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Hello All
Todays Gann resistance calc based on yesterdays EOD comes in at 9901.
And circa 9923 is probably the highest the action can
print to form a bearish Gartley pattern.
Therefore, still waiting for a confirmation reversal pattern
to see if a longer term short is in the making.
regards - arco
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Hi All
The new Gann calc for today is 9918, so with Cable currently being
supported by that, and if it remains above, the polarity has changed.
(i.e resistance=support)
Also considering Gartleys are notorious for growing into Butterflies,
it pays to be very cautious around a Gartley set-up before commiting
to a trade.
The next major Gann resistance is today sitting at 2.009 and a trip to
this area would create the Butterfly circa Fib1272/1618 and thats where I will look for a reversal pattern to appear (if it gets in that area).
So today may give some day trading opportunities to the north, and
these could be based on any bullish patterns appearing off Gann 9918.
I will re-evaluate south bound targets when a bearish reversal appears
because the Jan-April Butterfly harmonics may change depending on how
high the current action goes.
regards -arco
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watching......... to see if this daily bullish bat may hit the 618 retracement before
reversing , big weekly butterfly in progress.
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Northern Rock has borrowed GBP5billion ex the BoE's discount window - causing some selling off in Cable as risk aversion in the UK reignites.
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short in progress at 20500 this could be start of abc correction
to around 20250
but got to watch possibilty of 5th wave extension to 20600
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Hi DB
I havent discounted the possibility that the shape
could turn out to be an unusual Gartley with B618/D886.
rgds - arco
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evening arco
it certainly reversed right on 886 so batty thing could be in play
thats why i felt this was worth a short but still reckon may run 206 before reversal
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still grinding higher towards 2.0550 - 2.0600
for short
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well.... here goes short 20574 gbp
long usd cad 9582
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DB
What are you basing your entries on?
....and where are your stops and targets?
rgds - arco
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morning arco , i cant post chart at the moment i bailed on the gbpusd hourlies printed a tweezer bottom around about 9 ish last night i think
ill post a lot more detail later
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usd cad still running butterfly entry sl high 94s target 98 ish i think
wave count based trade
sorry its such a crap reply , kind of hard to respond without charts will post later
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Interesting correlation play.
John Jagerson has mentioned there to be a surprising correlation between oil stocks like BP and the GBP/USD.
He states 'They are both influenced by oil prices and can be used in intermarket analysis. If I see a breakout in one that is not reflected in the other - it is a trading signal. A great example was the break above resistance on BP last week that made me think the GBP/USD would be more likely to break through its July resistance level.'
Check it out yourself in the chart below.
http://www.pfxglobal.com/images/john/10302007bp.png
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just just possible top in , butterfly 127 at 20900
small short at 20860 on , adding at 20820 for the much anticipated abc correction to 20570 first target.
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Can the dollar push this thing back below its weekly resistance.... I guess we'll find out in the next 9 hours...
http://i191.photobucket.com/albums/z...jhu32/gbp2.gif