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Cable Update (GBPUSD)

  • #360,641
  • Jan 24, 2014 1:28pm Jan 24, 2014 1:28pm
Quoting deltaone
{quote} i know it´s not the right thread for this, but if interested, take a look at the dow
ok i see it are you short in there or waiting to go long its overcooked, is this what you mean ?? regards
  • #360,642
  • Jan 24, 2014 1:30pm Jan 24, 2014 1:30pm
Quoting Davit
{quote} According to Scott Carney harmonic expert best reversal zones are between 78.6-88.6 fibs generally if 88 fib is vioated price will exceed original measurnment. regards {image}
That is very true in a impulse structure, but corrective structures are complex.

Also the reversal point comes after 5 waves, not one, and especially not in a correction.
Those who say it cannot be done should not interrupt those who are doing it
  • #360,643
  • Jan 24, 2014 1:36pm Jan 24, 2014 1:36pm
Quoting PipTrapper
{quote} Leo, What time frame do you trade?

I do not trade candle pattern that much. Mainly trade on levels and use market profile to find levels. 1 hr chart to see detail, 4 hr chart above to see momentum. Up to weekly chart. Main focus is on levels provided by market profile.

The problem with levels is that sometimes I guess the sequence wrong. Need to study EW for sequence.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #360,644
  • Jan 24, 2014 1:42pm Jan 24, 2014 1:42pm
Quoting GlobalMacro
my position's all flat. watching PA in this channel develop..... GBP/USD - H8 {image}
As I mentioned here:

Quoting GlobalMacro
{quote} I like those levels, Jimmy. But I expected them to be reached today, she stalled at UCL instead I need her to show her hands some more before further positioning....

PA stalled at UCL in an uptrend channel, this was the reason that compelled me to exit my long position @ 1.6590 yesterday.

Today price found support at Jan 10 change of polarity.

For bears underwater, this looks like probably a good spot to bail......

Cable now 1.6499


GBP/USD - H8
Attached Image
Hear the music before the song is over ...
  • #360,645
  • Jan 24, 2014 1:42pm Jan 24, 2014 1:42pm
Quoting PipTrapper
{quote} That is very true in a impulse structure, but corrective structures are complex. Also the reversal point comes after 5 waves, not one, and especially not in a correction.
The 5-wave trends are then corrected and reversed by 3-wave countertrends. Letters are used instead of numbers to track the correction.
Corrective waves are three wave patterns. Corrective waves always unfold in the opposite direction to the larger trend – the next higher degree impulse or corrective wave. There are two different groups of corrective waves: simple corrective waves (zigzags, flats and irregulars) and complex corrective waves (triangles, double and triple threes). Corrective waves have much more variations than the impulse waves which makes it less easy to identify them while they are still being formed.
Shown is the three wave corrective phase (as opposed to the five wave motive phase) of the Elliott wave principle. Price moves in a rise-retrace pattern that is similar to an incoming tide. The corrective phase retraces a portion of the prior up move that was powered by the motive phase.

PipTrapper is this what you are referring?
http://www.ashiinvestments.com/?educ...abc-correction
Attached Image
In trading, you have to be defensive and aggressive at the same time
  • #360,646
  • Jan 24, 2014 1:42pm Jan 24, 2014 1:42pm
Quoting elbert3
{quote} ok i see it are you short in there or waiting to go long its overcooked, is this what you mean ?? regards
i´m short, but i will take profit @ revised tp = 15932 in order to avoid overnight risk
fortis fortuna adiuvat
  • #360,647
  • Jan 24, 2014 1:46pm Jan 24, 2014 1:46pm
GU 15

Specific high probability strategy
On the break of 1.651
Long 1.65570

Pattern fails @ 1.64750

Chart

Attached Image (click to enlarge)
Click to Enlarge Name: GU15.png Size: 9 KB
  • #360,648
  • Jan 24, 2014 1:47pm Jan 24, 2014 1:47pm
Quoting ffleo
{quote} I do not trade candle pattern that much. Mainly trade on levels and use market profile to find levels. 1 hr chart to see detail, 4 hr chart above to see momentum. Up to weekly chart. Main focus is on levels provided by market profile. The problem with levels is that sometimes I guess the sequence wrong. Need to study EW for sequence.
the big running up of euro yesterday and cable drop today is kind predictable by the levels provided by market profile. From the profile I can tell E/G would have strong support at 8170. Euro running up to give a strong bounce of E/G at 8170, and cable drop to give another boost to the E/G bounce. cdndollar also mentioned the potential bounce of E/G and euro couple days ago in the Euro thread. I belived cable is going to be weaker than euro, meaning that either euro goes up faster than cable, or cable goes down faster than euro.
ignore wackos and psychos, including myself. But I can't add myself to iggy
  • #360,649
  • Jan 24, 2014 1:49pm Jan 24, 2014 1:49pm
Hi Jimmy ,
just my opinion ,but that tl is gone and cable is not in a uptrend at all ,its consolidation before fall ,,
I have said I only see upper wicks ,I can clearly see that this is not trending by last few months candles

I may look wrong for a moment a week or 2 but I'm thinking time will tell


Quoting JimmyC
The DTL... If I was a bear this would worry me. GU Daily {image} Just a thought {image}
Attached Image (click to enlarge)
Click to Enlarge Name: gbp USD 12 Spot.png Size: 25 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #360,650
  • Jan 24, 2014 1:57pm Jan 24, 2014 1:57pm
Possibly get to 6300? Or with good UK data will it fly past the 6667 resistance next week? Lots of support at 6500.
  • #360,651
  • Jan 24, 2014 1:57pm Jan 24, 2014 1:57pm
trend example
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #360,652
  • Jan 24, 2014 2:00pm Jan 24, 2014 2:00pm
Quoting Bones
Hi Jimmy , just my opinion ,but that tl is gone and cable is not in a uptrend at all ,its consolidation before fall ,, I have said I only see upper wicks ,I can clearly see that this is not trending by last few months candles I may look wrong for a moment a week or 2 but I'm thinking time will tell {quote} {image}
Hi Tony,

We are now 200 pips higher than the last "broken" trendline even despite the fall today, my friend.

Not to mention the multi-year high reached today @ 1.6669 .
Hear the music before the song is over ...
  • #360,653
  • Jan 24, 2014 2:03pm Jan 24, 2014 2:03pm
Quoting JimmyC
The DTL... If I was a bear this would worry me. GU Daily {image} Just a thought {image}
one simply must love this genius. too sad he was driven out off my country by the evil power here at that time...
fortis fortuna adiuvat
  • #360,654
  • Jan 24, 2014 2:04pm Jan 24, 2014 2:04pm
realized a nice little profit.
fortis fortuna adiuvat
  • #360,655
  • Jan 24, 2014 2:05pm Jan 24, 2014 2:05pm
bearish outside candle and you can see location on 12 day chart ,will take us lower to other end of current box 1.6300

Quoting Bones
Hi Jimmy , just my opinion ,but that tl is gone and cable is not in a uptrend at all ,its consolidation before fall ,, I have said I only see upper wicks ,I can clearly see that this is not trending by last few months candles I may look wrong for a moment a week or 2 but I'm thinking time will tell {quote} {image}
Attached Image (click to enlarge)
Click to Enlarge Name: gbp USD d1 21 Spot.png Size: 38 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #360,656
  • Jan 24, 2014 2:05pm Jan 24, 2014 2:05pm
In addition to a daily bearish engulfing candle, there is also a bearish divergence with the daily RSI since September:
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  • #360,657
  • Jan 24, 2014 2:10pm Jan 24, 2014 2:10pm
Quoting deltaone
{quote} i´m short, but i will take profit @ revised tp = 15932 in order to avoid overnight risk
well done that man i will watch for a long setup,good luck
  • #360,658
  • Jan 24, 2014 2:11pm Jan 24, 2014 2:11pm
Quoting Bones
Hi Jimmy , just my opinion ,but that tl is gone and cable is not in a uptrend at all ,its consolidation before fall ,, I have said I only see upper wicks ,I can clearly see that this is not trending by last few months candles I may look wrong for a moment a week or 2 but I'm thinking time will tell {quote} {image}

I'm not trading it... I had a 2000 pip profit on Cable (long) ... So I'm probably jaded right now (feel free to ignore me I've done too well here)

I'm now focussed on EM Markets short JSE T40 I was long Rand to 11 and am looking for a long Gold


SA40 Index chart for reference target is 36000 I'm short 42080

Time to sleep... G/L mate
Attached Image (click to enlarge)
Click to Enlarge Name: South Africa 40 Cash (ZAR10 Mini Con (-).png Size: 33 KB
  • #360,659
  • Jan 24, 2014 2:13pm Jan 24, 2014 2:13pm
Quoting Bones
bearish outside candle and you can see location on 12 day chart ,will take us lower to other end of current box 1.6300 {quote} {image}

Bones you are referring to long wick bearish candle correct with arrow.It does look candles like that followed with more bear moves.Upper TL in sink,Very nice chart actually makes lot of sense to me plus Piptraper's corrective waves down.
regards
In trading, you have to be defensive and aggressive at the same time
  • #360,660
  • Jan 24, 2014 2:13pm Jan 24, 2014 2:13pm

Quoting deltaone
{quote} one simply must love this genius. too sad he was driven out off my country by the evil power here at that time...
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