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发表于 2009-4-12 12:04
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Jan 28, 2009 11:30am
| |  Cable
Quote:
Originally Posted by ninohoang 
Sh*t! I saw a clean 3-wave down followed by 5-wave up too. Cable is quite stubborn. I suspect it may be doing something funny there. It may register a new high again? If that's the case, it got hit again today,trying to catch top of Cable
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Here is a 4 hour chart. I believe Cable wants to hit the 61.8 retrace @ 1.4416.
Attached Thumbnails
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#1368
 Jan 28, 2009 11:41am
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Quote:
Originally Posted by pipeye
Here is a 4 hour chart. I believe Cable wants to hit the 61.8 retrace @ 1.4416.
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Yeah, it should be the last defend for the entire impulsive down move. Is it common to have W4 retrace to or even more than 61.8% of W3? the probability for W5 failure is high in that case right?
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#1369
Jan 28, 2009 11:44am
| | Cable
Quote:
Originally Posted by ninohoang
Yeah, it should be the last defend for the entire impulsive down move. Is it common to have W4 retrace to or even more than 61.8% of W3? the probability for W5 failure is high in that case right?
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I really believe we are going to see some major truncation. Looking at the Dollar Index, we look to be starting a big C wave down in it's correction, so I am anticipating some medium term Dollar weakness.
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#1370
Jan 28, 2009 11:49am
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Quote:
Originally Posted by 200ema
Hi Pipeye,
The only time frame I can count 5 waves down on right now is the 1 minute chart.
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Do you think it is the top of 2 at .786 fib in M5 ?
__________________
SAM
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#1371
Jan 28, 2009 11:50am
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Quote:
Originally Posted by pipeye
I really believe we are going to see some major truncation. Looking at the Dollar Index, we look to be starting a big C wave down in it's correction, so I am anticipating some medium term Dollar weakness.
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Yeah, the probability is high that we will see 5th wave truncation. I'm hoping that Cable can go down abit, so that I can scale out my positions. Bad day!
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#1372
Jan 28, 2009 11:53am
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Quote:
Originally Posted by samdani786
Do you think it is the top of 2 at .786 fib in M5 ?
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HI Sam,
It's quite possible. I can count 5-wave down on M1 time frame too. Hope it can go down a bit further. Cheers
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#1373
Jan 28, 2009 12:00pm
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Quote:
Originally Posted by ninohoang
HI Sam,
It's quite possible. I can count 5-wave down on M1 time frame too. Hope it can go down a bit further. Cheers
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see the thing is that i see 5 wave up in euro so that means it need to come down for correction and usually euro and gbp moves side by side.
Attached Thumbnails
__________________
SAM
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#1374
Jan 28, 2009 12:16pm
| | Cable
Quote:
Originally Posted by ninohoang
HI Sam,
It's quite possible. I can count 5-wave down on M1 time frame too. Hope it can go down a bit further. Cheers
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If you take a closer look at the 1min chart, you can't find five down without some overlap. Not to mention, the 5 up on the 5min, indicates that we have at least 5 more small waves up to come.
The Eur/GBP is losing on the day, which tells me that the Pound has greater relative strength at the moment, so it is possible that it creates another high.
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#1375
Jan 28, 2009 12:16pm
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Quote:
Originally Posted by samdani786
see the thing is that i see 5 wave up in euro so that means it need to come down for correction and usually euro and gbp moves side by side.
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Well, eur and gbp do not necessarily move side by side. Cable also depends on eurgbp and gbpjpy. Right now, I see the 5-wave impulsive up move of gbpjpy is probably over. The it will be followed by a correction. So in very short term, we could see some down move of gbpusd. However, I anticipate that there will be some USD weakness coming soon. Cheers
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#1376
Jan 28, 2009 12:24pm
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Quote:
Originally Posted by pipeye
If you take a closer look at the 1min chart, you can't find five down without some overlap. Not to mention, the 5 up on the 5min, indicates that we have at least 5 more small waves up to come.
The Eur/GBP is losing on the day, which tells me that the Pound has greater relative strength at the moment, so it is possible that it creates another high.
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yeah you are 100% right on that. I see the 5 waves up on M5.
__________________
SAM
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#1377
Jan 28, 2009 12:24pm
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Quote:
Originally Posted by pipeye
If you take a closer look at the 1min chart, you can't find five down without some overlap. Not to mention, the 5 up on the 5min, indicates that we have at least 5 more small waves up to come.
The Eur/GBP is losing on the day, which tells me that the Pound has greater relative strength at the moment, so it is possible that it creates another high.
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I noticed that too. Gbpusd is likely to register a new high, which is probably right at 61.8% Fib retracement of W3 down. Then, we probably see at least a decent pull-back to the down side from there. Cheers!
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#1378
Jan 28, 2009 12:30pm
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Quote:
Originally Posted by ninohoang
Well, eur and gbp do not necessarily move side by side. Cable also depends on eurgbp and gbpjpy. Right now, I see the 5-wave impulsive up move of gbpjpy is probably over. The it will be followed by a correction. So in very short term, we could see some down move of gbpusd. However, I anticipate that there will be some USD weakness coming soon. Cheers
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isnt it that the gbp/jpy is the multiple product of gbp/usd and usd/jpy ? cause if you multiply the price of usd/jpy and gbp/usd, you come up with the price of gbp/jyp ?
__________________
SAM
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#1379
Jan 28, 2009 12:37pm
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Quote:
Originally Posted by samdani786
isnt it that the gbp/jpy is the multiple product of gbp/usd and usd/jpy ? cause if you multiply the price of usd/jpy and gbp/usd, you come up with the price of gbp/jyp ?
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Yeah, you are right. So I think movement of gbpusd is also pretty much dependent on that of gbpjpy, which is likely to set up for a long trade after a correction coming near. Regards
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#1380
Jan 28, 2009 12:41pm
| | Euro
Hey Guys,
Euro has already completed 5 waves up on the larger time frames. And if you look at the 5 min chart, we have a clear 5 waves down with a 3 wave retracement to the 50 fib. I am short from 1.3261 area.
This seems to fit with Euro being a little weaker that the Pound today.
Attached Thumbnails
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