Is that a triple top

I am not the best when it comes to charts cause I'm new to this. But looking at the 1 hour chart for the GBP/USD (Pound/Dollar) it would appear to me that it has or is forming a triple top. On the 4 hour charts it looks as if it is just a double. Is my assessment of the chart correct????????/


Fdisk

The price is just bellow 1,7350 resistance. The volatility decreases. Bollinger bandsThe price is just bellow 1,7350 resistance. The volatility decreases. Bollinger bands are tightened. ForexTrend 1H is in a bullish configuration. ForexTrend daily is in a bearish configuration. The price should continue to consolidate. The price should find a resistance below 1,1730. We won't take a position. are tightened. ForexTrend 1h is in a bullish configuration. ForexTrend daily is in a bearish configuration. The price should continue to consolidate. The price should find a resistance below 1,1730. We won't take a position.

Looks like a tripple top to me. Look at the 30 minute chart, see the high at 1.7340, 41, or 42 area? Pop a horizontal line right there, then you can clearly see the resistance across the three tops. Now pop one at the 1.7260, 61, 62 level. That'll give you the support area as well as show the current rangebound price levels.

I'd wait for a full candle above the top line to consider a long trade. If it fails to cross the top line, it may just stay in the current range. However, if it falls below the support line, I'd consider a short trade. That's just the way I see it.

Looking at a weekly chart for 2005, we can see a clear direction for GBP/USD. Looking at the last 2 years on a weekly chart, we can see a head and shoulders top has been completed , with prices currently just below the neckline......

what do other's think?

Dan

good thread here on the gbp/usd pair.

i agree the weekly chart looks very bearish and yo! the 30 min chart rules in trading cable. the approach mentioned above for entering a swing trade is also very sensible indeed.

what was that about today - jpy making new highs, euro tanking - but cable ..staying in ranges? tut, tut

my $0.02 is: check out support and resistance levels in day trading cable offered by the closing price of the 21:30 gmt bar; recent numbers include:

7309 7292 7223 7176 7151 7142 7125

i've noticed prices pinball between these day bar close levels. i find that when one of these numbers gets blown through like it was not even there it is a good indication of 'sentiment'

i add on 3 pips to get limit buy orders filled (ymmv - depending on the spread you get from your broker i guess)

*peace & mutual appreciation*