Interesting chart, we may have here a reversal.........
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Interesting chart, we may have here a reversal.........
GBP.USD rebounded off 7 year support, entered a trade last night to see a retest.
hi S, choppy action on cable recently , very much in a broad range between 1.35 - 1.50
last few months.
short term action not a lot clearer 148.38 ( 61.8 of wave down) needs to hold and reverse and i would take opportunity to buy the move lower and close out short.
strong correlation at the moment with equity markets,i'm expecting short term, market decline to complete B wave but its going to be a choppy affair.(sp500 /dow)
in summary better fish to fry.
Hi Dumbass,
I have been reading your comments over the past few weeks. Very interesting.
I guess if I would have been following your lead I would have made money but some people are stubborn!!!!????
Anyway, at least your gbpusd latest projection looks good for me as I am short gbp with.
Thanks
it feels like there is no clear direction in forex markets at the moment.performance of the equity markets will determine short term direction.
Still favour a slow drift lower before markets hit their straps for a run up to 10 k + on dow, then Armageddon C wave lower.
The big trade to watch for the future is short euro, very surprised its held up so well and feel it will correct to parity.
.
The rounded bottom is a similar set-up and target to a H&S
.
http://www.freeimagehosting.net/uploads/4656ad8f90.gif
similar elliot wave count would have cable in a correction with a 5th wave target the same
as yours arco.
the charts seem to be indicating one final wave down in the USD and therefore one final
wave higher in equities before a great shorting opportunity.
how you seeing it ?
Short term chart
http://www.freeimagehosting.net/uploads/947986de51.gif
Potential H&S forming
http://i29.tinypic.com/2e4ceh5.gif
Good entry achieved off H1
http://i27.tinypic.com/1zps6ep.gif
a few red 30 minute candles is helping the 1.6575 entry from y'day along a bit better now to +60 but had to endure a -90 at one stage (with a -150 pip stop at the high of 1.6740.
I might try and hang out for that 1.53 grey box !
Could be we're impulsive down now coz that rally last 24 hours sure looked corrective to me
Hi Peat
Yes agree, it does look a bit corrective.
I took a profit on the original trade - I still find it real hard to resist a profit and to hang on through those ups and downs. :(
Anyway, looking to get back in now on a wave 2 retrace, and will try to hang in longer, or at least leave some on the table for the grey box.
H1 chart. Possibility of a wave 'c' move to the Kumo or just beyond to broken trend-line perhaps), - forming a Gartley.
Short term trade potential north. SAR at Gartley
BTW. I like the Evening Star on the daily chart.
http://i26.tinypic.com/2vdl1lu.gif
.
So far, so good.
http://i26.tinypic.com/2v0dhr9.gif