Attachments: Cable Update (GBPUSD)

Cable Update (GBPUSD)

#131,481
May 7, 2009 10:37am May 7, 2009 10:37am

jack.canadia
Joined Dec 2008 | Status: Conservative | 2,112 Posts

Quoting smikester

Disliked

I very much respect your analysis but didn't we already retest the trendline? On the hourly? Thanks for your attention to this.

Ignored

We did but since I want to short that's the only region I would consider since there is some overlapping resistance. Hopefully it gets there, if not then I'll play a break below 1.5

If you look back, pound never just turns and falls off a bigger resistance level. Most of the time it hangs out for a few days, making bearish patterns (head and shoulders for example).

I am looking for either a head and shoulders to form (looks possible) and/or a pullback to the aforementioned levels to short in hopes that a small-term top is in place at that double top.

#131,482
May 7, 2009 10:37am May 7, 2009 10:37am

made4life
| Joined Aug 2008 | Status: Trader | 22 Posts

Quoting dimlat

Disliked

nice trade, how about posting your trades as you make them please, if foyu dont mind, i am keen to learn
i wenrt short at 5080

Ignored

ok.... i will try to do that....kp watch!
In this game, PATIENCE IS A VIRTUE...

#131,483
May 7, 2009 10:38am May 7, 2009 10:38am

Inzider
| Commercial User | Joined Feb 2008 | 1,440 Posts

3 drive pattern in play on 15 TF

#131,484
May 7, 2009 10:40am May 7, 2009 10:40am

jack.canadia
Joined Dec 2008 | Status: Conservative | 2,112 Posts

Quoting Inzider

Disliked

3 drive pattern in play on 15 TF

Ignored

bullish or bearish?

#131,485
May 7, 2009 10:42am May 7, 2009 10:42am

smikester
Joined Mar 2007 | Status: Trader | 8,618 Posts

Quoting jack.canadia

Disliked

We did but
I am looking for either a head and shoulders to form (looks possible) and/or a pullback to the aforementioned levels to short in hopes that a small-term top is in place at that double top.

Ignored

Thank you. I get you. The answer will probably be in the next few hours price action around the 1.5 level then?

Gone to a better place

#131,486
May 7, 2009 10:48am May 7, 2009 10:48am

made4life
| Joined Aug 2008 | Status: Trader | 22 Posts

.....next is 1.492

#131,487
May 7, 2009 10:49am May 7, 2009 10:49am

Inzider
| Commercial User | Joined Feb 2008 | 1,440 Posts

Quoting jack.canadia

Disliked

bullish or bearish?

Ignored

Look at chart

Bullish!

Im in at 10 Sl 30
Don't follow me blindly....

-------------

Dow will retest 8500....
Udsx will test 83.41 again....

This up rally aint done.... for me.
Let's see!

Attached Image (click to enlarge)

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#131,488
May 7, 2009 10:52am May 7, 2009 10:52am

riggster
| Joined Sep 2008 | Status: A rough road leads to the stars. | 356 Posts

Quoting Inzider

Disliked

Look at chart

Bullish!

Im in at 10 Sl 30
Don't follow me blindly....

-------------

This up rally aint done.... for me.

Ignored

Not heard of 3 drive which surprises me... can u explain a little please

#131,489
May 7, 2009 10:55am May 7, 2009 10:55am

dimlat
| Joined Apr 2009 | Status: Trader | 250 Posts

Quoting Inzider

Disliked

Look at chart

Bullish!

Im in at 10 Sl 30
Don't follow me blindly....

-------------

Dow will retest 8500....
Udsx will test 83.41 again....

This up rally aint done.... for me.
Let's see!

Ignored

if i have read you chart correctly, you are looking for then next move to be up (to the 5040/50 region,) but surely, trendwise, the overall picture is down?

#131,490
May 7, 2009 10:58am May 7, 2009 10:58am

Inzider
| Commercial User | Joined Feb 2008 | 1,440 Posts

Quoting riggster

Disliked

Not heard of 3 drive which surprises me... can u explain a little please

Ignored

Please refer at my Thread or go over this site that explain all harmonic fibs trading pattern

http://harmonictrader.com/

Take care http://www.harmonictrader.com/3drivesbullre.jpg

#131,491
May 7, 2009 11:00am May 7, 2009 11:00am

jack.canadia
Joined Dec 2008 | Status: Conservative | 2,112 Posts

Quoting Inzider

Disliked

Please refer at my Thread or go over this site that explain all harmonic fibs trading pattern

http://harmonictrader.com/

Take care http://www.harmonictrader.com/3drivesbullre.jpg

Ignored

I knew it had to be something harmonic!

Nice. It supports your long and may make for a better price to short off of for anyone bearish.

#131,492
May 7, 2009 11:02am May 7, 2009 11:02am

Inzider
| Commercial User | Joined Feb 2008 | 1,440 Posts

Quoting dimlat

Disliked

if i have read you chart correctly, you are looking for then next move to be up (to the 5040/50 region,) but surely, trendwise, the overall picture is down?

Ignored

Never said i'm wright ...

Over all picture = 15 tf for you ?!?...... last 4h bars?.... weekly?

I said, don't follow me blindly... why arg whit me... its funny.

I won't post if you don't know what trading is... taking guess whit good probability... 1.5000 MAJOR RESISTANCE AREA....

-------------
Im 12 pips in, for now, you????

#131,493
May 7, 2009 11:03am May 7, 2009 11:03am

Inzider
| Commercial User | Joined Feb 2008 | 1,440 Posts

Quoting jack.canadia

Disliked

I knew it had to be something harmonic!

Nice. It supports your long and may make for a better price to short off of for anyone bearish.

Ignored

#131,494
May 7, 2009 11:05am May 7, 2009 11:05am

jack.canadia
Joined Dec 2008 | Status: Conservative | 2,112 Posts

Quoting smikester

Disliked

Thank you. I get you. The answer will probably be in the next few hours price action around the 1.5 level then?

Ignored

4998 is the low according to my broker (FXCM).

And yeah it would be nice to see it contained within 1.50 to 1.51 ...

Here are a few scenarios to consider.

1.) Price could re-test 5070/90 and setup a short.

2.) Price could break back above this and into the 5100's, and a short could set up higher.

As you can see, i have a slight bias to the short side but I think a clean break of 1.5000 is needed to really support a bearish view for now. 1.5000 is a psycological level, as are every 100 level in price so we'll just have to wait and see.

Who knows, someone might say something on TV and make weird things happen!

#131,495
May 7, 2009 11:06am May 7, 2009 11:06am

dimlat
| Joined Apr 2009 | Status: Trader | 250 Posts

Quoting Inzider

Disliked

over all picture = 15 tf for you ?!?......

I said, don't follow me blindly... why arg whit me... its funny.

I won't post if you don't know what trading is... taking guess whit good probability... 1.5000 MAJOR RESISTANCE AREA....

-------------
Im 12 pips in, for now, you????

Ignored

quite right, 15TF, sorry, i wasnt arguing, just trying to learn

i was also thinking of apparent break of channel on H1

#131,496
May 7, 2009 11:06am May 7, 2009 11:06am

riggster
| Joined Sep 2008 | Status: A rough road leads to the stars. | 356 Posts

Quoting Inzider

Disliked

Please refer at my Thread or go over this site that explain all harmonic fibs trading pattern

http://harmonictrader.com/

Take care http://www.harmonictrader.com/3drivesbullre.jpg

Ignored

Thanks man... its on my to study list

#131,497
May 7, 2009 11:08am May 7, 2009 11:08am

jack.canadia
Joined Dec 2008 | Status: Conservative | 2,112 Posts

Quoting dimlat

Disliked

if i have read you chart correctly, you are looking for then next move to be up (to the 5040/50 region,) but surely, trendwise, the overall picture is down?

Ignored

Inz, He was merely just testing your view!

Dimlat, his pattern is a bullish one and it just so happened to be right into support at 1.500 .. 1.500 is a big support/resistance/psychological level in its own and you can see price reacted to it. So his bullish pattern into that level is valid.

This goes to show that even though the markt may look to be turning down, bullish opportunites will present themselves. He had a quality setup .. I was long for about 2 minutes and closed for 5 pips just because I am moreso bearish and caught myself doing wrong lol.

#131,498
May 7, 2009 11:10am May 7, 2009 11:10am

Inzider
| Commercial User | Joined Feb 2008 | 1,440 Posts

Quoting dimlat

Disliked

quite right, 15TF, sorry, i wasnt arguing, just trying to learn
i was also thinking of apparent break of channel on H1

Ignored

sorry, i'm just use to peeps arguing whitout reason...

i still traget 15350 on daily TF....

DOW John is only making some take profit, its nothing bearish for me...

I could be wrong... i'm no psichic

take care!

----------------

No probl buds, harmonic trading is a must know thing!!!!
A nice tools...

Later!

#131,499
May 7, 2009 11:11am May 7, 2009 11:11am

dimlat
| Joined Apr 2009 | Status: Trader | 250 Posts

Quoting jack.canadia

Disliked

Inz, He was merely just testing your view!

Dimlat, his pattern is a bullish one and it just so happened to be right into support at 1.500 .. 1.500 is a big support/resistance/psychological level in its own and you can see price reacted to it. So his bullish pattern into that level is valid.

This goes to show that even though the markt may look to be turning down, bullish opportunites will present themselves. He had a quality setup .. I was long for about 2 minutes and closed for 5 pips just because I am moreso bearish and caught myself doing...

Ignored

Thanks, Jack, great analysis, if i dont ask, i will never learn !

#131,500
May 7, 2009 11:15am May 7, 2009 11:15am

dimlat
| Joined Apr 2009 | Status: Trader | 250 Posts

Quoting Inzider

Disliked

sorry, i'm just use to peeps arguing whitout reason...

i still traget 15350 on daily TF....
DOW John is only making some take profit, its nothing bearish for me...

I could be wrong... i'm no psichic

take care!

----------------

No probl buds, harmonic trading is a must know thing!!!!
A nice tools...

Later!

Ignored

Cheers, i am 3 weeks into this game, holding onto my capital, learning all the time from guys like you, for which i am grateful

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