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Cable Update (GBPUSD)

  • #48,021
  • Jan 3, 2008 12:44pm Jan 3, 2008 12:44pm
Quoting Carrera
Been a pattern recognition trader, I will try to post what I see in case that this could help.

There are many patterns in this business and we should check them all.
Crab pattern
Bat pattern
Gartley
Butterfly
AB=CD
are some of my favorites.
Any comments are welcome.

Here is GBP/USD 4HTF.

Good trading to all, now going back to my jungle > FOREX.
Thank You for sharing the harmonic patterns.
  • #48,022
  • Jan 3, 2008 12:51pm Jan 3, 2008 12:51pm
Quoting Carrera
Been a pattern recognition trader, I will try to post what I see in case that this could help.

There are many patterns in this business and we should check them all.
Crab pattern
Bat pattern
Gartley
Butterfly
AB=CD
are some of my favorites.
Any comments are welcome.

Here is GBP/USD 4HTF.

Good trading to all, now going back to my jungle > FOREX.

great chart... do you have a harmonic apttern indicator or learning pdf or learning thread? also, what happens if the uptrace is rejected at 38 fib rather than the 50 fib? does the pattern still hold true or must we wait for retrace to 50 fib and rejection b4 going short with your system???
  • #48,023
  • Jan 3, 2008 12:57pm Jan 3, 2008 12:57pm
Quoting forexnovice
Thank You for sharing the harmonic patterns.
You welcome.
  • #48,024
  • Edited 1:17pm Jan 3, 2008 1:14pm | Edited 1:17pm
Quoting dagoods
great chart... do you have a harmonic apttern indicator or learning pdf or learning thread? also, what happens if the uptrace is rejected at 38 fib rather than the 50 fib? does the pattern still hold true or must we wait for retrace to 50 fib and rejection b4 going short with your system???
Not pattern indicator, I wish , I just mesure with fibs when I see a possible pattern. I been reading about pattern recognition for a long time al ready and when I look at my charts, thats the first thing that I look for. Fibonacci Ratios with Pattern Recognition by LarryPasavento is a good book to learn more. Also there are many sites in the internet. Google it.
If there is a retrace before the 50% fib, pattern is not valid. But is the retrace is a small one, the pattern still valid. I see GBP/USD in a down trend in the long term, but intra day is a beauty how its retrace.
I also confirm my patterns with stochastic and Rapid RSI indicators for a good entry and exit tergets.
  • #48,025
  • Jan 3, 2008 3:39pm Jan 3, 2008 3:39pm
Anyone following Oil
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"Millionaires don't use astrology, billionaires do"
  • #48,026
  • Jan 3, 2008 4:53pm Jan 3, 2008 4:53pm
cable 4hr targets res/sup areas
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"Millionaires don't use astrology, billionaires do"
  • #48,027
  • Jan 3, 2008 4:56pm Jan 3, 2008 4:56pm
Cable going to drop to 9590 today.
"Invest With The Insiders, Not The Masses" George Muzea
  • #48,028
  • Jan 3, 2008 5:59pm Jan 3, 2008 5:59pm
Quoting Qu|cksilver
Cable going to drop to 9590 today.
down to 9590 and then UP to 2.0200 ? ;-)
  • #48,029
  • Jan 3, 2008 6:16pm Jan 3, 2008 6:16pm
Quoting kujo17
down to 9590 and then UP to 2.0200 ? ;-)
correct. 9590 or bit lower..
"Invest With The Insiders, Not The Masses" George Muzea
  • #48,030
  • Jan 3, 2008 6:37pm Jan 3, 2008 6:37pm
Its going to 1.9651. where strong support lies.
If it breaks that.. it will go all the way to 1.9181
  • #48,031
  • Jan 3, 2008 6:49pm Jan 3, 2008 6:49pm
Quoting jacobtrader
Its going to 1.9651. where strong support lies.
If it breaks that.. it will go all the way to 1.9181
Before going to 9181 must go 2.0 first.
"Invest With The Insiders, Not The Masses" George Muzea
  • #48,032
  • Jan 3, 2008 6:54pm Jan 3, 2008 6:54pm
Quoting Qu|cksilver
correct. 9590 or bit lower..
btw, just wanted to say that I've picked up alot of great info within this thread, thanks QS !!
  • #48,033
  • Jan 3, 2008 7:45pm Jan 3, 2008 7:45pm
Quoting kujo17
down to 9590 and then UP to 2.0200 ? ;-)

I totally agree with Qulsilver 1.9590 area, but we have to remember big news tomorrow for US. Be careful traders.



PD. Excuse my english, second language.
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  • #48,034
  • Jan 3, 2008 8:28pm Jan 3, 2008 8:28pm
8:30am USD http://www.forexfactory.com/images/m...mpact_high.gif Unemployment Rate
hi all trader pls watch out this news.. it is important for the USD..
  • #48,035
  • Jan 3, 2008 8:42pm Jan 3, 2008 8:42pm
hI ALL

i agree with Qs that cable could reach between 1.9652 to 1.9582 ... and we are in downtrend maybe 1 hour before us news cable will go up
  • #48,036
  • Jan 3, 2008 8:46pm Jan 3, 2008 8:46pm
On my trade server which is fxopen I am getting a level of 9534 for downtrend, followed by a possible retrace to 9753.

The levels may differ on different servers because of server time zone.
  • #48,037
  • Jan 3, 2008 8:53pm Jan 3, 2008 8:53pm
This is a 4 year chart of sterling shorts, which shows that pound sterling is being sold heavily.

Overall Monthly GBPUSD also shows 9 times more sellers than buyers.

Hope this helps in taking a good decision.
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  • #48,038
  • Jan 3, 2008 8:55pm Jan 3, 2008 8:55pm
Cable seems still searching for a new low The bottom price highly expected. However, NFP might push Cable UP... but if the Carry Trades keep on Unwinding... GJ keep on Dropping... Cable can't go very much high. Next week surely down as BOE will announce the RATE CUT. The bottom price will be possible next week. Today... might be ranging. Perhaps 1.9650 is possible if GJ unwind heavily.
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  • #48,039
  • Jan 3, 2008 8:57pm Jan 3, 2008 8:57pm
hrmm
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  • #48,040
  • Jan 3, 2008 9:01pm Jan 3, 2008 9:01pm
On a shorter time fr ame of Daily, this is a chart of sterling shorts of 6 months, which shows that a small retrace uipwards could be expected.

Since next week will be NFP week, we might see a small jump in GBPUSD.

This is just an observation, not a firm decision, charts change every hour.
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