NZD.GBP

[Xerof]

A finer specimen you'll never see !!

http://img425.imageshack.us/img425/6134/nzdgbp6jl.png

watching, watching.....

Xerof

[arco]

Excellent netting.

Pity I cant trade that one [V] , but theres always another Butterfly waiting in the foliage.

Now you've found it, how do you propose to trade it?

arco

[Xerof]

Saxobank quote the cross - mind you there's not much they don't quote[^][^]

Timewise, I think it might need some development, but as for targets, 1.272% has already been achieved at .3988, 1.618% is .4031.

Dangerous cross though Arco - very gappy and pips are high value, but it seems a perfectly formed cabbage white, worthy of netting for the collection.

Will leave an oda to sell at .4025, given the spread is 5 pips, with a 30 pips s/l

Xerof

[peat]

my platform quotes the GBP/NZD , with a 25 pip spread [:0]

[Xerof]

Peat, when quoted inversely thats a 4 pip spread, so its better than my platform.

Quoted GBP/NZD they're 35 pips[xx(][xx(]

Ironically, if I were to break the cross into its 2 USD components and deal off the spreads for each I end up with 3.3 pip or 23 pip spreads in the cross, but of course much more difficult to manage stops and t/p's with 2 open positions

Anyway, the cross seems to have drifted away from the zone for now

Xerof

[Xerof]

I was too conservative on this one, looking to sell at the top of the zone rather than the bottom, but it is something to gain confidence from. Interesting aspect of it is, there was only one spike into the zone, so it would have been a fairly stress free run down so far.

Might not be too late for entry, but for me it's recorded as a missed netting.

Could also enter on a s/l basis to catch the breakout from the formation - I think thats a technique you have used often enough isn't it Arco?

This cross seems to be a Lepidopterists dream - there are about 5 formations in a row on this chart

http://img264.imageshack.us/img264/7362/nzdgbp8wo.png

Xerof

[Xerof]

Question for you Arco....

would you still consider the formation posted above a valid flutterby, even with the reasonable dip we saw last week. I read somewhere that a 2 step rally on way to D usually gives a stronger signal of reversal, but this one has had a couple of decent dips on the way north, so unsure whether to still keep the net on hand or not

Could of course also be a nice 5 waves up from .3830, being in 5 now

TIA

Xerof

[Xerof]

For those with a fascination for obscure cross trades:

NZD.GBP

In terms of Gann resistance, its like Grand Central Station here at .4000, depending on how many V formations one calcs off. Also, 1.618% extension of a butterfly formation formed over the past 2 weeks. Add to that the fact its a very big round number, and one might have cause to attempt a short, with a stop above 4020.

Finally, if it holds at .4000, it will form a double top.

Xerof

[Xerof]

short at .4005

Xerof

[Xerof]

In for a penny, in for a pound.

Sold again at 4030

http://img358.imageshack.us/img358/3844/nzdgbp1er.png

Xerof

[ruethewhirl]

Don't mean to change the techie tone of this thread - but what
the hell is going on with the NZD GBP exchange rate? Why is it
so high? And when the hell is it going to fall?

I have a significant wad of cash in GBP I am looking at changing
to NZD soonish.

What are the fundamentals that are underpinning this high rate?

Should I be waiting for a correction? Does the term "correction"
even apply to forex markets?

And finally, why can't the exchange rate be 29p to the dollar
again like it was in 2001, and let me be really rich and happy?

[peat]

patience ...

[Yossarian]

I too am not enjoying this. Bought some pounds a little while ago thinking "surely they can't go too much higher"...

Oh well, a fool and his money are soon parted!

[ruethewhirl]

The way things are looking - I might be tempted to swing all
my kiwis over into GBP...

Will we hit 0.5...???

[ruethewhirl]

Things looking good now, hope the tide
is turning.

If we can break significant support/res
level .38p, 2006 could be a very good
year.

[arco]

Hi Aspex

Unfortunately NZD.GBP chart does not come through from Reuters, so its hard for me to make a comment.

Xerof may be able to help.

regards - arco

[Xerof]

Not one I follow particularly closely, but here is an Elliot perspective using weekly data.

Finishing (or maybe finished) a subwave 2 of a larger wave 3 down.

Although the programme used to generate this count has notated the last peak as 2 and Z, it may still not be complete, given the close proximity of the current price.

However, broadly speaking it seems it should head south into 2007 and if it is indeed a 3 of (3), it should be a stress-free tumble.

http://img240.imageshack.us/img240/7968/nzdgbpab8.gif

E&OE - not a recommendation to trade

hope this assists

regards

Xerof

[milker]

A dumb question probably but perhaps one of you guys could explain. On the Saxobank list of currency pairs GBP/NZD has a spread of 35 pips but NZD/GBP has only a 5 pip spread. Does this in anyway relate to the predominant trade pattern.

[Xerof]

Milker.....

it merely relates to the way round the cross is quoted - the ol' numerator/denominator trick - it should be basically the same 'cost'built into the spread, but in fact there is a small difference .... the GBP/NZD quote with a 35 pip spread is narrower

HTH