The Pound has broken several Support lines. That is a big deal right? | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Setting Fibo lines to plot to right side of chart 0 replies

Right Wrong Right Wrong Right Wrong 13 replies

Price Action - Right To Left Or Left To Right? 4 replies

1 trade with big SL OR reenter market several times with smaller SL? 7 replies

Newb at the right place and the right time 1 reply

The Pound has broken several Support lines. That is a big deal right?

  • #1
  • First Post: Oct 10, 2005 9:21pm Oct 10, 2005 9:21pm
The pound today 10/10/05 broke the lows of the following days 10/04/ Low 1.7512, *** 7/29/05 low 1.7513 **** 7/15/05 low 1.7508 **** 7/06/05 low 1.7515 and 7/5/05 low 1.7502. The next lower low was on 7/18/05 low 1.7453. Would you all conclude there is a good probality that the Pound will make a run at the 7/18/05 low of 1.7453?


Breaking prior lows as I understand is a big deal and a strong signal of a bearish trend. Is my understand somewhat correct????
Fdisk Please I just want a few pips. Is that too much to ask?
  • #2
  • Oct 11, 2005 1:24am Oct 11, 2005 1:24am
Quoting fdisk
The pound today 10/10/05 broke the lows of the following days 10/04/ Low 1.7512, *** 7/29/05 low 1.7513 **** 7/15/05 low 1.7508 **** 7/06/05 low 1.7515 and 7/5/05 low 1.7502. The next lower low was on 7/18/05 low 1.7453. Would you all conclude there is a good probality that the Pound will make a run at the 7/18/05 low of 1.7453?


Breaking prior lows as I understand is a big deal and a strong signal of a bearish trend. Is my understand somewhat correct????
Things have been "bearish" for some time now. Is it a big deal? I daytrade so, for me, not really, but for a swing trader it may very well be.
I was here, here I was. Was I here? Yes I was!
  • #3
  • Last Post: Oct 11, 2005 5:35am Oct 11, 2005 5:35am
Yesterday the price 1.7453 was protected by the support levels above, as listed in your post.

Now (12.32PM Tel Aviv) there is possible protection from the current session low,1.7471, though since the prior bigger support levels have been take out, yes 1.7453 is more exposed and therefore more likely to break, than when those other levels had not been broken.

Only "More Likely" Only things in life which are for sure are death and tax.

Sorry if I am going around in circles !


Quoting fdisk
The pound today 10/10/05 broke the lows of the following days 10/04/ Low 1.7512, *** 7/29/05 low 1.7513 **** 7/15/05 low 1.7508 **** 7/06/05 low 1.7515 and 7/5/05 low 1.7502. The next lower low was on 7/18/05 low 1.7453. Would you all conclude there is a good probality that the Pound will make a run at the 7/18/05 low of 1.7453?


Breaking prior lows as I understand is a big deal and a strong signal of a bearish trend. Is my understand somewhat correct????
0 traders viewing now