MoneyTec.com Traders Community Forum - View Single Post - Cable - GBP/USD

vudragon · 23-11-2004, 11:27

Hi all,

Glad you had major pippage, ? !!!

Woke up to a very nice morning myself. I cashed out on All my Longs!!!

Went short @8715 and have another @8730.

Cable could go all the way to 8760ish so be careful.

Looking for retrace back to 8672 or 8644 after it completes this wave as the first initial retracement marks. There is a good chance that I may only stall and perhaps continue down... but if US data totally sucks, then it might want to proceed up from here.

Will likely be straddling it once it retraces just to get more time to digest the movement/waves to see what might be instored next.

GL all!

Edit: 8690 ~9am
Even with bad US data, I am leaning towards the 8760ish mark as potentially capping Cables current wave set. I am still leaving my shorts near this mark regardless of the news release. ..based on the odd wave structure recently and the shallow retrace from 8725, this is really starting to look more like a corrective set (abc) rather than an impulsive.

For it to qualify as a potential impulsive wave set and the 8725 mark to signify the end of Wave 3, then I would expect a retrace back to either 8644 or 8624 to qualify as a potential Wave 4.

The data release may ultimately determine whether this will be a corrective set or continue on as a potential impulsive set...

The consolidation of the past 2 sessions really fogged this baby up!

It does sound logical for cable to retest the 8600 lvl within the next few session prior to continuing on to new highs regardless of what happens today. ..so don't get hope too high about a straight ride to say 8900.

Reason: Cable just broke out of a decent trend/pattern (Accending Triangle). Pros will likely try to bring it back into the previous pattern to catch amatuers off guard--thinking it might be smooth sailing now after the the breakout.. I am always wary of initial breakouts.

..just some of my thoughts here.

Edit: 8690 ~1:30pm
Those who are long cable atm for potential ride to 8760 might want to tighten your SL. This formation looks like it may be a reversal formation for the retrace that I have been anticipating.

I still have shorts above 8720 in the event it wants to go probing for SL on weak shorts.

23-11-2004, 11:27	#4 (permalink)
vudragon level 3 Join Date: Oct 2004 Posts: 258 Rep Power: 0	Retracement Warning Hi all, Glad you had major pippage, ? !!! Woke up to a very nice morning myself. I cashed out on All my Longs!!! Went short @8715 and have another @8730. Cable could go all the way to 8760ish so be careful. Looking for retrace back to 8672 or 8644 after it completes this wave as the first initial retracement marks. There is a good chance that I may only stall and perhaps continue down... but if US data totally sucks, then it might want to proceed up from here. Will likely be straddling it once it retraces just to get more time to digest the movement/waves to see what might be instored next. GL all! Edit: 8690 ~9am Even with bad US data, I am leaning towards the 8760ish mark as potentially capping Cables current wave set. I am still leaving my shorts near this mark regardless of the news release. ..based on the odd wave structure recently and the shallow retrace from 8725, this is really starting to look more like a corrective set (abc) rather than an impulsive. For it to qualify as a potential impulsive wave set and the 8725 mark to signify the end of Wave 3, then I would expect a retrace back to either 8644 or 8624 to qualify as a potential Wave 4. The data release may ultimately determine whether this will be a corrective set or continue on as a potential impulsive set... The consolidation of the past 2 sessions really fogged this baby up! It does sound logical for cable to retest the 8600 lvl within the next few session prior to continuing on to new highs regardless of what happens today. ..so don't get hope too high about a straight ride to say 8900. Reason: Cable just broke out of a decent trend/pattern (Accending Triangle). Pros will likely try to bring it back into the previous pattern to catch amatuers off guard--thinking it might be smooth sailing now after the the breakout.. I am always wary of initial breakouts. ..just some of my thoughts here. Edit: 8690 ~1:30pm Those who are long cable atm for potential ride to 8760 might want to tighten your SL. This formation looks like it may be a reversal formation for the retrace that I have been anticipating. I still have shorts above 8720 in the event it wants to go probing for SL on weak shorts. Last edited by vudragon; 23-11-2004 at 15:52.