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Cable Update (GBPUSD)

  • #207,121
  • Mar 17, 2010 7:38pm Mar 17, 2010 7:38pm
The pair may retrace to the upside before breaking 1.5295 level.
  • #207,122
  • Mar 17, 2010 7:49pm Mar 17, 2010 7:49pm
Initial target of the mentioned retracement is 1.5325
  • #207,123
  • Edited 7:52pm Mar 17, 2010 7:51pm | Edited 7:52pm
A morning or evening star is of more significance on the daily or weekly,
trends change all the time on M15, not to say they cannot be spotted, just more static, when looking for stuff like this,

look at it like this,

How many m15 candles make one daily?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #207,124
  • Mar 17, 2010 7:51pm Mar 17, 2010 7:51pm
GU made a strong upside move today. After analyzing the lowest TFs I decided, that the uptrend is not over yet, the cable needs one more wave to complete the standard 5-wave pattern.

On the other side, you should keep in mind, that after such huge moves the typical patterns may be violated.

By now GBPUSD has formed a 5-wave formation with a downside direction. To my mind, the price may decline from the current position to 1.527 area. After that the downtrend can continue, and if GU breaks 1.5205 level, it'll indicate the completing of the previous bullish impulse.

Another variant is upside move starting from 1.525-1.527 that touches the previous peak 1.538.

The chart and another updates are accessible through the signature link.
  • #207,125
  • Mar 17, 2010 8:16pm Mar 17, 2010 8:16pm
GBPUSD declined for some pips and formed the third wave, that is approx. 161.8% Fibo line length comparing to the first downtrend wave (as shown on 5min chart).

As the price still didn't break 1.55273 level, the possibility of the upside move is still actual. Sell orders can be kept until 1.534 (previous peak of mini-wave 2) isn't broken. The confirmation of the 3rd downtrend wave I mentioned in my previous entry will take place only after brealing 1.527 to the downside.

A detailed chart's attached in the signature link.
  • #207,126
  • Mar 17, 2010 8:17pm Mar 17, 2010 8:17pm
hello guys
daily time frame momentum is upside at the moment.only long
wait for the pulback.dont chase
Attached Image (click to enlarge)
Click to Enlarge Name: trade1.gif Size: 15 KB
  • #207,127
  • Mar 17, 2010 8:35pm Mar 17, 2010 8:35pm
Quoting XTrade
A morning or evening star is of more significance on the daily or weekly,
trends change all the time on M15, not to say they cannot be spotted, just more static, when looking for stuff like this,

look at it like this,

How many m15 candles make one daily?
96 candles to be exact
  • #207,128
  • Mar 17, 2010 8:35pm Mar 17, 2010 8:35pm
Current analysis here:

http://www.forexfactory.com/showpost...postcount=5428

Chart:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gu88.gif Size: 112 KB
Click to Enlarge Name: gu99.gif Size: 180 KB
  • #207,129
  • Mar 17, 2010 8:38pm Mar 17, 2010 8:38pm
This might go down now but i will wait & see if it can reach 1.5450 area & then short it.
  • #207,130
  • Mar 17, 2010 8:41pm Mar 17, 2010 8:41pm
Quoting ferndog
This might go down now but i will wait & see if it can reach 1.5450 area & then short it.
yes it might go down but at the moment i cant see anything to go short
  • #207,131
  • Mar 17, 2010 8:44pm Mar 17, 2010 8:44pm
Quoting trade price
yes it might go down but at the moment i cant see anything to go short
exactly thats why i dont go short either....just gonna wait
  • #207,132
  • Mar 17, 2010 8:45pm Mar 17, 2010 8:45pm
...short 5310,TP 5210!
  • #207,133
  • Mar 17, 2010 8:47pm Mar 17, 2010 8:47pm
Quoting direct-trade
Current analysis here:

http://www.forexfactory.com/showpost...postcount=5428

Chart:
Why are you still up at this time of the morning? In matter of fact, why am I still up at this time of the morning, I have to be up in 5 hours time

I am orf to Z land.
  • #207,134
  • Mar 17, 2010 8:48pm Mar 17, 2010 8:48pm
Quoting ferndog
exactly thats why i dont go short either....just gonna wait
market will tell us what to do.
i trade what i see not what i think
  • #207,135
  • Mar 17, 2010 8:58pm Mar 17, 2010 8:58pm
maybe waiting until USD news
  • #207,136
  • Mar 17, 2010 9:06pm Mar 17, 2010 9:06pm
Quoting Xi9vw
I don't think we need to see anymore sky.
Time to go swimming.
Quoting Xi9vw
I see the highest accumulated period since the beginning of the drop from 1.67-8 area. From here, we are either setting for a massive correction to the topside, or are going to send an order in for market lows that we haven't been witness to over the last 2 years.

Personally, I think we say good-bye to 1.35 and start looking for new market lows in the 1.2 area.

Given a fractal buy back into the 1.536 area, a stall and reversal here will see 1.44 before 1.54.

http://www.forexfactory.com/showpost...stcount=205795

Playing right into my little plan.

Muwahahahahahah
Attached Image (click to enlarge)
Click to Enlarge Name: m30.jpg Size: 122 KB
Show me your tits
  • #207,137
  • Mar 17, 2010 9:25pm Mar 17, 2010 9:25pm
Quoting direct-trade
Current analysis here:

http://www.forexfactory.com/showpost...postcount=5428

Chart:
Same sentiment here GU had been climbing up without any retracement as if it is anticipating a major pullback down potentially to the 1.49 level or even lower.
  • #207,138
  • Mar 17, 2010 10:27pm Mar 17, 2010 10:27pm
The Bullish Three Outside Up Pattern is simply another name for the Confirmed Bullish Engulfing Pattern. The third day is confirmation of the bullish trend reversal.
Attached Image
  • #207,139
  • Mar 17, 2010 10:36pm Mar 17, 2010 10:36pm
Quoting iskk_1
The Bullish Three Outside Up Pattern is simply another name for the Confirmed Bullish Engulfing Pattern. The third day is confirmation of the bullish trend reversal.
so is today the third day ? so you mean its gonna go south today ?
  • #207,140
  • Mar 17, 2010 10:59pm Mar 17, 2010 10:59pm
Quoting iskk_1
The Bullish Three Outside Up Pattern is simply another name for the Confirmed Bullish Engulfing Pattern. The third day is confirmation of the bullish trend reversal.
The issue is...
Anything higher then a 1hr candle pattern is invalid because 4hr and daily are all dependent on when your broker opens and what the cut off for the day is.

Candle stick patterns can be open to interpretation at the best of times, compare 2 brokers and you could be looking at a completely different picture.
Show me your tits
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