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Cable Update (GBPUSD)

  • #449,541
  • Feb 13, 2017 12:16pm Feb 13, 2017 12:16pm
not a shadow of doubt in my mind your lose

Quoting braintheboss
{quote} I'm short in gbp but normally I'm wrong then we wiil see...
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #449,542
  • Feb 13, 2017 12:22pm Feb 13, 2017 12:22pm
Quoting Bones
not a shadow of doubt in my mind your lose {quote}
Then i will replace my tools for you
Try don't lose pants never...
  • #449,543
  • Feb 13, 2017 12:25pm Feb 13, 2017 12:25pm
watch out for the tl then usd is unclear at the mo

Quoting braintheboss
{quote} Then i will replace my tools for you
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #449,544
  • Feb 13, 2017 12:26pm Feb 13, 2017 12:26pm
Gbp
&
Aud
but why try short aud usd

see d1 close

Quoting Bones
only probability im afraid piercing line is high {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #449,545
  • Feb 13, 2017 2:15pm Feb 13, 2017 2:15pm
TL has held on the daily but we'll see if it holds for the week
  • #449,546
  • Edited 3:11pm Feb 13, 2017 2:46pm | Edited 3:11pm
Breakout in progress on the GBP/CAD (5-min).


Let's see if the price (currently at the 50% intraday Fib level) is simply trying to test the lower trendline...
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  • #449,547
  • Feb 13, 2017 3:29pm Feb 13, 2017 3:29pm
Quoting Ill-b-back
see if it wants another crack at that upper TL... {image}
Cracked and closed above this TL on the 1h.
4hr and daily close pos revealed in 33mins.
Tomorrow open above the TL?
Come with me if you want to live....
  • #449,548
  • Feb 13, 2017 3:43pm Feb 13, 2017 3:43pm
Quoting Ill-b-back
{quote} Cracked and closed above this TL on the 1h. 4hr and daily close pos revealed in 33mins. Tomorrow open above the TL?
Your triangle is a so-so triangle, there is just too much space (see chart).

The price is also way too close to the apex (red circle) of that so-so triangle, so any "breakout" (or breakdown) is virtually meaningless from a technical analysis point of view.
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  • #449,549
  • Feb 13, 2017 3:52pm Feb 13, 2017 3:52pm
Quoting Mr Breakout
{quote} Your triangle is a so-so triangle, there is just too much space (see chart). The price is also way too close to the apex (red circle) of that so-so triangle, so any "breakout" (or breakdown) is virtually meaningless from a technical analysis point of view. {image}
But I like the way price action is reacting to the TL, tells me that it's valid.

That gap is narrower on the 4hr chart and non existant on the daily.

No idea why a breakout close to the point is meaningless.
That's a new one for me
Come with me if you want to live....
  • #449,550
  • Feb 13, 2017 3:54pm Feb 13, 2017 3:54pm
Here is an example of a good and a bad breakout from a triangle, see chart.
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  • #449,551
  • Feb 13, 2017 3:56pm Feb 13, 2017 3:56pm
Quoting Mr Breakout
Here is an example of a good and a bad breakout from a triangle, see chart. {image}
I see there are only 4 touches and more space in between them before the breakout on the good one...

Come with me if you want to live....
  • #449,552
  • Feb 13, 2017 3:59pm Feb 13, 2017 3:59pm
real life example of pattern mentioned before it closed
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #449,553
  • Feb 13, 2017 4:00pm Feb 13, 2017 4:00pm
mentioned in post 449,592
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #449,554
  • Feb 13, 2017 4:01pm Feb 13, 2017 4:01pm
Quoting Ill-b-back
. No idea why a breakout close to the point is meaningless. That's a new one for me
It's one of the first rules about breakouts from triangles: the breakout must not appear near the apex of the triangle.

http://www.investopedia.com/ask/answ...nd-traders.asp
From the article:
"A break too near the apex may end up being insignificant."
  • #449,555
  • Feb 13, 2017 4:08pm Feb 13, 2017 4:08pm
Quoting Mr Breakout
{quote} It's one of the first rules about breakouts from triangles: the breakout must not appear near the apex of the triangle. http://www.investopedia.com/ask/answ...nd-traders.asp From the article: "A break too near the apex may end up being insignificant."
Ok thx, well see if the market thinks it's too close.
At work now, got to go. Have a great day..
Come with me if you want to live....
  • #449,556
  • Feb 13, 2017 4:10pm Feb 13, 2017 4:10pm
Quoting Ill-b-back
{quote} Ok thx, well see if the market thinks it's too close. At work now, got to go. Have a great day..
Have a good one too
  • #449,557
  • Feb 13, 2017 4:36pm Feb 13, 2017 4:36pm
new level for me to keep an eye on, but still would like the market to move higher first....
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Look Sharp/Trade Tight
  • #449,558
  • Feb 13, 2017 4:45pm Feb 13, 2017 4:45pm
http://dailypriceaction.com/daily-se...0-pip-reversal
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #449,559
  • Feb 13, 2017 4:57pm Feb 13, 2017 4:57pm
interesting level on that dumb EG....but I wouldn't trade it even with Mr. Breakouts money....

Ps, draw a fib of that up leg if you wish...
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Look Sharp/Trade Tight
  • #449,560
  • Feb 13, 2017 5:06pm Feb 13, 2017 5:06pm
Quoting Bones
http://dailypriceaction.com/daily-se...0-pip-reversal
Yep, a Head and Shoulders pattern that also breaks through a trendline is a very powerful bearish signal on the EUR/GBP (target is at least 750 pips, see daily chart).

Bones, don't tell me my trendline is not "correct" or the Leprechaun gets it!
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