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Cable Update (GBPUSD)

  • #339,741
  • Apr 30, 2013 10:02am Apr 30, 2013 10:02am
Quoting ferreira1239
Could go either way accordin to the triangle on the hr {image}

not quite the probability to break upside is stronger..as the consolidation is after a bull rally (bull flag)
  • #339,742
  • Apr 30, 2013 10:04am Apr 30, 2013 10:04am
Well my stuff tell me it's almost over and the sellers start to come in around here! So you might be right because it sure looks like it on my end. I might add to my shorts up here!!!
Quoting skyhawkps
It might go further 1.5570/90... but hoping that will not go there!
  • #339,743
  • Apr 30, 2013 10:05am Apr 30, 2013 10:05am
Quoting nAVIN2007
{quote} we tested the low of yesterday PA rejected the low..we then enter a period of consolidation..breaking out north and now the high of yesterday has gone, after the low yesterday gone!! in effect bullish engulf on yesterday movement what if i may ask is the reason for the conviction??..what are u seeing in yur charts
I expect a bearish trend continuation.
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  • #339,744
  • Apr 30, 2013 10:06am Apr 30, 2013 10:06am
nailed.. Looking for shorts now..
GU M5:
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  • #339,745
  • Apr 30, 2013 10:13am Apr 30, 2013 10:13am
Quoting Likerty
nailed.. Looking for shorts now.. GU M5: {image}
That's a nice BULL... well tame!!! =)
  • #339,746
  • Apr 30, 2013 10:15am Apr 30, 2013 10:15am
Glad some people can see the road map! I am with you too. Looking to add to my short!
Quoting big_pipin
{quote} I expect a bearish trend continuation. {image}
  • #339,747
  • Apr 30, 2013 10:16am Apr 30, 2013 10:16am
All I can say is I ...... while I .....

Quoting Davit
Most logical short spot is on 5787 61.8Fib on weekly chart. Anything less is riskier to me not worth, happens to touch important 200MA floating S/R This is a classic Gartley pattern forming AB=CD {image}
Quoting albchr
{quote} Agreed. Also coincides nicely with closely testing the ascending 4 year triangle TL it finally broke below. {image}
Ghost Rider - WWTBMD?
  • #339,748
  • Apr 30, 2013 10:18am Apr 30, 2013 10:18am
Quoting Robby
Glad some people can see the road map! I am with you too. Looking to add to my short!{quote}
Lol, thanks for the validation.
  • #339,749
  • Apr 30, 2013 10:23am Apr 30, 2013 10:23am
Quoting big_pipin
{quote} I expect a bearish trend continuation. {image}

that is not a triangle
  • #339,750
  • Apr 30, 2013 10:25am Apr 30, 2013 10:25am
Quoting nAVIN2007
{quote} that is not a triangle
http://stockcharts.com/school/doku.p...rical_triangle

me thinks, this is a triangle..
  • #339,751
  • Apr 30, 2013 10:27am Apr 30, 2013 10:27am
My demo account has never looked so healthy

Anyway, nice spot of divergence on the 4HR chart.

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  • #339,752
  • Apr 30, 2013 10:35am Apr 30, 2013 10:35am
Quoting big_pipin
{quote} http://stockcharts.com/school/doku.p...rical_triangle me thinks, this is a triangle..
lol stock chart traingle and yours are different, yur observations are poor
first off..notice how the traingle is defined (think about what it actually is?)

hopefully u should have come up with, An area of tight compression which would lead to a breakout of the defined area, what yur posting cannot be used to trade effectively as its not accurate enough, u cannot see the area of compression accurate enough..there was never breakout to the downside, infact the trendline held perfectly and broke to the topside..giving a signal of breakout north

any1 can do the lines but they have to be accurate to actually work

regards my man
  • #339,753
  • Apr 30, 2013 10:36am Apr 30, 2013 10:36am
Quoting blobsaudio
My demo account has never looked so healthy Anyway, nice spot of divergence on the 4HR chart. {image}
You dount need these indicators to see if parabolic swing is overextended.. What you should concentrate on is where initial pushers are going to take their profits..
69
  • #339,754
  • Apr 30, 2013 10:39am Apr 30, 2013 10:39am
Quoting Likerty
{quote} You dount need these indicators to see if parabolic swing is overextended.. What you should concentrate on is where initial pushers are going to take their profits..
  • #339,755
  • Apr 30, 2013 10:48am Apr 30, 2013 10:48am
Quoting nAVIN2007
{quote} lol stock chart traingle and yours are different, yur observations are poor first off..notice how the traingle is defined (think about what it actually is?) hopefully u should have come up with, An area of tight compression which would lead to a breakout of the defined area, what yur posting cannot be used to trade effectively as its not accurate enough, u cannot see the area of compression accurate enough..there was never breakout to the downside, infact the trendline held perfectly and broke to the topside..giving a signal of breakout...
Not sure how my triangle is different, it looks the exact same.

Quote
"The pattern is identified by drawing two trendlines that connect a series of sequentially lower peaks and a series of sequentially higher troughs. Both trendlines act as barriers that prevent the price from heading higher or lower, but once the price breaches one of these levels, a sharp movement often follows."
- investopedia.com

Please post your chart.
  • #339,756
  • Apr 30, 2013 10:54am Apr 30, 2013 10:54am
Quoting Likerty
{quote} You dount need these indicators to see if parabolic swing is overextended.. What you should concentrate on is where initial pushers are going to take their profits..
What is parabolic swing? I have never seen that term mentioned before. All google turned up was some parabolic sar stuff.

Anyway, I typically use divergence as confirmation I am going in the right direction. That chart is also part of my mop up strategy, which is indi based but is combined with price zones. I prefer to use candle sticks and patterns such as double tops and bottoms.
  • #339,757
  • Apr 30, 2013 11:01am Apr 30, 2013 11:01am
my analysis:

There are commercial sell orders around the 1.5550 area. The price should close around 490/500 area creating another reversal pin bar for the day.

With a double (consecutive pin bar), this will indicate a strong reversal to to 380 area.
  • #339,758
  • Apr 30, 2013 11:07am Apr 30, 2013 11:07am
Quoting blobsaudio
{quote} What is parabolic swing? I have never seen that term mentioned before. All google turned up was some parabolic sar stuff. Anyway, I typically use divergence as confirmation I am going in the right direction. That chart is also part of my mop up strategy, which is indi based but is combined with price zones. I prefer to use candle sticks and patterns such as double tops and bottoms.
You dount know what is parabola? Basic geomtery..
When price progresses exponentially it runs out of liquidity (sooner or later) thats so called overboght/oversold condition, BUT you can't trade solely on these statistical deviations without PA levels.
I dropped all divergences and indicators long time ago.. Uselless sh*t for me. Same goes for MA's
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  • #339,759
  • Apr 30, 2013 11:09am Apr 30, 2013 11:09am
I would not worry to much about it... People will learn in markets their is no such thing as perfect well defined patterns. The harder it is to find the better the trade will be. People will learn all it takes is time and enough money being lost and that loss will make them have a very agonizing reappraisal of the chart and then the light will come on. Until that time the mind is closed.
Quoting big_pipin
{quote} Not sure how my triangle is different, it looks the exact same. {quote} - investopedia.com Please post your chart.
  • #339,760
  • Apr 30, 2013 11:12am Apr 30, 2013 11:12am
When you see this kind of parabolic move and the order flow drops off this is excellent trade too! You can catch this kind of a exhaustion on multi hour charts it will make you a very happy person!!!!!!
Quoting Likerty
{quote} You dount know what is parabola? Basic geomtery.. When price progresses exponentially it runs out of liquidity (sooner or later) thats so called overboght/oversold condition, BUT you can't trade solely on these statistical deviations without PA levels. I dropped all divergences and indicators long time ago.. Uselless sh*t for me. Same goes for MA's {image}
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