Auslanco - GBP/JPY and GBP/USD (newstrade)
- #138,342
- Nov 18, 2008 5:19pm Nov 18, 2008 5:19pm
- Joined Oct 2007 | Status: Counter Trend, but not always! | 2,147 Posts
Wanted to know everyone view on this chart.
Thanks
Discipline + Patience - Fear - Greed = Success
- #138,343
- Nov 18, 2008 5:31pm Nov 18, 2008 5:31pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
He was talking about the bear flag on the 4h which you can also see on the daily & he is waiting for it to break, he did not say it had been broken, although it is leaning that way.
thing is .. it is not a flag .. it is a triangle with a flat top around 146.5 and higher lows .. this is bullish as they have a tendancy to break to the upside
it is going to be interesting as the triangle we have now has almost the same symmetry as the one that formed on the last low of 139 , before breakout to 165.
the 5 min right now has a true flag and it is a bull flag ... Asia will be interesting
ultimately a true flag will play out to 61.8 % , hence my 150 target . Once this is touched forget 139 ... think 120
1st chart is 4 hr , 2nd 5 min
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- #138,344
- Nov 18, 2008 5:33pm Nov 18, 2008 5:33pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
- #138,345
- Nov 18, 2008 5:46pm Nov 18, 2008 5:46pm
- | Joined Jun 2008 | Status: Professional Frontrunning Troll | 2,312 Posts
- #138,346
- Nov 18, 2008 5:53pm Nov 18, 2008 5:53pm
- Joined Apr 2007 | Status: "As Above So Below" | 6,206 Posts
"Millionaires don't use astrology, billionaires do"
- #138,347
- Nov 18, 2008 5:54pm Nov 18, 2008 5:54pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
i don't have an EW analysis of cable with me atm but as far as i know there is no length restriction on impulse wave 1 or 5. The only condition is that wave 3 not be the shortest out of 1,3 or 5
if i am, i think we've only seen wave 1 of 5, and we have 2 more legs down for cable. and wave 3 of five should end somewhere around 1.37 - 1.38...
this might be a bit scary, or i might have all that wrong....
i need someone to help plz
- #138,348
- Nov 18, 2008 5:56pm Nov 18, 2008 5:56pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
- #138,351
- Nov 18, 2008 6:02pm Nov 18, 2008 6:02pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Blogging daily now at www.volume.zone
- #138,352
- Nov 18, 2008 6:02pm Nov 18, 2008 6:02pm
- Joined Apr 2007 | Status: "As Above So Below" | 6,206 Posts
"Millionaires don't use astrology, billionaires do"
- #138,353
- Nov 18, 2008 6:07pm Nov 18, 2008 6:07pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Blogging daily now at www.volume.zone
- #138,354
- Nov 18, 2008 6:20pm Nov 18, 2008 6:20pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
maybe something like this
that's exactly what i have, but the thing is about wave 5
the last move down from 1.66 to 1.45 might be 1 of 5, OR, 1 of 5 might be from 1.66 to 1.55. and 2 of 5 from 1.55 to 1.62, and 3 of five (the biggest) from 1.62 to 1.45.
the latter possibility might mean that we're about to see wave 5 of 5 on cable that should ONLY extend to 1.42 where cable might bottom out.
i would void out this scenario if the count aint correct of course.
here's a chart of why i'm thinking so. 99% of the time, when we hit FE127.2 then bounce back to FE78.6 then back down, we MUST hit FE161.8 at some point in time BEFORE we take out FE78.6 if FE 127.2 is taken out again (which it was).
4h 50ema is in perfect confluence with FE127.2, and i think cable might hit that spot first before continuing down to FE 161.8 at 1.4281
now as for the scenario for GJ, that will give us a MAX of 133 to 135, we should NOT see anything more than that. that's IF i'm correct...
HOWEVER, if this is wave 3 still, and cable bounces back up to 1.57 region, then our target should be another fibo extension level i have at 1.37 - 1.38 before bottoming out for an ABC correction...
just thinking out load guys, would love to know what u think.... the major driver for GJ's massive impulsive waves down is cable and obviously not UJ...
- #138,356
- Nov 18, 2008 6:22pm Nov 18, 2008 6:22pm
- | Joined Jun 2008 | Status: Professional Frontrunning Troll | 2,312 Posts
- #138,357
- Nov 18, 2008 6:23pm Nov 18, 2008 6:23pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
- #138,359
- Nov 18, 2008 6:25pm Nov 18, 2008 6:25pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
ahhh, much better
that's exactly what i have, but the thing is about wave 5
the last move down from 1.66 to 1.45 might be 1 of 5, OR, 1 of 5 might be from 1.66 to 1.55. and 2 of 5 from 1.55 to 1.62, and 3 of five (the biggest) from 1.62 to 1.45.
the latter possibility might mean that we're about to see wave 5 of 5 on cable that should ONLY extend to 1.42 where cable might bottom out.
i would void out this scenario if the count aint correct of course.
here's a chart of why i'm thinking so. 99% of the time, when we hit FE127.2 then bounce...
- #138,360
- Nov 18, 2008 6:25pm Nov 18, 2008 6:25pm
- Joined Apr 2007 | Status: "As Above So Below" | 6,206 Posts
ahhh, much better
that's exactly what i have, but the thing is about wave 5
the last move down from 1.66 to 1.45 might be 1 of 5, OR, 1 of 5 might be from 1.66 to 1.55. and 2 of 5 from 1.55 to 1.62, and 3 of five (the biggest) from 1.62 to 1.45.
the latter possibility might mean that we're about to see wave 5 of 5 on cable that should ONLY extend to 1.42 where cable might bottom out.
i would void out this scenario if the count aint correct of course.
here's a chart of why i'm thinking so. 99% of the time, when we hit FE127.2 then bounce...
If 5 is finished i wouldnt expect much above 1.67 area if they are still Bearish
1.51-1.55 is a 8hr wave 4 area of the recent downside breakout
"Millionaires don't use astrology, billionaires do"