this little jump will keep shorts in question. Until we breech the next trend line...
around 4450 level..in 1 hour or more..
around 4450 level..in 1 hour or more..
Cable Update (GBPUSD)
- #120,285
- Feb 13, 2009 4:35am Feb 13, 2009 4:35am
- Joined Feb 2008 | Status: Trader | 5,732 Posts
We are now at the critical area.. If we close significantly below this old line, we are likely to see continuation of the downtrend, if not, the possibilities are great..
Patience + Discipline - Greed = Success
- #120,286
- Feb 13, 2009 4:51am Feb 13, 2009 4:51am
That was a sweet bounce off the old lower line....
If you are a candle man isn't it interesting that your charts shows the 3 candle pattern nicely. Whenever there is 3 black candles like the recent ones, the magic "3" signals further downside even though there may be a small retracement in between. Something fun to watch! especially for longer term traders like Sofia.
- #120,288
- Feb 13, 2009 5:00am Feb 13, 2009 5:00am
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
Update on my 1 hour....
You can clearly see when a Price Pivot is taken and there are buyers on up sellers on down the price is accelerated.
You can clearly see when a Price Pivot is taken and there are buyers on up sellers on down the price is accelerated.
Ill try to help Mark.
You must be aware that Support turns into Resistance and visa versa ,and these are the best place to mark.
I have marked up the same chart as you as I would do it ,because it is Low Time Frame there are loads but I hope it helps.
I never had enough arrows but .....
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #120,290
- Feb 13, 2009 5:03am Feb 13, 2009 5:03am
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #120,291
- Feb 13, 2009 5:11am Feb 13, 2009 5:11am
- | Joined Oct 2007 | Status: Trader | 2,760 Posts
Maybe we are athe point of selling but the daily is bullish today.
- i'm out today as i rode the overnight express.
- #120,293
- Feb 13, 2009 5:17am Feb 13, 2009 5:17am
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
Yea Sofia I am bullish on pound today,have a 4 hour closing in 44 min which might make me bearish.I am out the market on the H1 shooting star.But even if it fell 150 pips from here the daily would still give bullish pattern,but weekly would be bearish
I agree with you ,but it may not happened today
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #120,294
- Feb 13, 2009 5:22am Feb 13, 2009 5:22am
- | Joined Oct 2007 | Status: Trader | 2,760 Posts
Yea Sofia I am bullish on pound today,have a 4 hour closing in 44 min which might make me bearish.I am out the market on the H1 shooting star.But even if it fell 150 pips from here the daily would still give bullish pattern,but weekly would be bearish
- #120,295
- Feb 13, 2009 5:22am Feb 13, 2009 5:22am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
Yea Sofia I am bullish on pound today,have a 4 hour closing in 44 min which might make me bearish.I am out the market on the H1 shooting star.But even if it fell 150 pips from here the daily would still give bullish pattern,but weekly would be bearish
one thing for sure more down to come
- #120,297
- Feb 13, 2009 5:26am Feb 13, 2009 5:26am
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #120,298
- Feb 13, 2009 5:29am Feb 13, 2009 5:29am
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
On-site guru & also FF member's' psychiatrist, when not drinking tea
Exciter...
take a look at the levels and strong resistence locations.
It becomes apparent to define obstacles when you look for shelves such as the one created on Feb 10th at 10:00.
this was the first rejected long and thus caused the drop down to 1.4150 level.
So..given this ...you can also see the climb back up to retest these levels..and realize the fib levels broken.
the 50% was reached..but the 61.8% would be too far a reach given the bearish stance of the pound.
Its not to say it can not turn upward still. it can! but not probable..and...
- #120,300
- Feb 13, 2009 5:36am Feb 13, 2009 5:36am
Update on my 1 hour....
You can clearly see when a Price Pivot is taken and there are buyers on up sellers on down the price is accelerated.
Thanks Bones - I've just come back to my screen and I can see that you've replied to my original post. I ended up taking a much better trade last night, buying where the arrow is on the attached chart. Wasn't sure whether it reversed at the point it did due to the 50 EMA or the trendline (which had already broken once) or both. I'll look over your advice later but any guidance on the reason for this specific reversal would be gratefully received - was the trendline a contributor to the reversal or was it just the 50 EMA or something completely unrelated?
Thanks so much for your help,
Mark
