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astro · 10-09-2006, 06:58

Here come the technicians...

Looking at the weekly chart, you can clearly see a 1-2-3 top which was trigerred (when price breached the 2 point).
For me, the target for this setup would be around 1.8400.
However, note the strong trend line supporting the uptrend started on April. Price is around that line and @ 50% ret of the rise started at mid july, so we might expect some consolidation action here.
For a complete reversal, I wanna see a break of that trendline, a pull back and then a continuation of the downtrend, which will confirm a long term downtrend.

Astro

10-09-2006, 06:58	#10
astro level 2 Join Date: Aug 2005 Posts: 182 Downloads: 0 Uploads: 0 Rep Power: 4	Re: GBPUSD Discussion Only Here come the technicians... Looking at the weekly chart, you can clearly see a 1-2-3 top which was trigerred (when price breached the 2 point). For me, the target for this setup would be around 1.8400. However, note the strong trend line supporting the uptrend started on April. Price is around that line and @ 50% ret of the rise started at mid july, so we might expect some consolidation action here. For a complete reversal, I wanna see a break of that trendline, a pull back and then a continuation of the downtrend, which will confirm a long term downtrend. Astro Attached Thumbnails Last edited by astro : 10-09-2006 at 08:07.