Need this to break and hold above 15680.

15630 area seems to be a good support so far so hopefully building some strength for an upwards move.

good call longterm view
It went slightly lower than your entry by 4 pips so well done.
It missed my entry by 4 pips as the low was at 15628 .
Ive removed my order now as this was only there for the first attempt basis trade only and now that its bounced of that area i wont be going long on a second attempt. Just the way i do things.
back on the side lines

Thanks for mentioning this.

Hit 15630 and bounced.

Long at 15650 with a 30 point stop.

Target 15858 for 200 points.

I have not traded FX for a while but hope this hits my target.

Just how far do you think this could bounce?

All the best.

BG (A very interested lurker/learner)

im planning on going long on a first attempt basis at 15624 with a 40 point stop.
thanks for pointing this out.

waverider2,

looking to go long at 15632, weekly uptrend line.

Getting close to the weekly uptrend.

dl.dropbox.com/u/21384991/USD%20%28DFB%29.png

close up
dl.dropbox.com/u/21384991/USD2%20%28DFB%29.png

this one is playing out well on the 15 mins chart from this morning...
i have a temporary 15800 target in mind. anyone else care to share their views?

15mins looks nice to trade as the 1-2-3 setups are clear and the trend seems to be up.

dl.dropbox.com/u/4385922/gbp.usd.png

Got out at 1.57 (as per my post below, 24 Jan 2013), but you have to wonder "what if" the US GDP figures matched expectations. Surely the trade would have got more mileage!

Here's a Cable chart (courtesy of GFT Markets) - By breaking the 1.5825 level, it looks like everyone is ganging up against the USD!

Ive already closed my short on this pair. My views are changing.
See US dollar topic.

Just been eyeing up that very trade myself

Im planning on going long at the main trend line (15610)on the first touch basis trade. this is for today only unless it finishes where we are now then will look to go long the following day at a slightly higher level at 15613
so gonna take my profits from the short at the trend line then reverse the bet to long then will be looking to short back down to the 500 points prediction
if only trading was this simple

Falling fast as predicted guys.

Heading towazds the 61.8% fib (1.5693) of the rise from 1.5268 to 1.6380 - small bounce from there maybe.

Hey Ronnie - u in the money ! nice trade, i took short on the test 884 as failed to get over...free trade now...

Surely Sterling is toast?

The trade may well look until about 1.57? Expert opinions welcome

i see a bearish "m" that wont be confirmed until a close below 824/8 area. however it's printed a doji still 3 more days for this candle to play out ( weekly) a close abv 884 and 918 may signal a trend change again.

Whilst doing the inside-bar trading noticed this had a inside bar right at support and its right at the bottom of its trading range so if the support goes there is potential 500 points move because of the trading range size. My entry is at 15803, which is just below the support level.




DYOR

This is in a trading range of about 500 points.
Its currently near the bottom of the range and if this breaks and finishes below
1.5824 then this may drop fast.
One to watch or trade.

Dyor

remo wrote:

trade has activated earlier due to half way down the hammer.
stops below.
this will be a free trade soon and stops moved to break even.

I went long on this at the 61.8% fib line at 1.6015, stop just below 1.6000. Seems to be playing out OK at the moment, but I have moved my stop up to B/E just in case something happens overnight on Sunday/Monday.

diver993 wrote:
theres a hammer forming on this so you may get your chance .
Obviously it has to finish the day as a hammer then look to go long when the price goes half way down the hammer with a stop just below the low of the hammer.That way good risk to reward.
only downside to this hammer is that its not a major support level its formed in.
again...its early days yet so it may not finish as a hammer




dyor

Again this is one I'm not convinced has bottomed out: another that's looks like a wave iv on the hourly. I'm hoping to get in at sub 1.60 but may have missed the boat...and would target 1.65

that was for the previous retracement and not for the new one.
forgot to take it of .

Why do you put the 0% fib line at the top of the first shooting star rather than at the end of the tail of the second (larger) candle?

This has a massive tail on this so i would look at it as a shooting star.
The entry level for me will be around the 16301 area with stops above 16380.
due to the size if this there is risk involved as you are gonna have an 80 point stop.


The last shooting star was very profitable so hopefully the same again if it triggers
dyor

And here is another rejection or pin bar reversal at the same level. But it hasn't finished yet. Does it qualify as a shooting star?

clip2net.com/s/2Frdh

RMc

This should be a free trade now as this has played out perfectly


dl.dropbox.com/u/4899609/gbpusd21stdec.png

See what i mean by shorting half way up a shooting star.
ill say this happens with most shooting star formations.
By doing it this way you have better risk to reward on the trade.
DYOR

Theres a nice shooting star right at major resistance on this one.so looks pretty good for a short.
The way i trade these are wait for the price to go half way up the shooting star then short with a stop above the shooting star.
The level im going short is 1.6273 stop is 40 points or above the shooting star (1.6306)
Ill be targeting the 23.6 fib first at 1.6195 first.
There 2 potential fib retracement set ups on this so be aware of them.



I missed the shorting chance yesterday from major resistance as was busy trading other pairs at the time and missed this one...dohhh

DYOR

I do think Cable will break through sooner rather than later but did anyone else risk a short at 1.630 today?

I did but I'm not sure how low it will go. Any ideas anyone? Is the 38.2% Fib of the last rise at 1.612 a tad too far?

Thanks in advance...

Maybe but it's not reallt got the classic form. It's also been in a sidewys trading range between 1.5250 and 1.6300 for a year and a half which suggests that whichever way it breaks there's plenty to be had - a break north gets your possible target:



dl.dropbox.com/u/20815047/GBPUSDdaily19_12_12.gif

Does anyone see C&H forming here?
The target may be about 1.7200

Good trade remo

Watching this closely remo but the down trend on the bear flag could be broken




Maybe a fakey just occurred after an inside bar on the 4hr





Very balanced but a good move could come either way. So what is my position? Fishing but fancy a long on retest of downtrend line.
RMc

Shooting star formed right at known resistance at the 61.8fib level



DYOR

Jackozy wrote:
Also looking at this level as wave 4 bottom. Will be analysing the 4hr price action though.

Rmc

Cable now getting quite close to an important level with the uptrend support, horizontal support (wave 1 high?) and 50% retracement all converging:



I'll be going long at about 1.578 as long as the hourly looks set up for it.

Another way of looking at this is that 159.09 was the low of wave 4 with wave 5 up to come: dl.dropbox.com/u/20815047/USDGBPdaily26_10_12.gif

Note how the wave 3 top was close to the 161.8% extension of wave 1 per the discussion on the Elliott Wave thread. Also, 159.09 was just below the 38.2% Fib of the wave 3 move, just as expected from EWT.

Nice chart really.

hi KI
Thats not my prediction...Its barclays.
If you look at that chart its basically saying the same thing in the short term as yourself. Its showing a rally to 165 then a correction.

This is the chart of the average of all the brokers. black being barclays and red being the average





dl.dropbox.com/u/4899609/barclays%20pred...for%20gbpusd%201.png

Hi Remo, interesting forecast on cable. Subject to a report out from DeMark, which forecasted this week the S&P would peak at circa 1480 in the next couple of weeks. If this were to happen then cable could push on to 165.

From my point of view, the double top needs to get taken out with conviction @ 16308. The trading range on the daily sits at 15910 (low) 16308 (high. At present the price sits in the middle of these two (gamblers trade).

For the short term, a new HH needs to develop on the daily closing above 16177. Atpresent this is a pullback only and should be treated as such. KI.

This is there prediction for the GBPUSD over the next few months.

Just showing you some of Eikons functionality


dyor
remo

61.8 fib 15912 too for an extra bit of hindsight.

dl.dropbox.com/u/4899609/gbpusd24thoct.png

This is a classic example of a perfect entry.
This tested the breakout point perfectly then bounced.





and i missed it...dohhhh

just thought id show people what i look for



remo