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03-12-2010, 12:21 PM #15511  Originally Posted by GTG  Could the shooting star not just be the end of wave 4 i.e. a completed flat? dunno...im just have a divergence in my system)
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03-12-2010, 12:28 PM #15512 Originally Posted by renkoMan dunno...im just have a divergence in my system) My stochastics also showed negative divergence but not being fully aware of EW rules I'm unsure whether the time taken to play out the flat correction fits with EWPs. I see the latest impulse wave as being the c wave in a flat. I'm short at 1.5211 anyway.
Ooops, apologies, I thought I was on the EW thread.
Last edited by GTG; 03-12-2010 at 12:33 PM.
Reason: additional info
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03-12-2010, 12:36 PM #15513 Originally Posted by GTG My stochastics also showed negative divergence but not being fully aware of EW rules I'm unsure whether the time taken to play out the flat correction fits with EWPs. I see the latest impulse wave as being the c wave in a flat. I'm short at 1.5211 anyway.
Ooops, apologies, I thought I was on the EW thread. its a strong res...and a divergence in system  why not sell
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03-12-2010, 12:51 PM #15514 Originally Posted by renkoMan its a strong res...and a divergence in system why not sell I did, SL now to B.E. and I'm taking half off if reach the 38.2 rt of the move up around 1.5120. Trail the other half
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03-12-2010, 12:55 PM #15515
on H4 also can be shooting star ?
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03-12-2010, 01:36 PM #15516 Originally Posted by Thomas Long Must be Friday.  I wish all of us such a friday mood every trading day- thank you Thomas
Patryk
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03-12-2010, 02:56 PM #15517  Cable, o' cable...
See if a dip to low can be had next Tuesday before it moves up
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03-12-2010, 03:02 PM #15518
1.5200 proving to be formidable resistance so far...
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03-12-2010, 04:49 PM #15519 Originally Posted by fazi It is time for an ITD/MTD update. I`m actually glad cable made this new high, becasue it cleared the view a little bit. Two positions have been confirmed - ITD 5 low at 1.4870 and MTD 10 low at 1.4781. That means cable travels now to ITD 6 and MTD 11 high. Here starts the fun. ITD 6 two cycles ago arrived 1 day ahead of the average date (9 trading days from ITD 5) while last cycle it was 10 days early!
Given the Sp500 chart and yen charts I think bear trend hasn`t finished yet. Therefore ITD 6 /MTD 11 top could possibly be in any time. Last ITD 6 was only 3 days after ITD 5.
Should there be a reversal ITD could arrive late - that is >9 trading days from ITD 5 average date(this monday).
Make your choices then.
Edit: One more thing, do you remember what is going to be published on march the 17th? 
Patryk Fazi, what do MTD and LTD stand for?
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03-12-2010, 08:01 PM #15520 Originally Posted by renkoMan Hi Renko, thanks for the consolidation. I'm waiting for the end of the correction too, hopefully it will come soon!
Just the psychological part of trading that I havent fully master! Feel like kicking myself why I did not cash in on those trades when it was still profitable. Now that it's down 100pips, ouch!!
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03-13-2010, 02:31 AM #15521
There is some shift in Sentiment which may very well be Short living but quiet visible on at least the 4H timeframe. Caution is suggested for those who are already Short or looking at add further short positions until the 1.3428 holds as the Support level for EURUSD and 1.4980 for GBPUSD
The USD Index has been struggling against the Kumo Cloud on Weekly Chart and the current strength in EUR and GBP is the direct result of USDXs weakness. Next Support for USDX is expected at 79.43 level
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03-13-2010, 03:18 AM #15522 Originally Posted by smalleyes Hi Renko, thanks for the consolidation. I'm waiting for the end of the correction too, hopefully it will come soon!
Just the psychological part of trading that I havent fully master! Feel like kicking myself why I did not cash in on those trades when it was still profitable. Now that it's down 100pips, ouch!!
Guys I hope you're going to be able to book your pips (as Franosh says Tuesday might be a good day for that) but about 3 days ago my broker sent out recommendations to buy cable. It also has a gap to close from about 2-3 weeks ago, not sure now can't access the charts....
Cheers
Edit: Just checked the chart, gap was to 1.5227 and is almost closed.
Last edited by melbgirl; 03-13-2010 at 05:32 AM.
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03-13-2010, 04:47 AM #15523 Originally Posted by melbgirl Guys I hope you're going to be able to book your pips (as Franosh says Tuesday might be a good day for that) but about 3 days ago my broker sent out recommendations to buy cable. It also has a gap to close from about 2-3 weeks ago, not sure now can't access the charts....
Cheers Hi there, was trying to get a hang of his chart and was wondering how low the move down would extend to? i see the support still at 1.502 and then maybe 1.495 is that right?
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03-13-2010, 05:39 AM #15524 Originally Posted by gordy Hi there, was trying to get a hang of his chart and was wondering how low the move down would extend to? i see the support still at 1.502 and then maybe 1.495 is that right? Gordy I see channel bottom support at 1.5100 and even stronger support at 1.5000. However under extreme circumstances the double bottom region could be revisited. Tuesday might be difficult for the EUR because of the German ZEW and the Greece deadline. Let's not forget about the Chinese CB either that can still rock the markets (especially the AUD and NZD) if they decide to tighten more. The FOMC meeting starts on Tuesday as well and the market might anticipate some support for the USD as a result and these could weigh on the pound as well. But for sterling we might have seen the bottom for some time as I heard that a very influental investor issued a buy recommendation which I take seriously as last year similar news put a floor under the pound immediately. Perhaps the elections will prove to be supportive.
Last edited by melbgirl; 03-13-2010 at 05:46 AM.
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03-13-2010, 06:14 AM #15525
GBPUSD Daily
I will be looking to take a short position next week, anywhere around 1.5250 - 1.5300 on the daily chart as there is a congestion of resistance there i.e 50%fibo, 21ema, kijun approaching this level and descending trendline as shown on the chart.
Overall trend on the daily is still bearish hence my bias.
Last edited by fx_oracle; 03-13-2010 at 06:23 AM.
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