BBmac's Gbpusd thread

[bbmac]

employment numbers

Better than expected Uk employment data (12.9k -vs- 20.8k forecast with stable un-emp rate down from 7.9% prev )and positive revisions from in month's un-emp rate 7.9% to 7.8% and small positive revision in claimant count...all in all a knee-jerk £ positive response from market...although running into some potential 1hr resistance now around the 76.4% fib 6842-6599.

 

[bbmac]

The 5min prev swing hi's zone below is the area I shall be looking for a 1min hidden-div based re-entry set-up should price pullback to there and it develop.

G/L

 

[bbmac]

post data reaction @ potential resistance

As the 1min screenshot below shows price sold down sharply from the previous 1hr swing hi=prev res=potential res zone, confluence with the 76.4% fib 6842-6599, through the prev 5min swing hi zone=potential rbs, and the hidden-div Re-entry set-up developed below it.

The potential resistance zone on 1hr and fib is shown here.

The 1min and supporting 5min Reversal set-ups at that resistance confluence are below, the 1min screenshot also shows the hidden-div based Re-entry (to next t/f trend after a pullback) set-up that developed, albeit below the potential rbs on 5min shown in post above:

I did not trade the Re-entry set-up as it did not fall at the potential rbs zone on the next higher t/f-5min, although the macd signal lines were with the trade direction to the 1hr t/f. Any long trade now will have to be a 1min Reversal set-up with supporting 5 or 15min hidden-div Re-entry @ 1hr potential RBS.

G/L

 

[bbmac]

Boe Qtrly Inflation report due @ 1030am gmt, dovish or hawkish?? We'll know in a few mins

G/L

 

[bbmac]

Post data react

Price has arrived @ a previous 1hr swing lo zone, co-existant with a 4hr prev sw lo zone=potential supp, and the 76.4% of the 6599-post data knee-jerk react hi of 6799, and 1hr ascending potential support trend line (one of them) after some strong selling down from that 6799 hi as market digested Boe Qtrly inflation reports and kings comments...Some nice thrust candles on 1 and 5min in order to take advantage of the post data momentum and then an extreme oscillator readings and cci hook based Reversal set-up at the potential support shown below:

the 4hr prev sw lo=prev supp=potential supp zone is shown in post #280

The 1min set-up is shown below:

Quick +11pip scalp on this set-up as have no supporting 5min (+) set-up.

G/L

 

[bbmac]

Price continued, after a small pullback to sell down to the next prev swing lo zone on 1hr, co-existant with same prev sw lo zone on 4hr mentioned in above posts...I was tempted to get short again at the area circled on 1min chart below but only really hidden divergence on 1 x oscillator...although it did sell down again after that pullback.

The previous 1hr swing lo=prev supp=potential support zone is shown below:

And the 1min trigger t/f regular bullish divergence based repeating Reversal set-up is shown below;

This 1min set-up was supported by an oscillator extremes/cci hook based repeating reversal set-up (Reversal Extreme, examples of which are elsewhere on this thread.) A quick +26pips netted from the set-up.

All ascending potential support trend lines on 1hr have been breeched in this move down now.

G/L

 

[globaljobber]

Good posts

Hi bbmac,

Nice to see you making some good, informative posts, thanks as am following them. There was also a very lovely 1m Reversal C setup after this sell-off, at 11:01 for a good 20 odd pips.

Regards
Gerard

Price has arrived @ a previous 1hr swing lo zone, co-existant with a 4hr prev sw lo zone=potential supp, and the 76.4% of the 6599-post data knee-jerk react hi of 6799, and 1hr ascending potential support trend line (one of them) after some strong selling down from that 6799 hi as market digested Boe Qtrly inflation reports and kings comments...Some nice thrust candles on 1 and 5min in order to take advantage of the post data momentum and then an extreme oscillator readings and cci hook based Reversal set-up at the potential support shown below:

the 4hr prev sw lo=prev supp=potential supp zone is shown in post #280

The 1min set-up is shown below:

Quick +11pip scalp on this set-up as have no supporting 5min (+) set-up.

G/L

 

[bbmac]

Hi bbmac,

Nice to see you making some good, informative posts, thanks as am following them. There was also a very lovely 1m Reversal C setup after this sell-off, at 11:01 for a good 20 odd pips.

Regards
Gerard

Lol, our posts have crossed..it is discussed above..Yeh that was a 'text book' Reversal C with the supporting 5min Reversal Extreme. Note also that 5 and 15min also breeched/touched the 2nd extreme support channel-161.8 These tech set-ups/conditions and the confluence of a 1hr and 4hr prev sw lo=prev supp=potential supp zone made for a hi-probability trading opportunity even against a strong down move.

Well spotted.

 

[bbmac]

market chatter

'...Traders note that CtiFx techs have re-established longs at 1.6679 and target atleast 1.6960. Stop loss at 1.6550...'

 

[glyder]

re market chatter

'...Traders note that CtiFx techs have re-established longs at 1.6679 and target atleast 1.6960. Stop loss at 1.6550...'

Hi BBMAC... according to my feed the price has not quite yet hit 1.6679, so I take it that this is an order?

 

[bbmac]

Hi BBMAC... according to my feed the price has not quite yet hit 1.6679, so I take it that this is an order?

Hi Glyder, I have no idea whether it was hit during or before the sell-off or is still a pending order, placed after the sell-off.

G/L

 

[bbmac]

Th 12 Nov 09

Pretty Bearish tone off the early asian/overnight 6625 @ the prev 1hr/4hr swing lo=prev supp=potential sbr zone, price arriving at the bottom of a prev 1hr and 4hr swing lo = prev supp = potential support zone, mni saying bids 6500/20 and of course there is a 4hr ascending potential support trend line there too.

The zones marked as a b and c are co-existant on 4hr t/f too.

G/L

 

[bbmac]

4hr ascending potential support trend line

The trend line is pictured below utting through bottom of that prev sw lo=prev supp=potential supp zone on this t/f.

Regular bullish divergence based reversal set-ups 1min and 15min at the area giving a nice entry against the trend @ this potential support confluence.

G/L

 

[bbmac]

2 fib cluster?

Below current price, Just above the 76.4% of 6260-6842 @ 6397 is the 38.2% of 5707-6842 @ 6408

 

[bbmac]

How strong is downtrend?

Extended pullback off the current lows described above meets supply at the previous 1hr swing lo=prev supp=potential sbr zone shown below which is just about a fractal sweing low so qualifies to be a previous swing low

Nice 5min hidden-divergence based Re-entry (to next t/f trend after a pullback ) set-up developed there:

and entry was timed with the 1min regular bearish divergence based Reversal set-upshown below but not with the first bearish candle but the one pointed to as 0900 candle was the Ecb release of monthly report so waited for dust to settle:

The 5min Re-entry set-up came @ a HH on that t/f although coinciding with a Lh on 30min/1hr into whose trend the Re-entry set-up indicated a hi-probability 'with next t/f trend' trading opportunity after the pullback...I have just booked +20pips profit from a 6553bid entry as a result...choice was take profit or see if a ' with trend ' follow thru to a new LL did result from this set-up and would have been more willing to do that if set-up had come @ a LH or H/LH configuration respectively.

G/L

 

[bbmac]

4hr

Near-term 4hr, as I see it presently is below, unbreeched fibs are to 6842 from 5707 and 6260. The blue zone at bottom of screenshot is co-existant on the Daily t/f.

G/L

 

[bbmac]

Regular bullish divergence at today's current low

There was regular bullish divergence set-ups up from 1min to 1hr t/f (5min osc extreme based reversal set-up) at the current intraday lows - that support confluence of the prev 1hr/4hr sw lo zone, 4hr asc t/line and mni bids 6500/20..

G/L

 

[bbmac]

strong buying off the current lows so far....

Text Book perfect 1min Re-entry (to next higher t/f (+) trend after a pullback) set-up occurred @ 1001am, coming @ a L on 1min and a corresponding HL on 5min into whose uptrend the re-entry set-up after a pullback indicated a hi-probability ' with trend ' trading opportunity....5min macd signal line was crossed above it's zero axis and 30min (& 1hr) were pointing up...all good

But the set-up came following (a LH and L on 5min, so not the optimum configuration for a a trend, ie a HH, HL would have been optimum before the HL at which this set-up develop. I took a chance on such a perfectly formed set-up and price action trigger and traded the set-up anyway at a reduced volume/risk as had read on the newsfeeds that '...asian sovereign accounts etc were active in buying the dips to current lows...' and it worked out well for a nice pip gain as the buyers came in.

I have just rejected the 15min hidden-div based Re-entry (to 1hr t/f downtrend after a pullback) set-up (pictured below) timed as a Reversal set-up on 1min trigger (Reversal Extreme ii for those that follow) as I couldn't identify any potential SBR on 1hr...shame as perfect set-ups coming @ a H on 15min corresponding with a LH on 1hr and 1hr/4hr macd signal lines optimum. Price has sold down strongly from the 1min trigger Reversal set-up before the buy the dips players came in again @ the 2nd HL on 5min, correct at writing.

G/L

 

[bbmac]

Buy the dip

Plenty of buying of dips atm on cable, 5min is shown below, and again the buyers come in @ the 2nd HL circled, following the drop from 6589. 2 x HL also visible on 15min and 1 x HL on 30min, off the current intraday lows.

G/L

 

[bbmac]

Finishing here for the day as 5min prints a LH, with a final look @ near-term 1hr t/f in respect of potential supp/res factors...the current recovery Hi is circled, with price currently @ 54% of it's 20day average pip range.

G/L