i have forecasted for 94
but 91 is surprising for me
but 91 is surprising for me
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DislikedWorlhin, observe the chart. I am not recommending you trade this system (certainly not the entry method unless you have investigated it fully) but it is a simple method of placing your stops so you stay with the trend. There are loads of books out there and many trading systems that each have their own take on exit strategy, chose one that works for you.Ignored
DislikedI came out of my gbp/usd short, however possible turning point for gbp/usd, may be the monthly 50 fib/ trendline.Ignored
DislikedDear GodfreyH, I agree with you that this line may hold the price for a while but considering that clear bearish divergence on RSI on the same chart you posted and CCI and other indicators, I think 61.8 and 76.4 (GU's favorite fib retrace level) will come to play next weeks.
The movement pattern that I see with this sharp slope is likely not to stop here and reverse. I think this bear run will end with 3 waves down. We have passed one wave and this is the second wave which has started and will continue much lower than this.
The last bear move's driver for GJ was solely GU. Consider if this $ bull run ends and UJ joins to GU, what will happen to GJ. May be we will see GJ around 189 or lower this time.
From my observation and other guys with fibonnaci time zones GJ is on %61.8 fib time zone right now and this is a very good sign that wave 5 to the down side is about to start.
This is what Piters posted earlier:
http://www.forexfactory.com/showpost...stcount=106226Ignored
DislikedYEP. all the INGRIDIANCES are here, and RECIPE. now we need only PATIENCE
Ignored
Dislikedwhere is 'peaches'? and what happened to the hammer he was excited about..Ignored
Dislikedwhere is 'peaches'? and what happened to the hammer he was excited about..Ignored
DislikedI came out of my gbp/usd short, however possible turning point for gbp/usd, may be the monthly 50 fib/ trendline.Ignored
Dislikedok, now i think i have things straight with cable's long term analysis.
do u guys remember the congestion zone we had on GJ that lasted 2 weeks?? well guess what, we have the same crap on cable's monthly candle. some called it the "fight of the pinbars", but i would call it a congestion zone (out of the book).
i have 2 scenarios in mind that i would like to share, but both scenarios are telling me we need to visit 1.90xx area before this sucker decides where it wants to go, and here's why:
the monthly (long term) trend on cable is clearly bullish. we're currently in a correction faze, or wave 4 like piters mentioned. a fake breakout is VERY possible down to the above mentioned area. and from there, BUYING is the best idea. HOWEVER, i will watch CCI 30's 0 line for a bounce, if that level is cleared on a monthly level then that means a change of trend and a possible movement down to 1.8-1.79 area as i predicted 2 months ago. i cant help to think that we have a complex head/shoulder pattern on the weeklies, but since i said that, it won't happen
if we get a nice angle bounce from cci's 0 line then the trend is clearing going back to is track (bullish). i truly believe we're going to that area; the congestion zone is GOOD proof. there is, however, a slight chance for this going below the 0 line and STILL going back up, check out GJ's daily chart right after the fake breakout it made to 208 area before making a 750 pip rally.
cable should RALLY in a VERY fast pace if bullishness is confirmed. i mean we won't be getting any significant weekly/monthly retracement before november's high is reached, i'm talking a 1800 pip 2-3 month rally (by the end of this year or early next year.
dollar is strengthening yes, but only for a correction. same for oil and DJ. i'm expecting oil going down to 90-100 levels before resuming it's journey to 170$+ a barrel by summer of next year.
the ultimate destination for cable's long term bullish move should be around 2.29xx - 2.3 (confluence of historical 88.6 retracement and FE 100) which should be at the end of the year 2011. and that's when the dollar should start getting back on it's feet, and the end of wave 5 for cable's monthly chart.
back to shorter term. yes i think it's going to 1.90xx, weekly chart is indicating a bearish harmonic pattern. and those usually end at a 127.2 - 161.8 fib.
monthly and weekly charts:
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DislikedLilmoe. No, I wo0uld not be comfortable going Short. I got no open positions currently on GJ and I may stay away from any position trading today and just do some scalping on dips for about 40-60 pips.Ignored
Dislikedi'm loving the opening ceremony in the olympics, the chinese are really brilliantIgnored
Dislikedi'm loving the opening ceremony in the olympics, the chinese are really brilliantIgnored
Dislikedi'm loving the opening ceremony in the olympics, the chinese are really brilliantIgnored