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Cable Update (GBPUSD)

I'm standing aside for a while today. I just got out of a short position I opened on friday. Was 100 pip loss, turned into a 5 pip profit today . I haven't had chance to do any analysis over the weekend. Still at the top of the channel and still in a downtrend, so I'll be looking to short again when I have more confidence.
Quoting RadboneFX
I'm standing aside for a while today. I just got out of a short position I opened on friday. Was 100 pip loss, turned into a 5 pip profit today . I haven't had chance to do any analysis over the weekend. Still at the top of the channel and still in a downtrend, so I'll be looking to short again when I have more confidence.
Sensible thinking - bet thats a trade you dont forget for a while
GU will most probably keep moving south or sideways today, looking for a good opportunity to long, I have three zones to consider a long:

1. 1.4365 zone, 2. 1.4330 zone & 3. 1.4290 zone

will consider a long around those zones if the i get any long signal, the first two zones are more probable.
Quoting fxmasterdxb
GU will most probably keep moving south or sideways today, looking for a good opportunity to long, I have three zones to consider a long: 1. 1.4365 zone, 2. 1.4330 zone & 3. 1.4290 zone will consider a long around those zones if the i get any long signal, the first two zones are more probable.

AU is another one worth taking a look......

Have you any numbers for EU? I spent some hours on it over the weekend but can't figure out any upward targets, either EU is real shxx or its got some catching up with GU and AU.
Quoting 10cents
{quote} AU is another one worth taking a look...... Have you any numbers for EU? I spent some hours on it over the weekend but can't figure out any upward targets, either EU is real shxx or its got some catching up with GU and AU.
I'm not planning to take any position on EU at the moment, the pair has been acting irrationally recently and i dont prefer to get involved in such situation, however, if at any incase i decided to take a position, it will be certainly a long and between 1.1200 & 1.1160 with a tight stop, in the higher TF EU is no man land!

in regards to AU 0.7580 was a perfect chance to long, i was not watching the pair to be honest. currently i do not see myself taking any position.

generally speaking, the sensible thing to do now to look for long position against USD as it looks like its weak with having tight stops.
Quoting 10cents
{quote} AU is another one worth taking a look...... Have you any numbers for EU? I spent some hours on it over the weekend but can't figure out any upward targets, either EU is real shxx or its got some catching up with GU and AU.
30 pips closed on pound dollar out at 144 200 and 20 pips closed finally on euro

2 open move trades earlier on for the pound dollar looking at the weekly candle for 40 and 50 pips ..

140 pips and done for the day ..

nice one .. green pips now hope you get some of that action .. jackson
Quoting fxmasterdxb
{quote} I'm not planning to take any position on EU at the moment, the pair has been acting irrationally recently and i dont prefer to get involved in such situation, however, if at any incase i decided to take a position, it will be certainly a long and between 1.1200 & 1.1160 with a tight stop, in the higher TF EU is no man land! in regards to AU 0.7580 was a perfect chance to long, i was not watching the pair to be honest. currently i do not see myself taking any position. generally speaking, the sensible thing to do now to look for long position...
I'm out of EU as well.
Your AU support seems to fit perfect on the charts, i had the same 0.758 as a bounce level.

GU has a gap from the opening today...... coincides with the 1.4470 - 1.4490 resistance level.
Quoting 10cents
{quote} I'm out of EU as well. Your AU support seems to fit perfect on the charts, i had the same 0.758 as a bounce level. GU has a gap from the opening today...... coincides with the 1.4470 - 1.4490 resistance level.
honestly im not a "gap" follower! i dont believe in gaps "must be" filled in.

anyway, GU is struggling to get through 1.4425, if the rejection continues, i might consider a "short term" short targeting 1.4365
One more buy - lol see if they re test the low
then take a long
So what's the theory behind the 'Gap must be filled' thing? If there is a gap on open, why would the price always go back to that level?

I've seen it happen twice in my few months with forex, both times the gap was indeed filled.
Quoting fxmasterdxb
{quote} honestly im not a "gap" follower! i dont believe in gaps "must be" filled in. anyway, GU is struggling to get through 1.4425, if the rejection continues, i might consider a "short term" short targeting 1.4365
Sounds familiar, 1.4360 should be near the channel bottom....... with this morning's gap as the top of channel.
Quoting RadboneFX
So what's the theory behind the 'Gap must be filled' thing? If there is a gap on open, why would the price always go back to that level? I've seen it happen twice in my few months with forex, both times the gap was indeed filled.
As FXmaster mentioned, gaps don't always get fillled. If you open forward months future contracts, you will see tons of gaps Lol.

Gaps are better seen as support/resistance areas.
thinking south for NY
Attached Image (click to enlarge)
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Come with me if you want to live....
Quoting Ill-b-back
thinking south for NY {image}
I do agree with you, in fact i took a short position at 1.4415 with a tight stop @ 1.4435, let's see how it rolls out.
Sorry guys, what does "thinking south for NY mean" ? That GU will drop for the New York Session ?
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
Quoting michisuperfr
Sorry guys, what does "thinking south for NY mean" ? That GU will drop for the New York Session ?
Usually south is referred to as a move lower as in heading south as opposed to heading north logically -
GU is the currency pair and of course Wall St opens as the New York Session - and waiting for a re test of todays low and hopefully with a bounce of 143 500 we might just have a buy position for 20 - 30 pips on range for that session
Quoting RadboneFX
So what's the theory behind the 'Gap must be filled' thing? If there is a gap on open, why would the price always go back to that level? I've seen it happen twice in my few months with forex, both times the gap was indeed filled.
Its pretty much an old philosophy as such - as in price will return to the gap which is created at the opening of the weeks session - a great example was the large gap that was created on the charts in february and a few weeks ago price had made it back to that price .. hence the price action filled back the open gap - it might of been the drop when boris was talking about brexit .. his opinions were traded by the market movers before the markets officially for us at least opened on the sunday - so is gap trading valid well it used to be but not so sure these days ..

How is the gap created usually if i remember correctly its price action derived from the market movers trading the session before we get to open usually at 10 pm sunday if ur in the UK as our systems cant feed the price action before that time then a gap is created between the closing price of the week and the new weekly opening price sometimes small sometimes great depends on the move - and to create a large gap on a sunday has to for the most part be something news worthy .. which then leads to the question of holding trades over the weekend ..
I got a signal for shorting NU @ 0.6785 and took it, looks like it's headed south, if any one interested in taking the short, wait for a retrace to 75-80
Quoting dean1star
{quote} Usually south is referred to as a move lower as in heading south as opposed to heading north logically - GU is the currency pair and of course Wall St opens as the New York Session - and waiting for a re test of todays low and hopefully with a bounce of 143 500 we might just have a buy position for 20 - 30 pips on range for that session
Thank you
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
there is a strong daily trend line just above 4370, can go long from here with very tight sl
little bit of sense, little bit of luck
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