IMO bottom was in 2008 - and the bottoming pattern, a double-bottom. Now all we got is a correction of the big first wave up. A move past 76.7 has good odds of being the real thing.
I was expecting GBPUSD to tank at 200 m.a. on 4H so I could short there, but it looks strong. On daily its right up against the H&S neckline. Also its at 50% retr. of recent 4H downwave. What do you guys think?
GBPUSD 4H rally too strong = suicidal to short = me be patient because not interested in Long. Downtrend since 2007 still intact IMHO. Next downwave will dwarf previous. New jinx possibility - if top channel line is taken out, the H&S reversal pattern is toast, a dud. If horiz. thick black line gets taken out topside, then Aug 5 top will likely be taken out too = Jan'09 rally still ongoing. So, no short entry possible yet.
------------------------------------------ Is it safe? we got to and slightly past the 200 ma on 4H and a wee wee bit past the neckline on daily and now smack into the top channel line - daily chart posted earlier still valid. pend Short above is canceled. New Short 1 mL pend 1.6212 stop 1.6408 TP 1.5046 plugged few mins. ago.
-------------------------- thread title says ... stance Long but hold trigger. Adding this now ... high alert for actually pulling Long $ progressive triggers in near future WHEN + ONLY IF these events occur ...... 60-min. close > 75.93 and then staying > 200 ma will be sign #1 .... (initiate Long $ pos) 4H close > 77.0 & 77.6 will be sign #2. (add more) Daily close > 78.2 with good support at 77.42 If script works out and train speeds off north, place entire position STOP 1% under DX=77.42. Then, much later raise STOP to 1% below 200-day ma. That's for DX, the foundation. Repeat same concept for your vehicle - mine is GBPUSD shorty. trend following is the aim 1000++? pips - if emotion boots one off, climb back on board asap. Anal-ysis + chart follows in next post.
Same daily chart with updated prices. Only thing added is the wave numbers, 1-9. caveat: Wavecounters before me died ingnominiously. The surviving counters became high salaried anal-ysts. When I die I would prefer to just go straight to Hell and totally skip the "Analyst = worse than death itself" step -------------------------------- A 5-wave downmove from March 2009 top with the 5th wave subdividing into 5 internal waves = 9 in total. I'm willing to take a shot with this type of setup. But unlike my dead friends, I demand other evidence - hence the outline in prev. post.
You obviously can't trade. Buy gold while it's still cheap, hold it to 2000. Get a real job ( if you can ), learn the markets on the side.