GBP.USD

[arco]

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

[arco]

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

[dumbass]

watching......... to see if this daily bullish bat may hit the 618 retracement before

reversing , big weekly butterfly in progress.

[arco]

Northern Rock has borrowed GBP5billion ex the BoE's discount window - causing some selling off in Cable as risk aversion in the UK reignites.

[dumbass]

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

[arco]

Hi DB

I havent discounted the possibility that the shape
could turn out to be an unusual Gartley with B618/D886.

rgds - arco

[dumbass]

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

[dumbass]

still grinding higher towards 2.0550 - 2.0600
for short

[dumbass]

well.... here goes short 20574 gbp

long usd cad 9582

[arco]

DB

What are you basing your entries on?

....and where are your stops and targets?

rgds - arco