BBmac's occassional thread

[bbmac]

Heavy sell-off from the previous 1hr/4hr/daily swing hi yesterday (probably caught a few tight stopped bulls out ?) The fall to 6170 just above Monthly Pivot has found some support there. Under here and interesting to see a '7 fib cluster' of unbreeeched fib retracement levels from 4hr/daily swings up from and including 5290 to 6343, this resides @ 6122-6098.

Current Near-term 1hr screenshot is below.

G/L

 

[bbmac]

Under here and interesting to see a ' 7 fib cluster ' of unbreeeched fib retracement levels from major 4hr/daily swings up from and including 5290 to 6343, this resides @ 6122-6098.

A further look and I see that Weekly S1 pivot is in that mix, around 6105.

G/L

 

[bbmac]

1hr congestion B/o - 2nd B/O ??

Yesterday's 6341-6181 drop saw some 1hr channelling/congestion off that 6181 Lo before a further drop out of that 1hr congestion channel to today's current Lo 6170...price has pulled back from here and I wonder whether we may see a 2nd 'truer' breakout from this 1hr congestion ?

Time will tell.

G/L

 

[barjon]

mornin' Stewart

almost Phil's overnight break-out strategy http://www.trade2win.com/section/articles/848-15-minute-break-out-strategy . He'd already be short from about 6190.

jon

 

[bbmac]

Hi mate,

yeh it's a classic isn't it...go down to 15min to time the potential 2nd b/o...close of the 0930am gmt 15min bearish candle...not a convincing 2nd b/o yet though (although a notional new low below the then 6070 current daily lo was printed @ 6067) as price has found some support again at the Monthly Pivot / 50% 5985-6343....for this to be convincing 2nd b/o to the downside price needs to find resistance @ the channel bottom now on 1hr ?

G/L

mornin' Stewart

almost Phil's overnight break-out strategy http://www.trade2win.com/section/articles/848-15-minute-break-out-strategy . He'd already be short from about 6190.

jon

 

[HAL 9000]

Interesting to see where this daily candle finishes, Thursday looking heavy on the fundy front.

 

[bbmac]

View attachment 104834

Interesting to see where this daily candle finishes, Thursday looking heavy on the fundy front.

Yeh was watching that Daily ascending trend line...I wonder to what extent the double top is important on the Daily now up at 6341/43 ? Looking bearish on the sub 1hr t/f's at the moment.

G/L

 

[bbmac]

retested y/day lo/bottom of 1hr channel following 2nd b/o

Hi mate,

....for this to be convincing 2nd b/o to the downside price needs to find resistance @ the channel bottom now on 1hr ?

This is indeed exactly what happened...3min obliged with the hidden divergence based set-up to re-enter the 15min (+) downtrend after the pullback. Nothing terribly convincing (yet?) about these breakouts from the previous 1hr congestion.

G/L

 

[barjon]

...and maybe it did just that

 

[barjon]

oops, sorry - you were already on it

 

[bbmac]

Weekly M3, area of Monthly Pivot and 50% 5985-6343 the only potential support factors I can see at the current daily Lo...and 2 of those are 'minor' factors (ie the calculated pivots.) Bulls have got to get price upside through the bottom of this previous 1hr channel/yesterday's lo for any upside relief...a break above the previous 1hr congestion would relieve some of the pressure currently on £ in this pairing ?...2nd test of the bottom of the channel and more supply there-visible on the 5min and downwards.

Bullish divergence patterns to 1hr at the current lo but then there has been on 15min all morning...

G/L

 

[barjon]

well, I've covered it - get behind me Satan, forex is not my bag

 

[bbmac]

Scalpy session ! small range so far

...and maybe it did just that

Lol, yeh I got stopped out of the 1st test (B/E) but entered again on the 1min set-up on the 2nd test of the 1hr channel bottom/yesterday lo that you hihghlight in your chart ina psot above this one..again a hidden divergence based set-up this time indicating a 1min Re-entry to 5min (+) downtrend.

Exited and reversed from this set-up as I couldn't ignore the 5min price action and regular bullish divergence based reversal/pullback set-ups on 1min + (as mentioned above) @ 2nd test of today's current lo .... the lack of 'main' potential support factors there other than that 50% fib concerned me hence minimum risk used...you can see on 5min the bullish engulf trigger and the repeating price pattern warns of potential buyers in the vicinity.

Just snipping away..pretty much done for the session now....exiting at yesterday's lo.....there may be sellers in that vicinity again..this said I have no set-up to get short again from there...so will finish here after a very scalpy session - Gbpusd price still @ only 33% of it's 20day average pip rabnge as I write this.

G/L

 

[bbmac]

shoulda woulda coulda

Shoulda held that last long...another one for the shoulda woulda coulda file...try taking them to the bank-they don't cash 'em Lol !

Been that type of session.

G/L

 

[barjon]

well, I've covered it - get behind me Satan, forex is not my bag

Oh Heaven to Betsy, Stewart. First you stir my blood with that grand talk in London, then you will keep posting these interesting scenarios and to cap it all I make a few bob. Don't tempt me, please don't tempt me. I don't trade forex, I don't trade forex, I don't trade forex - can't you stick up GSK or something

jon

 

[HAL 9000]

Some Asian session range breakout traders may still get their short wish come true but it's been a bumpy ride this morning.

 

[bbmac]

price finds support at that 7 fib cluster

So there was demand at that cluster, price has tested the top of it 6122 - the current daily lo, and pulled back to a 6171 pullback Hi...this followed the continued downside breakout pullback and second breakout of the 1hr congestion-discussed in posts above here..

G/L

....... Under here and interesting to see a '7 fib cluster' of unbreeeched fib retracement levels from 4hr/daily swings up from and including 5290 to 6343, this resides @ 6122-6098.

 

[MagicJohnson10]

Re: retested y/day lo/bottom of 1hr channel following 2nd b/o

This is indeed exactly what happened...3min obliged with the hidden divergence based set-up to re-enter the 15min (+) downtrend after the pullback. Nothing terribly convincing (yet?) about these breakouts from the previous 1hr congestion.

G/L

Hi bbmac,

3min .... which broker gives you a 3 min chart?

 

[bbmac]

Re: retested y/day lo/bottom of 1hr channel following 2nd b/o

Hi bbmac,

3min .... which broker gives you a 3 min chart?

No MT4 as far as I know...but I have an EA which creates a 3min or any other t/f 'offline chart' when it is attached to another....sometimes the 1/5/30min combo doesn't set-up whereas the 3/15/1hr does...hence I look for both, strating with the former....good eg this morning at the current hi, no bearish div in 1min but 3min good as shown below..

G/L

 

[DashRiprock]

bbmac why do you black out the names of the indicators on your charts?

unless someone can see the same thing that you're seeing (in order to draw their own interpretations), what point is there is posting charts in this way?

Also, what are the overlays you've got on them?

Donchain channels? Moving averages?

unless someone else can replicate it it's just a squiggle of lines, dontcha think?