately no way to know which direction it will occur. So we all have to stay glued to our monitors. Frankly this is putting me to sleep.

I wonder if we will have a sell off during the London Fix? I agree, http://www.forexfactory.com/images/icons/icon5.gif this has to breakout someway or another.
All hard work brings a profit, but mere talk leads only to poverty.
  • #7,073
  • Feb 26, 2007 9:24am Feb 26, 2007 9:24am
Quoting moonchild
The total range for the day may be 52 pips, but cable's effective range is actually 27, from 9612 to 9639. The high and low for the day have been hit only once, the rest of the time has been spent in a very narrow 27 pip range.

To me this is a breakout in the making, it is just too flat to stay this way. When it comes to breakouts, there is unfortunately no way to know which direction it will occur. So we all have to stay glued to our monitors. Frankly this is putting me to sleep.
PLUS - be aware of the usual fake breakout before jumpping in

Quoting sami7
I wonder if we will have a sell off during the London Fix? I agree, http://www.forexfactory.com/images/icons/icon5.gif this has to breakout someway or another.
GBPJPY selloff during the morning. Still spiced up on possible talks about Yen carries later today...
  • #7,074
  • Feb 26, 2007 9:39am Feb 26, 2007 9:39am
Quoting cesarnc
PLUS - be aware of the usual fake breakout before jumpping in


GBPJPY selloff during the morning. Still spiced up on possible talks about Yen carries later today...

What time on the Yen Carries?
All hard work brings a profit, but mere talk leads only to poverty.
  • #7,075
  • Feb 26, 2007 9:49am Feb 26, 2007 9:49am
Quoting Sami7
What time on the Yen Carries?
Sorry Sami, I couldn't find the report I got on this matter. I'll get back to you if I find it.
  • #7,076
  • Feb 26, 2007 10:26am Feb 26, 2007 10:26am
Market awaiting tomorrow's US Durable Goods Order report.
  • #7,077
  • Feb 26, 2007 10:32am Feb 26, 2007 10:32am
a break below 1.9615 exposes 1.9595
  • #7,078
  • Feb 26, 2007 10:34am Feb 26, 2007 10:34am
hey I earned a red dot,what does this signify?
  • #7,079
  • Feb 26, 2007 10:58am Feb 26, 2007 10:58am
Quoting 59fender
a break below 1.9615 exposes 1.9595
Key test for downward movement would be breach of 1.9609 being breached (represents daily Fib PP and daily pivot point).

I see a upward rally for g/u before London close to 9629-35
  • #7,080
  • Feb 26, 2007 11:00am Feb 26, 2007 11:00am
Here it is, just got out of the oven, nothing happened.

Greek Finance Minister [ALOGOSKOUFIS] is making more detailed comments on FX than his colleagues (16.18GMT), commenting that a pre-determined response to monetary policy cannot be expected when asked about the Jpy's post-BoJ rate hike fall. On the Eur, he says markets should determine currency rates and that, monetary policy apart, there is very little Europe can do to affect exchange rates. He adds that "of course" we do not like the volatility of exchange rates. He commends the ECB for doing a good job and says he strongly believes in CB independence. Note that the "pain level" for Europe's politicians was said to have been raised to around the 1.55 mark in Eur/Usd towards the end of last year, though the pre-G7 chatter suggests Eur/Jpy is another matter.

I do "of course" love volatility of the exchange rates
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