getting there, lets hope this won't screw up.
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #90,761
- Jun 8, 2008 10:43pm Jun 8, 2008 10:43pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
getting there, lets hope this won't screw up.
- #90,762
- Jun 8, 2008 10:44pm Jun 8, 2008 10:44pm
- | Membership Revoked | Joined Apr 2008 | 2,468 Posts
Here is another scenario:
The 4 four has lower highs and is the start of a downward trending channel . A breach of 205.5 and price is heading to the bottom of the channel at 202.67. This could be as early as Tuesday of this week.
I have placed a 1-2-3 sell formation on the 4 hour that gives targets of
100 is 202.67
127% is 201.21.
The bearish scenario is more favoured right now on the 4 hour due to
1) double rapid rsi sell triggers
2) macd cross to down side
3) macd histo under 0
If 208 is not breached to the upside this downward channel could well play out.
I am day trading this bad boy till it gives better direction . There are way better swing trade out there (GU , NZDUSD , GBPCAD , GBPCHF, USDCHF etc etc )
I would not be going swing trade short till break 204.5 ( 50 sma on daily) , and I would not be going swing trade long till break out of 209. In the middle is fair game on day trades.
Attachment
- #90,767
- Jun 8, 2008 10:58pm Jun 8, 2008 10:58pm
- Joined Aug 2007 | Status: TARFU... | 7,015 Posts
FUBAR...
- #90,769
- Jun 8, 2008 10:59pm Jun 8, 2008 10:59pm
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
Trade what you see, not what you think.
- #90,772
- Jun 8, 2008 11:06pm Jun 8, 2008 11:06pm
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
This is what I am trading !
My new 4HR momentum is flat to slightly down.
More ranging until London ?
Good luck Rusty
Trade what you see, not what you think.
- #90,773
- Jun 8, 2008 11:06pm Jun 8, 2008 11:06pm
- Joined Apr 2008 | Status: Trader | 7,674 Posts
208.8 Possible long target, possible short entry
- #90,775
- Jun 8, 2008 11:08pm Jun 8, 2008 11:08pm
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
When is your daily close?
Trade what you see, not what you think.
- #90,777
- Jun 8, 2008 11:11pm Jun 8, 2008 11:11pm
I'd just wait until we get a daily close below the gann hilo and then watch it drop like it's hot
Good luck Rusty
I was actually looking at daily 100 SMA(204.58), we dipped below last week but could not close below.
I figure once it closes below there we see 200 and below.
The beast can bite
This whole situation is starting to remind me of last August, I am sure you remember it well !
Thanks mate...same to you....
- #90,780
- Jun 8, 2008 11:17pm Jun 8, 2008 11:17pm
- Joined Feb 2008 | Status: Trader | 5,732 Posts
Maybe you should try sharing your analysis with charts/fundies/whatever.
Making outrageous statements with nothing to back it up deserves to be ignored.
Look at Malcolmb14 posts, he shares both sides of the picture.
Complaining about it afterward justs pollutes the thread.
Patience + Discipline - Greed = Success