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Cable Update (GBPUSD)

  • #67,601
  • May 23, 2008 1:47pm May 23, 2008 1:47pm
Quoting Bones
We are going down short term.
whats your price target?
  • #67,602
  • May 23, 2008 1:50pm May 23, 2008 1:50pm
its ugly but

I have drawn a Gann Box around the most recent British Pound/US Dollar currency pair on a daily chart. A good portion of the price action lives in the botton red triangle area of the box. I will call this area the Bermuda Triagle. When a security is trading in this area of the box it can be said that the security is in a weaker position.
There is a Advanced GET Stochastic sell shaping up on the daily chart. Once the stochastic becomes overbought and should the price action find weakness at my down 1 x 1 Angle (perhaps at the 1.985 price), I might be interested in looking for a way to get triggered short.

this is a couple days old but still hold true
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Don't chase the market, Let the market come to you
  • #67,603
  • May 23, 2008 1:58pm May 23, 2008 1:58pm
Well im not actually short myself but 9700 area seems reasonable.A four hour bar close below 9600 and I would think again,lol
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #67,604
  • May 23, 2008 3:33pm May 23, 2008 3:33pm
Quoting nAVIN2007
man u try to prredict to much ....how on earth can u suggest a fall like this especially when the neckline isnt broke???

this is yur problem bro ....dont try predict market based on a head n shoulder, the formation only matter once the neckline breaks....yur jumping the gun..

im not having a go..just trying to help u realise where u could be better
nAVIN, you are right. There is not a neckline to trigger any shot position yet.
  • #67,605
  • May 24, 2008 6:12am May 24, 2008 6:12am
Not a bad idea i think Crazy Horse:
Quote
navin..follow my lead my friend,, many many years of experience trading crown signals. the eur/gbp is heading to 0.76 ,,gbp/usd will go up and eur/usd will stall between 1.58 and 1.59 and that will lead the eur/gbp to go down..
just imho, don't be surprised if it makes it a little further to 61.8% (7990),
certainly it would make a great R/R trade.


Another thing, if, or rather when, another major correction happens (the DOW looks that way now) the US dollar will strengthen, not weaken...
guess what happens when people rush out of equites.....
all of the above is entirely my opinion, not trading advise, do your own research.
Biggest joker
  • #67,606
  • May 24, 2008 10:22am May 24, 2008 10:22am
Eur/Gbp heading to 0.76? How did you figure that one out?
  • #67,607
  • May 24, 2008 11:37am May 24, 2008 11:37am
Quoting forexmoments
Eur/Gbp heading to 0.76? How did you figure that one out?
I have to agree with that
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Don't chase the market, Let the market come to you
  • #67,608
  • May 24, 2008 3:32pm May 24, 2008 3:32pm
Ive been researching Double -Triple bottoms and found out something quite interesting.


Well ive never heard of the expression Adam and Eve double bottom.

The pattern can be any combination of Adam and Eve and the order is important for strength of reversal.
From most powerful down on double bottoms they are Eve –Eve then Eve –Adam then Adam –Eve

Triple bottoms are rare and often fail to trigger.

Im thinking we have a potential triple bottom and wondering if anyone in to patterns could confirm this for me and how strong the combination of Adam and Eves we have is?
Im thinking not that strong since there are two Adam’s there.

And what do you think about an inverse head and shoulders forming there on the Daily?
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #67,609
  • May 24, 2008 4:07pm May 24, 2008 4:07pm
Quoting Bones
Ive been researching Double -Triple bottoms and found out something quite interesting.


Well ive never heard of the expression Adam and Eve double bottom.

The pattern can be any combination of Adam and Eve and the order is important for strength of reversal.
From most powerful down on double bottoms they are Eve –Eve then Eve –Adam then Adam –Eve

Triple bottoms are rare and often fail to trigger.

Im thinking we have a potential triple bottom and wondering if anyone in to patterns could confirm this for me and how strong the combination of Adam and Eves we have is?
Im thinking not that strong since there are two Adam’s there.

And what do you think about an inverse head and shoulders forming there on the Daily?
http://www.tradingpricepatterns.com/triple-bottom/
Don't chase the market, Let the market come to you
  • #67,610
  • May 24, 2008 5:32pm May 24, 2008 5:32pm
Try this Bones, good reading.

http://thepatternsite.com/aadb.html

Quoting Bones
Ive been researching Double -Triple bottoms and found out something quite interesting.


Well ive never heard of the expression Adam and Eve double bottom.

The pattern can be any combination of Adam and Eve and the order is important for strength of reversal.
From most powerful down on double bottoms they are Eve –Eve then Eve –Adam then Adam –Eve

Triple bottoms are rare and often fail to trigger.

Im thinking we have a potential triple bottom and wondering if anyone in to patterns could confirm this for me and how strong the combination of Adam and Eves we have is?
Im thinking not that strong since there are two Adam’s there.

And what do you think about an inverse head and shoulders forming there on the Daily?
  • #67,611
  • May 25, 2008 4:08am May 25, 2008 4:08am
Thanks Jim What im having trouble finding out is how strong the pattern is based on a Adam ,Eve,Adam ?
Or would you should not worry about it?


Quoting hard1head1
Try this Bones, good reading.

http://thepatternsite.com/aadb.html
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #67,612
  • May 25, 2008 4:15am May 25, 2008 4:15am
Thanks Tmac do you think that triple bottom pattern looks a bit messey ,like the spike up the 2.4 area is two far ?

Aslo on your site found a nice picture of an inverse H+S
I know Its early but worth considering?


Quoting Tmac
http://www.tradingpricepatterns.com/triple-bottom/
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #67,613
  • May 25, 2008 5:42am May 25, 2008 5:42am
Quoting Bones
Thanks Tmac do you think that triple bottom pattern looks a bit messey ,like the spike up the 2.4 area is two far ?

Aslo on your site found a nice picture of an inverse H+S
I know Its early but worth considering?
Clear explanation
  • #67,614
  • Edited 6:52am May 25, 2008 6:41am | Edited 6:52am
Quoting PandoraBox
Clear explanation

i agreee with the second diagram .........thats actually what im trading for the pullback ..i hope it works thou ..if we gap up i sll look to sell from higher up 1.9835 was perfect but i wussed it as im not absolutely sure it may not go higher....but 1.96 is the support to go up and i feel it needs to tested b4 rising to 2.0 levels
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  • #67,615
  • May 25, 2008 7:16am May 25, 2008 7:16am
Quoting allserene
I dont care about next week or next month because I keep shares until they make 30% or so in a a year or two or keep em longer if the dividends are good and continuing

With bank interest rates at 2% on usd, even 7.5% including dividends is good - and that is my base (worst) target for shares including dividends which should be really easy historically

even Fidelity's better funds can do 13% minimum

The shares I buy are mostly international - the companies who are building Dubai or ever bigger killing systems for the Americans and they will make money for many years to come until the arabs run out of oil or the Americans become socialists and pacifists

Some predictions are easy
Dubai has very little oil. In fact, the Dubai Chamber of Commerce reported last year that the oil sector's contribution to Dubai's GDP has fallen from 5.4% in 2005 to 5.1% in 2006.

Its economy is being 'scarily' built upon something very different to that of the other gas & oil-rich GCC nations. It's a bit like some trading indicators ...a self-fulfilling prophecy.

Dubai is the tacky yet glitzy poor relation. Abu Dhabi (1hr away) is where the real money is.

It's like comparing Vegas to New York, or Blackpool to London
  • #67,616
  • May 25, 2008 7:27am May 25, 2008 7:27am
Quoting priceaction
Dubai has very little oil. In fact, the Dubai Chamber of Commerce reported last year that the oil sector's contribution to Dubai's GDP has fallen from 5.4% in 2005 to 5.1% in 2006.

Its economy is being 'scarily' built upon something very different to that of the other gas & oil-rich GCC nations. It's a bit like some trading indicators ...a self-fulfilling prophecy.

Dubai is the tacky yet glitzy poor relation. Abu Dhabi (1hr away) is where the real money is.

It's like comparing Vegas to New York, or Blackpool to London
i totally agree but the best places to invest at the moment lie in the most important tourist city in the arab world which is dubai.

but i get ur point and wat u said and i salute u as this info is not too known for people not from the arab world.
"what doesn't bankrupt me, makes me stronger" modern nietzche
  • #67,617
  • May 25, 2008 7:56am May 25, 2008 7:56am
Based on this chart I firmly believe we are heading towards 2.09, probably in the next month or so.
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  • #67,618
  • May 25, 2008 8:02am May 25, 2008 8:02am
Quoting RoWkIlLa
Based on this chart I firmly believe we are heading towards 2.09, probably in the next month or so.

i really cant see how yur chart suggests this...i do agree that 2.0 level mayby seen but not without retracement....
weekly chart show we have reached the 50% f so a retracement down should happen....to approx 1.96 area and then a bounce up...but 2.09 is miles away..
  • #67,619
  • May 25, 2008 8:06am May 25, 2008 8:06am
Quoting salah k.
i totally agree but the best places to invest at the moment lie in the most important tourist city in the arab world which is dubai.

but i get ur point and wat u said and i salute u as this info is not too known for people not from the arab world.
Hi Salah,

Yes I know this is not common knowledge to those outside of the GCC. The only reason I know is that I have lived in Dubai, Al Ain, AD, Riyadh, etc. So I was lucky enough to get up close and personal with the reality, as opposed to relying on CNN or BBC

The growth in Dubai is phenomenal, especially when you can physically watch it happening. It remains to be seen how everything plays out in the longer term.

I've attached two photos of Sheikh Zayad Road in Dubai which I think are great. Left is 1985, Right is 2005. 2008 is even more different as you know.

Sorry guys for getting a little off topic but these photos are an amazing example of economic growth (not based on oil).

Rob
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  • #67,620
  • May 25, 2008 8:06am May 25, 2008 8:06am
Quoting nAVIN2007
i really cant see how yur chart suggests this...
Cant you see the gaps? Gaps must allways be filled, actually Ive been waitting for GU to go back to 2.09 since February but it got stuck into a bullish wedge that only a couple of days ago finally broke.
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