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  • #41
  • Jun 15, 2010 10:54pm Jun 15, 2010 10:54pm
Second thing to observe is for today, the day open price held on as support

every touch was being bought

considering the indicators i thought, maybe there would be some relaxation and i might get a chance to buy lower, but the PA kept hammering for the tops, suggesting this trend is not over as yet, there is still some juice here.

this is 30 Min chart

http://img294.imageshack.us/img294/8587/93729530.gif
  • #42
  • Jun 15, 2010 10:58pm Jun 15, 2010 10:58pm
this is how i reached on the conclusion about 4866 target area

the 61.8 level,

this is the daily chart

Get might have suggested 5000 level, or 100% level on this chart, but i will play it level by level

http://img294.imageshack.us/img294/2800/67797759.gif
  • #43
  • Jun 15, 2010 11:47pm Jun 15, 2010 11:47pm
Looking at the daily chart today's high should be 1.4866 and low should be 1.4650

similar low also can be seen on H4 at 1.4647
Attached Image(s) (click to enlarge)
Click to Enlarge Name: h4.jpg Size: 125 KB
Click to Enlarge Name: d1.jpg Size: 125 KB
  • #44
  • Jun 15, 2010 11:56pm Jun 15, 2010 11:56pm
My take on GU.

Price is supported at the 20 SMA. It is also the resistance turn support line.

However, there is no clear break.(Downward trendline form yesterday high)

Quiet asia market. Unless this candle breaks the downline, i wont buy EU.
Attached Image (click to enlarge)
Click to Enlarge Name: hgdf.jpg Size: 103 KB
  • #45
  • Jun 16, 2010 1:40am Jun 16, 2010 1:40am
more PA please i love it,(sorry to dirty thread)
Quoting forexlion
Forced to go long again, the PA is unrelenting

I will discuss how to read the PA in another post

http://img64.imageshack.us/img64/3928/90136228.gif
Stop killing our Oceans, Stop using single use plastics.
  • #46
  • Jun 16, 2010 1:45am Jun 16, 2010 1:45am
overlapping fibs around 1.4870 may provide resistance on GBPUSD
reverse H&S formation on USDJPY may provide support to yen crosses
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd-100616.01.gif Size: 32 KB
Click to Enlarge Name: usdjpy-100616.01.gif Size: 21 KB
"The real genius is knowing when to stop." - Marc Faber
  • #47
  • Jun 16, 2010 3:56am Jun 16, 2010 3:56am
well I guess my previous post about divergence was more to the point...
"The real genius is knowing when to stop." - Marc Faber
  • #48
  • Jun 16, 2010 6:41am Jun 16, 2010 6:41am
I'm sick of this trend, when i buy it goes down, when i sell it goes up and stay there for days...according to my reading of H4, GU should have gone down, unless i read it wrongly. Been scalping here and there but ultimately have short position at 4682. My patience is still there but don't know how long it will last. Would GU go down lower or maybe to the level so that I can just get out of the position. Don't mind a small cut loss though. Any advice anyone? Thanks in advance.
  • #49
  • Jun 16, 2010 7:10am Jun 16, 2010 7:10am
Quoting Najee
I'm sick of this trend, when i buy it goes down, when i sell it goes up and stay there for days...according to my reading of H4, GU should have gone down, unless i read it wrongly. Been scalping here and there but ultimately have short position at 4682. My patience is still there but don't know how long it will last. Would GU go down lower or maybe to the level so that I can just get out of the position. Don't mind a small cut loss though. Any advice anyone? Thanks in advance.
Me too. Sell then buy then sell then buy again and again, and stop out then out, loss then loss. Can't do anything else other sticking the screen. Accept an another lost day.

Lion, could you help something?
  • #50
  • Jun 16, 2010 9:54am Jun 16, 2010 9:54am
"me too"... nothing but frustration this morning's london session. I'm wondering if maybe this butterfly is starting to kick in. I think right now it's dependent upon what SP500 and DJIA decide, and they both look like they're at the top of their latest moves and deciding whether or not to any higher...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd-100616.03.gif Size: 43 KB
Click to Enlarge Name: indices-100615.01.GIF Size: 48 KB
"The real genius is knowing when to stop." - Marc Faber
  • #51
  • Jun 16, 2010 10:48am Jun 16, 2010 10:48am
just for the record, I am not trying to call a top here... just pointing out that, with the divergence and all, there may be another direction kicking in... hence all the volatility... which is very difficult to trade at the moment...

Quoting hhitch
"me too"... nothing but frustration this morning's london session. I'm wondering if maybe this butterfly is starting to kick in. I think right now it's dependent upon what SP500 and DJIA decide, and they both look like they're at the top of their latest moves and deciding whether or not to any higher...
"The real genius is knowing when to stop." - Marc Faber
  • #52
  • Jun 16, 2010 11:06am Jun 16, 2010 11:06am
Great job with the butterfly pattern hhitch. i feel like it will play. GU sometimes goes a little higher and makes a new high around 5pm est NY close, and then drops through asian session a little and hope for a big drop in London session.

Also check this out

http://www.forexfactory.com/showpost.php?p=3806472&postcount=2779

hoping for a much needed drop to 4650 area. cable been in a tight range last 2 days
  • #53
  • Jun 16, 2010 11:55am Jun 16, 2010 11:55am
thanks Honored, I'm honored... no you're Honored... at any rate it seems possible that this bearish wedge scenario might be playing out now, depending on what the NY stock market continues to do today...

Quoting Honored
Great job with the butterfly pattern hhitch. i feel like it will play. GU sometimes goes a little higher and makes a new high around 5pm est NY close, and then drops through asian session a little and hope for a big drop in London session.

Also check this out

http://www.forexfactory.com/showpost.php?p=3806472&postcount=2779

hoping for a much needed drop to 4650 area. cable been in a tight range last 2 days
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-100616.04.gif Size: 24 KB
"The real genius is knowing when to stop." - Marc Faber
  • #54
  • Jun 16, 2010 8:43pm Jun 16, 2010 8:43pm
I hope that the price will bounce back up I entered long 14820 to 15000
My sl is the gann support 14600 ,
Attached Image (click to enlarge)
Click to Enlarge Name: GBP 240 Current NNpng4.png Size: 50 KB
  • #55
  • Jun 16, 2010 9:23pm Jun 16, 2010 9:23pm
well tazzam, here's what I think... possibly... maybe... unless it doesn't...

Quoting tazzam72
I hope that the price will bounce back up I entered long 14820 to 15000
My sl is the gann support 14600 ,
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd-100616.05.gif Size: 27 KB
"The real genius is knowing when to stop." - Marc Faber
  • #56
  • Jun 16, 2010 9:29pm Jun 16, 2010 9:29pm
Quoting hhitch
well tazzam, here's what I think... possibly... maybe... unless it doesn't...
if it forms that last shoulder at 1.4800 then we wont be going down tonight. that would be too much for GU to travel. but we might have a crazy friday and go down till 550
  • #57
  • Jun 16, 2010 9:41pm Jun 16, 2010 9:41pm
well , Let us see , I hope this sell is just a correction wave 4 , before the price bounce up to 1.500 .
  • #58
  • Jun 16, 2010 10:02pm Jun 16, 2010 10:02pm
right that would be a 100 pip run up. but I've seen it do 100 pips up and 100 pips down in a short time... of course there is no way to forecast such a thing!

Quoting Honored
if it forms that last shoulder at 1.4800 then we wont be going down tonight. that would be too much for GU to travel. but we might have a crazy friday and go down till 550
"The real genius is knowing when to stop." - Marc Faber
  • #59
  • Jun 16, 2010 10:07pm Jun 16, 2010 10:07pm
I went long @ 4705, targeting 4765

based on 1 hour charts
Attached File(s)
File Type: ex4 ForexLionFx.ex4   4 KB | 378 downloads
  • #60
  • Jun 16, 2010 10:09pm Jun 16, 2010 10:09pm
Quoting forexlion
I went long @ 4705, targeting 4765

based on 1 hour charts
The same here #3699 (http://www.forexfactory.com/showpost.php?p=3808005&postcount=3699)
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