Cable Update (GBPUSD)

End of day analysis.

Look at 4h chart it seem could be down until 900 but if not so.. it could be a long post.

When first you got a 0-100 then a correction of 31.8 or more then another attempt at 100 - price will get back around 0.
First buyers/sellers will protect their entry/level.

Witch make those M and W pattern if 100 point ain't broken at second attemp. If not we would have a ABC-D pattern.
Most PRZ -redbox- potentail reversal zone are done at 78.6 or 88.6 = 23.6 or 11.4 if you look it upside down. I do.

What you need to look at is a reversal bar formation at those level. Like a doji follow by an engulfing bar.
You ll buy 4 pips over that bar. SL will be 5 to 8 pips under last low.

Have a look at those. Let me know if its clear.
Keep in mind that's only a pattern, it can fail.

Target 1 hit...

[quote=Inzider;2609403]When first you got a 0-100 then a correction of 31.8 or more then another attempt at 100 - price will get back around 0.
First buyers/sellers will protect their entry/level.

Thank you very much
I Just carefully study and learning this I am still confused but is now much better.
Tell me have some books where everything is explained that I can reading and learning.

site of scott carney:http://harmonictrader.com/
pdf: http://harmonictrader.com/harmonictraderpdf.htm

e-books: Larry Pasevanto Fibonacci ratio whit pattern recognition
book: Suri Duddella - Trade chart pattern like a Pro - entry exit clearly explain

site whit nice exemple: http://www.forex-tsd.com/harmonic-tr...c-trading.html

Your welcome!

A couple things about my earlier forecast....

1. I didn't say that it wasn't going to go any lower then my buy price, the price I purchased at was a timely issue, as I was going to be away from market today. As it happens, seemed to be a pretty decent buy.

2. I didn't say we were going to reach the top of the chart today that would be simply absurd in just mere thought...

3. I am going off of support lines based on a fib replacement on a daily chart, not some random number I pulled out of the air, in fact as things go, on a perfect set up, we typically clear the top fib before seeing fall back, reshaping the time lines and the chart ranges, but this is the line that I have chart support on.

My perfect plays are simply candle stick patterns that are supported with MACD and OSMA confirmations, as well as price being supported by a selected set of moving averages. Moving from a short term trade styling, one thing I had noticed is that my perfect play sets work on 1m, 5m, 15m, h charts, and now have begun to see the same patterns on the daily. Truth be told, it is the first time that I have recognized my specific criteria on a daily chart so will go under the same technical analysis based on the cable chart and play my trust in the system I have. For the several members that had requested a copy of my simple charting package, I am sure that if you had committed the time to reading through the material, you will see what I see and have been playing much the same.

Though I am still not the GREATEST of traders, still have had my ass handed to me on a few plays over the last couple weeks, my takes have been greater than my breaks.

The analysis as has been posted, take it or leave it. For what it's worth, when I clear away the noise of everything else, the technicals have won out hands down for forecasts on any given play, I will keep to blind faith, always exercising a "little cover my ass".

2 minutes ago Daily Candle closed at 1.4060.

I see no pure evening star. Left candle closed 1.4074, mid candle opened 1.4070 ( pure evening star must open a little bit above 1.4074) and closed 1.4060. Right ( current) candle opened 1.4057 below the closing previous candle, valid to confirmize an evening star. Based on the 2nd one my bias she will move down today, but I don't know untill what level, red fibo fan line will give a trouble to whom who married the short. The highest level maybe around 1.4113 - 1.4143 ( yellow line area ) . Anyway I went long 1.4030, TP 1.4110, SL + 8 pips, I expect moving up during Asia Session and down during Londion/US session! Count me wrong !

I know ive said this before and prob starting to sound like the boy who cried wolf but equities are actually falling at the mo in Japan, im not sure exactly why yet but $ is taking back some of its losses now hopwfully it will last a while

Hi Pipland,
Did you mean dollar is getting strengthened because of this ? Pls clarify
Thanks.

Yes dollar getting stronger because of the equity losses in Japan since the open

PipLand:
Thank you for your clarification. Appreciated.

No problem, your welcome!

Hello every body !
I am new in this Site !
has every one a good proposal 4 cable today...!?

Added one more long @ 1.4042.

Looked as good as time as any.....

Target and SL ?

Targeted long zone...

Hi everybody,the reason I didn't post for a day I don't see nothing new on cable still a flat between 1.3995 on a bottom and 1.4130 on top .I will be posting and trading cable more when the flat will break ether way,cheers

Yes, I agree ! I want to open positions LONG as soon as the candle in H1 break 14106 or more. with TP 1.4181

Magix, pretty sure you have strong reasons to be building your long positions, but maybe it's a bit premature. Personally, I think we're close for a turn, but not before another drop. I'll be looking to build big positions for longs after this fall. I might be wrong, good luck to you mate

Right, see you guys London session. Have to run over to the office. See ya!