Best Thread BBmac's Gbpusd thread

[bbmac]

Cable has given back 50% of the 6409-6077 fall having found support at the prev daily swing hi=prev res=potential rbs zone discussed and shown in post above..1hr is in an uptrend now but has found supply at the 100sma on the 1hr chart, ( similarly the 6409 Hi was the 100sma on the daily chart.) and this is back in the previous 4hr congestion channel.

The current 1hr chart in respect of potential near-term obvious supp/res factors is below: Not shown on this chart are the unbreeched fibs of the 6876 and 6720 - 6077 swings with 23.6% of the larger 6876-6077 swing nearest, above current price @ 6264. The fibs shown relate to the 6409-6077 swing.

G/L

 

[bbmac]

W/e 18th Dec 09

With a bearish candle close again on the Weekly t/f it remains in an obvious range between 7044-5707 but price is on a downward trajectory having breeched and a candle close below it's steepest ascending trend line.

Turning to the Daily t/f and with 3 x LH and 3 x LL it is in a downtrend having seen a downside breech of the 61.8% of the recent 5707-6876 swing up, and the previous swing hi=previous resistance=potential rbs zone at which price found some support on first test (visible on 1hr/4hr t/f) although price closed back above the later. A bearish candle close on Friday candle, this t/f is descending in a channel.

Turning to the 4hr, and following a false upside breech of the recent congestion on that t/f price sold down to Friday's Low see-ing this t/f developing a downtrend following a L, LH retest of the congestion channel following 1st downside breech, and LL now. Like the 1hr t/f it's 100sma is below it's 200sma and these are pointing down.

G/L for next week.

 

[bbmac]

Potential support below Friday's low

The 200sma on the Daily and the 76.4% fib of the recent major 5707-6876 swing up are coming in @ around 5998/5978 respectively and below here the previous swing low=previous support=potentuial support zone visible on the Daily and Weekly screenshots in the post above this one...this runs 5780-5707.

This is not to say that there will be other areas that may offer support if tested, not mentioned above, just that these are the main potential support factors I can identify below Friday's low.

G/L

 

[bbmac]

resistance @ descending trend line - 1hr

The trend line joins the highs of Wednesday and Friday last, as Friday's hi found resistance off the previous ascending trend line on same t/f (wide dotted grey line.) Current downward trajectory off the trend line-1st test as 5min prints a H, HL then LH,L,LH and LL off that trend line bounce.

G/L

 

[bbmac]

5min downtrend

The current 5min is shown below..downtrend exstablished there but only on this t/f so far with 30min see-ing a H,HL,LH,HL,then H,L,LH, and LL now off and including the Friday Hi, so may be exstablishing a downtrend...time will tell..61.8% fib of Friday's 6050-6166 recovery has now breen breeched with this sell-off

G/L

 

[bbmac]

Mni

The Mni cable analysts/desk must be on early hols, distinct lack of bid/offer info so far this London session...rev0very off 6088 and a great 1min trigger t/f regular bullish div reversal set-up with supporting 5min osc extremes/cci reversal set-up there (1min shown below) but no potential support/rbs pre-identified so fad to stay flat...shame!!..would have gone for it even just with mni touting bids there.

5min hidden divergence building now but no convincing 30min/1hr downtrend to re-enter after the deeper pullback...1hr candle shaping up as a pinbar/hammer....3mins to it's close...anything can happen of course...

G/L

 

[bbmac]

5min's gone a bit Pete Tong

5min Downtrend halted at 6088 then an uptrend started and now a L below last HL of that developing uptrend...all a bit messy with 30min trend t/f not exactly clear either.

Uk/U.s Q3 Gdp finals later this week

1hr may be forming an ascending channel?

G/L

 

[bbmac]

Last post of this year

Cable continues it's decline aided by a disappointing Q3 GDP revision to -0.2% from -0.3%, market was expecting 0 or -0.1%. 1hr and 4hr in a downtrend, the screenshot below showing the previous ascending support trend lines , the undersides of which (sbr) where resistance was found for further legs down, today's current intraday hi being the lowest of those...price challenging the 200sma on daily t/f right now, with mni talking of '...decent demand @ 5995...' Weekly S1 & Daily S1 pivots in area too....and the 76.4% fib of the 5707-6876 swing up is not far behind.

Below here and attention will turn to the previous Daily/Weekly Swing lo=prev supp=potential support zone 5780-5707 area as next most obvious potential support factor, with that 38.2% fib of the current yearly hi - lo there 3505-7044, @ 5707 area.

This is my last post of this 2009. Thanks to all those who have contributed to and followed this thread during 2009..Wishing you a Happy Xmas and Prosperous New Year.

 

[timsk]

This thread is a duplicate of the original and has then been culled severely to enable members to focus on the wheat without having to wade through all the chaff. For anyone wanting to view the unedited thread in all its glory and/or post further comment, please do so on the original: BBmac's Gbpusd thread (ORIGINAL THREAD)