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Cable Update (GBPUSD)

  • #122,421
  • Feb 20, 2009 9:39pm Feb 20, 2009 9:39pm
Quoting rgitt05
Watch the GJ charts..If the GJ falls than the GU will stay within the downward channel..

Trend is your friend...

GJ = GU x UJ

So GJ is the product of these two majors.

Your channel looks a classic falling wedge, on GU and GJ. Good indication that the trend may be starting to bend!
  • #122,422
  • Edited 11:09pm Feb 20, 2009 10:55pm | Edited 11:09pm
About harmonic pattern, going trough my pics, here a simple exemple of how this work:

-Falling from a resistance, it test 2 times the support, go back to resistance, then go back to support whit more strengh.

Its preatty much a wedge pattern...
Attached Image (click to enlarge)
Click to Enlarge Name: bearish butterfly.jpg Size: 116 KB
  • #122,423
  • Feb 21, 2009 12:02am Feb 21, 2009 12:02am
Bullish divergences are beginning to play out across usdx, djia and g/u. I posted charts a few pages back warning of this.

I am not a g/u bull and being so low I will be looking to long and hold for a while. It will require some patience and strategy. I can see some large gains from this.

Check on here Sunday around 12pm EST. I will post quite a few charts (DOW and USDX as well) and then outline a possible are we can look to long. No positions comes without confirmation.

Took a loss this morning. Ended this week up 228 pips. Hope everyone had success this week!

Have a good weekend everyone!
  • #122,424
  • Feb 21, 2009 2:43am Feb 21, 2009 2:43am
Due to my disbelief in the pseudo H&S on the 4 h. cable, i am long snce Wednesday with target around 1.4570-90.
Successful week and big profits to everyone on this thread.
Attached Image (click to enlarge)
Click to Enlarge Name: cable.jpg Size: 149 KB
Berbo count: 12 We'll Keep the Red Flags Flying High
  • #122,425
  • Feb 21, 2009 3:26am Feb 21, 2009 3:26am
Quoting ManUtd
Due to my disbelief in the pseudo H&S on the 4 h. cable, i am long snce Wednesday with target around 1.4570-90.
Successful week and big profits to everyone on this thread.
GOOD TRADING..at last this thread is developing and great traders appears to coming out of the woodworks...many pips people
  • #122,426
  • Feb 21, 2009 4:32am Feb 21, 2009 4:32am
Quoting nAVIN2007
GOOD TRADING..at last this thread is developing and great traders appears to coming out of the woodworks...many pips people
Yeah I love this thread. So many good traders all in one place

Theres a long time from now until Sun night but for anyone interested were currently pointing to Gap down at current price 1.4325 bid. http://www.forex-markets.com/quotes.htm which puts us firmly under a short term downtrend line and on target for another test of lower support. But like I said its a long time until Sun night!

Enjoy the rest of the weekend everyone
  • #122,427
  • Feb 21, 2009 5:43am Feb 21, 2009 5:43am
ManUTD great deal and don't be too rude with the elliotticans
  • #122,428
  • Feb 21, 2009 6:28am Feb 21, 2009 6:28am
Anyone seen Carrera? I miss the oldtimers, damn.
  • #122,429
  • Feb 21, 2009 6:56am Feb 21, 2009 6:56am
Quoting PipLand
from now until Sun night but for anyone interested were currently pointing to Gap down at current price 1.4325 bid. http://www.forex-markets.com/quotes.htm which puts us firmly under a short term downtrend line and on target for another test of lower support.
if for some reason will be gap down, it only means that it will go strong upwards later after opening
ROBOT FOREX
  • #122,430
  • Edited 7:53am Feb 21, 2009 7:42am | Edited 7:53am
Really need to be careful with head and shoulders pattern as the location is important .
I mean a pin bar is sort of a head and shoulders pattern all in 1 bar.
Attached Image (click to enlarge)
Click to Enlarge Name: 36)gbp usd head and shoulder ,20-02.gif Size: 19 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #122,431
  • Feb 21, 2009 7:57am Feb 21, 2009 7:57am
I mean a pin bar has a similar action and you take the break of the base of the bar ,sounds familiar to me ,but you wouldn't take a bearish one at the bottom...
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #122,432
  • Feb 21, 2009 8:11am Feb 21, 2009 8:11am
Heres a weekly pin bar ,it says to me the $ will be sold to the ppz on the break of the base.
Attached Image (click to enlarge)
Click to Enlarge Name: 40-usdx -pin weekly -pin bar 19-02-09.gif Size: 18 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #122,433
  • Feb 21, 2009 8:17am Feb 21, 2009 8:17am
Heres the tricky bit it may not go in a straight line.But the odds are heavily stacked that it will go to the PPZ before it breaks the top.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #122,434
  • Feb 21, 2009 10:48am Feb 21, 2009 10:48am
Quoting Bones
Heres a weekly pin bar ,it says to me the $ will be sold to the ppz on the break of the base.

is there diverence there as well bro....it would be great if it was ...i need the £ to go up!..im going broke..lol
  • #122,435
  • Feb 21, 2009 11:48am Feb 21, 2009 11:48am
Indeed there is a divergence by mt4 at top and my eye at bottom.
Tho I wouldnt trade divergence alone.
I know this isn't the USDX chart thread but it is an important chart to keep an eye on if your buying and selling the $ which of course we are with cable.
If the index falls it dose not mean cable will rise as its only a small percentage of it.

Quote
US Dollar Index (USDXsup>) reflects the general assessment of US Dollar. USDX does it through exchange rates averaging of US Dollar and six most tradable global currencies.

USDX = 50.14348112 × EURUSD−0.576 × USDJPY0.136 × GBPUSD−0.119 × USDCAD0.091 × USDSEK0.042 × USDCHF0.036

I wont mention it again ,I promise .



Quoting nAVIN2007
is there diverence there as well bro....it would be great if it was ...i need the £ to go up!..im going broke..lol
Attached Image (click to enlarge)
Click to Enlarge Name: 41-usdx weekly pin divergence ,divergence 19-02-09.gif Size: 22 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #122,436
  • Feb 21, 2009 12:19pm Feb 21, 2009 12:19pm
Quoting NuckingFuts
GJ = GU x UJ

So GJ is the product of these two majors.

Your channel looks a classic falling wedge, on GU and GJ. Good indication that the trend may be starting to bend!

that formation on GJ is a three peaks formation. it needs to confirm, but is a formation that continues the trend.
  • #122,437
  • Edited 4:14pm Feb 21, 2009 3:46pm | Edited 4:14pm
I have attached 2 charts for what I believe will be a bullish pattern for the next week and my reasoning.

Time will tell, but I say, Bring on the Bulls!

Edit Text on first chart Side bar, should read Bullish Week, not Bearish....

Oooops....

Gawrsh, with English being my first language, you would sure never guess by the comments in chart side bars. Second chart should read, I would expect there if not just a gap down to be a possible sell off for consolidation/accumulation for Sunday...So, even on a sell off, and of course exercising some caution, I still believe a bull pattern for this week....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GUW.JPG Size: 141 KB
Click to Enlarge Name: GU4.JPG Size: 160 KB
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #122,438
  • Feb 21, 2009 7:11pm Feb 21, 2009 7:11pm
Where price currently is, according to xe.com, at 4330, is an overlap of a 50% and 61.8% fib. Could be looking at a nice buy come Sunday's open!

Preferably a bounce from there, followed by a dip to 4150/70 or 4230/60 before heading north.

Glad to see we're getting bullish around here. I believe we may have bottomed near 3500.
  • #122,439
  • Feb 21, 2009 7:43pm Feb 21, 2009 7:43pm
Quoting cesarg
that formation on GJ is a three peaks formation. it needs to confirm, but is a formation that continues the trend.
Three peaks formation, have not heard of it sorry. Do you have any info on this? Am always interested in learning a new pattern.

The formation I see indicates seller weakness. Coupled with with the possible inverted shampoo on the weekly (much the same as GU), my alarm bells are singing beware shorts.
  • #122,440
  • Feb 21, 2009 7:54pm Feb 21, 2009 7:54pm
In my opinion first couple of days GBP/USD can depreciate and will close for the month above 1.4450 .........
You never know these days ...........lot of market manipulation/ wealth destruction .........so called professionals are there to run down our stops ........
BANDA333
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