might be... this is a retracement for the downtrend that has been goin on for awhile today...
Cable Update (GBPUSD)
- #194,942
- Jan 21, 2010 6:05am Jan 21, 2010 6:05am
- Joined Mar 2007 | Status: 'sleeping in a dumpster' | 2,151 Posts
- #194,943
- Jan 21, 2010 6:07am Jan 21, 2010 6:07am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
I may not know what the heck I am talking about, but here is what I see.....
On the 4Hr chart I have marked 4 purple horizontal lines. In between these lines I would say that price has a good chance of stopping and giving us some retracements.
I also have marked some x's on the charts which indicate the bottoms of my 4HR and Daily triangles. These could be possible targets. Not quite the 1.5550 I mentioned earlier, but live and fluid hey?
So, it looks like to me 1.6000 may be the next target, though I am not expecting that today.
Enjoy and any thoughts would be great
On the 4Hr chart I have marked 4 purple horizontal lines. In between these lines I would say that price has a good chance of stopping and giving us some retracements.
I also have marked some x's on the charts which indicate the bottoms of my 4HR and Daily triangles. These could be possible targets. Not quite the 1.5550 I mentioned earlier, but live and fluid hey?
So, it looks like to me 1.6000 may be the next target, though I am not expecting that today.
Enjoy and any thoughts would be great
"Keep your eyes on the helpers" - Mr. Rogers
thanks guys all the support though
- #194,946
- Jan 21, 2010 6:17am Jan 21, 2010 6:17am
- Joined Mar 2007 | Status: 'sleeping in a dumpster' | 2,151 Posts
- #194,947
- Jan 21, 2010 6:17am Jan 21, 2010 6:17am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
10S is cool, much better detail makes it easier to see whats going on after using it for 10Mins you'll think M1 is useless.
5sma on a M1 chart isn't accurate enough and doesn't react quickly enough, but 16ema on a S10 chart is a 2mins 40second and it's accurate
Hope you got some nice pips today
"Keep your eyes on the helpers" - Mr. Rogers
- #194,949
- Jan 21, 2010 6:23am Jan 21, 2010 6:23am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
based on the stochastic on the daily chart, id say it has the potential to continue its downtrend if it breaks 1.61050...
but im scalping now till the news bring in more confirmation...
However, my MA's on my 1M chart are so far apart, that it kind of makes me nervous to scalp. Took a quick 10 pips low, but will most likely head back to the warm wife and wait til these things are a little closer together.
Hope green pips for you
"Keep your eyes on the helpers" - Mr. Rogers
- #194,950
- Jan 21, 2010 6:24am Jan 21, 2010 6:24am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
That was a daily chart.
Even on this 15m chart we saw too sharp of a drop and
is deserving of some retrace up perhaps more than a 23.6%.
Dr. D.
"Keep your eyes on the helpers" - Mr. Rogers
- #194,955
- Jan 21, 2010 6:29am Jan 21, 2010 6:29am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
"Keep your eyes on the helpers" - Mr. Rogers
Agreed
However, my MA's on my 1M chart are so far apart, that it kind of makes me nervous to scalp. Took a quick 10 pips low, but will most likely head back to the warm wife and wait til these things are a little closer together.
Hope green pips for you
u too!!!
a lil advise... mood swings always accompany to those who are in forex...
- #194,958
- Jan 21, 2010 6:31am Jan 21, 2010 6:31am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
thanks elitefx
yes real money :S
bad choose!!! i thought about today try to do some pips bt nt goin so well :C
sorry to annoy u guys
"Keep your eyes on the helpers" - Mr. Rogers
- #194,959
- Jan 21, 2010 6:32am Jan 21, 2010 6:32am
- Joined Oct 2007 | Status: I'm on a 10 year plan. | 4,309 Posts
u too!!!
a lil advise... mood swings always accompany to those who are in forex...
Thanks...Have a good one. Maybe catch back up with you guys later, but have to put in a new wood stove today, so will be with my buddies most of the day.
"Keep your eyes on the helpers" - Mr. Rogers