Auslanco - GBP/JPY and GBP/USD (newstrade)
first time we have not been knocked down when approaching the upper trendchannel supply line. a daily close outside of it today accompanied by increased buying vol makes me feel much more confidet for a 150-155-160 revisit before possibly visitng karmosomething's bear training camp located in the doubledigit area
and karmo please add me to the list...
it's not as easy as you think, although i do believe we should see pound trading for at least 1.38 or even 1$!!!, we NEED a correction, a GOOD correction before any of this happens.
if u look at cable's monthly chart, this drop was the FASTEST and strongest CRASH in history. all without a decent correction.
if we crash down from here, it will be bad, i mean really bad....
It's a list of people who need mental help btw, sure I'll add you
It better bounces now, otherwise is a tank .. me think. .
Hourly macd, most consider it as an intraday trend is crossing down..
It can come down and break the red TL, touch the blue one and then start rallying above 146.50 ... a false break out could happen when market wants to come out of such ranging market.
I agree with you on that and thats why i use stops
That said however, i believe that after such a rediculous crash the retracement would be quick, large and violent, which is just not happening.
My guess would be that bulls are abit affraid due to strong downtrend and they wait for a better price to come in. Also pound is not even at the level where it was in 2001 when it had better economic conditions and last but not least anything can happen in the market so even if crash is biggest in history doesnt mean that it is over just yet
I agree with you on that and thats why i use stops
That said however, i believe that after such a rediculous crash the retracement would be quick, large and violent, which is just not happening.
My guess would be that bulls are abit affraid due to strong downtrend and they wait for a better price to come in. Also pound is not even at the level where it was in 2001 when it had better economic conditions and last but not least anything can happen in the market so even if crash is biggest in history doesnt mean that it is over just yet...
will it reach back to 61.8? highly possible. if it does i think it will go for a full 100% retracement back to a super strong level at 1.368x where price bounced from there 2 times, once in 1993 and again in 2001. here's another interesting observation 1993 - 2001 = 8 years. if u add 9 years to 2001 u get 2009 (a month and so from now )
I like this, lexazver .. very true! It will be added to the one-liners I keep around the monitor
OR it could break the red TL and the blue TL and tank
Just saying.. lol
OR it could break the red TL and the blue TL and tank
Just saying.. lol
