possible 123 low forming?? one to watch over the next few days



dl.dropboxusercontent.com/u/4899609/eurgbp13thjan2015.png

Ive adjusted the 123 low as its gone lower and a new 123 low maybe forming??
Thats the advantage off waiting for a 123 low to breakout as it stops you from pre-empting a trade.



dl.dropboxusercontent.com/u/4899609/eurgbp5thjune2014.png

Still on for the 123 breakout around .8185

Keep an eye out for a 123 low breakout.
ive got my order to go long at 0.8184 with a 50 point stop..
This is for today only and i will have to see how this pans out.
one for the watch list



dl.dropboxusercontent.com/u/4899609/eurgbp19thmay2014.png

first pb after breakout
Long @ 0.8292
SL below 0.8262

Possible 123 low formation???
This almost broke out earlier so one to watch as that area has been weakened.
Resistance will come from trend line so that has to break for real strength to come.


dl.dropboxusercontent.com/u/4899609/eurgbp6thmarch2014.png

All good so far: the pair actually turned down at 8287 as opposed to 8279, so only 8 pips out. It's now 8195 as I type so fast approaching the 50% extension at 8191 and 61.8% at 8168, so somewhere in this area expect a retrace to form wave B before the push down to 8094 > 8049 to form wave C...... I hope

dl.dropboxusercontent.com/u/7238706/eurGBPhr.png
EURGBP

First question: will wave B complete at 8279>81? A look at the hourly chart shows this level is represented by good resistance and the 61.8% fib extension of 8151 > 8261 from 8215. If the level holds this will be a good place to enter short.
Second question: how far will it drop?
dl.dropboxusercontent.com/u/7238706/EURgbpDaily.png
Well, the zone to be looking at, from a fib perspective, is between the 100 & 123.6% of the extension of wave ((a)) - somewhere between 8052 > 7981. There is support down there at 8036.

The next thing to say is to please take all this with a fairly large pinch of salt. It all makes sense but my track-record on forex has been, well, not too good to date I'm posting this as much for my own re-assurance as for information of the interested on the BB. So, if this helps, then I'm genuinely pleased. If it's a pile of 'brown-stuff' i apologise but it has served a purpose

Ooops! Looks like I got that completely wrong - back to the drawing board!!

Possible short to support at 0.8249 before recommencing the move north. It will be decision time however as this could equally move south and my coding will then require moving to an alternate....whatever, the short looks good....

dl.dropboxusercontent.com/u/7238706/eurGBPhr.png
....suggest stop at 0.8330

potential 123 low breakout
Long @ 0.8290
SL is below 3

daily


weekly

Happy New Year all fellow CV members

Apologies for not contributing for a while as I have been away!

Long @ 0.8319
SL @ 0.8277

Will probably join in on a test of circa .8500

Ive added to my long from earlier as a more distinctive 123 low breakout has happened and now it looks like its re-testing this intra day.

dl.dropboxusercontent.com/u/4899609/eurgbp23rdoct.png

Possible 123 low breakout??


dl.dropboxusercontent.com/u/4899609/eurgbp9thoct.png

Possible 123 low forming??
Long above 0.8475 with tight stops
Stops should be below 2 point if this activates

dl.dropboxusercontent.com/u/4899609/eurgbp24thsept.png

I'd only expect it to backtest the trendline around the 8530-40 level though as it looks to me as if it's heading to the 61.8% Fib where there's also support from a previous high in Oct 2012 at 8161

I reckon you could be spot on Jackozy.......


dl.dropboxusercontent.com/u/7238706/EUR_GBP.png

....though there is a possible at 0.82251 from last December, which is in the target area between 50 & 61.8%

Thats the thing with trend lines..once they break the moves can be powerful

The trendline broke on that but it may be forming a hammer at support on today's daily chart:



dl.dropboxusercontent.com/u/20815047/EURGBPdaily11_09_13.png

I'd only expect it to backtest the trendline around the 8530-40 level though as it looks to me as if it's heading to the 61.8% Fib where there's also support from a previous high in Oct 2012 at 8161

worth a long on first attempt of that trend line at 8564..If this attempts this in a few days time then it would have the back up of the horizontal support(8572) as well.Possibly around the 15th aug. Obviously the levels change daily on the trend lines

dl.dropboxusercontent.com/u/7238706/EURgbp.png

Not having broken the resistance at 0.8815 it looks like this will head south to the target area between 0.826 and 0.814. Personally I favour the upper end as there is significant support in that area.

Taking the opposite view, it hasn't broken out of the up trend as yet so could easily bounce from here and break the 0.8815 resistance.

Interesting times ahead.....

redchilly wrote:

Hi redchilly
well done mate...
That trend line on my chart goes back way further.Goes back to 2008 So this break could be significant if it can stay above.


dl.dropboxusercontent.com/u/4899609/eurgbp31stjulyl.png

On my chart it has already blown through the resistance



I am already long on this from 10th of June and its in a STRONG uptrend!

This broke out.....its normally good to short on a first attempt basis but if the price closes near the shorting area then best step aside. Like in this example.
The price should move higher now but confirmation will only come once this can move above 8814 so i will be shorting on first attempt of 8814.
If this finishes above that trend line(8715) then it also could signal the new up trend.


dl.dropboxusercontent.com/u/4899609/eurgbp31stjuly.png

This is just at resistance around 8720 of the long term trend line starting in Dec 2008.
Time to go short... or is it about to break upward out of the symmetrical triangle?

dl.dropboxusercontent.com/u/7238706/EUR_GBP.png

Seems to be headed in the right direction

Possible short on first attempt of main down trend line at 0.8726 .
This is an order to open trade..stops of 30 pips..
This is only for today and if it gets real close to the level then i wont be placing this trade tomorrow.


dl.dropboxusercontent.com/u/4899609/eurgbp15thjuly.png

possible IB forming today

Long @ 0.85032
SL below the candle of 6th June ( below 0.84763)

The Pound is getting hammered every which way right now.



The weekly view for EUR/GBP does reveal an interesting "trading band" - I appreciate that you folks aren't into the long term, but it might still give a hint or two!

Good luck folks.

I have added to my Long position @ 0.85008

short 0.8489
SL 0.8517
Target 0.8290

I'm interested to see what happens to this as I'm expecting this to turn down, possibly at the trend line, approx 0.8523. I say this only because so far, we have only had six swings and a corrective move runs in a pattern of 3,7,11,15, etc.

.... ignore the labeling: it's for my benefit only and I realise not everyone agrees.
Thanks for posting this redchilly. Appreciate your posts and I'm getting more and more interested in forex due to the liquidity factor.

Long @ 0.8480
SL @ 0.8424