FX-2008: w/c Feb-11th

[darktone]

Been eyeing AudCad on a look up to 0.9080 lvl as well. Think that would work, but prefer to sell it up there, not here.

We are near the highs but. Its been trending up since august! :|. 87 ish looks a buy to me.

Out EurCad BE, I make myself laugh sometimes. I expect it to go up at some point in the near future. But i took a short in rising action! Old (bad) habits die hard!lol (Slaps self!)

 

[bbmac]

gbpusd

Events may overtake me as I write this, but cable 5min has channelled into a 9599-9630 congestion channel/zone 5min. The diagram on the screenshot shows the potential for a congestion 2nd breakout up or down side break.

G/L.

 

[bbmac]

in respect of the above post and more generally concerning the technical behaviour of price around range/channel/price congestion breakouts.

One of 3 occurrances generally happen....see screenshot

A and B are similar in that a false breakout is accompanied by a return to the top of the channel in an upside break (A) now acting as support or generally in the top half of the channel (B) now acting as support., in both cases for a further upside break. (opposite for a downside break) This is effectively the ' Congestion 2nd Breakout' phenomenon.

In scenraio C, the first breakout is false and price retreats back below/above the other extreme of the channel, possibly again finding support/resistance on a retrace but this time generally at that extreme.