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Attachments: How far down do you think the Pound is going? -Daily Chart
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How far down do you think the Pound is going? -Daily Chart

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  • First Post: Sep 12, 2013 2:23pm Sep 12, 2013 2:23pm
it's definitely going down ... but how far ? ... I say my tp areas are the ones in yellow and green ... have your say ...

N.B. please attach a chart explaining your theory as I'm mainly interested in learning
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This Doji candlestick forming on the Daily chart is supporting the theory.
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and on the 1H chart there's a high probability of trend retest + Momentum level < 100 and heading down.
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in 25 minutes the last 4h candle of the day will be closed ( waiting for the confirmation of the macd crossover ) and the daily candle close, too ( waiting for a reversal candle to appear e.g. hammer, doji or whatever ) then I'll sell it ... what do you think fellas ?
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And a divergence has just formed now on the daily chart so now we have a Strong Resistance + Divergence + Macd cross down on the 4H + Reversal Candle + A trend to be retested + Momentum below 100 = I'm 70% convinced the price is going down ... of course still wanna here your theories guys
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You will see "facts" supporting your bias all around, its either your profit or your loss, why are u asking other ppl opionions on a thing u are so sure about ?
Quoting uberteh
You will see "facts" supporting your bias all around, its either your profit or your loss, why are u asking other ppl opionions on a thing u are so sure about ?

Because I'm not trading. I'm just learning and yesterday when I asked them about a chance I found on the GbpJpy a lot of the replies helped me know things I don't since I'm beginner. but it seems like they're busy for now
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You already have trade planned and just asking where should be your TP Not much to learn, but confuse yourself with other ppl opinions, but goodluck.
GBPUSD is not going down ...one (1) bar doesn't mean that trend is changed ...Who told you that?
There is a winner and a loser, nothing in between.
Quoting uberteh
You already have trade planned and just asking where should be your TP Not much to learn, but confuse yourself with other ppl opinions, but goodluck.

Man I don't even have money in the market to confuse myself and learning how to place the tp properly is also learning I guess
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Quoting buytosell
one (1) bar doesn't mean that trend is changed
I don't get it ... some explanation please
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1.4860 and 1.4200
Yeah?! Well.. you know, that's just like.. your opinion man! - Big Lebowski
Quoting Yuri57
1.4860 and 1.4200

Short and straight I usually like that style but I'm here to learn so a chart to clarify why you picked these points would be AWESOME
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Quoting Yuri57
1.4860 and 1.4200

I checked it .. Just wanna make sure that's what you meant by those points ? ... do you believe that the price will smash all the S and R levels and complete the whole wave !? .. Reasons ?
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Quoting buytosell
GBPUSD is not going down ...one (1) bar doesn't mean that trend is changed ...Who told you that?

Still for the explanation
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Quoting buytosell
GBPUSD is not going down ...one (1) bar doesn't mean that trend is changed ...Who told you that?
No. But I stumbled across this as I actually happen to have a shot on Cable at the moment. While there's a good chance it can still bust through the orders present here....it's largely irrelevant, as the chance of entering into the start of a correction is significant and very much rewarding if you accept the risk that you'll lose most of the time. Everybody wants to be right, they don't really care about making money. Just my two cents, take it or leave it.
An update: I've changed the tp areas to a closer ones. I'll explain later how I choosed the new ones but I'm on mobile now so it's hard to attach a chart. Anyway you can find the new tp areas in my trader explorer as it's public. I did that now because I just realized that today at noon there'll be a release of the Retail Sales Ex Autos and the dollar is a pair in the trade so I'm afraid of the release results. Have a good night everybody
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Quoting Muhammad Ezz
it's definitely going down ... but how far ? ... I say my tp areas are the ones in yellow and green ... have your say ... N.B. please attach a chart explaining your theory as I'm mainly interested in learning {image}
Its Friday and not much happening, so an opportunity to practice my analysis.
Something I found very useful in selecting areas of supply and demand was to look for levels where price did not linger and rapidly moved away.
Red areas on the weekly chart seem to indicate the pair is rangebound and currently moving upwards.
Your tp levels appear to be previous levels of support and since it already above its more likely to head towards upper range band.
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GBP isn't going down. It's going up. Look on all the daily charts - JPY, USD, CHF, EUR, CAD. Strong uptrend. GBP news also is good: economy, unemployment... not getting involved with Syria...!
By the way, divergences mean nothing going against the trend.
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