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  • #1
  • First Post: Dec 1, 2008 7:31am Dec 1, 2008 7:31am
I have set SELL PO just below Fib 76.4 - Hope she can arrive there to pick up my PO targetting retest FIb 50.0 to 76.4 down..

High TL will act as resistance and hopefully tough one..
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  • #2
  • Dec 1, 2008 10:53pm Dec 1, 2008 10:53pm
PO hit last night but unfortunately my SL as well and burnt -40pips.
Price did reached High TL and bounce from there. Open another position @ 0.85XX with SL few pips above yesterday high - TP will be yesterday low..

I may tempted to open another position if price did retest mentioned TL.

I still believe we will go down and give my green pips ..
But if High TL breached - and so are me..

Pls Trade at Your Own Risk
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  • #3
  • Edited 8:48am Dec 2, 2008 3:57am | Edited 8:48am
Your sellimit should have been set @ the UTL, not @ the fibo level you have there. Stop should have been 15 pips above the UTL, and you would have caught a few pips on the down move. This looks like a possible bullish flag to me and the upper border is retested once more. We might get another leg down to the LTL. Im not trading EUR/GBP as its too slow for me. Just keep it simple

edit : no breakout as price failed to close above the upper border. price still inside the possible bullish flag
  • #4
  • Dec 2, 2008 12:25pm Dec 2, 2008 12:25pm
last 2 bars still not managed to close above upper TL.
current bar are trying again.

my last 2 day trade resulting 100++ -ve pips..
I will consider open position once current bar close in next 100minutes.
breakout - I will BUY targetting Nov 95 high
bounce - I will SELL targetting yesterday low ..

Pls Trade at Your Own Risk
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  • #5
  • Dec 2, 2008 3:17pm Dec 2, 2008 3:17pm
Redraw upper TL..
I think bounce we are for retracement..

Now will wait to enter SELL at highest price I can get and hope for few pips

So, Trade at Your Own Risk
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  • #6
  • Dec 3, 2008 1:24am Dec 3, 2008 1:24am
Price still just below upper TL..
Me just SELL with very tight SL just above recent high 0.8549 with TP Fib 50.0 Down..

Pls Trade AT Your Own Risk
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  • #7
  • Dec 3, 2008 5:23am Dec 3, 2008 5:23am
Your UTL is drawn incorrect and makes no sense at all meaning its not technically significant. I think you should go thru the basic steps one more time
  • #8
  • Dec 3, 2008 7:22am Dec 3, 2008 7:22am
My short burnt with -15pips

I think break-out to UP now.

Now me long exactly at upper TL targetting Nov 95 high
SL few pips below today low

So, pls Trade at Your Own Risk
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  • #9
  • Dec 3, 2008 11:21pm Dec 3, 2008 11:21pm
I have redraw my upper TL and now price just above it..
If next 4HR bar close above it I may just BUY it..
But I think we may retrace first before further UP.

My BUY yesterday still on and already in Green few pips

So, pls Trade at Your Own Risk
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  • #10
  • Dec 4, 2008 6:45am Dec 4, 2008 6:45am
You should stop trading if your doing this on live account. The bullish flag was broken long time ago and your TL's are not significant.
  • #11
  • Dec 4, 2008 8:24am Dec 4, 2008 8:24am
Quoting belekas
You should stop trading if your doing this on live account. The bullish flag was broken long time ago and your TL's are not significant.
OK - It is my Live account I trade base on this setup..
Why should I Stop when It give me my few green pips I need to?
I know the word bullish flag but I don't really know what that is ..

Should I know in details this Bullish Flag ? Your word are scary , make me nervous ..

Thank you sir...
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  • #12
  • Dec 4, 2008 9:09am Dec 4, 2008 9:09am
I went BUY again when current BAR retrace to my projected upper TL..
SL few pips below my projected TL..
My projected TP , I will use FE - so I will set both my position TP at FE 61.8 @ 0.876X ..

So, pls do what others do best ..
Trade At Your Own Risk
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  • #13
  • Dec 4, 2008 9:23am Dec 4, 2008 9:23am
This has been posted by a very good trader in another thread. So heres the link to the post. Click here
  • #14
  • Dec 4, 2008 6:48pm Dec 4, 2008 6:48pm
I haved draw few lines I believe will be resistance from this pair further going UP..

I believe last night high are the highest she can go for time being ..And if she still want to go further UP before retrace , the next level would be @ FE 61.8 @ 0.876X and retrace we are after that..

After that or before - I'm looking retracement down to Fib 61.8 and along Higher Low TL and bouncing back UP.I will re-draw Fib level if she decided to go FE 61.8

I have closed one of my position at 0.87XX level and let the other RUN till my projected TP FE 61.8 with SL already on green almost hundreds pips..

Pls note , this is just my novice analysis purely base on TA only.
So, Pls Trade At Your Own Risk .
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  • #15
  • Dec 5, 2008 6:37am Dec 5, 2008 6:37am
Look like we are going for retrace but with big fundies news tonight I really don't know which way will she go..

As per earlier - me still looking for retracement down to Fib 61.8..
I got a feeling we might see Low TL (orange) maybe next week whenever Higher Low TL give away..

I haved closed my Long with reosonable green pips . Thought wanna short when she fail to breach yesterday high but I will pass it for today..

So Pls Trade At Your Own Risk
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  • #16
  • Dec 5, 2008 8:30am Dec 5, 2008 8:30am
Can't stop staring at the chart and me face the consequences by shorting @ 0.869X with believe she will go for retrace..

TP set for Fib 61.8 ... with SL few pips above recent high..

I will be very nervous trading during NFP - normally prematurely I will close my position.. Let see what pips color she give me ...

So pls Trade At Your Own Risk
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  • #17
  • Dec 6, 2008 1:28am Dec 6, 2008 1:28am
hi there

Looking in at the hourly chart, the GBPUSD rally from 1.4554 is clearly corrective. While this could be the beginning of a flat or triangle, it may also be a completed correction at 1.5539 that will lead to new lows. Further, the decline from 1.5539 counts well as an impulse." I had been looking for a rally back to the 1.50/52 zone in order to get bearish, but 1.4819 is all the bulls could muster. Staying below there keeps bears firmly in control.

Regards
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  • #18
  • Dec 7, 2008 10:33am Dec 7, 2008 10:33am
Quoting ForexJam
hi there

Looking in at the hourly chart, the GBPUSD rally from 1.4554 is clearly corrective. While this could be the beginning of a flat or triangle, it may also be a completed correction at 1.5539 that will lead to new lows. Further, the decline from 1.5539 counts well as an impulse." I had been looking for a rally back to the 1.50/52 zone in order to get bearish, but 1.4819 is all the bulls could muster. Staying below there keeps bears firmly in control.

Regards
I agree - cable just retrace.. I'm looking at 4HR and the highest she could go would be Fib 50.0 exactly at 1.5 & Lower High TL lies then drop we are , who knows we might see 1.4 soon..So if I'm gonna trade cable next week , I would SELL from bounce at those projected level.

This only novice view , pls don't take,follow or believe blindly.

Pls Trade At Your Own Risk
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  • #19
  • Dec 7, 2008 10:49am Dec 7, 2008 10:49am
Quoting ForexJam
hi there

Looking in at the hourly chart, the GBPUSD rally from 1.4554 is clearly corrective. While this could be the beginning of a flat or triangle, it may also be a completed correction at 1.5539 that will lead to new lows. Further, the decline from 1.5539 counts well as an impulse." I had been looking for a rally back to the 1.50/52 zone in order to get bearish, but 1.4819 is all the bulls could muster. Staying below there keeps bears firmly in control.

Regards
A close look at EurGbp will reveal that a top is forming and a bull rally might be on the way for the Pound.
  • #20
  • Dec 8, 2008 6:36am Dec 8, 2008 6:36am
trying my luck again by shorting with SL 15pips only(just above today high)...Still believe will go down...
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