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vudragon · 24-11-2004, 22:13

Cable seems like it still has some Inertia pushing it gradually higher from the upwards momentum from the past 36hrs. It is still opening higher and closing higher on the 2hr chart.

I will not consider taking large shorts until 8850/60 or at least until there are 2 lower closes.

It may be running out of gas soon though, since it is not making convincing higher highs, but the prob is it's making higher lows though. Still not safe to short with less than 50-70pip SL in my estimation.

I took a small short @8821 w/ SL @8880 : to start building up my shorts. Have some more higher up, closer to 8860.

Edit: 8814 ~1pm
If 8825 is the high for the session, then a retrace to 8753ish is logical, and then perhaps 8709, the .382 Fibo of 8524 to 8825.

Once this wave completes, then cable should be done either Wave 3 or Wave 5 from the move up from 8469. The retrace should shed more light on which it was.

Edit: 8803 ~2pm
It might now be a bit safer to take out Shorts for Scalping or Hedging purposes only...

The 2 hour has generated Double Shooting Stars from the 8825 high, hence a shooting star on the 4hr charts. I anticipate a retrace to anywhere between 8770-8709 on the first wave if it has Truly Topped. ..if so, then this should be the beginning of Wave 4.

The ensuing smaller Wave 5 should complete at approx 9033 to complete the larger Entire Impulse wave set from 7744 low (this has been one huge Impulse!). ..see below.

24-11-2004, 22:13	#8 (permalink)
vudragon level 3 Join Date: Oct 2004 Posts: 258 Rep Power: 0	late post... Cable seems like it still has some Inertia pushing it gradually higher from the upwards momentum from the past 36hrs. It is still opening higher and closing higher on the 2hr chart. I will not consider taking large shorts until 8850/60 or at least until there are 2 lower closes. It may be running out of gas soon though, since it is not making convincing higher highs, but the prob is it's making higher lows though. Still not safe to short with less than 50-70pip SL in my estimation. I took a small short @8821 w/ SL @8880 : to start building up my shorts. Have some more higher up, closer to 8860. Edit: 8814 ~1pm If 8825 is the high for the session, then a retrace to 8753ish is logical, and then perhaps 8709, the .382 Fibo of 8524 to 8825. Once this wave completes, then cable should be done either Wave 3 or Wave 5 from the move up from 8469. The retrace should shed more light on which it was. Edit: 8803 ~2pm It might now be a bit safer to take out Shorts for Scalping or Hedging purposes only... The 2 hour has generated Double Shooting Stars from the 8825 high, hence a shooting star on the 4hr charts. I anticipate a retrace to anywhere between 8770-8709 on the first wave if it has Truly Topped. ..if so, then this should be the beginning of Wave 4. The ensuing smaller Wave 5 should complete at approx 9033 to complete the larger Entire Impulse wave set from 7744 low (this has been one huge Impulse!). ..see below.