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Cable Update (GBPUSD)
- #195,421
- Jan 23, 2010 1:53am Jan 23, 2010 1:53am
- Joined Jan 2010 | Status: The Voodoo Boodoo Club | 42,077 Posts
- #195,424
- Jan 23, 2010 9:25am Jan 23, 2010 9:25am
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
This is how i see Gu .
Bear flag within down channel
support is on the 4.8 mml 1.6113 , ressitance is capped 1.6235 .
1.6113 breaks then we see move down into next support 1.5990 , this is also break of bear flag
we are in wave 5 on daily with potential target 1.5600 based on symmetry of moves. There is however a ton of support
DJ has been distributing for weeks and this week we saw the result of this. This has been the largest down week since the lows in 2009. If we see three black crows over the next three weeks then dj could be in the 8750 area by end feb
remember i have been saying that the top we have seen forming over the last few month looks exactly like the top that formed in 2007 . to drop gu it took dj to drop .... and now it looks like the final piece of the puzzle may have arrived.
as mentioned before i am selling all rallies and will continue to do so. GU is topping , has been since July last year . This type of top is not designed for a lousy 1000 pip
Bear flag within down channel
support is on the 4.8 mml 1.6113 , ressitance is capped 1.6235 .
1.6113 breaks then we see move down into next support 1.5990 , this is also break of bear flag
we are in wave 5 on daily with potential target 1.5600 based on symmetry of moves. There is however a ton of support
DJ has been distributing for weeks and this week we saw the result of this. This has been the largest down week since the lows in 2009. If we see three black crows over the next three weeks then dj could be in the 8750 area by end feb
remember i have been saying that the top we have seen forming over the last few month looks exactly like the top that formed in 2007 . to drop gu it took dj to drop .... and now it looks like the final piece of the puzzle may have arrived.
as mentioned before i am selling all rallies and will continue to do so. GU is topping , has been since July last year . This type of top is not designed for a lousy 1000 pip
Blogging daily now at www.volume.zone
- #195,425
- Jan 23, 2010 9:38am Jan 23, 2010 9:38am
- Joined Feb 2009 | Status: Half in the Bag | 17,827 Posts
As per last weekends charts, the long term longs position on cable doesn't seem to want to hold and the weakening play could spell long side bull death traps.
Having a look at the weekly, top left, we were unable to cross over into support area, and the MACD seems to want to confirm with the OSMA. This will be true confirmation of the further downside.
Looking @ the daily, top right, we just dropped support OSMA about to hit into negative numbers, MACD not all the strong positive.
4hr...has lost all support. 600, 200, 55 ema, and you can see the reaction to the loss of support of the 24SMA (red line), once we crossed below, couldn't come back up. IF this is early indication of what we see for the long term, Red solid line @ about 1.54 will be the next support range. Of course, that most likely won't happen next week, but that should be the area of migration.
Just what I sees on my charts, play em as they come.
Having a look at the weekly, top left, we were unable to cross over into support area, and the MACD seems to want to confirm with the OSMA. This will be true confirmation of the further downside.
Looking @ the daily, top right, we just dropped support OSMA about to hit into negative numbers, MACD not all the strong positive.
4hr...has lost all support. 600, 200, 55 ema, and you can see the reaction to the loss of support of the 24SMA (red line), once we crossed below, couldn't come back up. IF this is early indication of what we see for the long term, Red solid line @ about 1.54 will be the next support range. Of course, that most likely won't happen next week, but that should be the area of migration.
Just what I sees on my charts, play em as they come.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
- #195,426
- Jan 23, 2010 9:39am Jan 23, 2010 9:39am
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
for those newer traders that fancy taking a go a day trading here is a little hint.
so many day traders love to counter trend trade against the big dogs . This is a sure way to reduce the amount of successful trades you have even if you use tight stops.
I use the value are of the prior day to tell me if it is sell rallies , range day or buy dips
Not every one has this indicator and nor have I seen it for mt4 , however what one can use is the close / lows and pivot of the prior day . !st 2 charts gold line is prior days low , 3rd chart blue line is prior days close and gold line prior days low. This is the level I will sell off or buy above on Monday
for me On sunday / Monday London I will be selling gu as long as she stays under 1.6130. above that I may consider longs , with stops just under prior days close
so many day traders love to counter trend trade against the big dogs . This is a sure way to reduce the amount of successful trades you have even if you use tight stops.
I use the value are of the prior day to tell me if it is sell rallies , range day or buy dips
Not every one has this indicator and nor have I seen it for mt4 , however what one can use is the close / lows and pivot of the prior day . !st 2 charts gold line is prior days low , 3rd chart blue line is prior days close and gold line prior days low. This is the level I will sell off or buy above on Monday
for me On sunday / Monday London I will be selling gu as long as she stays under 1.6130. above that I may consider longs , with stops just under prior days close
Blogging daily now at www.volume.zone
- #195,428
- Jan 23, 2010 10:03am Jan 23, 2010 10:03am
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Blogging daily now at www.volume.zone
- #195,430
- Jan 23, 2010 12:05pm Jan 23, 2010 12:05pm
- Joined Mar 2007 | Status: 'sleeping in a dumpster' | 2,151 Posts
- #195,431
- Jan 23, 2010 12:20pm Jan 23, 2010 12:20pm
- Joined Oct 2009 | Status: The Voodoo Boodoo Club | 1,419 Posts
- #195,432
- Jan 23, 2010 12:22pm Jan 23, 2010 12:22pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Dr D and Malcomb,
I am in agreement with both of you. From a fibonacci retracement point of view refer to my post on December 31.
http://www.forexfactory.com/showpost...stcount=190387
I talked about if it retraces a bit back up it's possible 1600 but the explosion down would be over 5500+ pips or so.
Thank You 
- #195,433
- Jan 23, 2010 12:28pm Jan 23, 2010 12:28pm
- Joined Oct 2009 | Status: The Voodoo Boodoo Club | 1,419 Posts
We go long next week bro
BTW WB, did you get my twitter request?
- #195,434
- Jan 23, 2010 12:35pm Jan 23, 2010 12:35pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Thank You
- #195,435
- Jan 23, 2010 12:38pm Jan 23, 2010 12:38pm
- Joined Oct 2009 | Status: The Voodoo Boodoo Club | 1,419 Posts
- #195,436
- Jan 23, 2010 12:47pm Jan 23, 2010 12:47pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Thank You
- #195,437
- Jan 23, 2010 12:52pm Jan 23, 2010 12:52pm
- Joined Oct 2009 | Status: The Voodoo Boodoo Club | 1,419 Posts
- #195,439
- Jan 23, 2010 2:34pm Jan 23, 2010 2:34pm
for those newer traders that fancy taking a go a day trading here is a little hint.
so many day traders love to counter trend trade against the big dogs . This is a sure way to reduce the amount of successful trades you have even if you use tight stops.
I use the value are of the prior day to tell me if it is sell rallies , range day or buy dips
Not every one has this indicator and nor have I seen it for mt4
Thanks for the Hint, I will try this strategy on demo this week!
I have a MT4 indi that shows yesterdays High, Low and pivot as well as todays open. Along with a lot of other stuff if you want... I never really tried it before but it might be useful for others who want to give it a go also.
Cheers, Mike.
