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11-04-2009, 02:24 AM
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GBPUSD H4
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11-04-2009, 06:51 AM
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105
closed long from 6420 @ 6525, hourly resistance of wedge formation on h4.
She looks like she could travel to 1.66,there's just too much big news coming.
I may look for some scalps Pre-news. Good point on that Jeremy! Thanks.
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11-04-2009, 07:15 AM
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11-04-2009, 07:54 AM
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Hi KP/Jay
Its all on fib time with delta.
Delta closely tied to elliott wave so fibs play a large part on time & price.
That 1.68 is just a 123.6% price projection between two ITD delta points.
Time wise for that 1.68....
The inter points tend to like 8TD between points when going in the same direction of MTD.
If I get chance I'll draw a chart....  |
11-04-2009, 08:23 AM
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Cable - Update
Quote:
Originally Posted by MrWilson
Hi KP/Jay
Its all on fib time with delta.
Delta closely tied to elliott wave so fibs play a large part on time & price.
That 1.68 is just a 123.6% price projection between two ITD delta points.
Time wise for that 1.68....
The inter points tend to like 8TD between points when going in the same direction of MTD.
If I get chance I'll draw a chart.... |
Hey M. W,
Here is the updated possible B wave triangle that I have been tracking. Alternatively, Wave C could have been the end of the correction and we have just completed wave 1 of a new impulse. Either way, I will be looking for a pullback into the 1.6400 area for a buy. Look forward as always to your chart(s). Jay |
11-04-2009, 09:21 AM
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Quote:
Originally Posted by apipintime
Hey M. W,
Here is the updated possible B wave triangle that I have been tracking. Alternatively, Wave C could have been the end of the correction and we have just completed wave 1 of a new impulse. Either way, I will be looking for a pullback into the 1.6400 area for a buy. Look forward as always to your chart(s). Jay
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Hi Jay,
This smells to me truncated C rather than a triangle 
Patryk |
11-04-2009, 09:23 AM
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Thanks Jay...
That simple measured move target around 1.661 should be a price magnet for both sides....
120 GBP Z
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11-04-2009, 09:27 AM
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Quote:
Originally Posted by fazi
Hi Jay,
This smells to me truncated C rather than a triangle
Patryk |
Hey Patryk,
In that C wave, y=w. This would suggest that it was corrective and not an impulsive C wave. The triangle count will be violated when price breaches the B point high at 1.6602. Time will tell. Jay |
11-04-2009, 09:29 AM
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Quote:
Originally Posted by MrWilson
Thanks Jay...
That simple measured move target around 1.661 should be a price magnet for both sides....
120 GBP Z
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Are you depicting a B wave flat, with a C down to come? |
11-04-2009, 09:35 AM
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Quote:
Originally Posted by apipintime
Are you depicting a B wave flat, with a C down to come?
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Nope as it would mean the delta map would need amending...
Its a natural price point for the Bears to plan an attack from & the weaker bulls to maybe lock in some $ .... |
11-04-2009, 09:39 AM
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Quote:
Originally Posted by apipintime
Hey Patryk,
In that C wave, y=w. This would suggest that it was corrective and not an impulsive C wave. The triangle count will be violated when price breaches the B point high at 1.6602. Time will tell. Jay
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This is how I see it - I`m not so sure now a triangle was/is unfolding - this deep drop 9 pips away from A bottom don`t fit into triangle so good (It would be ok for B wave triangle and further weakness) - that is why I start to favour wxy correction with a truncated y.
Patryk |
11-04-2009, 09:40 AM
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Quote:
Originally Posted by MrWilson
Nope as it would mean the delta map would need amending...
Its a natural price point for the Bears to plan an attack from & the weaker bulls to maybe lock in some $ .... |
Do you believe that the C point of my triangle was the end of the correction, and a safe place to position against? Maybe you have a chart with your current count? |
11-04-2009, 09:59 AM
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too early
Quote:
Originally Posted by KP FX Trader
closed long from 6420 @ 6525, hourly resistance of wedge formation on h4.
She looks like she could travel to 1.66,there's just too much big news coming.
I may look for some scalps Pre-news. Good point on that Jeremy! Thanks.
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well, as I expected might be the case, I took profit too early, price at 6570 now, daily trend line resistance being hit. I would think a double top in the 66 zone is about as far as the cable will go pre-news. Well, if she reaches the 6693 high of 10/22 Ill be being myself up even more. rats!
fading a bounce off daily resistance for 20-30 pips would pacify me, but then again, if it presses on through I turn bitter sweet into bitter.
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11-04-2009, 10:17 AM
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A simple closing price chart could help clear some thoughts...?
480 gbp z
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11-04-2009, 10:59 AM
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as both eur/usd and gbp/usd have posted strong intraday bull moves so far - the "trend" is definitely up for the time being - trendlines have been broken, tops being tested, etc........
that being said - both moves (especially eur) are looking quite over-extended and with fomc looming 2:15 away, we could be in for a flat/retrace move until then
being dollar long from here is definitely "low" risk as there are clearly defined resistance points in both pairs that should cap your losses - as for a huge dollar bull move, it may not be in the cards, so ill be taking dollar longs lightly for now.....
good luck all!
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