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Cable Update (GBPUSD)

  • #270,621
  • Jan 31, 2011 1:34pm Jan 31, 2011 1:34pm
Quoting kaspopsicle
Check this out. .....
On a day that all of us were going up and down like yoyos..........
Look at what Dr. D's compression charts were saying all along.
Compression at 15860..9.25..GMT./
Break up to 16050=
Traded with faith, this was a 200pip move/ gain on a plate.
Love you, Doc.
Thanks KAS,

To those who have eyes to see, here's the extended
compression pattern that has now reached ~200 pips.
Once the move has committed (through any means,
method or indicator of your choosing) this gave some
good confidence and direction to trade.

The second move was an eye opener and caught many
of us off guard... even more reason to be cautious on
entering late and to not enter a counter trade at any
point until a good bubble has formed or even not at all.

Watch and wait for another c.pattern to form on any tf.

Just my views.

Dr. D.
Attached Image
  • #270,622
  • Jan 31, 2011 1:36pm Jan 31, 2011 1:36pm
Quoting Fudomyo
damn you Tau and your wending ways... no liquidity ... can't stop...

eyes heavy, limbs going numb, must

t

r


a




d





e




Hehe -

Very sharp..

AAARRRGGGHHH....

  • #270,623
  • Jan 31, 2011 2:13pm Jan 31, 2011 2:13pm
Fundamentals & Intermarket: Currently the DOW is facing resistance at the 12k level and has encountered profit taking from traders due to the robust steep uptrend that it has been in for quite some time. I think traders are looking for a reason to take profits off of the table and a resurfacing of the European debt crisis, problems in Egypt, the terrible GDP figure (yes it was affected by the weather but still -0.5%) out of the UK could give traders that opportunity to scoop off some profit and give a momentary correction in risk appetite.

Technicals: On the weekly, daily, and 4 hour charts it is evident that there is a possibility to form a potential head and shoulders patter if the price action does not rise to the 1.62 level. We are currently sitting near resistance at the 1.6050 level which I think will carve out the right shoulder. We closed last week lower on this pair and a good bearish signal would be for us to once again close this week lower and break below support at 1.58 and 1.57. Further down we have strong support at the potential neckline of this Head and Shoulders Pattern at 1.5350-1.54

The Setup
I am now short this pair with 3 lots @ 1.6035
Stop loss @ 1.62
Accordingly I have 3 targets.
T1 @ 1.58
T2 @ 1.56
T3@ 1.54 the neckline support

Risk: 165 pips PT1: 235 pips PT2: 435 pips PT3: 635 pips


If support of the neckline is breached with a close on the daily chart below 1.5350 I will most likely be inclined to re-enter the trade on the breakout and take a measured move of about 800 pips projection to the downside which would put us at about 1.46
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  • #270,624
  • Jan 31, 2011 2:27pm Jan 31, 2011 2:27pm
Your presentation of submission is formatted rather well.

Quoting Maxsmart
Fundamentals & Intermarket: Currently the DOW is...
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #270,625
  • Jan 31, 2011 2:41pm Jan 31, 2011 2:41pm
Quoting 45Condor
Your presentation of submission is formatted rather well.
Thanks 45Condor.
  • #270,626
  • Jan 31, 2011 3:31pm Jan 31, 2011 3:31pm
Quoting Maxsmart
Fundamentals & Intermarket: Currently the DOW is facing resistance at the 12k level and has encountered profit taking from traders due to the robust steep uptrend that it has been in for quite some time. I think traders are looking for a reason to take profits off of the table and a resurfacing of the European debt crisis, problems in Egypt, the terrible GDP figure (yes it was affected by the weather but still -0.5%) out of the UK could give traders that opportunity to scoop off some profit and give a momentary correction in risk appetite....
all wht i can see is DANGER !

that H&S you point out is not in any sight a valid pattern--

all prev lows still intact and to add much more weight on bullish view is that we will close in any minute now on monthly as a beutifull Evening star

but good luck !
Attached Image
  • #270,627
  • Jan 31, 2011 3:39pm Jan 31, 2011 3:39pm
Quoting TauTrader
Good day to you,

Styling.....

with the best still to come

Regards
lol wtf
we got same formation
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Verily, in every difficulties there is relief
  • #270,628
  • Jan 31, 2011 3:53pm Jan 31, 2011 3:53pm
ive seen all over the internet the guru's post and point out the H&S on GU - its not valid and we should trade higher coming sessions !

monthly chart close 2day as a evening star , and all lows are perfectly still in place - (higher low's) --

i guess 1.6450 is next major after a hussle when we get above 1.61
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  • #270,629
  • Jan 31, 2011 4:09pm Jan 31, 2011 4:09pm
proceeding with the analysis we should all still go down to these objectives
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  • #270,630
  • Jan 31, 2011 4:57pm Jan 31, 2011 4:57pm
This is my short opinion about GBPUSD by few next hour.
I am not expecting that price will make a new HH during night.
There is a big chance for corection. What's more one of the lavel where price could be stop is Fibo or trend line.

PS.Forgive me my mistakes . English is not my native language.
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  • #270,631
  • Jan 31, 2011 5:55pm Jan 31, 2011 5:55pm
Quoting WengOn
A)GU0.3 Open@ 16033 ; SL 16101; TP 15950,
B)GU0.5 P.order 1.6055 ; SL 16101; TP 15982
C)EU0.1 P.order 1.3715 ;SL 3755; TP 3681

2.30am now, GOD BLESS ME, MAY BEST OF LUCK TO THOSE WHO OPEN POSITION FOR THIS REVERSAL.

15min MACD CROSSed REVERSAL CONFIRMED WORTH TRYING THEN. I KNOW IT WILL BE LONGER DURATION. 23.6is not what i am targeting...NOW6024
Manual close opened position@16016, +17pips/0.3lot.
Due to previous 200pips drastic experience, the market willing to give FIBO 23.6 byshoot up BURST the current high/low (of the trend) and reverse like freeway.

60mins MACD might Cross and recross soon no harm go too far.
This is HOW big fish SWALLOW our MONEY.Should nvr forget the next resistent 6060 is too near to the current high(trend). once it burst and refuse to reverse, then it is very danger. STOP w small profit awaiting another opportunity is even better then u hold long long time. My Experience <6months in FOREX trading.
this is my 2 cent only.

FRESH AIR every where now!

EDITED post
after i close it shoot up another 10pips, if i didnot close i capture only 7pips now. LUCKILY...
My pending order is still ACTIVE till now.
  • #270,632
  • Jan 31, 2011 6:04pm Jan 31, 2011 6:04pm
RETESTING NEW HIGH OF THE TREND.

like i expect previous post, NOW PRICE cross 16046, Not good,

EsCAPE W Pride n experience. HA


Opened Position 5940; SL 16101; TP 16001
  • #270,633
  • Jan 31, 2011 6:12pm Jan 31, 2011 6:12pm
Quoting WengOn
RETESTING NEW HIGH OF THE TREND.

like i expect previous post, NOW PRICE cross 16046, Not good,

EsCAPE W Pride n experience. HA
Seems to me like you couldn't sleep.
Finally bright morning after 2 days.
  • #270,634
  • Jan 31, 2011 6:34pm Jan 31, 2011 6:34pm
New session 6050 just got ripped.

Quoting XTrade
Hey Dr. D!


I'd like to see cable take out 6050 cleanly in the next sessions for continued upmove. Otherwise I'll expect more sideways movement.

How's things?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #270,635
  • Jan 31, 2011 6:34pm Jan 31, 2011 6:34pm
Quoting callmegood
Seems to me like you couldn't sleep.
Finally bright morning after 2 days.
Sleep for 4hours only. CHINESE NEW YEAR is coming soon, and the market seem to give opportunity.

once i on my COM, i get my self in the market again.
  • #270,636
  • Edited 8:11pm Jan 31, 2011 6:41pm | Edited 8:11pm
Harmonic formation in 1H chart and my trendline meets at 1.61 in 4H chart.
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  • #270,637
  • Jan 31, 2011 6:45pm Jan 31, 2011 6:45pm
Quoting fourxtrader
Watch and wait for another c.pattern to form on any tf.

Just my views.

Dr. D.

Here's one for those watching and
trading off of the 1M yielding ~50 pips.

Dr. D.
Attached Image
  • #270,638
  • Jan 31, 2011 6:51pm Jan 31, 2011 6:51pm
Quoting fourxtrader
Here's one for those watching and
trading off of the 1M yielding ~50 pips.

Dr. D.
Hi fourxtrader,

What is the name of the indicator? How to use it?
Please throw some light on it....
  • #270,639
  • Jan 31, 2011 7:22pm Jan 31, 2011 7:22pm
15M MACD Bearish Divergence
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  • #270,640
  • Jan 31, 2011 7:28pm Jan 31, 2011 7:28pm
Quoting fourxtrader
Here's one for those watching and
trading off of the 1M yielding ~50 pips.

Dr. D.
You know, when you are short biased, days like this make it difficult to support your position. This is the spot 6065 where I have a monthly resistance. We break here we go up a long way. I still feel we don't break, but I will not go short until I have confirmation of it.
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