pivot point?
- #35
- May 31, 2008 1:08am May 31, 2008 1:08am
hello kang.. nice to see u here..i`ll be waiting for your chart post..it`s always great !..
btw..i just want to say thanks for your knowledge that u share on another forum...really help me a lot in understanding this forex thing...
btw..i just want to say thanks for your knowledge that u share on another forum...really help me a lot in understanding this forex thing...
Hello KG,
Nice to see you here finally. I have been following your thread at forex-tsd as well as at the ForexIndo forum and I must say that I learned a lot from your threads.
Here, I would like to post my chart on GbpUsd, analysing it the KG way, with Stoch 8,3,3 added.
I see the monthly and weekly MAs are flat, and currently price has gone past the upper weekly as well as the monthly BB lines which indicates to me that a further upmoves may be in the offing. However, I see the stoch are overbought and the fact that price currently situates at the daily SD1 level, I would expect price to retrace to at least the mid weekly BB line before going up again if indeed price is going to go up a lot. If, however price breaks the mid BB line, then I would expect it go to at least to the lower weekly BB line and if this is broken as well, then I would expect price to fall to SD-1 level. In any case, I see the mid weekly BB line is a strong support area as it converges with the upper monthly BB line and the 8Hour moving average.
So, I am waiting to see how price will plays out when market opens next week. After all, price is still king.
Plan the trade, and trade the plan
Nice to see you here finally. I have been following your thread at forex-tsd as well as at the ForexIndo forum and I must say that I learned a lot from your threads.
Here, I would like to post my chart on GbpUsd, analysing it the KG way, with Stoch 8,3,3 added.
I see the monthly and weekly MAs are flat, and currently price has gone past the upper weekly as well as the monthly BB lines which indicates to me that a further upmoves may be in the offing. However, I see the stoch are overbought and the fact that price currently situates at the daily SD1 level, I would expect price to retrace to at least the mid weekly BB line before going up again if indeed price is going to go up a lot. If, however price breaks the mid BB line, then I would expect it go to at least to the lower weekly BB line and if this is broken as well, then I would expect price to fall to SD-1 level. In any case, I see the mid weekly BB line is a strong support area as it converges with the upper monthly BB line and the 8Hour moving average.
So, I am waiting to see how price will plays out when market opens next week. After all, price is still king.
Plan the trade, and trade the plan
Last Friday, price went through the Daily MA but then found resistance at the Monthly mid BB line which converged with the Weekly lower BB line. As it is, the monthly MA is flat while the weekly MA has turned down, thus giving EU a bearish bias for the next week. So, I expect EU to pullback at least to the Daily MA and if it breaks then EU may well be going down to the Monthly lower BB line. If however, price bounce up off the daily MA line, then EU may go up to retest the weekly MA line.
Well Popo, are you reading this? If you are, remember price is always King