Cable Update (GBPUSD)

J/K ..or am I? LOL

Daily Market Scenario - Friday 05 February 2010 (Setup -- Rolling 24-hour rates)

updated at 00:00 CET -- Rollover Setup -- calculated at 23:15 CET (every day)



EUR-USD *


close/clôture * 1.3722 *


Elliott : extended impulse wave down 1.3638


Scenario for today


Supports at 1.3680 / 73 or 1.3662 - 1.3639 should hold the downside for a correction towards 1.3812 or even to above 1.3843 zone ...


USD-CHF *


close/clôture * 1.0670 *


Elliott : elongated flat correction up 1.0733


Scenario for today


Currently uptrend should end around 1.0737 - 1.0794 area. A correction down towards 1.0642 or to below 1.0608 is expected. A confirmation by H4 close/clôture above 1.0737 would abort/dampen this expected correction ...




GBP-USD *


close/clôture * 1.5754 *


Elliott : extension wave down 1.5664


Scenario for today


Support at 1.5731 / 22 or 1.5684 should hold the downside for a correction towards 1.5801 - 1.5834 or even to above 1.5872 zone ...


USD-JPY *


close/clôture * 89.03 *


Elliott : extension wave down 88.15


Scenario for today


Market should not go lower than 88.85 / 79 - 88.55 or 88.25 - 88.03. After this move down it should cross above 89.79 - 89.92 go up to 90.05 / 11 - 90.55 area ...




USD-CAD *


close/clôture * 1.0743 *


Elliott : elongated flat correction up 1.0829


Scenario for today


Uptrend is still intact in a triangle configuration. It should continue to rally to 1.0755 - 1.0798 or 1.0802 - 1.0823 if support around 1.0698 may hold. After which a pullback to 1.0698 - 1.0671 zone is possible again ...




NZD-USD *


close/clôture * 0.6873 *


Elliott : extended impulse wave down 0.6803


Scenario for today


Current fall is near an end of wave around 0.6803 zone. A rally should then procede from that area to above 0.6985. Break of below 0.6732 would cancel this scenario ...




AUD-USD *


close/clôture * 0.8646 *


Elliott : extended impulse wave down 0.8552


Scenario for today


Market should reverse above 0.8559 and not go lower than 0.8523. After this move down it should go up to 0.8706 - 0.8737 or 0.8781 area ...




EUR-JPY *


close/clôture * 122.17 *


Elliott : resistance in an elongated correction 123.63


Scenario for today


Market should not go lower than 121.87 / 121.57 - 120.34. After this move down it should go up to 123.78 - 124.25 / 60 or 125.10 - 125.24 area ...




EUR-CHF *


close/clôture * 1.4641 *


Elliott : elongated flat correction down 1.4563


Scenario for today


Market should not go lower than 1.4608 or 1.4584 - 1.4563. After this move down it should go up towards 1.4697 - 1.4750 or even to above 1.4788 area ...




EUR-GBP *


close/clôture * 0.8710 *


Elliott : flat correction down 0.8666


Scenario for today


There is bearish potential for a fall to 0.8691 - 0.8677 while 0.8718 / 24 - 0.8734 may resist. After this fall a recovery up to 0.8735 or 0.8744 is expected ...





Good Luck ! ! !




;-)




Cheers

All you have to do is - place a few orders - and don't waste time by watching ugly charts - just place a few orders - and wait a few hours - or better place some profit limits as well - and you will do have a lot of fun...


That's all - just place some orders - don't watch ugly charts - and learn to wait...

Tschüss

-scratches head..

i will take long, if can't break 1.5680

Ctic,
Not trying to 'split hairs'.... but actually this link you gave:

http://www.forexfactory.com/showpost...postcount=4395
The link to the other post with the chart.

was a daily chart.

Speaking of splitting hairs as well as the skin... it was the
'barber's' of antiquity through the 19th century that performed
the bloodletting and later were also the surgeons; whereas the
doctors kept their hands clean.

Here's my chart... it provides the way, it will spiral up or down...
you give it the spin.

http://upload.wikimedia.org/wikipedi...arberspole.jpg

Dr. D.

I am

Dr. D.

You are right, that was the daily chart on the other post. I was speaking with someone else there and that was the only chart I had handy to post here in this forum at the time since I was at my CPA office. Now that I am in my trading office I have all my charts handy, hence I posted the correct one that I was talking about.

I apoligize but you will have to bear with me until 04/15 end of tax season. Things are hectic.

BTW, it will make me think twice next time I go to the barber for a hair cut....

Wormie,

How is the new dad doing? I am long too @ 1.5721 SL @ 1.5690.

Hello C

Pretty hectic I must say, trading the beast is much more relaxing lol
You got in at better price than I did.
I bought @5747 with stop placed @5700

Stay healthy dude and keep the blood sucking IRS off of your clients.

Dr. D.

The wife and I don't have kids yet but if you say trading the beast is more relaxing, I will plan to take some time off when we do decide to have a baby. Only reason I am in better is probably because I just sat down to trade not to long ago. Life has been hectic for me as well being a CPA and in tax season. Congrats again on the new baby..

are y'all selling at 1.5690? incase your longs don't work out?

not sure what this pairs doing at the moment, looked like it wanted to test the 5710 lvl but never did, think Im out gbp/usd til the morning (got a short on it at the moment)

For now I set the SL at 1.5690 with no pending sell orders. I will wait for candle close if we break to determine if it is a false spike or continued downtrend.

thanks buddy

ok , thanks. good idea

Maybe I wont sit out since it just tested that 10 lvl

The slope and separation on this 5m chart is strong.
Don't let the 5m chart suggest we are only dealing
with small time frames, for when you use extended
EMA's, a 144 period (aqua line) on the 5m = 12 hrs.

This release and separation off of compression first
began back up at ~1.6200 as seen on this 4h chart.

Dr. D.

This is why I bought cable. Might be tad bit early, as I did not anticipate it to bottleneck all the way to the tip.
Had lowered my stop below the ltl. Break lower would invalidate my long position.
Let's see how this goes. Good luck.