monthly chart is bearish for gbp/chf.
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- #390
- Jul 14, 2008 10:23am Jul 14, 2008 10:23am
- | Joined Mar 2008 | Status: Sniper | 1,001 Posts
Ill take a GBP/CHF at 2.022, with a TP of 2.130, ranges are getting tighter , it's going break out soon with big move, maybe up.
Money & Pain
Respect the market, protect your capital, be patient
- #391
- Jul 14, 2008 2:58pm Jul 14, 2008 2:58pm
- Joined Oct 2007 | Status: Trader | 3,461 Posts
lets see, if my analyses match with yours:
the daily candle has not finished yet, but its a slow market now, i think there will not be a surprise in the last 2 hours.
Todays candle is an inverted hammer. An inverted hammer is a bullish pattern which low reliability. What adds more weight is, that this pattern appears at the end of a downtrend and appears in support-zone (i have learned new !
).
I put my SL a bit below todays candle low (i always put my SL too close
), my target is 1,0335.
Nice trading everyone.
the daily candle has not finished yet, but its a slow market now, i think there will not be a surprise in the last 2 hours.
Todays candle is an inverted hammer. An inverted hammer is a bullish pattern which low reliability. What adds more weight is, that this pattern appears at the end of a downtrend and appears in support-zone (i have learned new !
). I put my SL a bit below todays candle low (i always put my SL too close
), my target is 1,0335.Nice trading everyone.
- #392
- Edited 4:10pm Jul 14, 2008 3:14pm | Edited 4:10pm
- Joined Oct 2007 | Status: Trader | 3,461 Posts
todays candle for gbp/chf is not a perfect inverted hammer.
Its not an inverted hammer at all.
For a good inverted hammer there should be proportion of the candle
body 1/3 and shadow 2/3 and also nearly no lower shadow.
The weekly triangle is also in play, weekly macd is going down.
If a break to the downside, there might a good move downward,
but there are too much "if". I donŽt trade this one tommorrow.
Maybe a sell limit order at 2.014 to catch the downmove, IF it
happens.
I forgot something to mention: classicle bullish divergence on the daily !
Its not an inverted hammer at all.
For a good inverted hammer there should be proportion of the candle
body 1/3 and shadow 2/3 and also nearly no lower shadow.
The weekly triangle is also in play, weekly macd is going down.
If a break to the downside, there might a good move downward,
but there are too much "if". I donŽt trade this one tommorrow.
Maybe a sell limit order at 2.014 to catch the downmove, IF it
happens.
I forgot something to mention: classicle bullish divergence on the daily !
- #393
- Jul 15, 2008 3:13am Jul 15, 2008 3:13am
- Joined Oct 2007 | Status: Trader | 3,461 Posts
elvis has left the building.
DOWN
DOWN
- #395
- Jul 15, 2008 6:58am Jul 15, 2008 6:58am
- | Joined Mar 2008 | Status: Sniper | 1,001 Posts
Money & Pain
Respect the market, protect your capital, be patient
- #397
- Jul 15, 2008 7:38am Jul 15, 2008 7:38am
- | Joined Mar 2008 | Status: Sniper | 1,001 Posts
Money & Pain
Respect the market, protect your capital, be patient
- #399
- Jul 15, 2008 9:37am Jul 15, 2008 9:37am
- | Joined Mar 2008 | Status: Sniper | 1,001 Posts
Still holding longs 
Money & Pain
Respect the market, protect your capital, be patient
- #400
- Jul 15, 2008 11:25am Jul 15, 2008 11:25am
- Joined Oct 2007 | Status: Trader | 3,461 Posts
IŽam a bad trader. a bit technicall skills, but to much emotions.
When price is going against me, I close my trades manualy.
But i forcast direction not bad. IŽll nail my hands on the table,
and will not touch any trade, until targets are reached.
GBPCHF is on a major resistance today, and retracing the fibo-line at the moment.
If resistance-area is broken (see chart), there is a lot of space below.
A hint from me if you are long: DonŽt move your SL. This will go down.
Moving SL will only make things more bad.
When price is going against me, I close my trades manualy.
But i forcast direction not bad. IŽll nail my hands on the table,
and will not touch any trade, until targets are reached.
GBPCHF is on a major resistance today, and retracing the fibo-line at the moment.
If resistance-area is broken (see chart), there is a lot of space below.
A hint from me if you are long: DonŽt move your SL. This will go down.
Moving SL will only make things more bad.
