How far down do you think the Pound is going? -Daily Chart | Forex Factory

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How far down do you think the Pound is going? -Daily Chart

  • #1
  • First Post: Sep 12, 2013 1:23pm Sep 12, 2013 1:23pm
it's definitely going down ... but how far ? ... I say my tp areas are the ones in yellow and green ... have your say ...

N.B. please attach a chart explaining your theory as I'm mainly interested in learning
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  • #2
  • Sep 12, 2013 1:28pm Sep 12, 2013 1:28pm
This Doji candlestick forming on the Daily chart is supporting the theory.
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  • #3
  • Sep 12, 2013 1:36pm Sep 12, 2013 1:36pm
and on the 1H chart there's a high probability of trend retest + Momentum level < 100 and heading down.
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  • #4
  • Sep 12, 2013 3:38pm Sep 12, 2013 3:38pm
in 25 minutes the last 4h candle of the day will be closed ( waiting for the confirmation of the macd crossover ) and the daily candle close, too ( waiting for a reversal candle to appear e.g. hammer, doji or whatever ) then I'll sell it ... what do you think fellas ?
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  • #5
  • Sep 12, 2013 3:52pm Sep 12, 2013 3:52pm
And a divergence has just formed now on the daily chart so now we have a Strong Resistance + Divergence + Macd cross down on the 4H + Reversal Candle + A trend to be retested + Momentum below 100 = I'm 70% convinced the price is going down ... of course still wanna here your theories guys
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  • #6
  • Sep 12, 2013 3:58pm Sep 12, 2013 3:58pm
You will see "facts" supporting your bias all around, its either your profit or your loss, why are u asking other ppl opionions on a thing u are so sure about ?
  • #7
  • Sep 12, 2013 4:05pm Sep 12, 2013 4:05pm
Quoting uberteh
You will see "facts" supporting your bias all around, its either your profit or your loss, why are u asking other ppl opionions on a thing u are so sure about ?

Because I'm not trading. I'm just learning and yesterday when I asked them about a chance I found on the GbpJpy a lot of the replies helped me know things I don't since I'm beginner. but it seems like they're busy for now
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  • #8
  • Sep 12, 2013 4:13pm Sep 12, 2013 4:13pm
You already have trade planned and just asking where should be your TP Not much to learn, but confuse yourself with other ppl opinions, but goodluck.
  • #9
  • Sep 12, 2013 4:27pm Sep 12, 2013 4:27pm
GBPUSD is not going down ...one (1) bar doesn't mean that trend is changed ...Who told you that?
There is a winner and a loser, nothing in between.
  • #10
  • Sep 12, 2013 4:36pm Sep 12, 2013 4:36pm
Quoting uberteh
You already have trade planned and just asking where should be your TP Not much to learn, but confuse yourself with other ppl opinions, but goodluck.

Man I don't even have money in the market to confuse myself and learning how to place the tp properly is also learning I guess
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  • #11
  • Sep 12, 2013 4:37pm Sep 12, 2013 4:37pm
Quoting buytosell
one (1) bar doesn't mean that trend is changed
I don't get it ... some explanation please
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  • #12
  • Sep 12, 2013 4:59pm Sep 12, 2013 4:59pm
1.4860 and 1.4200
Yeah?! Well.. you know, that's just like.. your opinion man! - Big Lebowski
  • #13
  • Sep 12, 2013 5:02pm Sep 12, 2013 5:02pm
Quoting Yuri57
1.4860 and 1.4200

Short and straight I usually like that style but I'm here to learn so a chart to clarify why you picked these points would be AWESOME
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  • #14
  • Sep 12, 2013 5:08pm Sep 12, 2013 5:08pm
Quoting Yuri57
1.4860 and 1.4200

I checked it .. Just wanna make sure that's what you meant by those points ? ... do you believe that the price will smash all the S and R levels and complete the whole wave !? .. Reasons ?
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  • #15
  • Sep 12, 2013 7:27pm Sep 12, 2013 7:27pm
Quoting buytosell
GBPUSD is not going down ...one (1) bar doesn't mean that trend is changed ...Who told you that?

Still for the explanation
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  • #16
  • Sep 12, 2013 8:06pm Sep 12, 2013 8:06pm
Quoting buytosell
GBPUSD is not going down ...one (1) bar doesn't mean that trend is changed ...Who told you that?
No. But I stumbled across this as I actually happen to have a shot on Cable at the moment. While there's a good chance it can still bust through the orders present here....it's largely irrelevant, as the chance of entering into the start of a correction is significant and very much rewarding if you accept the risk that you'll lose most of the time. Everybody wants to be right, they don't really care about making money. Just my two cents, take it or leave it.
  • #17
  • Sep 12, 2013 9:46pm Sep 12, 2013 9:46pm
An update: I've changed the tp areas to a closer ones. I'll explain later how I choosed the new ones but I'm on mobile now so it's hard to attach a chart. Anyway you can find the new tp areas in my trader explorer as it's public. I did that now because I just realized that today at noon there'll be a release of the Retail Sales Ex Autos and the dollar is a pair in the trade so I'm afraid of the release results. Have a good night everybody
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  • #18
  • Sep 13, 2013 3:19am Sep 13, 2013 3:19am
Quoting Muhammad Ezz
it's definitely going down ... but how far ? ... I say my tp areas are the ones in yellow and green ... have your say ... N.B. please attach a chart explaining your theory as I'm mainly interested in learning {image}
Its Friday and not much happening, so an opportunity to practice my analysis.
Something I found very useful in selecting areas of supply and demand was to look for levels where price did not linger and rapidly moved away.
Red areas on the weekly chart seem to indicate the pair is rangebound and currently moving upwards.
Your tp levels appear to be previous levels of support and since it already above its more likely to head towards upper range band.
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  • #19
  • Sep 13, 2013 4:02am Sep 13, 2013 4:02am
GBP isn't going down. It's going up. Look on all the daily charts - JPY, USD, CHF, EUR, CAD. Strong uptrend. GBP news also is good: economy, unemployment... not getting involved with Syria...!
  • #20
  • Sep 13, 2013 4:47am Sep 13, 2013 4:47am
By the way, divergences mean nothing going against the trend.
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