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Cable Update (GBPUSD)

  • #269,701
  • Jan 24, 2011 5:00am Jan 24, 2011 5:00am
I can see a hanging man formation in GU in 1hr and 4hr chart.. does this indicate of a reversal in trend?
  • #269,702
  • Jan 24, 2011 5:28am Jan 24, 2011 5:28am
Quoting veer2010
I can see a hanging man formation in GU in 1hr and 4hr chart.. does this indicate of a reversal in trend?
Good day to you,

I do not trade candle patterns - so can not comment on your question.

Regards
  • #269,703
  • Edited 5:37am Jan 24, 2011 5:28am | Edited 5:37am
Quoting veer2010
I can see a hanging man formation in GU in 1hr and 4hr chart.. does this indicate of a reversal in trend?
What timezone are you? I am GMT and H4(30 mins left) looking like a doji (indecision) H1 10-11 gmt hanging man ... could indicate reversal - but you want to confirm this with other things before jumping in...
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: hmanh1.PNG Size: 38 KB
  • #269,704
  • Jan 24, 2011 5:38am Jan 24, 2011 5:38am
under 1.5920 targets are 1.5900 and 1.5866 in my view.
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 29 KB
  • #269,705
  • Jan 24, 2011 5:39am Jan 24, 2011 5:39am
Quoting chazzle
What timezone are you? I am GMT and H4(30 mins left) looking like a doji (indecision) H1 10-11 gmt hanging man ... could indicate reversal - but you want to confirm this with other things before jumping in...
Perfect, thats the one i'm talkin about..
  • #269,706
  • Jan 24, 2011 5:44am Jan 24, 2011 5:44am
LTL H4.7 jan...UTL M30. Blue line ..swing low 18 jan. Was looking for bounce at 15920 but price does seem to be respecting the blue line. My position is flat as there looks to be some consolidation going on lol
Attached Image (click to enlarge)
Click to Enlarge Name: Spot FX GBP_USD (24-JAN-11).png Size: 14 KB
All systems of divination, like music itself,work through patterns.
  • #269,707
  • Jan 24, 2011 5:46am Jan 24, 2011 5:46am
Quoting veer2010
Perfect, thats the one i'm talkin about..
that would be the hammer. hanging man is if it forms at the top. Ideally, you'd want a the next candle to close bullish & at least 50% after the hammer/hanging man forms to confirm a pause or a reversal. The single candle (hammer/hanging man) alone is not reliable.

have a good one.
Thank You
  • #269,708
  • Jan 24, 2011 5:51am Jan 24, 2011 5:51am
Quoting wormboy
that would be the hammer. hanging man is if it forms at the top. Ideally, you'd want a the next candle to close bullish & at least 50% after the hammer/hanging man forms to confirm a pause or a reversal. The single candle (hammer/hanging man) alone is not reliable.

have a good one.
Since what we have is a uptrend in GU, we do not call this a hammer.. We call it a hammer if the trend is a downtrend. This is GU uptrend and this candlestick formation is called as hanging man.. and close below this is true also so seems that this could be a reversal signal for many of us here..
  • #269,709
  • Jan 24, 2011 5:56am Jan 24, 2011 5:56am
Quoting veer2010
Since what we have is a uptrend in GU, we do not call this a hammer.. We call it a hammer if the trend is a downtrend. This is GU uptrend and this candlestick formation is called as hanging man.. and close below this is true also so seems that this could be a reversal signal for many of us here..
Hero calls followed by margin calls...
  • #269,710
  • Jan 24, 2011 5:57am Jan 24, 2011 5:57am
Quoting veer2010
Since what we have is a uptrend in GU, we do not call this a hammer.. We call it a hammer if the trend is a downtrend. This is GU uptrend and this candlestick formation is called as hanging man.. and close below this is true also so seems that this could be a reversal signal for many of us here..
Interesting. So why are you bearish & have more than 40% positions short if this is a GU uptrend?

Quoting veer2010
I don;t trade one way..I trade mix positions where in I have few longs and few shorts. But, my bias is bearish and i have 40% more positions which are short.
Thank You
  • #269,711
  • Jan 24, 2011 5:58am Jan 24, 2011 5:58am
Possibility of turning up here looking at this triangle to confirm - break above then attack the pivots - break below target 15910 area
Attached Image (click to enlarge)
Click to Enlarge Name: ctu.jpg Size: 85 KB
  • #269,712
  • Jan 24, 2011 6:00am Jan 24, 2011 6:00am
H4 candle looks to me as a bearish spinning top as its sat just below the DP.
All systems of divination, like music itself,work through patterns.
  • #269,713
  • Jan 24, 2011 6:01am Jan 24, 2011 6:01am
Quoting wormboy
that would be the hammer. hanging man is if it forms at the top.
don't forget the death trap.
  • #269,714
  • Edited 6:05am Jan 24, 2011 6:02am | Edited 6:05am
Quoting veer2010
this could be a reversal signal for many of us here..
Careful ... 37 pip hanging man on H1 on its own does not signify a reversal of trend/recent 660 pip rally
  • #269,715
  • Jan 24, 2011 6:03am Jan 24, 2011 6:03am
Quoting chazzle
Careful ... 37 pip hanging man on H1 on its own does not signify a reversal of the recent 660 pip rally
thats the point.
just relaxxx....it's monday
Hero calls followed by margin calls...
  • #269,716
  • Jan 24, 2011 6:03am Jan 24, 2011 6:03am
Quoting wormboy
Interesting. So why are you bearish & have more than 40% positions short if this is a GU uptrend?
The GU uptrend is fading and also the reversal formation can be seen..it can be either the H&S formation at 1.6100 or the hammer formation which I just talked about. So, my focus is to short this pair and focus back to 1.5350 area..
  • #269,717
  • Jan 24, 2011 6:04am Jan 24, 2011 6:04am
Quoting qwertymyfx
don't forget the death trap.
5913 trap door you mean?

I'm still selling as price is below the dp & the w1 pvp. Let's see if I get paid.
later folks, dinner time for me. Good luck!
Thank You
  • #269,718
  • Jan 24, 2011 6:06am Jan 24, 2011 6:06am
Quoting PhAnTi'
thats the point.
just relaxxx....it's monday
Phanti..i know that sometimes the reversal indicator formations can go false. But, this is just a speculation from my side and hoping that this could be it.. I wish you green pips dude..
  • #269,719
  • Jan 24, 2011 6:12am Jan 24, 2011 6:12am
Quoting veer2010
Phanti..i know that sometimes the reversal indicator formations can go false. But, this is just a speculation from my side and hoping that this could be it.. I wish you green pips dude..
yeah but wait for daily close too make ur pips next 4 days for example. i do see gu more down, but we need the absolutely confirmation

Attached Image (click to enlarge)
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Hero calls followed by margin calls...
  • #269,720
  • Jan 24, 2011 6:15am Jan 24, 2011 6:15am
Good day to you,
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