Cable Update (GBPUSD)

I know I know but I am very very patient as I have been on this long trade since nov last year ) since 1.6220.....2-3 more months won't kill me in this.

I do trade 2 ways-1 intraday and one looooog way as I am a lazy bastard ) and I have days when I really really don't feel like making money.I stare at the charts and I don't pull the trigger...either I am depressed either bored so those long trades will just save my reputation as trader )

for now I am on profit on the new longs as I opened them down at the bottom today with a TP 1.6240
the rest 1.6298...whenever it will come

I have 2 options in constantly think of

the cable will drop even more than this to as low as 1.5750 and if it brakes that one it moves south again...because my logic shouts in my brains that UK is half dead and for me working and living in a UK colony it's clear that the economy will not grow.....like too soon
from this analysis I deduct the cable will go to hell

on the other hand those old 9 wise BOE members keep trying to inflate it by pump
it happened with the JPY last year when they introduced 1000 billions on the market to inflate it for midlle term(2 weeks lasted this boom as I guess this movement was ordered by some big sharks)

so....gbp will go up there to this 1.63 level as well wich will be the 1000 pips mark a quite important one for traders

this is my opinion.no indies here only my logic and opened eyes to my colleagues and salary

Tsar, I do have question whether Elemental Trader v2 provides good Gartley Pattern with high accuracy or simply just flipping a coin.

Ah , that old chestnut - always trying to work round it myself If a trade should last 24hrs I'm out by lunch time - if it should last 5 minutes , I'm out in 3....anyways , good luck with it

Short Term Target: 6060 - 6080

Tomorrows Target: 6000

Does anyone agree?

Interesting...


http://i55.tinypic.com/9viov9.gif

My Today Plan :
I think the 1st scene will catch up today ...


The 2nd scene was my plan, but cant reach 1.6070 .. sigh...


long live kingdom

http://www.forexfactory.com/attachme...1&d=1298498099

30 hrs earlier, the (above) EurJpy was the only
pair showing a promising compression pattern
on a 5M that later (below) yielded 100+ pips.

Dr. D.

I look for those occasions on any TF when either:
a.) a retrace is occuring during an existing a trend, as the price has
reached some point of exhaustion and is expected to naturally fall back
and seek a lower energy level (EMA) of support... or
b.) price has gone into a ranging / oscillating pattern.

I then look to see if this might coincides with a compression pattern
that is forming on a lower TF and how near it is to release. This then
gives some assurance that there may be sufficient energy to produce
a reaction and (a.) bounce off of, or further penetration through that
EMA level seen on the higher TF or (b.) break out from the range.

An optimal set-up requires this ‘drill down’:

1.) a higher TF that is currently in a trend where the EMAs were in
separation (even extended) and the price is beginning to pull back.
2.) a middle TF below that is forming or reaching a full compression
which can then provide a clearer direction upon release to show
whether the higher TF will bounce or retrace further or reverse.
3.) a lower TF trigger that has already formed a c.pattern and
has released with commitment, lending its energy to the above
pattern formations and to serve as an early point of entry.

Dr. D.

I did manage 42 pips shorting EJ yesterday, DOc.
Now decompression heading north imo.

Good job. Catching the middle portion of these moves is all that is needed.

I like that term: 'decompression'.

Compression = gradual gathering of EMAs = price consolidation
Decompression = sudden separation of EMAs = price breakout

Dr. D.

Here are three GBP pairs in compression patterns preparing for the LDN session.

GBPUSD, GBPCHF, GBPJPY

Dr. D.

too quiet sirs? Opened 2 shorts @.6152. TP 1st @.6126 coz a minor support here. The other BE, coz not much confident b4 LD open.

resistance? : /

SHE need Cooling... before PullBack

Point Key : @ 1.6100 - @ 1.6150 - @ 1.6200

Still confused two terms so far. Below price I call S, above I call R. Hope u can correct me

yep thats correct, but u usually sell because PA is at some resistance areas...

sell high - buy low.

close this morning sell order GBP/USD position 2 at 1,6137

38.2% of the 6274-6084 is the pullback Hi from yesterday's lo and the supply there has seen price slide to the 50% of the said 6084- 6160 (pullback hi) before fresh demand has seen price rise up from there but still below 6160 the pullback hi from yesterday's 6084 lo.

Uk data at 0930am gmt...

G/L

Watching GU this morning, it looks to me the pair is being reisted at 1.61650 where we have a trio resistance of the Daily Pivot, Weekly Pivot and 38.2 Fibonacci favoring further sell today. A retest of Thursday's Low is quite inevitable. What do you think folks?