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Cable Update (GBPUSD)

  • #231,301
  • Jun 12, 2010 9:47pm Jun 12, 2010 9:47pm
My humble view on the GBP:

Two sets of fibs here:

One from the low of June 8, 4335, to the recent top, colored violet.

The other from the low of June 10, 4507, to the recent top, colored yellow.

Price has stopped at the confluence of 61.8 violet, and the 100% yellow,
a likely place.

The fact that there has been a Daily close under the 50% violet fib suggests more Bear to come.

The first two retracement levels, 4550 and 4600, are strong confluences of resistance, but a retrace and failure to 50% of the yellow fib can not be ruled out.

If it breaks and closes over 4630 I'd say longs are in play, but my bias is definitely that the bear will come through.

Good Luck next week-
Attached Image (click to enlarge)
Click to Enlarge Name: gbpfibs.png Size: 329 KB
  • #231,302
  • Jun 12, 2010 10:26pm Jun 12, 2010 10:26pm
Quoting ramksanj
Thank you very much. I will go thru them again and re-draw them ...
One thing about EW5 I believe is always trade wave 3 only and that too when high of wave1 is broken significantly. Other than that is all guess work. I think this picture will help. I am not recommending anything as my scenario has not yet met.
The new wave could be a start of new EW5 downwards or is retracement wave of the whole big up move means it is wave 2 and may start forming wave 3 but it must break high of wave 1 other wise this is new wave1 in downwards direction.
My view only trade wave 3.
Any way I would also appreciate a feedback from all the pros here.
Thank you.
Attached Image (click to enlarge)
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  • #231,303
  • Jun 12, 2010 10:46pm Jun 12, 2010 10:46pm
This is the 1h chart..pa came to the 61.8% fib... also above the 55ema..1.4500 area of support... pa needs to get above the 200ema..1.4555 area..DAILY CHART..pa above middle bollinger .. ABCD possibility would fit with gartly pattern..mom above horizon line..we will see how it all unfolds...gartly would take it up to the upper trend line on daily.. it would have to break the top 1.4760 area

Quoting stevefx
My humble view on the GBP:

Two sets of fibs here:

One from the low of June 8, 4335, to the recent top, colored violet.

The other from the low of June 10, 4507, to the recent top, colored yellow.

Price has stopped at the confluence of 61.8 violet, and the 100% yellow,
a likely place.

The fact that there has been a Daily close under the 50% violet fib suggests more Bear to come.

The first two retracement levels, 4550 and 4600, are strong confluences of resistance, but a retrace and failure to 50% of the yellow fib can not be ruled out....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd hour.gif Size: 30 KB
Click to Enlarge Name: Chart146.JPG Size: 112 KB
  • #231,304
  • Jun 12, 2010 11:01pm Jun 12, 2010 11:01pm
hi newbie...you always have an abc, or an abcd correction after the 5 waves ..hear is my count on the 4h chart..u r counting the very small waves within the larger ones..i am still learning too..it helps to see others count..

Quoting newbie_fx
One thing about EW5 I believe is always trade wave 3 only and that too when high of wave1 is broken significantly. Other than that is all guess work. I think this picture will help. I am not recommending anything as my scenario has not yet met.
The new wave could be a start of new EW5 downwards or is retracement wave of the whole big up move means it is wave 2 and may start forming wave 3 but it must break high of wave 1 other wise this is new wave1 in downwards direction.
My view only trade wave 3.
Any way I would also appreciate a feedback from...
Attached Image (click to enlarge)
Click to Enlarge Name: Chart125 4h.JPG Size: 159 KB
  • #231,305
  • Jun 13, 2010 12:51am Jun 13, 2010 12:51am
Quoting ramksanj
Hi guys,
I am a newbie and have been going thru the stuff that you guys have been putting over here and as suggested by you guys i have gone thru the babypips site and have tried to do some chart on my own ..
Can you please have a look and advice me if my understanding is correct ...
I have drawn the EW down waves and the 3 correction waves and have drawn the next wave ...

Please let me know if i have done it right or wrong ....
Please remember Elliot works more on Daily charts & Weekly charts and not on one hour or 4 hrs chart. The numbering of waves are completely wrong. Pl go thru Preacher's Elliot Wave book to have a better understanding of waves. Thanks Phiroze
  • #231,306
  • Jun 13, 2010 2:21am Jun 13, 2010 2:21am
sorry, but it's from russian site. please translate


GBP/USD

Пара продолжила рост и практически достигла сопротивления 1.4770. При этом RSI часового графика близок к перекупленности. Отсюда возможны следующие варианты дальнейшего развития ситуации:
В случае уверенного преодоления сопротивления 1.4770 пара продолжит рост к следующему сопротивлению 1.5050. Если же разворот тренда состоится из района 1.4770, что, учитывая перекупленность, весьма вероятно, пара будет нацелена на снижение сначала в район 1.4500, а затем 1.4345. Прорыв ниже позволит протестировать минимум на отметке 1.4230. В то же время, обратный разворот тренда вверх вероятен на подходе к отметке 1.4500 или 1.4345.
Attached Image (click to enlarge)
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  • #231,307
  • Jun 13, 2010 2:22am Jun 13, 2010 2:22am
Monday, Cable will open with a HUGE GAP upwards, closer to 1.46729 or above

well the current rate is 1.46729
  • #231,308
  • Jun 13, 2010 2:25am Jun 13, 2010 2:25am
Quoting Privet
sorry, but it's from russian site. please translate


GBP/USD

Пара продолжила рост и практически достигла сопротивления 1.4770. При этом RSI часового графика близок к перекупленности. Отсюда возможны следующие варианты дальнейшего развития ситуации:
В случае уверенного преодоления сопротивления 1.4770 пара продолжит рост к следующему сопротивлению 1.5050. Если же разворот тренда состоится из района 1.4770, что, учитывая перекупленность, весьма вероятно, пара будет нацелена на снижение сначала в район 1.4500, а затем...
can u teach me russian bro, i wish to learn both reading and writing in russian. with grammar
  • #231,309
  • Jun 13, 2010 2:31am Jun 13, 2010 2:31am
Quoting forexlion
can u teach me russian bro, i wish to learn both reading and writing in russian. with grammar
hello Forexlion! sorry for this text, but.... you can stay google toolbar in your browser

ok I'll try translate it

A pair continued growth and has almost reached the 1.4770 resistance. At the same time schedule RSI is close to overbought. Hence the following options for further development of the situation:
In the event confident of overcoming the resistance 1.4770 pair will continue growing to the next resistance 1.5050. If the trend reversal will take place from the region of 1.4770, which, given the overbought, it is likely a couple will focus first on reducing the area of 1.4500 and then 1.4345. Break below will test a minimum at around 1.4230. At the same time, reverse the trend reversal is likely on the way up to a mark of 1.4500 or 1.4345.
  • #231,310
  • Jun 13, 2010 2:48am Jun 13, 2010 2:48am
Quoting forexlion
Monday, Cable will open with a HUGE GAP upwards, closer to 1.46729 or above

well the current rate is 1.46729

Forexlion, from which broker you get the above rates? Could you please post a link?. (By the way, I'm long GBP/EUR & GBP/USD).

Regards
Nectarios
  • #231,311
  • Jun 13, 2010 2:50am Jun 13, 2010 2:50am
Quoting Nectarios
Forexlion, from which broker you get the above rates? Could you please post a link?. (By the way, I'm long GBP/EUR & GBP/USD).

Regards
Nectarios
I think (and my indies show) that we go in flat. please tell me - right?
  • #231,312
  • Jun 13, 2010 2:54am Jun 13, 2010 2:54am
h4 flat?
Attached Image (click to enlarge)
Click to Enlarge Name: h4.gif Size: 29 KB
  • #231,313
  • Edited 3:21am Jun 13, 2010 3:07am | Edited 3:21am
Privet, only God knows (the God of Forex), I don't!

The only thing that we can do is to research these currency pairs, technical analysis, fundies, newsflow, etc and make an educated decision.

Some people prefer to flip a coin to choose a direction but what I have found out in my time into the derivatives markets, is that unless you work hard you will not make a penny out of the markets.

Some times the markets will be kind with you and send you a couple of thousands or hundred of thousands $ towards your way but they will take it back from you unless you work hard, you have disciplent, and sound money management.

Regards
Nectarios
  • #231,314
  • Jun 13, 2010 3:54am Jun 13, 2010 3:54am
Quoting forexlion
Monday, Cable will open with a HUGE GAP upwards, closer to 1.46729 or above

well the current rate is 1.46729

u better be right Lion because i wish its happens..haha
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #231,315
  • Jun 13, 2010 4:11am Jun 13, 2010 4:11am
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  • #231,316
  • Jun 13, 2010 4:29am Jun 13, 2010 4:29am
Quoting forexlion
can u teach me russian bro, i wish to learn both reading and writing in russian. with grammar
A good one.
Or am I wrong and you are really ready to sacrifice some 3 000+ hours to master slavonic language?
  • #231,317
  • Jun 13, 2010 5:23am Jun 13, 2010 5:23am
Quoting StarChild
hi newbie...you always have an abc, or an abcd correction after the 5 waves ..hear is my count on the 4h chart..u r counting the very small waves within the larger ones..i am still learning too..it helps to see others count..
Thanks mate, I know that but I think you might want to read this;

Wave 5 is supported by retail forex traders (normal folks like you and me), not institutional traders (the herd). Wave 5 tends to lack the momentum generated by the Wave 3 rally. This move will create divergence that can be measured on any technical oscillator, MACD, stochastics etc. Once the highs of Wave 3 are broken by Wave 5, the rally loses steam and starts changing trend. This can either result in a new 5 Wave impulse pattern or a correction.

I am open for suggestions.
Thank you.
  • #231,318
  • Jun 13, 2010 5:59am Jun 13, 2010 5:59am
Quoting JanPoko
A good one.
Or am I wrong and you are really ready to sacrifice some 3 000+ hours to master slavonic language?
Problem is that all weapon manuals are in russian, I have no choice but to learn the language.
  • #231,319
  • Jun 13, 2010 6:36am Jun 13, 2010 6:36am
The best forex textbook is in Russian:War and Peace by Lev Tolstoy. President Bush senior red it through to bring up his power of will and patience. Do you use hatha yoga for forex?
Quoting forexlion
Problem is that all weapon manuals are in russian, I have no choice but to learn the language.
  • #231,320
  • Jun 13, 2010 6:40am Jun 13, 2010 6:40am
Quoting Privet
sorry, but it's from russian site. please translate


GBP/USD

Пара продолжила рост и практически достигла сопротивления 1.4770. При этом RSI часового графика близок к перекупленности. Отсюда возможны следующие варианты дальнейшего развития ситуации:
В случае уверенного преодоления сопротивления 1.4770 пара продолжит рост к следующему сопротивлению 1.5050. Если же разворот тренда состоится из района 1.4770, что, учитывая перекупленность, весьма вероятно, пара будет нацелена на снижение сначала в район 1.4500, а затем...
hey sweety can u translate this for us plz
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