so far i got a downtrend going into tommorow
Cable Update (GBPUSD)
- #295,761
- Dec 27, 2011 1:23pm Dec 27, 2011 1:23pm
- Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
- #295,764
- Dec 27, 2011 1:36pm Dec 27, 2011 1:36pm
I'm not fundamentally proficient when it comes to the Pound, so I hope you Pound experts will bear with me while I put forward my views in regards to the GBP/USD.
With not much fundamental knowledge on the state of economy in Britain, I base my GBP/USD trades solely on a technical perspective.
With the chart I posted below as my discussion point, I'm uninterested in the current levels at the moment. My interest will perk up in the three blue supply and demand zones.
At this point in time, my bias will be to the upside in the short term even though I have no open positions at this time. In a perfect scenario, price will test the upper blue resistance zone as well as the 100 day moving average. If it holds, then it presents a great risk:reward ratio trade with a break and daily close above the blue zone and 100 day MA line as a stop, and the below two blue demand zones as profit targets.
If it breaks, retests and have a daily close above the blue resistance zone and 100 day MA, I will be looking for buying opportunities for which I have not yet defined the targets as of this moment.
But for now, I will be sidelined until these three zones come into play, and then I will look for an entry level to enter the market.
Of course, this is entirely my point of view and I could be completely off base and clueless.
With not much fundamental knowledge on the state of economy in Britain, I base my GBP/USD trades solely on a technical perspective.
With the chart I posted below as my discussion point, I'm uninterested in the current levels at the moment. My interest will perk up in the three blue supply and demand zones.
At this point in time, my bias will be to the upside in the short term even though I have no open positions at this time. In a perfect scenario, price will test the upper blue resistance zone as well as the 100 day moving average. If it holds, then it presents a great risk:reward ratio trade with a break and daily close above the blue zone and 100 day MA line as a stop, and the below two blue demand zones as profit targets.
If it breaks, retests and have a daily close above the blue resistance zone and 100 day MA, I will be looking for buying opportunities for which I have not yet defined the targets as of this moment.
But for now, I will be sidelined until these three zones come into play, and then I will look for an entry level to enter the market.
Of course, this is entirely my point of view and I could be completely off base and clueless.
- #295,765
- Dec 27, 2011 1:51pm Dec 27, 2011 1:51pm
- Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
Same boat
Sold @ 1.5676 TP 1.5636
- #295,766
- Dec 27, 2011 4:08pm Dec 27, 2011 4:08pm
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
How can you see it as a bear flag? i only see it as a range. In my opinion, bear flags, or in fact all flags will have a steeper degree on the retracement, 45 - 60 degree with several engulfing candles in it.
But i do agree on your opinion regarding that fiber will go nowhere unless your upper trendline breaks. I also see it that way.
whatever we call it, better wait main TL to be well broken
90% of traders use TA, indicators and prediction
- #295,767
- Dec 27, 2011 4:10pm Dec 27, 2011 4:10pm
- Joined Sep 2010 | Status: Life Time Member | 6,685 Posts
- #295,769
- Dec 27, 2011 4:48pm Dec 27, 2011 4:48pm
- Joined May 2009 | Status: Trader | 4,895 Posts
ok maybe not a bearflag but also it doesn't look like a reversal pattern yet.
whatever we call it, better wait main TL to be well broken
If 3400 is taken out, that is a whole different story, until it does, i only consider this as a counter move.
- #295,770
- Dec 27, 2011 5:06pm Dec 27, 2011 5:06pm
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
90% of traders use TA, indicators and prediction
- #295,771
- Dec 27, 2011 6:06pm Dec 27, 2011 6:06pm
- Joined May 2011 | Status: Get to the Chopper | 17,905 Posts
Come with me if you want to live....
- #295,772
- Dec 27, 2011 6:17pm Dec 27, 2011 6:17pm
- Joined Jul 2011 | Status: Lord Of War | 1,853 Posts
Early to bed, early to rise, keeps you healthy, wealthy and wise.
- #295,773
- Dec 27, 2011 7:31pm Dec 27, 2011 7:31pm
- Joined Jul 2010 | Status: Always manage your risk & leverage | 7,339 Posts
not euphoria follower
- #295,775
- Dec 27, 2011 8:33pm Dec 27, 2011 8:33pm
- Joined Jul 2011 | Status: Lord Of War | 1,853 Posts
Early to bed, early to rise, keeps you healthy, wealthy and wise.
- #295,776
- Dec 27, 2011 8:51pm Dec 27, 2011 8:51pm
- | Joined Jun 2010 | Status: Trader | 1,429 Posts
only 5 pips to go..right now seems like we are building nice stairs and gonna walk thru support
iv been waiting for it 5-8 hours and im feelin pretty drowsy
you have a good SL on your trade
- #295,778
- Dec 27, 2011 11:19pm Dec 27, 2011 11:19pm
- Joined Aug 2007 | Status: I'm a Lemurians | 1,432 Posts
- #295,779
- Dec 27, 2011 11:23pm Dec 27, 2011 11:23pm
- | Membership Revoked | Joined Dec 2011 | 35 Posts
Sell opportunity still high as long as price play below 1.5520-1.5570 area. If price play above 1.5570 the we will have a big opportunity to buy it with 1.6222 area as a target. [just my opinion]
KG
- #295,780
- Dec 27, 2011 11:26pm Dec 27, 2011 11:26pm
- Joined Aug 2007 | Status: I'm a Lemurians | 1,432 Posts
Smoking crack this early in the morning?