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Cable Update (GBPUSD)

  • #351,641
  • Nov 2, 2013 8:52am Nov 2, 2013 8:52am
Tweezer like this


Quoting Bones
close enough is good enough for the Canadians ,this is happy to zip back and forth within consolidation zone Cad is bullish prob tweezer /engulfing on monthly close {quote} {image}
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #351,642
  • Nov 2, 2013 8:57am Nov 2, 2013 8:57am
my reading of monthly ,note the open to this month


Quoting Bones
Monthly ,cable has done very well but has not moved from overall range ,id be amazed to see it do that ,would leave a very odd yearly {image}
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #351,643
  • Edited 1:18pm Nov 2, 2013 1:08pm | Edited 1:18pm
Just want to share something to notice.
Price is at critical level at 59 where previously bounced up.However if price breaks 59 notice how quickly PA traveled from 56-59?
To me if PA breaks 59 it will most likely drop like a rock to 56.Very little resistance.To me 59-56 is fast lane highway.
On Harmonic level Pattern is complete and looking retrace leg to minimum 38.2 fib at 57 but my tp is 1.55
My S/R are drawn manually and harmonics as well.Please don't ask about indicators.
Note weekly 200EMA is above price (Orange line)
Out of all MA's only one that Banks pay attention to is 200.Its basically a institutional floating s/r
Want to also mention previous drive North from 59 was caused by Carney's speech.To me market has consumed the "good News"
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In trading, you have to be defensive and aggressive at the same time
  • #351,644
  • Edited 4:57pm Nov 2, 2013 1:36pm | Edited 4:57pm
Quoting JimmyC
Howzit! GU Monthly The conventions on trend are occasionally quite overcomplicated by traders, I read Dow Theory a while back and the thinking there is... The trend is intact until absolutely disproved. This needs to be viewed in-line with your TF so read what I say next in light of the Monthly TF. I used two Fib retraces (Nov 2007 - Jan 2009 Major down trend) and then looked at (Jan 2009 to August 2009) There is obvious oblique resistance Aug 2009 to Nov 13 Its held 5 times and the last holds @23.60 Fib (Interesting?) Support has dropped most recently...

Fundamentally in stagnate global economy no isolated economy can overtake the market to cause extreme disparity.
GB is closely linked with Euro zone where it does majority of commerce.Euro zone is not expected to grow much until 2017 and US economy is most likely to get going before Euro zone ,already recent US manufacturing numbers were lot greener.
GB is on danger of serious housing bubble crisis developing.Fact is Brits are making lot less but borrowing lot more.Sounds familiar?2008 Housing crash.
I dismiss Spin doctor Carney's speeches.The guy worked 13years at Goldman Sachs and knows what manipulation is.
Price may go temporarily up but fundamentally it cant sustain it.
In trading, you have to be defensive and aggressive at the same time
  • #351,645
  • Nov 2, 2013 10:13pm Nov 2, 2013 10:13pm
Quoting JimmyC
Howzit! GU Monthly The conventions on trend are occasionally quite overcomplicated by traders, ... The trend is intact until absolutely disproved. Any other thoughts? G/L {image}
Howdy mate.. yes, there's great beauty to simplicity.. hope you're having a nice w/e..
here's my thought & update for Cable's unfinished M/T business..

GU Monthly:
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  • #351,646
  • Nov 2, 2013 10:56pm Nov 2, 2013 10:56pm
Quoting RamsesII
{quote} I like to invent patterns... These two got my back. {image}
H & S can legitimately have two heads contingent upon structure.
Attached Image
The world you desire can be won. It exists.. it is real.. it is possible..
  • #351,647
  • Nov 2, 2013 11:05pm Nov 2, 2013 11:05pm
Quoting Davit
Just want to share something to notice. Price is at critical level at 59 where previously bounced up.However if price breaks 59 notice how quickly PA traveled from 56-59? To me if PA breaks 59 it will most likely drop like a rock to 56.Very little resistance.To me 59-56 is fast lane highway. On Harmonic level Pattern is complete and looking retrace leg to minimum 38.2 fib at 57 but my tp is 1.55 My S/R are drawn manually and harmonics as well.Please don't ask about indicators. Note weekly 200EMA is above price (Orange line) Out of all MA's only...
Hi Davit,

I would not consider this a valid harmonic pattern? Would you mind elaborating?

To me, it was s/d and tl play.

Regards,
Scott
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The world you desire can be won. It exists.. it is real.. it is possible..
  • #351,648
  • Nov 3, 2013 12:01am Nov 3, 2013 12:01am
Quoting cdndollar
{quote} Howdy mate.. yes, there's great beauty to simplicity.. hope you're having a nice w/e.. here's my thought & update for Cable's unfinished M/T business.. GU Monthly: {image}
Bullish BAMM ... clear on monthly. ready to break the trigger line. BAMM ... Bat Action Magnet Move.

IMHO
not euphoria follower
  • #351,649
  • Edited 4:41am Nov 3, 2013 3:12am | Edited 4:41am
GBP / USD

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G/L
Howlin' at the Moon on the Roof
  • #351,650
  • Nov 3, 2013 4:58am Nov 3, 2013 4:58am
I can see sameting like this. good luck to all.
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  • #351,651
  • Nov 3, 2013 6:37am Nov 3, 2013 6:37am
Quoting RamsesII
{quote} I like to invent patterns... These two got my back. {image}
Howzit RamsesII & Mr. Scott

Please Excuse the off-topic chart

The below security is executing exactly such a "double H&S" 1 x head 4 x shoulders

EXX:J Daily

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  • #351,652
  • Nov 3, 2013 6:39am Nov 3, 2013 6:39am
Thanks to all for the positive comments and contributions!

G/L
  • #351,653
  • Nov 3, 2013 6:40am Nov 3, 2013 6:40am
My shorter term thoughts are a retest of 1.60 tomorrow or the coming few days based on much higher than normal short term volume spike around the NY close on Wednesday to get to the 1.6 area, low volume low on Friday and strong support area around the 1.59. The short term (1hr) quantity of volume has not been seen since the 18th of September when it broke back up through the 1.6 area. Possibly a longer term daily trend line forming down from the longer term monthly triangle.

As always a humble opinion can always be smashed by the market. I will be looking for a short term trade back to the 1.6 with a short stop around 1.585 area
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  • #351,654
  • Nov 3, 2013 6:59am Nov 3, 2013 6:59am
not sure if the artistic licence on lower line ?
honestly longer term I have no idea on break

Quoting cdndollar
{quote} Howdy mate.. yes, there's great beauty to simplicity.. hope you're having a nice w/e.. here's my thought & update for Cable's unfinished M/T business.. GU Monthly: {image}
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #351,655
  • Nov 3, 2013 7:02am Nov 3, 2013 7:02am
Quoting Bones
not sure if the artistic licence on lower line ? honestly longer term I have no idea on break {quote} {image}
i think this year needs to close below 1.63 giving bear formation on yearly ..and next year this puppy is going to go below 1.5
is my gut feeling..excellent charts and trades bro!!..u are definitely doing great
  • #351,656
  • Nov 3, 2013 9:11am Nov 3, 2013 9:11am
Quoting Bones
not sure if the artistic licence on lower line ? honestly longer term I have no idea on break {quote} {image}
On the monthly G/U chart so far this year p/a has been contained within this wedge/bearish flag...call it what you want and trading below a significant long term 38.2% fibo level @ 6426. In the event of an upside break of the 2013 high @ 6348 the first significant resistance comes at that 38.2% fibo @6426 and above that 2013 range (6348/4819) 113% ext @ 6540....127% @6757... 141.4% @6795 and the 161.8% @ 7290 which funny enough is a significant long term 50% fibo @7330
A break below the D/B 2013 low @ 4819 and LTL ....113% ext @4614 ...127.2% @4397.... 141.4%@4180...161.8 @ 3868.

Most likely significant support fibo level at 23.6% @ 5308 but before that 5765...5577... 5395

Only my long term view based on fibo

Fibo dont lie
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  • #351,657
  • Nov 3, 2013 9:49am Nov 3, 2013 9:49am
agree

Quoting gio123
{quote} Fibo dont lie {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #351,658
  • Nov 3, 2013 9:51am Nov 3, 2013 9:51am
don't tell me that Nav ,ooh I love bearish /fear conditions ,Im waiting for open lol
but market can be cruel I know that

Quoting nAVIN2007
{quote} i think this year needs to close below 1.63 giving bear formation on yearly ..and next year this puppy is going to go below 1.5 is my gut feeling..excellent charts and trades bro!!..u are definitely doing great
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #351,659
  • Nov 3, 2013 10:35am Nov 3, 2013 10:35am
On the GU daily harmonic view based upon the swing 5428/6260 we have XABC...C being the retest and failure of the Oct high... we now have p/a at.. but not quite at the B point and AB=CD @ 5889.P/A should find support at this level... but Daily/weekly close below this level should target D at Bat target @ 5520/5500. But before that we have fibo levels at 5800/5760 area and 5620/5580 that should provide support. Markets may well prove this pattern wrong...but that's the FX market.

Fibo don't lie
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  • #351,660
  • Nov 3, 2013 10:53am Nov 3, 2013 10:53am
nice

Quoting gio123
On the GU daily harmonic view based upon the swing 5428/6260 we have XABC...C being the retest and failure of the Oct high... we now have p/a at.. but not quite at the B point and AB=CD @ 5889.P/A should find support at this level... but Daily/weekly close below this level should target D at Bat target @ 5520/5500. But before that we have fibo levels at 5800/5760 area and 5620/5580 that should provide support. Markets may well prove this pattern wrong...but that's the FX market. Fibo don't lie {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
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