waveriderfx.com

If you look at the weekly chart… the current rally looks like it’s an impulse wave… judging by the weekly cs.. I do think that this is a weekly wave 3 unfolding.. the key here is if the price can rally up and broke the high of this year 2.0132 and continues higher..

Regarding the interest rate what is it all about?? Read on…
If a country raises it’s interest rate what does it have to do with their economy? It makes people save their money to get more from their saving without risking it… just like RHB had an foreign currency saving account where basically you could save your money in any currencies that you wishes and then earn interest based on the currencies’ interest rate.. You could save in NZD or GBP or USD or any currencies that you so wishes.. then comes the law of demand..when demand outweights offer the price of the item raises.. it’s the same here.. more and more people are looking for higher interest currencies and those who had it kept it.. so the money in circulation decreases and and the currency appreciates..

with that in mind.. what do you think of the impact may be on cable if they do raise their interest rate next month??

The BOE meeting minute had been released at 4.30 pm (+8 gmt) and the  result was 5-4.. It signalled an indecision on their part to hold the interest rate at the current level.. The forecasted minute was 7-2 and the previous minute was 9-0 (they voted to raise their interest rate in May).. It sent a signal to trader that the decision to hold the interest rate was not unanimous.. the possibility of a raise is there for July.. and cable jumped and broke through 1.9900 level because of it… and the price holds..

with that in mind my alternative count looks like it’s coming true… so far the price had made 123 formation (the price now had pierced through FE 161.8 and had hold it’s gains…) and I think that this could be the start of the major wave 3 formation… (wave 1 of 3… please see my alternative count) so to those who missed the start wait for the end of this (predicted)5 wave formation… and wait till the abc correction (wave 2 of 3 major) to ride the wave 3 of wave 3…

This browser ranks #1 in my book… there’s the small installation package and customizable browser to boot.. then there’s the tabbed browsing (which had been copied and implemented by internet explorer 7).. I do love this browser…. and the most important thing is this browser’s security which is much.. much better than IE.. and the speed of browsing on it.. To those who hadn’t looked at this much beloved browser yet… please do take a look.. you’ll never look back.. I guarantee you this…

Last night cable didn’t make a reversal formation but looks like that at this level the support is quite strong.. and in my opinion this cannot be a wave 3 down simply because wave 3 should be the strongest wave.. with little or no retracement whatsoever.. and today’s cs had broken the top of yesterday’s high and had made a rally to the top… while it is still inside the body of last friday’s cs it is still a risk to trade.. but for me I had opened a long post at 9707 this morning.. I’m thinking that my alternate count can be used.. let’s hope the price can break 9780 for a confirmation of this..

My primary prediction is based on the daily chart

Sideway ABC correction formation

wave A (1.9915 - 1.9186)

wave B ( 1.9186 - 2.0129)

wave C ( 2.0129 - ?? )

if you use the fibo expansion tool you could see that cable had reached the minimum wave C fibo line which comes at 1.9680 (FE 61.8) next line is 1.9396 (FE 100.0) and the last line is 1.8950 (FE 161.8) can it reached there?? well I cannot say but as of friday it had not made a reversal formation yet..

Alternate count

It could be that from 1.9915 cable had made an abc correction formation and had ended at 1.9186.. from there onward cable had made a 5 wave rally to the upside and ended at 2.0129.

so alternate count is..

wave 1 (1.9186 - 2.0129)

wave 2 (2.0129 - 1.9655 FR 50.0)

market had declined from the top and friday’s close is higher that 1.9655

wave 3 should start at current price… and end somewhere around 2.1041 (FE 161.8)

this is based on my manual analysis.. please make your own analysis..

Maybe most of you don’t know about this software yet.. but for me it’s an important part of my trade analysis component.. I and my friend had been using this software from August 2006 and had gotten a big profit on a few major movement and all through cable alone.. my personal record is gaining ROI 5 times my initial profit.. from 400 usd to 2 K usd all in one week using the analysis given by this wonderful software..

MTP is based on Elliot Wave theory with a few addition of the software creator’s personal evaluation of the theory.. the software is market independant which means that you can use it to do analysis on any type of market. equities,stock,futures,forex etc.. all you need is this software and datafeed of the market you would like to do your analysis on..

Capital preservation is all ingrained into this software and trade tip is also given by  the creator of this software.. If you go to their main site and register for their free report you’ll get daily analysis on every kind of market and they even show you the trade that failed… no cover-up whatsoever… You can browse through the previous analysis on their side and you can also frequent their forum where a lot of users share their analysis there..

If you want to know more about this software and it’s price you can contact me thru YM chrome76..

To those who followed me and opened a post at 1.9906 now it has reached it’s lowest at 1.9622. I am still holding my short but trailed my SL… so anything happens my profit is still there. so here’s the scenario.. while it is possible for cable to go further down but at this current level it still can go up.. because the price had stopped at the fibo line 50.0 IF you had draw the fibo from 1.9186 - 2.0129.. so you could say that this is the end of wave 2 down because it is still valid except that the price had not made a reversal formation yet.. so we need to wait for next week to see where will cable goes…

Total : 284 pips

Yesterday cable had made even lower run to the bottom after I had posted my last update.. 9745 is the new bottom for yesterday.. as for today to those who had missed the short from the top you could place a sell stop at yesterday’s bottom and do place your stop loss. As for me I’m still holding my short.. I’ll decide once cable had arrived at my first tp.. this is a recap of my TP’s :

TP1 : 1.9678

TP2 : 1.9508

TP3 : 1.9237

total pips for yesterday : 161 pips

It had seem that the wave 3 or C down is on the way…  yesterday’s low was 1.9906 and the price as of 10 pm Malaysian time is 1.9823 the lowest is 1.9812 which is 94 pips already. Congrats to those who had followed my recommendation.. So if any of you who wish to close trade for today please do so.. but to those who wants to see the bottom of this run lower then put your SL at break even price which is at 1.9906.. the tp is still valid…