Currency Trading Dec 18th-22nd

[Marwan2010]

GBP - The daily chart appears to have a W formation, if my reading is correct this point to a target close to $2.
Any views?

 

[jacinto]

GBP - The daily chart appears to have a W formation, if my reading is correct this point to a target close to $2.
Any views?

can you post the chart please

 

[ChowClown]

...telegraphing nicely (15min).....perhaps

 

[jacinto]

...telegraphing nicely (15min).....perhaps

hi Chow..

i am having second thoughts about the break north, and probably City is right about the range.

notice how the bar that breaks 9730 closes above, but is immediately followed by an outside bar, and then an inverted hammer, suggesting a rejection.

9730 is still a very valid resistance. watch price action now, i would think either consolidation or shorts to nearby support (23% fib of this leg up at around 9670)


j

edit: by the way, if we are to cry wolfe (lol), think the 3 has to be a lower low than 1, so probably an invalid setup.

 

[Marwan2010]

GBP - W Pattern

can you post the chart please

Sorry = chart attached, was struggling with the attachment.
any views anybody?

 

[ChowClown]

Good post, J. You're right on the WW setup, 3 should be lower than 1 - rudimentary error

hi Chow..

i am having second thoughts about the break north, and probably City is right about the range.

notice how the bar that breaks 9730 closes above, but is immediately followed by an outside bar, and then an inverted hammer, suggesting a rejection.

9730 is still a very valid resistance. watch price action now, i would think either consolidation or shorts to nearby support (23% fib of this leg up at around 9670)


j

edit: by the way, if we are to cry wolfe (lol), think the 3 has to be a lower low than 1, so probably an invalid setup.

 

[neil]

Sorry = chart attached, was struggling with the attachment.
any views anybody?

Treat it as trading within a range (Your upper and lower horizontal lines).

 

[jacinto]

Sorry = chart attached, was struggling with the attachment.
any views anybody?

hi marwan

honest, dont know anymore. think you could be right but until there is a clean break and close above 9730, preferably 50, otherwise think City is right and we are in a range on the daily.

j

 

[smbtnt]

GBP - The daily chart appears to have a W formation, if my reading is correct this point to a target close to $2.
Any views?

I am a big fan of W's, this just about qualifies as a W if it breaks over head R. Target 9980-2000

 

[xx_joray_xx]

i see alot of higher lowers on the 5 min cable chart...does anyone esle see it

 

[coolTrader]

You know what I love about this market. It makes a 200point move in one day and every says it is obviously a long. So guess what? They do nothing and we give up and then bang!! out of no where it moves and you wished you had sat down. I will be watching jpy pairs very closely today... Expecting good moves... Nice consolidation in the 3hr chart. will be nice to trade a break out here.

 

[Marwan2010]

$ dropped because of iran asset move?

I think it may be related to the Vodafone deal,
this resulted into a huge volume on GBPCHF - than i belive lot of swiss buying of gbp
guess with thin holiday volume, some big orders will move the market

maybe i only got half the storry, not sure if i m allowed to post links to other forums, have a look at this

http://www.forexfactory.com/forexforum/showthread.php?t=11471

also have a look at the bbc story

http://news.bbc.co.uk/2/hi/business/6190865.stm

hope thsi helps.

 

[neil]

i see alot of higher lowers on the 5 min cable chart...does anyone esle see it

Bored -

Not much happening (apart from failed Asian range breakout this morning) :|

 

[Mr.Black]

My Trade for today P/L+32+10=42pips :cheesy:

 

[neil]

My Trade for today P/L+32+10=42pips :cheesy:

Well done that man

 

[trader_dante]

Gbp/jpy

Any thoughts on this pair?
It has been a relentless uptrend - in the last two days the price has surged higher still.
On the daily chart you've got negative divergence on both the RSI (3 peaks of approximately the same height since beginning of december) despite the pair going from around 223 to over 230.
Plus the stochastics are now making a lower low.
Finally, it looks like the pair has a gravestone doji forming on the daily candles...
Is going short on anyone's mind here? Or does that look rather dangerous?

 

[Marwan2010]

Gbp Jpy

Any thoughts on this pair?
It has been a relentless uptrend - in the last two days the price has surged higher still.
On the daily chart you've got negative divergence on both the RSI (3 peaks of approximately the same height since beginning of december) despite the pair going from around 223 to over 230.
Plus the stochastics are now making a lower low.
Finally, it looks like the pair has a gravestone doji forming on the daily candles...
Is going short on anyone's mind here? Or does that look rather dangerous?

Hey trading in itself dangerous LOL
this pair offers great opportunities, and you have good analysis.
I trade this pair regularly - take a top down approach
Daily > 240 Min > 30 min to execute
currently 30 min suggests we could see some upside move, so I am looking to short at a 123 patter or on a breakdown of support @ 232.30
hope it helps

 

[jacinto]

long 82

moving to BE very soon. 90 has a 61% fib (9850 to 94...) break should trigger a decent move, rejection, visit to 9630

moved to BE. outlook is positive, but stalling at 90.

 

[jacinto]

long 82

moving to BE very soon. 90 has a 61% fib (9850 to 94...) break should trigger a decent move, rejection, visit to 9630

moved to BE. outlook is positive, but stalling at 90.

flat now. that was 80 minutes waisted. too bad. next one.

 

[Marwan2010]

Gbp Short Intraday

went short at 89, stop 25 pips intraday