DislikedIt failed to break 1.5900 in momentum trade. so it will only come down now. no other way.Ignored
"Will only come down"
"No other way"
Cable Update (GBPUSD)
- #301,664
- Feb 28, 2012 1:13am Feb 28, 2012 1:13am
- Joined Nov 2009 | Status: Trader | 2,582 Posts
Rather than just post silly comments as per my previous post, I thought i would share a view that has been held for some time by myself and others (one of whom identified the pattern some months ago).
For those who understand these things, the view is that cable is currently in an expanded triangle on the daily/weekly/monthly. Such a pattern usually comprises 5 legs, an A, B, C and so on. Each leg is, in turn, comprised of 3 waves - a,b,c. Wave C is usually the most vigorous and at least one wave (normally B or D) is somewhat complex. So far, those parameters are being met.
Should the current consolidation in the 1.56~1.59 area continue for a while longer, any break north (if it happens at all) would be a fast moving wave c to complete the D leg. I would envisage that D completes at around 1.63~1.64.
After that, the E leg should be also be moderately quick in its move down to a new low, probably a number with a 1.4xx in it.
My chart is roughly drawn, but maybe someone will understand what it means and at least consider it in their trading.
For those who understand these things, the view is that cable is currently in an expanded triangle on the daily/weekly/monthly. Such a pattern usually comprises 5 legs, an A, B, C and so on. Each leg is, in turn, comprised of 3 waves - a,b,c. Wave C is usually the most vigorous and at least one wave (normally B or D) is somewhat complex. So far, those parameters are being met.
Should the current consolidation in the 1.56~1.59 area continue for a while longer, any break north (if it happens at all) would be a fast moving wave c to complete the D leg. I would envisage that D completes at around 1.63~1.64.
After that, the E leg should be also be moderately quick in its move down to a new low, probably a number with a 1.4xx in it.
My chart is roughly drawn, but maybe someone will understand what it means and at least consider it in their trading.
- #301,666
- Feb 28, 2012 1:55am Feb 28, 2012 1:55am
- | Membership Revoked | Joined Jul 2011 | 3,291 Posts
- #301,667
- Feb 28, 2012 1:57am Feb 28, 2012 1:57am
- Joined Mar 2011 | Status: Bullish Behavior | 3,182 Posts
Got a buy order @ 5813..
Trade hit, lets see what happens.
Lets see if she can break through 59 first, looks like its had a big enough reload...
- #301,668
- Feb 28, 2012 1:57am Feb 28, 2012 1:57am
- | Membership Revoked | Joined Jul 2011 | 3,291 Posts
- #301,670
- Feb 28, 2012 2:01am Feb 28, 2012 2:01am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
Still in, would be nice to see 5950 or even 6 today...
Lets see if she can break through 59 first, looks like its had a big enough reload...
u will ..the bull flag to me has broken to the top side..last 4hr closed outside the trendline..if people notice it other than myself..then buyer should enter and 1.5960-1.60 we should see..
data should also support the move..journalism is starting to swing
edit:- if people wondering what the hell:- connect trendline on 4hr u will see the flag
- #301,671
- Feb 28, 2012 2:02am Feb 28, 2012 2:02am
- | Membership Revoked | Joined Jul 2011 | 3,291 Posts
- #301,672
- Feb 28, 2012 2:05am Feb 28, 2012 2:05am
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
5780 looks to be of some importance here. Last bar right at 50% of last one also..I'm looking for some clues here too...GL!
i missed the train
!what did i expect after days without PA?!
90% of traders use TA, indicators and prediction
- #301,674
- Feb 28, 2012 2:18am Feb 28, 2012 2:18am
- Joined Jul 2007 | Status: Trader | 5,392 Posts
ex member
- #301,675
- Feb 28, 2012 2:19am Feb 28, 2012 2:19am
- Joined Mar 2011 | Status: Bullish Behavior | 3,182 Posts
u will ..the bull flag to me has broken to the top side..last 4hr closed outside the trendline..if people notice it other than myself..then buyer should enter and 1.5960-1.60 we should see..
data should also support the move..journalism is starting to swing
edit:- if people wondering what the hell:- connect trendline on 4hr u will see the flag
However, keep going north you slagggg
- #301,676
- Feb 28, 2012 2:31am Feb 28, 2012 2:31am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
looks like Navin is a GOD over here. GOD who has come from heaven and who knows everything abt the pound moves. Maybe he calls the queen everyday and discusses his position.
u will ..the bull flag to me has broken to the top side..last 4hr closed outside the trendline..if people notice it other than myself..then buyer should enter and 1.5960-1.60 we should see..
data should also support the move..journalism is starting to swing
edit:- if people wondering what the hell:- connect trendline on 4hr u will see the flag
i didnt post a chart cause i want people to think about it..as apposed to just throwing it on a plate..
anyway a chart..since u have no clue..I am no better, than any1 in here, lose yur ego otherwise market will rape u..
nice picture btw..im that bull
why i think it will go up:-
1) bull flag on 4hr
2)inverse head n shoulder on 2 day chart (also on dailly) the top 1.59 i believe is the neckline
3)monthly is bullish not bearish..
4) news should be supportive
- #301,677
- Feb 28, 2012 2:36am Feb 28, 2012 2:36am
- Joined Mar 2008 | Status: Taking Care Of Business | 5,587 Posts
Hear the music before the song is over ...
- #301,678
- Feb 28, 2012 2:42am Feb 28, 2012 2:42am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
Cable dropped to 1.5811 late NY session where she found support on the back of UTL extending from Feb 23.
Minor DTL also broken at 1.5840.
Overall PA forming a bullish continuation pattern,
Long positions favored at this point.
morning buddy..damnit have to go work..would have been nice to see the action..hopefully the mofo plays ball
- #301,679
- Feb 28, 2012 2:46am Feb 28, 2012 2:46am
- Joined Dec 2007 | Status: mac daddy junior :) | 20,899 Posts
5880 will be a hurdle so will 59, 5926, 5950, 5980, there will be alot of resistance at these areas in my humbling opinion.
However, keep going north you slagggg
1.59 is a tough nut..but if it goes it should be good at least from a technical perspective theres signs
- #301,680
- Feb 28, 2012 2:48am Feb 28, 2012 2:48am
- Joined Jul 2007 | Status: Trader | 5,392 Posts
ex member