Beware the Coil!
Signifies large jump either way at end of coil..Still short.
Lets see how it plays out...
that is a wedge ... those are a continuation pattern of the prevailing trend
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Auslanco - GBP/JPY and GBP/USD (newstrade)
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- #183,423
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- #183,426
- Jun 30, 2009 12:46pm Jun 30, 2009 12:46pm
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Which way is your prevailing trend Mal?
15 min down, 4 hr still up till 158 taken up
gj daily pivot is 158.35 (set to london open) this is being stubborn at the moment.
I would love to see a low vol test of 159 for a confirmation of the sell into 157
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- #183,427
- Jun 30, 2009 12:47pm Jun 30, 2009 12:47pm
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- #183,428
- Jun 30, 2009 12:51pm Jun 30, 2009 12:51pm
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Patterns on lower time frames aren't always that reliable as on the higher ones. I'm still short too.
I agree, but I like to zoom right down to the 1hr/15 min and tick whilst already in a trade... Lets me know if I have more movement to come, or to ditch the trades with a slight profit instead.
I would love to just trade the daily, in fact I normally do, but with this PA the last few weeks I have had to jump down to lower timeframes to grab pippage LOL
Once we break out of this range I'll be back to Daily only
- #183,429
- Jun 30, 2009 12:53pm Jun 30, 2009 12:53pm
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- Jun 30, 2009 12:59pm Jun 30, 2009 12:59pm
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- #183,431
- Jun 30, 2009 1:28pm Jun 30, 2009 1:28pm
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I am praying we do ... do a really novice thing and opened short on the support. LOL (pressed sell instead of buy .. have not done that for a while !!!)
still holding as i see test 157 later also
also holding my short from 158.56 still
- #183,433
- Jun 30, 2009 1:45pm Jun 30, 2009 1:45pm
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I'm waiting for 158.50 to see if it holds the price or not. If it holds I expect another up move, a higher high or may be a double top around 160.20 - 30 again but if 158.50 is breached then 157.50 -60 (LTL) is my target.
Well, I'm with you on this, I mean, Price is above daily pivot, 4H TF looks like a bull flag, price above daily Gann, just waiting for Asia.
Jhon
"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
- #183,434
- Jun 30, 2009 2:27pm Jun 30, 2009 2:27pm
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you can stare at them indicators as long as you like, there are some overriding facts. today the market got a big shock on the pound and another big shock in general from US consumer confidence. tomorrow we have nfp. the yen crosses are the risk barometers, any risk and they all rush to buy yen like theres no tomorrow. very bad gdp, very bad consumer confidence are both bad for risk.
nobody (no pro with big bucks) in their right mind is going to go long between now and then after all that, so in theory the only way it can go is down. which of course means it will now rally overnight back to 160 lol
after hitting the low at 158.20 earlier, the only reason it rallied back to test 159 was demand for gbp at the month end and quarter end fixing at 15:00GMT, otherwise it would probably have hit 157 already. as it stands, the daily range today was only 209 pips, around 100 less than the average daily range over the last 100 days. it is however sitting near the bottom of that range.
if nfp is better than expected (i think very unlikely) then it could fly back up, otherwise i guess it heads back towards 155 again between now and tomorrows close.
ill just be happy for 157, anything more is a bonus.
nobody (no pro with big bucks) in their right mind is going to go long between now and then after all that, so in theory the only way it can go is down. which of course means it will now rally overnight back to 160 lol
after hitting the low at 158.20 earlier, the only reason it rallied back to test 159 was demand for gbp at the month end and quarter end fixing at 15:00GMT, otherwise it would probably have hit 157 already. as it stands, the daily range today was only 209 pips, around 100 less than the average daily range over the last 100 days. it is however sitting near the bottom of that range.
if nfp is better than expected (i think very unlikely) then it could fly back up, otherwise i guess it heads back towards 155 again between now and tomorrows close.
ill just be happy for 157, anything more is a bonus.
- #183,436
- Jun 30, 2009 3:20pm Jun 30, 2009 3:20pm
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More like 154.50 first target and 150.50 2nd, but not necessarily only because of the reasons you named.
sorry could not resist .. just having some fun
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- #183,437
- Jun 30, 2009 3:34pm Jun 30, 2009 3:34pm
130 3rd,110 4th , 50 5th , -100 6th
sorry could not resist .. just having some fun
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- #183,440
- Jun 30, 2009 4:12pm Jun 30, 2009 4:12pm
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Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !