GBPUSD Discussion Only

[jodyong]

Hope you guys don't mind my input, but the pair looks poised for a major move down. I'm positioned for a retracement once prices break out of my trendline.

Also, the recent attempts to take out the major 1.9140 has disheartened cable bulls and yea, it looks like heavy short covering. With so many bulls covering their shorts, it's hard for the cable to remain so high up.

Just my 2 cents worth =)

[astro]

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

[MickMason]

Oh you want charts!

Ok, don't ask me where these came from but I know you guys love a wave or two.....me, I can't make head nor tail of them but I think they're saying long, or is it short.....

[MickMason]

....and this came with them:

Corrective wave [b] of the final zigzag Z is supposed to be completed. First waves of the final impulse [c] of Z are forming. Wave [b] of Z ending is the critical level for this scenario.

1.95 resistance is still the most preferable level for the triple zigzag (B) or (X) completion. Several main projected values of wave [c] of Z ending are given in the chart, the area of projected values is marked with a red-yellow ellipse (Figure G2).
Wave [c] of Z projection crossing with the mid line of the triple zigzag W-X-Y-X-Z channel may serve as an additional argument in favor of this area of calculated values.




Can anyone analyse this analysis and tell me what the heck it means in English!

[astro]

Originally Posted by MickMason

....and this came with them:

Corrective wave [b] of the final zigzag Z is supposed to be completed. First waves of the final impulse [c] of Z are forming. Wave [b] of Z ending is the critical level for this scenario.

1.95 resistance is still the most preferable level for the triple zigzag (B) or (X) completion. Several main projected values of wave [c] of Z ending are given in the chart, the area of projected values is marked with a red-yellow ellipse (Figure G2).
Wave [c] of Z projection crossing with the mid line of the triple zigzag W-X-Y-X-Z channel may serve as an additional argument in favor of this area of calculated values.




Can anyone analyse this analysis and tell me what the heck it means in English!

ok, so you say short! (I think...)

[MickMason]

Originally Posted by astro

ok, so you say short! (I think...)

lol

Well I know I've had a couple of glasses of wine with lunch but I'm sure it's long.....or hang on, no, it's short....no no, it's long I think...

Which way is up again?


Mick

[astro]

Originally Posted by MickMason

lol

Well I know I've had a couple of glasses of wine with lunch but I'm sure it's long.....or hang on, no, it's short....no no, it's long I think...

Which way is up again?


Mick

Actually it's not so different than what most of the analysts say. You're so confused by the loads of lines, channels, numbers, ABC's, that you end up not knowing which way is up.

KISS!

Astro

[bobnat]

Ok, here's my take on it. Price failed to reach the Median Line for the 5th Pivot. The purple line was a warning line and I shorted at 8930 on Wednesday and 8836 on Thursday. See first pic. This set up a new pitchfork.


The week ended by making the 50 retracement from the bottom at 8091 to the high of 9142. We also made the 1.272 extension from 9142-8776-9091. (The Cable makes lots of 1.27 extenstions btw.) However, it broke cleanly through the Median Line and closed well below it. This sort of strength indicates it's heading for the next line.

Look at the second pic and you'll see confluence of the 62 ret, 1.618 ext and the Median Line Parallel all exactly at the same point.

Now, I'd be willing to bet that everyone and their brother expects a retracement on Monday (at least the retail traders) which just naturally leads me to conclude that it's going down to 8490 before it goes up and makes any serious retracement.

Nat