Some of my thoughts + Trading System

[elang]

Ok my taxi hasnt arrived yet, so i couldnt help it.

The rumours were right and ISM came in weaker at 49.3 at an expected 51.9

The Bulls are leading 3 to 1 having taken out their third target * .9734, some people have taken profit there as you can see it wasn’t a clean and continuous break. My sentiment is that the mass is still bullish though and i am sure that those who took 50% of their profits of all of their profits at .9734 will buy back for another long when they see some confirmatory bullish action above the newly tested ground.

It is a little troubling though that even on new 9734 wasn’t concretely taken out.

Anywho…This is my bias, things could go upside down so keep your heads up and set your SL.

[I]US ISM Man. - Forecast: 51.9 | Previous: 51.4

[/I]BULLS -In Order of Violation:

* .9668
* .9696
* .9734
* .9913
* 2.000

BEARS - In Order of Violation:

* .9625
* .9598
* .9574
* .9480
* .9455
* .9315
* .9260

Regards,
E. Lang

[mtdavs]

Hello Elang,

I’m fairly new here and just found your trading place here. To say I like this would be an understatement!! Will be looking forward to testing this and trying it out. So far, looks like your previous posts have been good. Others say the same.

Thanks for sharing this!!

[elang]

M’thanx ye have for ye kind Comments mtdavs! - they be like wind for m’sails and onwards sail i will Arrr!!!

Now…
Lets see what is happening to GBP/USD, yes ?

BULLS -In Order of Violation:

* .9668
* .9696
* .9734
* .9913
* 2.000

I’ve set my stop for this long at .9600, i want to give it enough breathing space as i know there is a correction coming in on H4 that will take more time and space.

As long as the price remains above 9600/18/20 we can expect a resumption of the rally towards .9913

I have attached something i created to this chart to show why you shouldn’t be chickening out of the trade - it is all based on Higher Highs, Lower Lows and Lower Lows and Higher Lows. I hope that what you will read there will help you perceive the market in another way.

It’s all just a battle between the bears and the bulls.

They each have their goals and the one that scores the most wins at the end.

Think of it this way.
In Football - your aim is to get the ball accross the other teams goal line to score and earn a point, which places you in the lead. Thats the aim.

Inbetween there are rules as well - Fouls, Offsides, Red Cards, Yellow Cards etc.
When rules are NOT breached in an FX Uptrend we have HH and HL, if we have a LH in an uptrend the Bulls get a yellow card…

If in an uptrend the Bears register a LL after that LH then thats a red card and the player is out of the game… the bulls loose power and the bears start gaining on points… in fact they may even win at the end if the Bulls don’t recover.

Same goes for a downtrend… we have LL and LH… but if we have a HH registered… thats a yellow card right there… things get troublesome… will the bears recover ? will they make a LL or will the bulls confirm their superiority by a HH after the bear violating HL…

Nobody knows, but this is what is expected.

Right now my knowledge tells me i should be holding my long still and waiting for a Higher High between 61.8 and 75% or AT 75% and then perhaps another LL before we reach .9913

I have considered todays low at .9642 a LL to the bullish uptrend on H4 started at .9480, so i am looking for a HH now, it is logical… it is the way the market works.

Try and keep things simple guys, the worst thing u can do is complicate things and always remember things are always on a scale and can tilt from one side to the other in a moment, more so during a news day like friday.

This is a radio i like to listen to while i trade: StreamingSoundtracks.com - Listen

It is called streamingsoundtracks, its got a mix of calming, classical and modern video game, movie music. Very Nice and relaxing

Regards,
E. Lang
PS: PLEASE SEE THE ATTACHED CHART!
PSS: THE NEWS: Easy-Forex: The Financial Calendar

GBP/USD PRE NFP Sentiment

The Cable has been making erratic intraday movements for the past 3 days. Notice the long spikes on the past 3 daily candles.
Stochastics on the daily chart are trending up but the 4hr stochastics are in overbought territory and have crossed down.

Like the Euro, the technicals are pretty much showing a standstill for the pair. Tomorrows NFP will play a key role in the future direction of the Cable. If NFP is good, the pair may drop back down to its 61% Fib line and if NFP is bad, then we could see the Cable get as high as 9800.

GBP/USD

Cable’s rebound from 1.9480 has reached as high as 1.9747, breaking marginally above 1.9695 cluster resistance (50% retracement of 1.9913 to 1.9480 at 1.9697) before retreating mildly. As discussed before, break of 1.9659 cluster resistance suggest that fall from 1.9913 has already completed at 1.9480 after failing to break through mentioned trend line support rising trend line support (1.8517 to 1.8834). Hence, at this point, as long as cable stays above 1.9618 support, short term outlook will remain bullish and further rally is expected to be seen towards 1.9913 high. Below 1.9618 will turn short term outlook mixed again.

In the bigger picture, with mentioned trend line support remains intact, further rally could still be seen that brings cable above 1.9913 high. However, close attention will be paid to sign of loss of upside momentum and reversal pattern formation as cable approaches key 2.0106 cluster resistance (1992 high, 100% projection of 17047 to 1.9024 from 1.8090 at 2.0067) as the whole medium term up trend from 1.7047 should complete at or below this level.

Meanwhile, we already have bearish divergence conditions in weekly RSI, daily MACD and RSI. Sustained break of the trend line support will confirm that whole rise from 1.8517 has completed and bring decline towards 1.9237/61 cluster support (23.6% retracement of 1.7047 to 1.9913 at 1.9237).

Decisive break of 1.9237/61 cluster support will add much weight to the case that whole medium term up trend from 1.7047 has already completed earlier than we thought and much deeper decline should be seen towards next cluster support at 1.8834 (38.2% retracement of 1.7047 to 1.9913 at 1.8818).

Just to re-cap on the Elliot Waves for those of you who use them as a guide:

1. .9177
2. .8835
3. .9846
4. .9263 (Correction: abc X abc) with X @ .9747
5. .9913

There are 2 scenarios from here onwards.

1. The decline from .9913 is Corrective wave A in the forming

OR

2. The decline from .9913 is a small correction after which wave 5 will resume for a possible break of .9913 with a target of 2.000 (AFTER WHICH, we will have a logical correction take place in the form of ABC or another variation.

If you are following this thread and you are trading with me i recommend you set up your charts.

• EMA 6

• SMA 13

• EMA 50/55

• MACD 12,26,9

• RSI 14

• Stochastics 10,3,3

• RVI 14

You may also add EMAs 5 and 10 if you wish for further optimization.
I trade mainly E/S MA crosses, Fibonaccis and Trend Lines

[elang]

GBP/JPY is just correcting off intraday R of 238.27

It may be a good idea to long on the correctional dip with upside targets:

61.8% @ 238.61 > 238.90 > 75% @ 239.10 > H of 240.02

Regards,
E. Lang

[elang]

GBP/JPY is just correcting off intraday R of 238.27

It may be a good idea to long on the correctional dip with upside targets:

61.8% @ 238.61 > 238.90 > 75% @ 239.10 > H of 240.02

---

I keep on saying buy on the dip, sell on the tip etc, but i never explain what i actualy do, or at least not graphically.

So i’ve taken the time to document this expression with the action in GBP/JPY

This is how to catch corrections.
Even though the price came back down, this is the general system used to catch corrections.

Regards,
E. Lang

[elang]

[B]GBP/USD[/B]

Despite edging higher to 1.9745, cable’s upside was limited there and retreats sharply on broad based dollar rebound. As discussed before, previous break of 1.9695 cluster resistance (50% retracement of 1.9913 to 1.9480 at 1.9697) suggest that fall from 1.9913 has already completed at 1.9480 after failing to break through mentioned trend line support rising trend line support (1.8517 to 1.8834). Hence, at this point, as long as cable stays above 1.9618 support, short term outlook will remain bullish and further rally is expected to be seen towards 1.9913 high. However, below 1.9618 will turn short term outlook mixed again.

In the bigger picture, with mentioned trend line support remains intact, further rally could still be seen that brings cable above 1.9913 high. However, close attention will be paid to sign of loss of upside momentum and reversal pattern formation as cable approaches key 2.0106 cluster resistance (1992 high, 100% projection of 17047 to 1.9024 from 1.8090 at 2.0067) as the whole medium term up trend from 1.7047 should complete at or below this level.

Meanwhile, we already have bearish divergence conditions in weekly RSI, daily MACD and RSI. Sustained break of the trend line support will confirm that whole rise from 1.8517 has completed and bring decline towards 1.9237/61 cluster support (23.6% retracement of 1.7047 to 1.9913 at
1.9237).

Decisive break of 1.9237/61 cluster support will add much weight to the case that whole medium term up trend from 1.7047 has already completed earlier than we thought and much deeper decline should be seen towards next cluster support at 1.8834 (38.2% retracement of 1.7047 to 1.9913 at 1.8818).

[pwegner]

Elang

Would you please share with us your reasons for changing to the present sittings on your charts. I value your opinion and was wondering what you have found better about the present sittings.

Thank You,
Paul

[elang]

Hello Guys,

Basically we are still holding a Long Bias.
The price dip on H4 is just a correction of 9480 to 9747.

I’ve drawn a possible Elliot Wave scheme and we ill be lucky to catch in on the third wave if i am right with the waves drawn.

The correction could have ended already at .9625 or it could go further down to as far as .9600 before attempting another rise. Once again if i’ve drawn my waves right this should be a big rally.

Not much to say for now.

Regards,
E. Lang

GBPUSD is taking a nice dip after a rise towards 1.9740 level. The dip is expected to continue towards 1.9607 level where the retracement is expected to be completed and GBPUSD is then expected to resume its log-term upward trend.
Most traders will look to buy GBPUSD today on dips towards 1.9600 level for targets above 1.9725 which could then be extended to 1.9850 level. Break of 1.9600 today will take GBPUSD towards 1.9512 level. RSI is around 51 in daily charts and don’t seemed to play much part in GBPUSD’s movement today.

GBP/USD

Cable’s retreat from 1.9745 continues today and reaches as low as 1.9625 so far, but is still kept above 1.9618 support. As discussed before, a low made at 1.9480 after being supported by rising trend line support (1.8517 to 1.8834) and 55 days EMA. Hence, further rally is still in favor as long as 1.9618 support holds. Above 1.9745 resistance will bring retest of 1.9913 high. However, below 1.9618 will argue that the rebound from 1.9480 has completed after being limited by 61.8% projection of 1.9913 to 1.9480 at 1.9748 and should put focus back to the mentioned trend line support (now at 1.9517).

In the bigger picture, with mentioned trend line support remains intact, the rise from 1.8517 is still in progress and further rally could still be seen that brings cable above 1.9913 high. However, close attention will be paid to sign of loss of upside momentum and reversal pattern formation as cable approaches key 2.0106 cluster resistance (1992 high, 100% projection of 17047 to 1.9024 from 1.8090 at 2.0067) as the whole medium term up trend from 1.7047 could complete at or below this level.

Meanwhile, we already have bearish divergence conditions in weekly RSI, daily MACD and RSI. Sustained break of the trend line support will confirm that whole rise from 1.8517 has completed and bring decline towards 1.9237/61 cluster support (23.6% retracement of 1.7047 to 1.9913 at 1.9237). Decisive break of 1.9237/61 cluster support will add much weight to the case that whole medium term up trend from 1.7047 has already completed earlier than we thought and much deeper decline should be seen towards next cluster support at 1.8834 (38.2% retracement of 1.7047 to 1.9913 at 1.8818) first.

[elang]

Good morning,

Yesterdays post:

"Basically we are still holding a Long Bias.
The price dip on H4 is just a correction of 9480 to 9747.

I’ve drawn a possible Elliot Wave scheme and we ill be lucky to catch in on the third wave if i am right with the waves drawn.

The correction could have ended already at .9625 or it could go further down to as far as .9600 before attempting another rise. Once again if i’ve drawn my waves right this should be a big rally."

The price bounce from 9747 went much further down than i expected and reached as far as .9535 before bouncing off.

Luckily the move down wasn’t more than 100% of the price from 9480 L to 9747 H, this gives us the right to consider the decline as a correction, whereas corrections are considered in the opposite direction of the main trend… or in other words the trend is Bullish.

I opened a Long at .9590 at the double bottoms which was followed by a bullish engulfing.

You will notice on the charts that i’ve drawn the L, H and M of yesterdays previous Daily Candle.

This is a technique a trading buddy of mine Mr. Rico I. uses to sort of orient himself in his trading, it gives us an exact view of where the peak of the Bull/Bear battle was, where the low was and logically the 50% mark of the difference between those two point.

Having all other things in mind, its a good intraday technique to long above the mid and short below the mid with targets being the previous days H and L.

My sentiment now is that we are going to weeee all the way back up and start testing the Rs and Respectively created Ss.

.9624
.9667 (05.02 H)
.9747
.9913

On the attached chart i’ve accented important reversal candle stick formation, try and get use to them they occur all the time during intraday trading as in any other time frame or period of chosen trade.

Ohh.ohh… i’ve got mail, the morning report just come in, one moment so i can read it and post it here.

…(3 mins later) OOok, this is what the big guys are saying:

GBP/USD

Cable’s fall from 1.9745 was contained at 1.9533 and recovers mildly since then. But still, since the rebound from 1.9480 has likely completed after being limited by 61.8% projection of 1.9913 to 1.9480 at 1.9748, further weakness is expected to follow to retest trend line support (now at 1.9522) as long as 1.9625 support turned resistance holds. Above 1.9625 will turn intraday outlook consolidative first.

In the bigger picture, with mentioned trend line support remains intact, the rise from 1.8517 is still in progress and further rally could still be seen that brings cable above 1.9913 high. However, close attention will be paid to sign of loss of upside momentum and reversal pattern formation as cable approaches key 2.0106 cluster resistance (1992 high, 100% projection of 17047 to 1.9024 from 1.8090 at 2.0067) as the whole medium term up trend from 1.7047 could complete at or below this level.

Meanwhile, we already have bearish divergence conditions in weekly RSI, daily MACD and RSI. Sustained break of the trend line support will confirm that whole rise from 1.8517 has completed and bring decline towards 1.9237/61 cluster support (23.6% retracement of 1.7047 to 1.9913 at 1.9237). Decisive break of 1.9237/61 cluster support will add much weight to the case that whole medium term up trend from 1.7047 has already completed earlier than we thought and much deeper decline should be seen towards next cluster support at 1.8834 (38.2% retracement of 1.7047 to 1.9913 at 1.8818) first.

Pretty much what i said by the looks of it lol

Trade recommendations: Strategy: Buy at 1.9600/1.9550; stop well below 1.9500. Short term target 1.9700/1.9750

Weekly Trend direction: Bearish
Weekly trend reversal level: 1.9750
Resistance levels: 1.9700, 1.9750
Strategy: Whilst above the weekly trend reversal level, sell rallies to resistance levels after an entry signal.

Medium term: The trend remains bullish whilst above roughly 1.9200, but it is becoming mature and our medium term target is possibly 2.0000. As we approach the BIG figure at 2.0000 and indicators become extremely overbought, great caution is required, as swings both ways may be huge, random and very fast.

Today: Despite a small ‘spike low’ to trend line support, we have not move anywhere different from last week’s close. Not very attractive to trade, with large swings in both directions and plenty of opportunity for traders to get stopped out. We continue to urge caution when trading cable (read medium term strategy above) and there is no sense in trying to predict the next move at this time. As weekly momentum is bearish, we will go with that for now, and look to sell rallies to between 1.9700 and 1.9750, allowing for another spike high to 1.9820. Watch for signs of topping before entering and keep stops fairly tight.

Regards,
E. Lang

[elang]

Just updating guys,

Everything is looking good.

It seems we may finally be getting a correction. I’m not sure where this will terminate, perhaps 38.2 perhaps 50%, we will see, either way the bias is still bullish with the next targets shown here below.

.9624 - *Violated
.9667 (05.02 H) - *Violated
.9747 - Next
.9913

Regards,
E. Lang

[elang]

.9624 - *Violated
.9667 (05.02 H) - *Violated
.9747 - Next
.9913

Hello guys,

The price rebound from .9535 has gone as far as .9695 so far, knocking out .9624 and .9667 on its way.

Zooming in to the 5 Minute charts i can see a possible correction of that price movement forming. If a corrective wave occurs at this point i would consider its pullback to be limited by 25% ~ .9667 R now S, 38.2% ~.9651 L & also 55 EMA on M5 (Most likely it will be 38.2%)

Either way the bias is still bullish and the next targets we need to take out are .9474 > .9913.

I don’t know where you’ve longed but i recommend moving your SL to .9600 or .9588

For now this long is going great and i’m currently 90 pips in profit at .9590 entry.

I am b/e, but i haven’t locked in any profits yet. Hopefully if we have a break over .9474 i will be able to move my SL to .9667 for a good 76 or so pips.

Regards,
E. Lang

[elang]

Good morning guys,

I feel we might have a correction taking place of L .9535 to H .9720, so i’ve terminated my position for now with 103 Pips in the bag.

The trend is still bullish and if the correction takes place i will be longing again on the correctional dip.

We have 4 scenarios:

1. The price corrects the rise from L. 9535 and bounces of 25% currently around .9673, which is just by Intra day support of .9670, a break below here and we will be going for 38.2%

2. The price corrects the rise from L .9535 and bounces of 38.2 currently around .9650 and approximately the Midline of yesterdays price action.

3. Consolidative price action from H of .9720 continues and we have a break of .9708 mini-short term H and then run for .9720 > .9913

4. The price corrects, the bulls loose control, the price falls, it takes out .9670 > .9650 > .9588 and the dark side plagues the galaxy, we all suffer terrible, terrible, unimaginable margin calls of a death X_X induced by unhumane year long tortures in a dark and shady prison cell occupied by the fowl stench of long rotten and corroded bodies of rebell traders who by will of destiny where crushed in the vary claws of doom that ironically now become your short, and lonely future. Consumed by the inevitable arrival of death and engulfed in a cloud of misery and wounds that never heal nor sease to bleed for they themselves see no future but the darkness amidst them, leaving only our daily trade blogs as a legacy and a prosperous reminder of strenght and will to those who still heed the call of pippaling freedom…bahaha im loony lol, don’t mind me.

Btw. i recommend you buy above 9720 after we have good bullish candles there, preferable over .9747 to be on the safe side

Have a nice day, will update later.

Regards,
E. Lang

[elang]

A technical reason to be long. (see att. chart)

The current scenario in play is #3:

3. Consolidative price action from H of .9720 continues and we have a break of .9708 mini-short term H and then run for .9720 > .9913

Don’t forget to read the post before this.

Regards,
E. Lang

GBP/USD

Cable’s rebound from 1.9537 extended further to 1.9720 before turning sideway. Short term outlook remains mixed with cable bounded between rising trend line support (1.8517 to 1.8834, now at 1.9573) and 1.9475 cluster resistance (61.8% retracement of 1.9913 to 1.9480 at 1.9748). On the downside, firm break of mentioned trend line is needed to confirm fall from 1.9913 has resumed. Meanwhile, on the upside, break of 1.9745 resistance will indicate rebound from 1.9480 is still in favor for 1.9913 high. Otherwise, further choppy sideway trading will continue.

In the bigger picture, with mentioned trend line support remains intact, the rise from 1.8517 is still in progress and further rally could still be seen that brings cable above 1.9913 high. However, close attention will be paid to sign of loss of upside momentum and reversal pattern formation as cable approaches key 2.0106 cluster resistance (1992 high, 100% projection of 17047 to 1.9024 from 1.8090 at 2.0067) as the whole medium term up trend from 1.7047 could complete at or below this level.

Meanwhile, we already have bearish divergence conditions in weekly RSI, daily MACD and RSI. Sustained break of the trend line support will confirm that whole rise from 1.8517 has completed and bring decline towards 1.9237/61 cluster support (23.6% retracement of 1.7047 to 1.9913 at 1.9237). Decisive break of 1.9237/61 cluster support will add much weight to the case that whole medium term up trend from 1.7047 has already completed earlier than we thought and much deeper decline should be seen towards next cluster support at 1.8834 (38.2% retracement of 1.7047 to 1.9913 at 1.8818) first.

[elang]

Hello guys,

Just updating.
After the price broke out of the pennant, it didn’t have the needed huff and puff to break over .9720 (See attached chart)

It bounced off, tested the R Line of the pennant and broke through it, currently testing the S Line of the penannt, if we break below that i see a fall to .9670 > .9654 etc.

In any other case, the price should bounce of the Pennant S, break through the R again and try and take out .9720 once more

Regards,
E. Lang

Pennant
A continuation pattern in technical analysis formed when there is a large movement in a stock, the flagpole, followed by a consolidation period with converging trendlines, the pennant, followed by a breakout movement in the same direction as the initial large movement, the second half of the flagpole.

As can be seen in the above picture, there is a large rise in the stock, followed by a converging consolidation period that resembles a pennant and a resulting continuation of the initial trend. Pennants, which are similar to flags in terms of structure, have converging trendlines during their consolidation period and they last from one to three weeks. The volume at each period of the pennant is also important. The initial move must be met with large volume while the pennant should have weakening volume, followed by a large increase in volume during the breakout.

Forex Elliott Wave Analysis - GBP/USD

65% confidence - First leg of major correction from 1.9917 has ended at 1.9483 and consolidation would be seen but upside should be capped at 1.9831, bring another selloff

Yesterday’s rally after breaking indicated resistance at 1.9670 has retained our view that decline from 1.9917 has ended at 1.9483 as the a-leg and further choppy consolidation in b-leg would be seen. Above 1.9750 resistance would extend gain to 1.9790/00, however, 1.9830/40 should limit upside and bring subsequent c-leg selloff later this month.

On the bigger picture, wave v from 1.8517 is labelled as (1): 1.8859, (2): 1.8674, (i) : 1.9180, (ii): 1.8835 and (iii): 1.9849 and wave (iv) has ended at 1.9260 and wave (v)has either ended at 1.9917 or would extend marginally to 1.9950 but 2.0000 would cap upside.

On the downside, pullback should be limited to 1.9670 and as long as 1.9617 holds, bullishness remains for gain to 1.9750, then 1.9790. Break of 1.9617 would suggest the b-leg from 1.9483 is possibly developing into a triangle, then sideways trading inside 1.9537-1.9750 would be seen. Only break of 1.9537 would yield re-test of 1.9483.

[truefxfx]

The best Elliot Wave analysis I found around were at FXS Community - Home. I found out that these guys are great, they analyze major currency pair and give calls on active chat, all for free. My recommendations.

[elang]

Good morning guys,

I can’t type much now, but will do later.

Check out the chart for now and note the trendlines i’ve drawn.

Yesterdays H and todays R: .9732
Yesterdays L and todays S: .9672

Targets to the low are cluster Resistance turned Support at .9617 > .9582 > Trendline at 75%.

On the upside break of .9732 is needed.

Regards,
E. Lang

[elang]

BoE is widely expected to keep rates unchanged at 5.25% today. There were brief expectation of another rate hike from BoE in Feb after the Jan’s surprise raise. Such expectation has significantly scaled back after BoE minutes which revealed a much tighter than expected vote of 5-4 instead of 7-2. The Jan hike was generally viewed as only a Feb hike pulled ahead instead of the start of a series of hike. Hence,the BoE announcement will likely be a non-event today.

[B]GBP/USD[/B]

[B]Daily Pivots: (S1) 1.9674; § 1.9702; (R1) 1.9732; [/B]
Cable continues to trade in choppy sideway trading below mentioned 1.9745 cluster resistance (61.8% retracement of 1.9913 to 1.9480 at 1.9748). Short term outlook remains mixed On the downside, firm break of mentioned trend line (1.8517 to 1.8834, now at 1.9556) is needed to confirm fall from 1.9913 has resumed. Meanwhile, on the upside, break of 1.9745 resistance will indicate rebound from 1.9480 is still in force for 1.9913 high. Otherwise, further choppy sideway trading will continue.

In the bigger picture, with mentioned trend line support remains intact, the rise from 1.8517 is still in progress and further rally could still be seen that brings cable above 1.9913 high. However, close attention will be paid to sign of loss of upside momentum and reversal pattern formation as cable approaches key 2.0106 cluster resistance (1992 high, 100% projection of 17047 to 1.9024 from 1.8090 at 2.0067) as the whole medium term up trend from 1.7047 could complete at or below this level.

Meanwhile, we already have bearish divergence conditions in weekly RSI, daily MACD and RSI. Sustained break of the trend line support will confirm that whole rise from 1.8517 has completed and bring decline towards 1.9237/61 cluster support (23.6% retracement of 1.7047 to 1.9913 at 1.9237). Decisive break of 1.9237/61 cluster support will add much weight to the case that whole medium term up trend from 1.7047 has already completed earlier than we thought and much deeper decline should be seen towards next cluster support at 1.8834 (38.2% retracement of 1.7047 to 1.9913 at 1.8818) first.

[elang]

The price broke the trend lines i had drawn on my chart and broke through yesterdays low of 9672, reaching 38.2% below that after which it bounced off.

My intuation says 38.2 wount hold much, i don’t know why, but i think that if the bears have any chance of solidifying a taking over, they will need to break 50/55 EMA on H4 which is actualy around 50% as you will note on the chart.

Watch out for the BOE and ECB rates today, place your stop losses.

Regards,
E. Lang

[elang]

Dear Traders,

Very soon i will be reinstalling the internet connection back at home and i will be quitting my second job, so i will have a lot more time to trade.

I will be using SkypeCast to hold live voice conferences, where i as well as any participants will be free to comment and theorise over the course of GBP/USD price movement throughout the day.

I would like to invite everyone and anyone to add me to their Skype list, so we can communicate in the future - Username: effilang

I am also an avid user of Yahoo Messenger so feel free to add me on that too - Username: [email protected]

The SkypeCasts i plan on holding will start at London Open and will go on for a bout 5 hours or so during the day.

I will be happy to talk to any of you, newbees or experienced traders. If you haven’t done this before i recommend you do it, communication and sharing experiences is a very good learning boost.

Regards,
E. Lang

[elang]

Ok guys,

BOE left interest rates at 5.25.

The mass was expecting a hike, for some reason i didn’t think that was gonna happen.

The reaction wasnt too volatile untill we had a “no comment” statement from the officials, which gave NOTHING to the bulls worth hanging on to, so the bears took advantage and pummeled the price down to where we’ve all been waiting for it to go > 50%, we also took out some stops and im sure a lot of people Liquidated their longs, so this also contributed to the volatility.

On the downside:
For now if we have a good break of 50% we will run for 61% and then 75% which is around the trend line.

On the upside:
We could have a bounce of 50% but i doubt there would be any bulls at the moment with enough steam to take the price back up immediately, for now i am a bear with a set stop loss.

Regards,
E. Lang