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Attachments: Gbpjpy/gbpusd charts and setups-> [Piters Method]
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Gbpjpy/gbpusd charts and setups-> [Piters Method]

  • Post #1
  • Quote
  • First Post: Apr 24, 2009 2:03am Apr 24, 2009 2:03am
Im starting this thread as is much easier to have all in one place!!
Mainly charts, setups, and ideas for GBPJPY, GBPUSD, and other cable crosses!
been showing this chart last few weeks, and im posting again. Clearly shows a retracement, or correction has finished, and a new Bearish setup starting. with testing 135.70 and lower levels.. Personaly with a stoch setup set for next drop, impicating that the next one we should expecting as a 3000pips Drop MIN...which goes directly to test the current Low..

[chart]
Attached Image (click to enlarge)
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daily shows test and Bounce of the Lower Trend Line, with a retrace to Fib382 [144.60]. been tested and rejected 2 times, sending PA down for another LTL test, with possible breakout this time...

[chart]
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After the breakout of the descending wedge [orange lines] pattern at 145.70; PA hit the next support at Daily LTL [141.50] and with bouncing back to retrace F382 to [145.15] and again next LTL test with piercing and 3 bars closing under.
The situation we are in is very interesting. with this bouncing Up/down, we actualy created a wedge in Bear trend, with 85% of breaking the Lower Trend line..

Brreaking this, will send GY down to test Monthly pivot, [139.30/40] with breaking of then next stop at [135.70]; that would activate weekly chart and accelerate the drop even further.

Setup is very bearish.. - stochastics are supporting this drop..

[charts]
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We completed our Bounce, and hit all 3 price levels, durring the last NY late session, now we are Down, hitting again [141.80 - 142.20] as a very strong Support level, this should send GY back Up and get some small bounce here..
If im right, we "may" form a H/S pattern on 1h, shortly in few hours..
Attached Image (click to enlarge)
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Nice work, Carry On Piter's
Looking forward more from you!
Pip!
Nice thread. Good luck
I shall be a regular - GL
Thanks Guys
Quoting Piters
been showing this chart last few weeks, and im posting again. Clearly shows a retracement, or correction has finished, and a new Bearish setup starting. with testing 135.70 and lower levels.. Personaly with a stoch setup set for next drop, impicating that the next one we should expecting as a 3000pips Drop MIN...which goes directly to test the current Low..

[chart]
Hi Piters. On the weekly chart was it just the OB stochs that caught your eye a few weeks ago? If there was more, would you mind going over that?

Thanks!

http://www.forexfactory.com/attachme...1&d=1240553626
Quoting Pips_Cruiser
Hi Piters. On the weekly chart was it just the OB stochs that caught your eye a few weeks ago? If there was more, would you mind going over that?

Thanks!

http://www.forexfactory.com/attachme...1&d=1240553626
Yes mate, there is more, the fibo retracement. I need about 30min - 1h to prepare thee rest of the charts, to show you what i'm thinking.. and why Im in that short.. I'll post some more charts very shortly.. [need to upload them]
  • Post #12
  • Quote
  • Edited 3:34am Apr 24, 2009 3:30am | Edited 3:34am
Hi Piters - good luck with your thread

I'll add it to my favorites and when relevant, drop in the odd post on cable

Issy
Trading Levels with WRBs & Aggressive, Volatile Volume
Finally you have your own thread, good luck, wish your life to be full of pips.
Is there any chance you could post your method here?
Fibo382 is a very powerfull level. they are so strong levels, better then any TL, gann, or 50ema, specailly on Higher TF. whenever we hit those leves, we are Up to retrace.

Here is a exp. of AY chart.. we did a retrace on weekly F382, and at least what we have to expect is some retracement on opposite side.. Now pay attention for Stoch + FIBO, when we Hit those levels.. That is the one, and I knew that AY finised the UP (correction) move

Same with EY..
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Quoting Piters
Yes mate, there is more, the fibo retracement. I need about 30min - 1h to prepare thee rest of the charts, to show you what i'm thinking.. and why Im in that short.. I'll post some more charts very shortly.. [need to upload them]
Sounds good. I was watching the daily / 4H channel at the time, and saw that it virtually reached the top. My indicators were OB by then, and I suspected we were heading back to the bottom of the channel. But my assumption was that we'd bounce off the bottom and head back up again. The fact that the trip down became a 61.8 retrace of the move up seemed to support the idea that it was a normal retrace.
Here's my weekly chart. Channel still holding for now . . . looking forward to your thoughts . . .
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The only enigma for me was GY. all YEN crosses including UY done weekly retracement, only GY not. So that is why, I was at one stage pusing for my 155.50-70 level so we can complete the weekly retrace before we go in opposite direction and test again LTL on daily [141.20].

But When I saw that EY, AY, UY alreay did, and 4h/1h starts giving me a short signal.. that was enough for me.. So I can conclude that we didnt reach that level becouse of very weak Cable.. so no realy buyers to push price UP... The rest is storry, and from my daily, 4h and 1h chart we can see the PA...

[weekly chart]
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OK, my 4h gann flipped above, now we are up to retrace 1h-5sma or 4h-5sma..

My stoch on 1h and 15min are supporting that move.. so Im looking to re-short her after the retrace.

levels im watching for now are [142.70 - 143.25]

[chart]
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Quoting Islander
Hi Piters - good luck with your thread

I'll add it to my favorites and when relevant, drop in the odd post on cable

Issy

thanks mate..
you are always welcome, I'll post my charts here, to keep them on one place. Also in few days im going to open a futures thread for YM, ES and .. similar
Bro promise me one thing no KFC patterns. . .

Nice thread Piter I have now found me a place to frequent. Looking forward to some interesting disccusion on TA!

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