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Cable Update (GBPUSD)

  • #380,841
  • Jun 6, 2014 4:41pm Jun 6, 2014 4:41pm
Situation of top ranging as before continues & if no new crush or in all logical movements then price range top for longer time also.At least after it blocked so far previous crushed & so easy crush again but when do will bigger in nature . http://www.forexfactory.com/showthre...41#post7516741
fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #380,842
  • Edited 4:57pm Jun 6, 2014 4:42pm | Edited 4:57pm
Hmmm, daily bearish, weekly bullish. It will definitely go lower first, if 80 is broken, then 50 is next. But if we don't break 6700 after that, it would be a very bullish sign and possible double top or even breaking of 1.70. The thing that makes me think that is eur, which definitely needs to go above 1.38 for a normal retrace, 1.3880 even better. And eur going that high would make gbp go for 1.70. If that happens, I will have a pending buy order above 1.70 and another one above 1.7045, both with just a 10 pip SL. All 3 orders would target 1.7160 then. I would start shorting there and kept shorting until 1.73.

Another scenario, if we break 1.67, I would long heavily at 1.6665 with a target of 1.6860. So either way, longs should be safe next week.

My plan is to get out of current 1.68 shorts either at 6780, if it won't be able to break, or if it does, then at 6750. I will go long from there and may leave it open without a SL for a double top.

EDIT: Just looking at the chart again. 1.6705 would be ideal entry for a long, if it doesn't break, it can go 300 pips up. And even if it breaks down, it still has to go back above 1.68, so that would be the safest pending buy order of the week, I think.
Everyone can see the chart, but only a few can actually read it.
  • #380,843
  • Jun 6, 2014 4:59pm Jun 6, 2014 4:59pm
Quoting OnlineAddict
Hmmm, daily bearish, weekly bullish. It will definitely go lower first, if 80 is broken, then 50 is next. But if we don't break 6700 after that, it would be a very bullish sign and possible double top or even breaking of 1.70. The thing that makes me think that is eur, which definitely needs to go above 1.38 for a normal retrace, 1.3880 even better. And eur going that high would make gbp go for 1.70. If that happens, I will have a pending buy order above 1.70 and another one above 1.7045, both with just a 10 pip SL. All 3 orders would target 1.7160...
wish you best luck . care about both actions at this top ranges but ok if flexible. short at any high should be preferable here even goes double top or up also to min bull target 7042 in a regular pa but though crush can't be predicted yet a high spike up towards 69++ for a weekly sell off possible .remember if price can't reach or hit 7042 & crush towards 6000 bull will not worry at all to back violently next from but for us difference is more 800 pips !!
thanks ,
fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #380,844
  • Jun 6, 2014 5:09pm Jun 6, 2014 5:09pm
Quoting fontu
{quote} wish you best luck . care about both actions at this top ranges but ok if flexible. short at any high should be preferable here even goes double top or up also to min bull target 7042 in a regular pa but though crush can't be predicted yet a high spike up towards 69++ for a weekly sell off possible . thanks , fontu
I'm more bearish, too, still. Thats why I wouldn't go long below 1.70, only if it breaks, the next target would be obvious and if that doesn't break 7040 could mean a huge selloff. But pending longs few pips above these targets with a tight SL has a very good risk ratio. Mostly, if strong levels like this break, the price spikes up, without looking back. Strong resistance becomes strong support.
Everyone can see the chart, but only a few can actually read it.
  • #380,845
  • Jun 6, 2014 5:14pm Jun 6, 2014 5:14pm
Quoting OnlineAddict
{quote} I'm more bearish, too, still. Thats why I wouldn't go long below 1.70, only if it breaks, the next target would be obvious and if that doesn't break 7040 could mean a huge selloff. But pending longs few pips above these targets with a tight SL has a very good risk ratio. Mostly, if strong levels like this break, the price spikes up, without looking back. Strong resistance becomes strong support.
Ok , SR ( Strong resistance becomes strong support) but transient & they are everywhere in the market & market like create new ones too. Take care .
good night .
fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #380,846
  • Jun 6, 2014 5:47pm Jun 6, 2014 5:47pm
Quoting DerekTrotter
{quote} U too hombre always good.. still long btw but can see a drop on monday for sure..
No question for me as of now. Buying dips and hope for a nice one next week. 6780/60 would be sweet.
Ghost Rider - WWTBMD?
  • #380,847
  • Jun 7, 2014 12:24am Jun 7, 2014 12:24am
Quoting Carlicus
{quote} Haha, I'm sure you're good at counting waves too Apparently, according to their count, the pair has already made 5 waves up, and we are on the sub-third of a first wave down. If they are right we should fall hard. Anyway, I can't provide you with their count since I only receive some preview by email from time to time (i'm not paying for their service, it's tooooo expensive)
Thank you for bringing up the count.
I like to know as many alternate counts as possible. If one is working I'll hop on to it; if not I'll get onto mine.
I'ts a WIN WIN. And I like these trading forum so much for the different views of markets.
Elliott Wave for optimum entry, exit and risk management of trades
  • #380,848
  • Jun 7, 2014 2:07am Jun 7, 2014 2:07am
Quoting OnlineAddict
Hmmm, daily bearish, weekly bullish. It will definitely go lower first, if 80 is broken, then 50 is next. But if we don't break 6700 after that, it would be a very bullish sign and possible double top or even breaking of 1.70. The thing that makes me think that is eur, which definitely needs to go above 1.38 for a normal retrace, 1.3880 even better. And eur going that high would make gbp go for 1.70. If that happens, I will have a pending buy order above 1.70 and another one above 1.7045, both with just a 10 pip SL. All 3 orders would target 1.7160...
You mention all this and thats cool but then Thursday ur thought of the day was the 100 pip up was because there was a sell off on NFP coming and u knew this as u have seen this pattern many times .. ur words btw.. just crossing the I's and dotting the T's .. Del B
  • #380,849
  • Jun 7, 2014 2:12am Jun 7, 2014 2:12am
Hey look, the 3 musketeers. Perpetual bull, perpetual bear, and the weird one who buys and sells

Morning guys
Attached Image
Ghost Rider - WWTBMD?
  • #380,850
  • Jun 7, 2014 2:50am Jun 7, 2014 2:50am
[quote=albchr;7519790]Hey look, the 3 musketeers. Perpetual bull, perpetual bear, and the weird one who buys and sells Morning guys {image}[/quoHey
Thats a fuuny one hey Al and E .. indeed day off right .. lol
  • #380,851
  • Jun 7, 2014 2:52am Jun 7, 2014 2:52am
Quoting albchr
{quote} No question for me as of now. Buying dips and hope for a nice one next week. 6780/60 would be sweet.
The case for me.

Weekly - Retrace close to the 61.8% last two weeks with close above 50%. Last week close above 61.8% of the prior week (not shown with single week fib but you can see). 6700 holds two tests.

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Daily - 50ema blue, 100ema yellow, first cross of 50 over 100 starts up trend. 50 & 100 hold all the way. Last two tests of 100 hold, now above 50 again.

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4H - Double bottom tap at 6700 area. 50, 100, and 200ema (red) now support again. Still in range but gaining ground. Would expect to see some up and down in here but overall, Bull trend fully intact as of now. I could break it down further in lower TF's but.....why? Trade safe everyone.

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Ghost Rider - WWTBMD?
  • #380,852
  • Jun 7, 2014 2:52am Jun 7, 2014 2:52am
Quoting albchr
Hey look, the 3 musketeers. Perpetual bull, perpetual bear, and the weird one who buys and sells Morning guys {image}
Oh and just to make sure the cranky one who buys and sells all the time is the one on the end of the list .. right ..
And yes Morning Al and E .. have great day .. btw its saturday just incase none of us realised ..
  • #380,853
  • Edited 3:11am Jun 7, 2014 2:57am | Edited 3:11am
Quoting DerekTrotter
Hey Thats a fuuny one hey Al and E .. indeed day off right .. lol
Yes..lol .. I still get up normal time. Guests are sleeping so I figured a little chart time now.
Ghost Rider - WWTBMD?
  • #380,854
  • Jun 7, 2014 2:59am Jun 7, 2014 2:59am
Quoting DerekTrotter
{quote} Oh and just to make sure the cranky one who buys and sells all the time is the one on the end of the list .. right .. And yes Morning Al and E .. have great day .. btw its saturday just incase none of us realised ..
Nope - that's perpetual bear buddy. You're the bull and I'm the weird one buying and selling each day.
Ghost Rider - WWTBMD?
  • #380,855
  • Edited 3:16am Jun 7, 2014 3:05am | Edited 3:16am
One more daily with my SR lines in place. White = strong S/R, Blue = strongest S/R. The darker the shade & thicker the line, the stronger the S/R is.

Hmmmm..... I'm not much for patterns but, isn't that a failed H&S there?

EDIT: Actually, I don't think that's a H&S there. But I'm really not good with such things.
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Ghost Rider - WWTBMD?
  • #380,856
  • Jun 7, 2014 3:10am Jun 7, 2014 3:10am
[quote=albchr;7519813]
Quoting DerekTrotter
{quote} Yes..lol .. I still get up normal time. Guests are sleeping so I figured a little chart time now.
good morning aramis,,?? who is the weird one ???
  • #380,857
  • Jun 7, 2014 3:12am Jun 7, 2014 3:12am
[quote=elbert3;7519819]
Quoting albchr
{quote} good morning aramis,,?? who is the weird one ???
ME ... Good morning B
Ghost Rider - WWTBMD?
  • #380,858
  • Jun 7, 2014 3:12am Jun 7, 2014 3:12am
Quoting DerekTrotter
{quote} Oh and just to make sure the cranky one who buys and sells all the time is the one on the end of the list .. right .. And yes Morning Al and E .. have great day .. btw its saturday just incase none of us realised ..
morning sir,, cranky one ?? hangover this morning tea bananas and tam on toast,, it is pissing down here not good , where are you in the world today filias fog
  • #380,859
  • Jun 7, 2014 3:14am Jun 7, 2014 3:14am
[quote=albchr;7519820]
Quoting elbert3
{quote} ME ... Good morning B
thats ok then,, got 44 last night then put a sell order under 6800 thinking monday morning and it is in now ? where are we going ???
  • #380,860
  • Jun 7, 2014 3:17am Jun 7, 2014 3:17am
After breaking the weekly TL, we have a nice weekly inside bar after retesting 684x resistance, 50fib retrace.
Nice 1hr Pin.
Looking to see if we can hit 6480 area support in coming weeks.

Trade well folks.
Come with me if you want to live....
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