Good enough for me.
- #262
- Feb 13, 2013 5:03am Feb 13, 2013 5:03am
- | Commercial User | Joined May 2012 | 3,285 Posts
The following is in regards to GBP/USD but thought it could relate to GBP/JPY as I see the Pound at a very critical point.
GBP/USD could be heading much much lower in the coming months which would need to be taken into consideration by anybody who trades GBP/JPY.
Trading GBP/USD for the past 2 years was as easy as finding weekly support / resistance at 1.53 - 1.63 as Cable was stuck in basically a 1000 pip range. Support / Resistance for the pound was very easy to trade from a weekly perspective if you just played the range.
HOWEVER, we are now on the verge of breaking and closing below a 4-Year symmetrical triangle! My thinking is that if we close below this level from a weekly perspective then we will be heading much much much lower in the coming months. This may sound a little far fetched for some here but once we break this 4-year symmetrical triangle we could easily see 1.42 and possibly even go as low as 1.33 in the near future.
This week is CRITICAL for Cable and could determine the main direction of a new trend for the coming months, which is obviously down. Don't get me wrong, 1.53 is still significant and we will definitely see some sort of bounce at that point. But I find it almost impossible to head right back into the range which we have been stuck in for the past 2-3 years...
Hope this helps
GBP/USD could be heading much much lower in the coming months which would need to be taken into consideration by anybody who trades GBP/JPY.
Trading GBP/USD for the past 2 years was as easy as finding weekly support / resistance at 1.53 - 1.63 as Cable was stuck in basically a 1000 pip range. Support / Resistance for the pound was very easy to trade from a weekly perspective if you just played the range.
HOWEVER, we are now on the verge of breaking and closing below a 4-Year symmetrical triangle! My thinking is that if we close below this level from a weekly perspective then we will be heading much much much lower in the coming months. This may sound a little far fetched for some here but once we break this 4-year symmetrical triangle we could easily see 1.42 and possibly even go as low as 1.33 in the near future.
This week is CRITICAL for Cable and could determine the main direction of a new trend for the coming months, which is obviously down. Don't get me wrong, 1.53 is still significant and we will definitely see some sort of bounce at that point. But I find it almost impossible to head right back into the range which we have been stuck in for the past 2-3 years...
Hope this helps
- #264
- Feb 13, 2013 5:28am Feb 13, 2013 5:28am
Last time price was in this area (2009) - there was quite a range. Shooting stars were all over the place. It is only Wednesday. I, myself, hesitate to look at present data as it is forming to make decisions. You may be right 100Pips, 
but this week is not done forming yet. Nice charts btw.
but this week is not done forming yet. Nice charts btw.
- #265
- Feb 13, 2013 5:49am Feb 13, 2013 5:49am
- | Commercial User | Joined May 2012 | 3,285 Posts
Last time price was in this area (2009) - there was quite a range. Shooting stars were all over the place. It is only Wednesday. I, myself, hesitate to look at present data as it is forming to make decisions. You may be right 100Pips,
Thanks Tourderob!
By the way, just took a look at your profile and noticed your trade explorer. Great work! 226% in a year
Keep up the good work man.
- #266
- Feb 13, 2013 7:14am Feb 13, 2013 7:14am
I agree, still waiting for weekly close before making any decisions.
Thanks Tourderob!
By the way, just took a look at your profile and noticed your trade explorer. Great work! 226% in a year
Keep up the good work man.
Weeeeird!
- #267
- Feb 13, 2013 7:21am Feb 13, 2013 7:21am
- | Commercial User | Joined May 2012 | 3,285 Posts
Thank you, but it can go just as quickly, if not quicker than it came. I'll be feeling better about this once it rally's north. We're locked in 2009's consolidation pattern. Hmm isn't it ironic that where we are now just so happens to coincide with all of these big news accouncements, g20, Japan's devaluation of the currency, USA's economic woes, the state of the union address, and Draghi?
Weeeeird!
Yes it seems as though the technicals and fundamentals / data seem to line up more than often. Problem is figuring out which way Mr. Market is going to go when it comes to these news driven events.
Prepare for volatility...
- #268
- Feb 13, 2013 9:22am Feb 13, 2013 9:22am
- Joined Sep 2007 | Status: Trader | 6,871 Posts
Neat thread you have going here.Kicking myself for missing this earlier...
Welcome!
check out my blog: forexmademillionaire dot com
- #270
- Feb 13, 2013 9:24am Feb 13, 2013 9:24am
- Joined Sep 2007 | Status: Trader | 6,871 Posts
check out my blog: forexmademillionaire dot com
- #272
- Edited 11:39am Feb 13, 2013 10:43am | Edited 11:39am
- Joined Sep 2007 | Status: Trader | 6,871 Posts
check out my blog: forexmademillionaire dot com
- #274
- Feb 13, 2013 11:40am Feb 13, 2013 11:40am
- Joined Sep 2007 | Status: Trader | 6,871 Posts
check out my blog: forexmademillionaire dot com
- #275
- Feb 13, 2013 12:05pm Feb 13, 2013 12:05pm
- Joined Sep 2007 | Status: Trader | 6,871 Posts
check out my blog: forexmademillionaire dot com
- #276
- Feb 13, 2013 4:45pm Feb 13, 2013 4:45pm
- Joined Sep 2007 | Status: Trader | 6,871 Posts
check out my blog: forexmademillionaire dot com
- #278
- Feb 13, 2013 6:43pm Feb 13, 2013 6:43pm
- Joined Sep 2007 | Status: Trader | 6,871 Posts
check out my blog: forexmademillionaire dot com
- #279
- Feb 13, 2013 7:08pm Feb 13, 2013 7:08pm
- Joined Sep 2007 | Status: Trader | 6,871 Posts
check out my blog: forexmademillionaire dot com
