Cable Update (GBPUSD)

maybe?

expect it to touch target of last down trend at 1.4218

if she is to be completed a perfect Head & Shoulder , YES ,firstly she will !

you mean it can be up when market will start?

Ub

Hello,

I'm long @ 1.4275
SL : 1.2865 TP : 1.5000

Good night

wtf

how you went Long still 30 min left for opening market lol

Ub

market opens at 4pm EST

ya but why isn't it open in my terminal i have 2 different brokers and market is still closed in both

Ub

not all brokers have the same market hours

thre market itself opens at 4pm est and closes at 5pm est friday but your broker can open and close anytime they want to

thanks for quick reply where is current market now??42?it could go up or will going down any idea?

Ub

look here for current price


http://www.xe.com/

1.4261 atm

1. Monthly Chart
A. If last Friday were the end of March, we will have two dojis in the monthly chart, representing market indecision. Usually at major highs and lows, market would spend proportionate amount of time while deciding what to do next. You can see that we meandered around 1.4 between 2000 - 2002 (around 18 months). A triangle wave 4 would mean that we spend perhaps another month or two meandering at 1.4 before price drops lower than 1.35.
B. We have been in 8 consecutive down months, indicating extreme bearish sentiment. In the past, it only happened once in history in 1983, and the market rallied 1500 pips in the next 2 months. If we close below 1.43 this month, that would be 9 consecutive down months and first time in history. A triangle wave 4 could mean we have more than 9 consecutive down months. That would be very unprecendented.
C. RSI is in extreme oversold conditions. If we were to have triangle wave 4, RSI will stay flat at this level (around 7, well below 20% oversold line) before dropping further down in wave 5. That would also be quite unprecedented.
2. Daily Chart
A. Pound has broken the falling trend lines which could indicate a bullish potential. Price has tried to retest the line last Friday. In fact, for the bulls, this current level could be one of the best entry points as it's close to the falling trend line. Resistance line would turn into support line.
B. There's a possible inverted head and shoulder pattern. If this materializes, price could go to 1.49 - 1.50 at least.
C. RSI is still showing bullish divergence since Oct 08, as price makes new low but indicator does not, as shown by falling red lines in price and ascending red lines in the indicator.
To summarize: It's possible that GBP has found some kind of basing here, and further slides lower than 1.35 may be limited for the time being. Coupled with the possibility that we could have found some sort of bottom in the stock market and possibility for the stock market rally to continue in the medium term time frame (after some retracement first), I think GBP, Euro, and other currencies may appreciate more against USD.

now go trade what you see, these are monthly and daily charts

Nice analysis. I am looking to take some longs this week.

I will post some pivot analysis as of 8pm EST (00:00 GMT).

Last week we had a nice trade from weekly R1 to weekly Pivot. Looking to start the week on a daily/weekly or with one near by to take some longs.

Happy trading

here are your

dailyfibo PP
Daliy median PP
weekly median PP
monthly median PP

on 1hr charts

I perfer the FiboPivots myself and find them to be much more accurate in my trading than triditional pivots


The difference between the traditional Standard Pivots and "FiboPivots" is that the S1, S2, S3, R1, R2, R3 levels with Fibopivots are calculated as offsets from the Pivot line by multiplying the prior day trading range ("R") by Fibonacci numbers. The base Pivot line for both methods is calculated the same. I find that price seems to respect Fibopivot lines in Forex (especially the Yen pairs) moreso than the Standard Pivots. Stock prices seem to more closely respect Standard Pivots. The differences between the two methods can be seen in the following code that calculates both:

double R = yesterday_high - yesterday_low;//range

FiboPivot_P = (yesterday_high + yesterday_low + yesterday_close)/3;// Standard Pivot
FiboPivot_R3 = FiboPivot_P + (R * 1.000);
FiboPivot_R2 = FiboPivot_P + (R * 0.618);
FiboPivot_R1 = FiboPivot_P + (R * 0.382);
FiboPivot_S1 = FiboPivot_P - (R * 0.382);
FiboPivot_S2 = FiboPivot_P - (R * 0.618);
FiboPivot_S1 = FiboPivot_P - (R * 1.000);

StdPivot_P = FiboPivot_P;
StdPivot_R3 = (2 * StdPivot_P) + (yesterday_high - (2 * yesterday_low));
StdPivot_R2 = StdPivot_P + (yesterday_high - yesterday_low);
StdPivot_R1 = (2 * StdPivot_P) - yesterday_low;
StdPivot_S1 = (2 * StdPivot_P) - yesterday_high;
StdPivot_S2 = StdPivot_P - (yesterday_high - yesterday_low);
StdPivot_S1 = (2 * StdPivot_P) - ((2 * yesterday_high) - yesterday_low);