Thread: Trend of the Day

Cable at a Crossroads



The GBP/USD is struggling to stay above the 1.6000 handle that would bring it into the Bear's camp. Since hitting a high of 1.7041 GBP/USD has fallen some 800 pips. A tweezer bottom candlestick pattern may have been the only thing standing in the way of Cable's slide into the bear market territory. Daily MACD has crossed below the zero line which is another sign of weakness. Look for GBP/USD to climb back in to the 1.6400 area. Stops should be placed in the 1.6111 area

Originally Posted by Krismitt

Greg/;

Would you say that the Trendline has been broken to the downside?

Regards.

CAD/JPY got below the 83.76 area which would have triggered our stop. We need a daily close below the July 1st low of 78.16 in order to call this a trend line break. However it has broken an intermediate trend line.

Good morning my friend, hope you have a good day. CAD/JPY kicking my tail with a -150 pips very close to my stop. All I can do is watch.

Originally Posted by Gregory McLeod

Cad/Yen Comeback

After reaching an inter-day low of 83.76 the bear celebration was cut short as buyers stepped in and pushed this pair back up 160 pips to finish yesterday at 85.13 in a volatile trading session. The hammer reversal confirms that the daily up trend that started back in February of this year is "alive and kicking", at least for now. Look for this pair to try and regain the 87.00 area before trying to retake the August 24th high of 88.39.

The stop was hit solidly. This may be trend changing event with a target down to the 80.51 area.

So Greg, if CAD/JPY does not hit July 1st low of 78.16 but has turn signals some time before that, will she still be in the running for long positions? Or is this now a leave alone because of how solidly the stop was hit?

Originally Posted by Gregory McLeod

CAD/JPY got below the 83.76 area which would have triggered our stop. We need a daily close below the July 1st low of 78.16 in order to call this a trend line break. However it has broken an intermediate trend line.

Originally Posted by Gregory McLeod

The stop was hit solidly. This may be trend changing event with a target down to the 80.51 area.

Greg:

Do you have an updated chart for the EURGBP Trade?

Regards.

Possible short here? Tested the TL and 1 doji yesterday and maybe another one today, also the 50ema may act as resistance.
Any thoughts.
Regards
M$M

Originally Posted by Krismitt

Greg:

Do you have an updated chart for the EURGBP Trade?

Regards.

Hi Kris..i think this could be a short too....

M$M

Originally Posted by Kimaki

So Greg, if CAD/JPY does not hit July 1st low of 78.16 but has turn signals some time before that, will she still be in the running for long positions? Or is this now a leave alone because of how solidly the stop was hit?

The CAD/JPY overshot the stop. I would not consider it unless it got back above 87.00

Originally Posted by Krismitt

Greg:

Do you have an updated chart for the EURGBP Trade?

Regards.

Hello Kris looks like a bearish Gartley pattern on the daily chart. Price rallied up to and a little beyond the 78.6% retracement from June 5th high of .8865 to the 8399 low. Price never reached the 200 SMA. We could see a further decline based on Gartley price objectives.

Hay Greg, good day to you, GBP/USD moved up to give me a 155pip gain yesterday just hitting my limit at 1.6405. I am keeping an eye on GBP/USD today hoping to get a retrace to around 0.8750 area on an h2 chart, then going short with stops just above .8837 (87pips). Looking for 1:2 risk reward. What do you thing? H2 chatr attached.

Originally Posted by Gregory McLeod

Hello Kris looks like a bearish Gartley pattern on the daily chart. Price rallied up to and a little beyond the 78.6% retracement from June 5th high of .8865 to the 8399 low. Price never reached the 200 SMA. We could see a further decline based on Gartley price objectives.

I just love this Greg!.

Regards.

Originally Posted by Million$Man

Hi Kris..i think this could be a short too....

M$M

Totally agree Million$

Regards.

Hey Greg,
Thx also for all the charts updated.
I'm short on EUR/GBP. Yes June 5th and 200SMA was too much.
My favorites pairs will always be AUD/USD GBP/AUD all the crosses in general.
NFP with EUR/USD close to the weekly low @ 1.4190 ???

Originally Posted by Kimaki

Hay Greg, good day to you, GBP/USD moved up to give me a 155pip gain yesterday just hitting my limit at 1.6405. I am keeping an eye on GBP/USD today hoping to get a retrace to around 0.8750 area on an h2 chart, then going short with stops just above .8837 (87pips). Looking for 1:2 risk reward. What do you thing? H2 chatr attached.

Nice job on the pound!

Look for a break of that white counter-trend line you have drawn and/or stochastics in the overbought zone (80) crossing down from above. We are due for a retrace which could give us a three-wave correction higher on a daily chart before resuming its path down.