GBP Blends

[Raj]

A lot of the gbp charts are all sitting at resistances. It will be interesting to see what happens next week when trading resumes. Personally Ill be waiting on 240 CF's to give some direction.

Happy Pipping
:)

[Rob123]

Thanks Raj, Will keep my eye out :)

[Raj]

Just watching the last chance for the bears at the 86 fib level....this level is a possible RT entry on a daily bear crown setup as well...waiting on some Candle info.

:)

Happy Pipping

[Rob123]

Thanks Raj, I noticed on my 4 hr chart it has completed the move up 23.6 to 127. Maybe the bulls will cool off and take a breather .Just hasn't convinced me yet . Rob

[Raj]

Same here Rob, nothing decent for the bears yet...and 60min has up fib currently appointed

:)

[Raj]

Rob, bears finally came out of hibernation!!

[Rob123]

Raj,They sure did with a bang lol ...

[Rob123]

This one may have some potential to the downside later - depending on the CF.Look like their is a fairly strong Resisitance above the SK on the 4hr.1151

[Raj]

Nicely done Rob!!....just watch the support coming up

:)

[supra]

Hi Raj & Rob,

Managed to squeeze a long on a TB in the 240. Took half off for 77 pips and left remaining at break-even. Previous highs at 1.6920 is next target.

Cheers.

[Raj]

Sweet, sweet sweet is all I can say!!!!

Keep up the good work!!

:)

[Rob123]

Good job everyone ! I manage to grab some pips to the downside and then she turned.I have a flooring project i'll be working on this week,so no London trading this week for me. Hopefully i'll see you all next week.Good luck on your trading.

Rob

[Raj]

Just wanted to point out an example of a pattern that occurs again and again in the market, and that is the Gartley. We look for convergence of up and down fib and take CF entries once they play out. You can see the up move (small abcd) reached its fib extension at roughly the same price as the down fibs 618 res (big ABCD). then we could have shorted the bear candle with an entry at 6670 for a nice 200 pip drop.

:)

Happy Trading

[supra]

Hi Raj,

Indeed interesting - the gartley. Had heard about it before and now learning it from you. May be the butterfly, after this? :)

Please correct me if I am wrong, for the stop-loss 15 pips above the CF?

Just some thoughts, why not the next higher fib resistance level or the next higher fib extension level for the stop loss?

Thank you.

[Raj]

If your EM will allow it, sure.

[supra]

Hi Raj,

For the gartley, do you use any combination of fib support & extension? For example, would you use a 50% retracement & 118% extension? I tend to notice that the 38% and 118% are omitted. Please correct me if I am wrong.

Thank you.

[Raj]

Supra, the up move was a 786 fib bounce so we expect it to go to the 127% fib extension....then at this level we look for a down fib resistance, and we find the 618 is pretty close. Thats how to identify the gartley, or butterfly as you call it...I know some people do a lot of other measuring and all from peaks to peaks etc etc, but basically all you need to look at is the target for the up move matching the res of the down move.

:)

[Raj]

I've shorted the convergence at 6634 (another gartley set-up). The daily is pretty much in a sideways range, so im keeping bear targets conservative (watching candles going against my short trade) as we are in the middle of the range.

:)
Happy pipping

[Raj]

Just a heads up at this point...were at that area the bulls have loved in the past.

:)

[Raj]

There was a nice short that yielded just over 70 pips just now, I'm banking at the support though.

:)

[Raj]

Interesting convergences!!!

:)

[Raj]

One more

:)

[Raj]

GBP/CHF - nice test of the bullish candle gave us optimal entry and boom!!!

:)