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  • #581
  • Jun 30, 2006 3:29pm Jun 30, 2006 3:29pm
Iso,

What do you think???

Small reversal from this point for the GBP on the Daily and Weekly charts?


There is still alot of bearish talk about the dollar though.

thanks
"We are the superior beings, we obey no one!"
  • #582
  • Jul 3, 2006 8:06pm Jul 3, 2006 8:06pm
It seems to be following a nice downtrend channel. There is also a head and shoulders forming on the daily chart. I'm expecting a large break south. I haven't been trading long so what I see may be completely wrong.

http://i47.photobucket.com/albums/f1...ethereal/2.gif
  • #583
  • Jul 3, 2006 10:27pm Jul 3, 2006 10:27pm
Looks like we got the exact opposite trade going. I'm long at 1.8446 with a stop at 1.8069 and a profit target of 1.8841.
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  • #584
  • Jul 4, 2006 1:24am Jul 4, 2006 1:24am
I'm also long GBP, have bought a 1.91 Dec Call last week. From my perspective, the pair found good support at the 50 fib and doesnt test the 100 MA. With the bearish dollar fundamentals, I'm comfortable with a medium term long position.
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  • #585
  • Jul 5, 2006 1:14pm Jul 5, 2006 1:14pm
Price tested 1.8490 area for couple of days and connot breake it. Should we expect downtrend?
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  • #586
  • Jul 5, 2006 1:40pm Jul 5, 2006 1:40pm
It's going down today and it might still go down tomorrow. If Friday's NFP is better than expected, in my opinion, it will test out 1.8200 area.
"Even the word impossible says that I M possible"
  • #587
  • Jul 5, 2006 2:42pm Jul 5, 2006 2:42pm
Good trade hidethereal as my long position was a costly mistake.
  • #588
  • Jul 5, 2006 2:57pm Jul 5, 2006 2:57pm
Quoting imbiber
Good trade hidethereal as my long position was a costly mistake.
Thanks, I'm still trying to get over the psychology of trading as well.
  • #589
  • Jul 8, 2006 5:32pm Jul 8, 2006 5:32pm
Not sure if this will be good reversal point at 18570 but has some potential things going for it.Double top and 2 fib expansion points on the same line and the best part is that the overall trend is down on the gbpusd daily chart (until the fed says differently).Sell that rally breakout of the channel?
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File Type: zip gbpusdreversalpattern2.zip   91 KB | 356 downloads
  • #590
  • Jul 8, 2006 5:37pm Jul 8, 2006 5:37pm
Right at Asia opening, I am selling the DOLLAR.

Japan just announced they are raising their RATES !!!!!

bad for the dollar
"We are the superior beings, we obey no one!"
  • #591
  • Jul 9, 2006 1:28am Jul 9, 2006 1:28am
Hello Mates


what do you think about this chart, is the price should go up till 1.8850 in the future or am wrong.
Attached Image
Charting Markets into the Future...MǎҖ€¥.
  • #592
  • Jul 9, 2006 1:51am Jul 9, 2006 1:51am
Quoting bigballer
Right at Asia opening, I am selling the DOLLAR.

Japan just announced they are raising their RATES !!!!!

bad for the dollar
Is this some new news during weekend? I thought this was already out on Thursday and is factored into the market with Thursday's move.

http://www.iht.com/articles/2006/07/...berg/bxbux.php
fxtrada.com
  • #593
  • Jul 9, 2006 5:00pm Jul 9, 2006 5:00pm
18570 seems to be a key area.If it breaks through upward then the reverse head & shoulders pattern will hold for some distance but if it cannot break shes heading south.Have to wait and see what the other majors are doing around that time too.
  • #594
  • Jul 9, 2006 9:12pm Jul 9, 2006 9:12pm
I just read Bloomberg and I found an interesting article about the Pound.

Check out this link:

http://www.bloomberg.com/apps/news?p...bl81HAV0&refer=
"Even the word impossible says that I M possible"
  • #595
  • Jul 10, 2006 4:24pm Jul 10, 2006 4:24pm
Well guys the pound didn't break higher and hit a low today of 8365. I think it may pull up to 8485 when the U.K. sessions start again but wouldn't cound on it breaking 8500 again. What does everyone else think.
  • #596
  • Jul 10, 2006 5:19pm Jul 10, 2006 5:19pm
Quoting darnell
Well guys the pound didn't break higher and hit a low today of 8365. I think it may pull up to 8485 when the U.K. sessions start again but wouldn't cound on it breaking 8500 again. What does everyone else think.
Im long since 1.8380, target limit order 1.8447, but now i go to sleep
then will see tomorrow what to do. probably can go back to 1,8460-80.
today I got all the pound dollar pips, so was a very good/lucky day, more then 200 pips

good night
  • #597
  • Jul 10, 2006 6:29pm Jul 10, 2006 6:29pm
Quoting darnell
Well guys the pound didn't break higher and hit a low today of 8365. I think it may pull up to 8485 when the U.K. sessions start again but wouldn't cound on it breaking 8500 again. What does everyone else think.
When I look at the pattern of what happened today, there was a spike of dollar strength. Everything is retracing at present. I am currently long on cable and I am thinking that it will retrace 100% and maybe a little more. My bet is between 1.8500 and 1.8550.

I keep having the feeling that we will be seeing dollar strength, but not quite yet. Today was just a head fake, I think, and the market is going to take it all back, and maybe with interest.
  • #598
  • Jul 10, 2006 6:34pm Jul 10, 2006 6:34pm
Quoting lifetime_trader
Is this some new news during weekend? I thought this was already out on Thursday and is factored into the market with Thursday's move.

http://www.iht.com/articles/2006/07/...berg/bxbux.php
Yeah,

Sat. they came out and said they WILL raise the rates. Now it is not just talk. But man the dollar was strong today, and I have no idea why....unless the smart money is pushing a fake so as to get in lower for the rally up on GBP.

Shake out the weak investors.......

I tried getting in asia open, but it went in direction of the dollar so I got out same time........
"We are the superior beings, we obey no one!"
  • #599
  • Jul 15, 2006 7:51am Jul 15, 2006 7:51am
The following chart is self-explanatory, I suppose
http://www.understandmarket.com/images/h&s.gif
  • #600
  • Jul 15, 2006 8:08am Jul 15, 2006 8:08am
Aren't you a bit premature? It really is not an inverted H & S until price breaks up through the neck line. Also are you using the previous high prices as your price target? Because the distance from the head to the neck propels price somewhat less than the target price...

Thanks Scott


Quoting UnderstandMarket
The following chart is self-explanatory, I suppose
http://www.understandmarket.com/images/h&s.gif
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