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Cable Update (GBPUSD)

  • #424,401
  • Feb 17, 2016 3:32pm Feb 17, 2016 3:32pm
so been two hours out training while the FOMC published its minutes ... and nothing happend really nothing ... hmmm this round up shows maybe why ... lots of hot air: http://www.marketwatch.com/story/mar...how-2016-02-17
  • #424,402
  • Feb 17, 2016 5:16pm Feb 17, 2016 5:16pm
Bearish momentum may be waning on the GBPUSD around the 1.4300, but it could visit the 1.4100 level.
  • #424,403
  • Feb 17, 2016 9:53pm Feb 17, 2016 9:53pm
Use charts of the past and historical data testing is near useless. You don't know what happened back then, what speeches moved the market, what economic data hit, what themes were driving asset class shifts, etc...

Without that, your just taking a pattern which was likely somewhat randomly driven up/down in different places by different events, and trying to apply it to a new scenario with totally different events and themes.
"Don't fear a bubble until it starts to burst."
  • #424,404
  • Edited 10:22pm Feb 17, 2016 10:02pm | Edited 10:22pm
Market has run out of sellers below 1.4275, tonight were most likely retracing back to 1.4375, but if we get that far... Probably will find additional buyers to test 1.44. I'm not on board, but that looks like the most likely place the GBP/USD ends up tonight. Well retest the lows again within a week though.

It's not a worthwhile trade unless you are already positioned long at 1.4250-75 at the low area of last nights range.

Counter-trend retraces are always iffy...

Attached Image (click to enlarge)
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"Don't fear a bubble until it starts to burst."
  • #424,405
  • Feb 17, 2016 10:59pm Feb 17, 2016 10:59pm
Staying in trade for a positive outcome ..
  • #424,406
  • Feb 17, 2016 11:01pm Feb 17, 2016 11:01pm
Nice channel forming for bullish retest
1.44?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 30 KB
Come with me if you want to live....
  • #424,407
  • Feb 18, 2016 12:05am Feb 18, 2016 12:05am
Trying buy limit at 1.4280
Letting losses run is the most serious mistake made by most investors.
  • #424,408
  • Feb 18, 2016 1:24am Feb 18, 2016 1:24am
Quoting cortmann
a likely scenario in my opinion... C leg might still be incomplete, though. valid till today's low... {image}
morning...

PA proved me last night that the C leg was not complete. my positions got stopped out at BE, but I reloaded at a better price with one more position when the gartley completed. the target is still the same. if we cross the upper downtrend line (blue line) I think we might see 1.440

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  • #424,409
  • Feb 18, 2016 2:44am Feb 18, 2016 2:44am
Quoting cortmann
{quote} morning... PA proved me last night that the C leg was not complete. my positions got stopped out at BE, but I reloaded at a better price with one more position when the gartley completed. the target is still the same. if we cross the upper downtrend line (blue line) I think we might see 1.440 {image}
Nice Diamond, thx for that
Come with me if you want to live....
  • #424,410
  • Feb 18, 2016 2:47am Feb 18, 2016 2:47am
Don't use it myself anymore but may be useful at times
Attached File(s)
File Type: ex4 Slope Direction Line.ex4   4 KB | 296 downloads
Come with me if you want to live....
  • #424,411
  • Feb 18, 2016 2:51am Feb 18, 2016 2:51am
Quoting cortmann
{quote} morning... PA proved me last night that the C leg was not complete. my positions got stopped out at BE, but I reloaded at a better price with one more position when the gartley completed. the target is still the same. if we cross the upper downtrend line (blue line) I think we might see 1.440 {image}
Agree with you. Have Sell limit there for later today, after NY open. Let's see!
  • #424,412
  • Feb 18, 2016 3:29am Feb 18, 2016 3:29am
You know, I'm contemplating that we may not reach 1.4375 tonight. Going to sleep...

Maybe Philly Fed will catalyze it, but this market isn't making the upside headway it needs to at the moment.
"Don't fear a bubble until it starts to burst."
  • #424,413
  • Feb 18, 2016 4:02am Feb 18, 2016 4:02am
Quoting meanvel
... It's not a worthwhile trade unless you are already positioned long at 1.4250-75 at the low area of last nights range. Counter-trend retraces are always iffy... {image}
Good point, thanks!
  • #424,414
  • Feb 18, 2016 4:02am Feb 18, 2016 4:02am
Quoting andoseg2
Supply overcome demand . If the price fall, then : {image}
Update :

uuuh, bait balls , Big Orca should arrive soon. If he is going down, then we follow him. No reason to go long. Traders should consider covering their sell if their entry was on 123 pattern.
Attached Image (click to enlarge)
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Money moves the market, not an indicator.
  • #424,415
  • Feb 18, 2016 4:20am Feb 18, 2016 4:20am
made up
tell me which one of the 10 book set your mum brought your for x mas ,says that


Quoting meanvel
Use charts of the past and historical data testing is near useless. You don't know what happened back then, what speeches moved the market, what economic data hit, what themes were driving asset class shifts, etc... Without that, your just taking a pattern which was likely somewhat randomly driven up/down in different places by different events, and trying to apply it to a new scenario with totally different events and themes.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #424,416
  • Feb 18, 2016 4:25am Feb 18, 2016 4:25am
more like ?

Quoting andoseg2
{quote} Update : uuuh, bait balls , Big Orca should arrive soon. If he is going down, then we follow him. No reason to go long. Traders should consider covering their sell if their entry was on 123 pattern. {image}
Attached Image (click to enlarge)
Click to Enlarge Name: USD (DFB).png Size: 36 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #424,417
  • Feb 18, 2016 4:28am Feb 18, 2016 4:28am
support ?
but remember were told tls don't work forex
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #424,418
  • Feb 18, 2016 4:33am Feb 18, 2016 4:33am
Looking at the 4hr and daily, it's a good sell zone I think
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 29 KB
Click to Enlarge Name: GBPUSDDaily.png Size: 24 KB
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  • #424,419
  • Feb 18, 2016 4:33am Feb 18, 2016 4:33am
Quoting Bones
support ? but remember were told tls don't work forex {image}
Naaahhh, it's all hocus pocus
Come with me if you want to live....
  • #424,420
  • Feb 18, 2016 4:48am Feb 18, 2016 4:48am
Cant resist it but worth 5 mins in the dug outs ..
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