A Quick Look on GBP/USD

Discussion in 'Forex' started by Primetrader, Aug 12, 2009.

  1. Looking at H4 Chart of the GBPUSD, it could be on a buoy but must not break the support at 1.6450/55 or thereabout (near your 15-min low side magnitude tagret mentioned earlier. The buoyancy from the H4 may go for a total of 5, 6, and 7 bars and you are on 4th along at the time of this writing...( 2 pm US Pacific time) and may try and reach out to 1.6580 or thereabout immediate high with a potential of testing 1.6615 before it goes for a correction of about 100/105 pips.
  2. The potential high did break 1.6615 and hit 1.6664 at around the hourly bar at 5am US Pacific time and after which it went down by 100 pips on the next hourly bar at 6am. Anyone else who can be as accurate as that?
  3. The principle of cycles shows you - how low is low? how high is high? and When is low? When is high?
  4. cstfx


    It blew thru your high and went 50 pips higher. Anyone who shorted from your projected top would have been in the hole for 50 pips before it turned and retreated 100 pips, for a net 50 from your targeted high.

    Good call, but not as accurate as you would like people to believe.

    Also, nice call on the EUR, almost to the penny.
  5. Remember, cyclicality is based on price and time (duration). I said 4th along on the H4 bars and a maximun of 7 bars, hence 3 more bars after that and if you go back to the chart you can see that the top price occurred on the 7th along H4 bar. This can also be scaled down to H1 and 15 minutes bars.