Textbook quotReversal Dayquot for GBPUSD - Page 3
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Thread: Textbook quotReversal Dayquot for GBPUSD

  1. #21
    950601 Structure (s) Current price stations on the pound through 4hr charts, not amounts of support below. . We have a break of this up channel and the beginning of a new channel.

  2. #22
    95060I think the reading may def be from the 120k to 130k range... good article missed that one... thanks! Good stuff

  3. #23
    95060On daily chart, we've got a swing top at 1.9133 with lower highs pattern intact. We also have the swing top from 8 Aug at 1.9142.

    Hence making GBP vulnerable to a correction. 23.6 fibonacci stands at 1.8990 and a fracture may indicate more drawback. However we would want to see a break under 1.9033 signalling that a 1.8990 in reach. A stochastic cross and a Placing candlestick could be first signs of this correction. Nevertheless;

    Now's Nonfarm payrolls is a pain to technical analysis, so trade carefully.
    I am short anyway with a stoploss only above recent swing high at 1.91338 and / Aug high at 1.9142 and both need to be broken to indicate a continuing uptrend and a new high on daily charts must be made before any correction.

    Meanwhile my targets at 1.9033, 1.8990. And looking to hold them within Nonfarm payroll release.

  4. #24
    Lets see what happens this is gonna be crazy. .

  5. #25
    95060ahmed, in my view if it wasnt for this particular nfp report that the neg divergence at this level would have down prices down quite a while back. . Price behavior before NFP is always unusual.

  6. #26
    95060
    Quote Originally Posted by ;
    ... price behavior before NFP is always unusual.
    Yes, it really is. And unpredictable following this data's release.

    On the outside, what may look like great news for USD, may really have price moving , as the information is dissected and digested, and it's discovered to be somewhat, ummmm... tasteless. Positive motion isn't always meant by Superior jobs amounts .


    Fiona

  7. #27
    95060You are extremely right about crazy friday moves and movement. Well searching for stoploss prior to a major move or some similar scenario. Really It's going to be crazy. . But on which side?

    I just hope my stoploss is not hit. But If the market is going to take 1 direction and weaken dollar, it is going to be; easily. .

  8. #28
    95060many seem to think that any NFP number will help to bring about the change that many - including me - are waiting/hoping for. It is also contended that all technicals point in this direction.

    But it could go either way even from a TA stage of view: Yes, we had a hammer and doji on D1 which suggest a change but GBP has decisively broken through a major daily TL currently 3/4 days past we currently have GBP price right at a cross of H4 TLs (so if one tried to trade according to Mouteki it could go either way too and GBP has worked off the overbought condition on any timeframe So even a push up to the next level is allowed for by TA. Conclusion: be careful today and do not jump to some.
    lt;! -- / message -lt;! -- sig -

  9. #29
    950601 Structure (s)
    Quote Originally Posted by ;
    most appear to think that any 3digit NFP number will help to cause the change that many - including me - are waiting/hoping for. It is also contended that all technicals point in that direction.

    However, it might go either way even from a TA stage of view

    So even TA permits for a further push to the next level. Conclusion: don't jump to any and be careful today.
    lt;! -- / message -lt;! -- sig -
    yeah, good points!

    Current prices still favor the Cable Bulls, only due to the fact that since Wednesday's high print, the hourlies have not displayed any confident foundation to brief this item (no real rollover/exhaustive definitive lower top behavior etc)....

    The 4hr trendline off the recent push remains intact, albeit tentatively....and as FXOpportunist said in a place (on another thread), we have seen no clear retrace-pullback since the push off 1.87....

    Likely focus amounts will undoubtedly sit at the 1st line defenses on the attached chart - especially Tuesdays low (8960), which marries that t-line down from the highs....

    The upside is clear cut (if the data print into the neg slant), it is the reaction to the disadvantage which cause the headaches! ....those near term supports will surely offer more hints if the dollar will attampt any kind of resurgence....as they will then begin printing reduced highs (selling the rallies) opp's about the hourly rate when the buying is real not merely another fake blow-off....

    Because you state: be careful out there!!

  10. #30
    95060Here is where I stand. Last night before going to sleep set audible alert to wake me when it touched 1.9060, it did at 3:00 am, then I covered my short 40 pips profit, imagining that I could get stopped out immediately anyhow for break even, I would have been. Then this mornig after the news, I got in short at 1.9021, which recorded the 40 pips profit is tantamount to becoming in short at 1.9061. Subsequently on 1/4 of my place took a 75 pip profit 1.8986, and abandoned 3/4 of my place available, using a halt at 1.9061 where I'd lock in profit of 20 pips on the whole trade. To me, it looks at this time that my very first post on this thread is still valid and now I'm letting 3/4 of initial trade run. Any comments on whether the 10 a.m. news may be bad enought to prevent me out? After that possible obstacle, technically speaking this looks like its down way, I trust. Due to all. Cheers

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