Thread: Discuss the GBP/USD with a DailyFX Analyst

I'm starting to think a little like this ---->

Originally Posted by brad_1199

I'm starting to think a little like this ---->

Your wave 4 would be completely out of proportion and would end up consuming more time than all of the previous waves combined, which is a no-no. Also, given that the dollar index has put in 5 waves up on a daily degree from it's recent bottom, I find it highly unlikely that Cable will be able to withstand the coming dollar onslaught.

Originally Posted by apipintime

Your wave 4 would be completely out of proportion and would end up consuming more time than all of the previous waves combined, which is a no-no. Also, given that the dollar index has put in 5 waves up on a daily degree from it's recent bottom, I find it highly unlikely that Cable will be able to withstand the coming dollar onslaught.

I see what I see..... We'll see how it plays out....

Originally Posted by brad_1199

I see what I see..... We'll see how it plays out....

Seeing what you see is fine, as long as it is within the rules of EWT. If the maximum time allowed for a wave 4 is 2x that of wave 3, then what you have depicted is not a possible count. Now, if it does extend like you have shown, then it would most likely be an X wave of some sort. The rules are there for a reason.

Originally Posted by apipintime

Hey John,

Option 1 would be consistent with the Daily count that I posted yesterday. There still exists the possibility of one more pop-up to complete (ii) of 5, which would bring your option 2 into play, but given the nature of price action, I am leaning towards option 1. On the shorter term charts, we have a Head and Shoulders projection down to the 1.6050 area, which would confirm your option 1 scenario as well.

For awhile today I was wondering why price action stopped at 1.6124. However, after you posted about the head and shoulders on the short term time frame it caused me to look on the daily time frame. It is now evident to me why that level held, overall, it has been a pretty solid support/resistance level and as you can see on the chart below it is a crucial part to both of the head and shoulders patterns that are developing on the daily time frame.

Attachment 47399

It'll be interesting to see what happens with this in the next couple days.

Originally Posted by Alex Denlinger

For awhile today I was wondering why price action stopped at 1.6124. However, after you posted about the head and shoulders on the short term time frame it caused me to look on the daily time frame. It is now evident to me why that level held, overall, it has been a pretty solid support/resistance level and as you can see on the chart below it is a crucial part to both of the head and shoulders patterns that are developing on the daily time frame.

Attachment 47399

It'll be interesting to see what happens with this in the next couple days.

Hey Alex,

You will also notice that a very rare diamond top is forming on the daily chart as well (from june peak until now). If it breaks to the downside, it has a projection towards the lows of last year (1.35-1.40 range). This would be consistent with the wave 5 down that I was mentioning.

Looks like the movement upwards in the past few hours is a retracement from last nights tumble (I really should look at how to post charts soon).

15 minute chart shows price stalling at the .382 rsistance, then briefly at the .500 and has just pulled back from .618 and heading back there. Im placing a short just shy of the .618 in anticipation of a move back downwards.

has anyone else looked at this?

Here is my analysis of the 12 point ITD using 32 lunar month intervals. Now moving to an ibp low point.

Originally Posted by hxtader

Looks like the movement upwards in the past few hours is a retracement from last nights tumble (I really should look at how to post charts soon).

15 minute chart shows price stalling at the .382 rsistance, then briefly at the .500 and has just pulled back from .618 and heading back there. Im placing a short just shy of the .618 in anticipation of a move back downwards.

has anyone else looked at this?

Hi hx. I am also looking to short on a rollover of price on 15 minute charts.

Originally Posted by hxtader

Looks like the movement upwards in the past few hours is a retracement from last nights tumble (I really should look at how to post charts soon).

15 minute chart shows price stalling at the .382 rsistance, then briefly at the .500 and has just pulled back from .618 and heading back there. Im placing a short just shy of the .618 in anticipation of a move back downwards.

has anyone else looked at this?

Yup. I closed out at 1.6207. Shorted at 1.6210 (50% rtmnt) followed by 1.6226 (just shy of 61.8% rtmnt).

Closed first position at 1.6192 and second on 1.6175. Just below the 50% rtmnt in the opposite direction.

That's me for today. Happy trading.

Hey Guys

It's been some time since I last placed a post here, no wait that was in the GbpJpy forum... Okay now that I think about it, well I can't remember placing a post here ever...lol No matter my global trading friends of the forex market I will make my first post today.

GbpUsd is running out of fuel, the high reached of 1.6456 a couple of days ago placed GbpUsd in a short to mid-term OB level and 1.6000 imo is just a few days away with a potential break to 1.5885/1.5790.

I don't use EW but this Albert Einstein gravity-warpfield inversion time dilation technique sounds interesting...

p.s. I'm joking I knew Albert and he never spoke of or wrote about retail currency trading.

Originally Posted by FX TopGun

I don't use EW but this Albert Einstein gravity-warpfield inversion time dilation technique sounds interesting...

p.s. I'm joking I knew Albert and he never spoke of or wrote about retail currency trading.

Yea, I'm working on time travel theory. Go forward in time, get prices on markets, come back in time and set up a trading signal service. Of course, it would be very expensive, this signal service.

GBP/USD taking it on the chin as the USD and JPY both rally as China attempts to slow down the excessive growth of their economy by restricting lending.

Also, the U.K. budget deficit is weighing upon the pound today. Forex Forum | FX Forum - News in 60 Seconds

Originally Posted by Sean Hyman

GBP/USD taking it on the chin as the USD and JPY both rally as China attempts to slow down the excessive growth of their economy by restricting lending.

Also, the U.K. budget deficit is weighing upon the pound today. Forex Forum | FX Forum - News in 60 Seconds

It certainly has been Sean, however, Obama's comments seems to have caused a reversal in sentiment, albeit perhaps, temporary. Thankfully, I was out...

Originally Posted by meonia

It certainly has been Sean, however, Obama's comments seems to have caused a reversal in sentiment, albeit perhaps, temporary. Thankfully, I was out...

Obama speech text: Obama Says No Bank Should Have Proprietary Trading (Text) - Bloomberg.com

Yeah, Obama doesn't know a thing about capitalism in my opinion.

Politicans don't know the banking or trading business.

It's like me telling a plumber how to run his business...not knowing a thing about his business besides flushing my toilet. haha!