Dante why don't you re-open potential setups...
since your clearly still posting your setups. Careful, the brokers can see your stops.
Dante why don't you re-open potential setups...
since your clearly still posting your setups. Careful, the brokers can see your stops.
Hi DantePretty critical area for GBP/USD.
I got 92 pips out of the hourly setup at 6am GMT (reverse h&s and pin at s/r pivot) but daily is harder to gauge the next move at the moment.
Daily wise for the bulls we're getting a lot of long tails at horizontal support which coincides with 5 touches of that ascending TL. And you're with the short to medium term trend now after the basing pattern in early '09.
For the bears we have a pretty massive resistance around 1.66 - 1.6675 (also a s/r pivot - look back to Oct '08) plus you're with the longer term trend down.
Alot of people still ask me about these pivots. If it goes through a strong one, isn't that bullish/bearish and shouldn't I just get in?
No, is the simple answer to that. Watch what price does.
I wouldn't look to play a hard breakout here, personally. Last time I saw this exact same setup (albeit on the monthly TF), we pulled a massive headfake, took out the topside of the range and then collapsed.
Safest play on this TF for me would be to take out 1.6675, retest it from above, reject it sharply or base there and then play it long for 1.72, which incidentally is going to be massive. I wouldn't be playing the short side of the market yet on this TF.
Hi Dante
for what its worth I agree with your cautious aproach , personally I would be looking to go long on retracement in the 1662 - 1675 area and look to lock down at 1755 area
Im pretty new to this so would value your opinion ?
You may be right , Well im gonna have a go this week good luck with ya tradeI would look for longs at 1.6675 when it tests from above.
Your target of 1.7550 is a little optimistic for me. I think 1.72 will hold it back if it gets up there. It's a big weekly level.
Daily Gold
Kind Regards
Jason
thanks Jason for that chart with the Fibs you have stuck on. Its really rocked me and given me a great insight as too what I'm going to do in regards to trading Gold.:clap::clap::clap:
Hi Phil,
The brokers can see my stops everytime I trade since they manage them for me![]()
But I'm still not sure its that good an idea to let them know exactly what I'm thinking.
Still, just making a few posts while I set up the private forum...![]()
Alot of people still ask me about these pivots. If it goes through a strong one, isn't that bullish/bearish and shouldn't I just get in?
No, is the simple answer to that. Watch what price does.
I wouldn't look to play a hard breakout here, personally. Last time I saw this exact same setup (albeit on the monthly TF), we pulled a massive headfake, took out the topside of the range and then collapsed.
What happened to the Pound today is why I don't trade breakouts. See post above.
Not completely relevent to this thread but I thought this might amuse you guys. Have been looking around for some P&F kit for MT4 and came across this on another forum.
WOWSER![]()
Not completely relevent to this thread but I thought this might amuse you guys. Have been looking around for some P&F kit for MT4 and came across this on another forum.
WOWSER![]()
Don't take the p*ss!!! I waited ages for that set up.
Not completely relevent to this thread but I thought this might amuse you guys. Have been looking around for some P&F kit for MT4 and came across this on another forum.
WOWSER![]()