I have to acknowledge and vouch for Navin for foreseeing the 1.61 region about 2 weeks ago!! Back then almost _everyone_ was thinking its was bear season. I guess the only one who noticed that bears hibernate in the winter time was Navin.
Cable Update (GBPUSD)
- #331,462
- Dec 3, 2012 10:51am Dec 3, 2012 10:51am
- Joined Jan 2010 | Status: Trader | 10,268 Posts
Indeed now it does look like the daily candle may close broken and above that downtrend..... but BECAREFUL!!!! for a confirm to LONG you need to look into tomorrow... Tomorrow is key why? well we have news form UK
and technical wise... IF GBPUSD closes today above and broken, it still has tomorrow to get Back under that trendline...
so heres 2 scenario....
scenario 1
if tomorrow we get a retest and a confirmed bounce off that trendlien then yes its good time to long....
scenario 2
If tomorrow we get a retest yet however, by close of tomorrow's...
here are the 2 scenarios i've mentioned and it all comes down to how market reacts tomorrow....
scenario 1
if tomorrow we get a retest and a confirmed bounce off that trendlien then yes its good time to long....
And this is scenario 2, where this Spike above might actually be a bull trap...
scenario 2
If tomorrow we get a retest yet however, by close of tomorrow's candle we manage to get BACK below that downtrend... then it means the Move above today was a fakeout... also known as a bull trap... so DO BECAREFUL!!!
Also pay attention to the RSI indicator... its suggesting the Bullish run is limited.... i will be looking to short if i get signals up at 1.62 to short all the way back down to that 1.5880 EMA 200
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return:
0.7%
- #331,463
- Dec 3, 2012 10:54am Dec 3, 2012 10:54am
- Joined May 2009 | Status: Trader | 4,895 Posts
Mr.B -
Good. But not so fast..
EU may block this progress for a 150 pip tumble...
Regards
- #331,464
- Dec 3, 2012 10:54am Dec 3, 2012 10:54am
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
i closed whole my longs in GU.
my idea was to target higher areas but definetly from here i want to see what happens now. 1.61 important monthly supply area.
furthermore there is something happening in CHF pairs where i see possible temporary bottom.
and something cooking in UsdCad.
early to predict, must see if EURO has xmas presents in his pockets........
my idea was to target higher areas but definetly from here i want to see what happens now. 1.61 important monthly supply area.
furthermore there is something happening in CHF pairs where i see possible temporary bottom.
and something cooking in UsdCad.
early to predict, must see if EURO has xmas presents in his pockets........
90% of traders use TA, indicators and prediction
- #331,465
- Dec 3, 2012 10:55am Dec 3, 2012 10:55am
- Joined Jan 2010 | Status: Trader | 10,268 Posts
i closed whole my longs in GU.
my idea was to target higher areas but definetly from here i want to see what happens now. 1.61 important monthly supply area.
furthermore there is something happening in CHF pairs where i see possible temporary bottom.
and something cooking in UsdCad.
early to predict, must see if EURO has xmas presents in his pockets........
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return:
0.7%
- #331,468
- Dec 3, 2012 11:02am Dec 3, 2012 11:02am
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
for some strange reason im not buying into this bullshit rally.... its monday today and currency market correlations is not reflected on the Equities market....
better be cautiuos with forecasts just because of a 40pips move.
GU definetly above 6040-60 but the area will be tested again to confirm if support...
that's the main reason why i cashed profits and wait further consolidation.
if straight up in next hours... i will then be waiting for shorts higher.
90% of traders use TA, indicators and prediction
- #331,469
- Dec 3, 2012 11:02am Dec 3, 2012 11:02am
i closed whole my longs in GU.
my idea was to target higher areas but definetly from here i want to see what happens now. 1.61 important monthly supply area.
furthermore there is something happening in CHF pairs where i see possible temporary bottom.
and something cooking in UsdCad.
early to predict, must see if EURO has xmas presents in his pockets........
Wolves don't lose any sleep over the opinion of the sheep.
- #331,470
- Dec 3, 2012 11:02am Dec 3, 2012 11:02am
- Joined Jan 2010 | Status: Trader | 10,268 Posts
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return:
0.7%
- #331,472
- Dec 3, 2012 11:04am Dec 3, 2012 11:04am
- Joined Jan 2010 | Status: Trader | 10,268 Posts
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return:
0.7%
- #331,473
- Dec 3, 2012 11:07am Dec 3, 2012 11:07am
- Joined Jan 2010 | Status: Trader | 10,268 Posts
also 1st day of new month
better be cautiuos with forecasts just because of a 40pips move.
GU definetly above 6040-60 but the area will be tested again to confirm if support...
that's the main reason why i cashed profits and wait further consolidation.
if straight up in next hours... i will then be waiting for shorts higher.
charts are simply not showing me what i am seeing for more yen easing....
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return:
0.7%
- #331,474
- Dec 3, 2012 11:08am Dec 3, 2012 11:08am
- Joined May 2009 | Status: Trader | 4,895 Posts
i closed whole my longs in GU.
my idea was to target higher areas but definetly from here i want to see what happens now. 1.61 important monthly supply area.
furthermore there is something happening in CHF pairs where i see possible temporary bottom.
and something cooking in UsdCad.
early to predict, must see if EURO has xmas presents in his pockets........
but that range can favor both bears and bulls, no confirmation yet on that pair but it's very close to 1.0 area, high probability i think it will hold.. maybe it will just range between 9400 - 1.0 area for sometime. but that my speculation, i'm not looking into swing position on that pair.
- #331,476
- Dec 3, 2012 11:12am Dec 3, 2012 11:12am
- Joined Jan 2010 | Status: Trader | 10,268 Posts
We live in a finite world with infinite possibilities.
FxTyrant M-Series (Live - Darwinex) All Time Return:
0.7%
- #331,477
- Dec 3, 2012 11:13am Dec 3, 2012 11:13am
- Joined Jan 2009 | Status: Per Aspera Ad Astra | 6,262 Posts
150? ermm.. around 2900? i think that's too far mate, the most i can think of is the retest of 2960 area, high probability she would retest 1.3 but 2900... i don't think so.. why do you think it would retest 2900?
I have my reasons. The higher we go - the better..
But do not mind me. Just thinking out loud here.
- #331,478
- Dec 3, 2012 11:13am Dec 3, 2012 11:13am
- Joined Apr 2010 | Status: Today is my first trading day! | 9,452 Posts
break out just happened and you are out?
yes but then depends in what you are looking at.....
IMO the area to be broken is 5980-6140 so meaning a 100-130 pips range.
6140 is extremely important monthly line.
and 6040-60 will surely be retested and confirmed support later, even if price will be going higher, and could also not hold as support....
enough reasons to close in huge profits and wait a good setup
90% of traders use TA, indicators and prediction
- #331,479
- Dec 3, 2012 11:14am Dec 3, 2012 11:14am
- Joined May 2009 | Status: Trader | 4,895 Posts
Yip - 1.2910 to be exact..
I have my reasons. The higher we go - the better..
But do not mind me. Just thinking out loud here.
- #331,480
- Dec 3, 2012 11:15am Dec 3, 2012 11:15am
- | Commercial User | Joined Sep 2005 | 2,784 Posts
well im not in anything on GBPUSD, cuz i knew markets are gona be quite unpredictable today....
i had better luck longing the EURCHF though....
But at this speed we'll get there in a few hours (well, probably london close will see profit taking, so let's say maybe tomorrow)
However.. let's wait
P.s.
eurchf too need a lot of patience, i remember stay there 3 months with negative swap, what a terrible episode of my life, never trade eurchf again for me! Great you profited from it's jump of today