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Cable Update (GBPUSD)

  • #453,921
  • Aug 4, 2017 5:11am Aug 4, 2017 5:11am
GBP/USD hovering around 1.31, the pair looks fragile in the choppy environment lately.
  • #453,922
  • Aug 4, 2017 5:13am Aug 4, 2017 5:13am
I cannot get a fantastic read on this and that means professional money is not active in the market .. just letting price drift around in chop

on the breakout above 1.3149 there seemed to be a high volume down bar next bar up .. maybe strength

nfp will provide for good trading I will wait
Blogging daily now at www.volume.zone
  • #453,923
  • Aug 4, 2017 5:24am Aug 4, 2017 5:24am
Quoting Trade-G
{quote} Your opening range should be completed? whats your opinion?

Having another look this breakout of that 1.3149 is not strong


how many are calling a bottom and in a buy ? That's what the professional money want

dollar index is on a major support on the charts and they may want to pro her up so maybe NFP will be dollar positive . I mean really how do they come up with these numbers anyway .. they just make up what they want within reason to move the currency ... what never how can the markets be manipulated
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  • #453,924
  • Aug 4, 2017 6:05am Aug 4, 2017 6:05am
Sell mode it is
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  • #453,925
  • Aug 4, 2017 6:23am Aug 4, 2017 6:23am
Well, ill try stick with bears,
cuz in the M30 see hanging man in M15 and M30 see double tops, the key level 1.31500 become a resistance
maybe it's goin down
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  • #453,926
  • Aug 4, 2017 6:26am Aug 4, 2017 6:26am
So far gbp account killer .. long no short no long no short .. before you know it you are down 80 pip in this stupid range

nfp days trade after news .. learnt that the hard way over the years ..

i think the weakness continues
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  • #453,927
  • Aug 4, 2017 7:10am Aug 4, 2017 7:10am
30 strength ... see the one in the right of vertical line

that's is a high volume test ...sign of strength
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  • #453,928
  • Aug 4, 2017 7:14am Aug 4, 2017 7:14am
With all the news I am flat going into news ... nfp is as big or bigger the. Fomc
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  • #453,929
  • Aug 4, 2017 7:20am Aug 4, 2017 7:20am
My own opinion is 3050 ... reasons are this is a channel and they may come and test lower channel line
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  • #453,930
  • Aug 4, 2017 7:26am Aug 4, 2017 7:26am
Quoting elbert3
{image} 3160 looks like it broke the 4 hour tl lets see if it goes back there to possibly confirm
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as above 3160 area so in with the stop
  • #453,931
  • Aug 4, 2017 7:32am Aug 4, 2017 7:32am
That's the way we roll
Will explain why later
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  • #453,932
  • Aug 4, 2017 7:40am Aug 4, 2017 7:40am
40 pip spike

maybe it will go to 1.30 by the end of the day after a retrace
Don't Worry Be Happy
  • #453,933
  • Aug 4, 2017 7:43am Aug 4, 2017 7:43am
Quoting MrPresident
40 pip spike maybe it will go to 1.30 by the end of the day after a retrace

I hope so so I am into her for 16 lots off an iPhone while out at the mall lol ....
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  • #453,934
  • Aug 4, 2017 7:51am Aug 4, 2017 7:51am
GBP is overbought so the momentum is to the downside
Don't Worry Be Happy
  • #453,935
  • Aug 4, 2017 7:55am Aug 4, 2017 7:55am
Quoting malcolmb14
That's the way we roll Will explain why later {image}
So here is why the trade

rhe bar to right vertical line ultra high volume up bar but market did not move much higher ... has to be sellers

then far right of chart . Doji 2nd bar in then next bar an ultra high volume down bar with supply losing on lows exactly same area as the bar we saw next to the vertical sl line

its hard to see the exact bar but it's the one right before news

I confidently placed trade before the news ...

professional money cannot hide
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  • #453,936
  • Aug 4, 2017 7:58am Aug 4, 2017 7:58am
Quoting MrPresident
GBP is overbought so the momentum is to the downside
Huh .. is the Dow also over bought but it hit a new high today

but if the logic work for you then cool
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  • #453,937
  • Aug 4, 2017 8:00am Aug 4, 2017 8:00am
Quoting malcolmb14
{quote} So here is why the trade rhe bar to right vertical line ultra high volume up bar but market did not move much higher ... has to be sellers then far right of chart . Doji 2nd bar in then next bar an ultra high volume down bar with supply losing on lows exactly same area as the bar we saw next to the vertical sl line its hard to see the exact bar but it's the one right before news I confidently placed trade before the news ... professional money cannot hide {image}
Yes it was the breakout of the bearish ledge, M5 bullish setup have to give way even thought it tried its best for the push PUSH..... Stopped out and turn short on this one with the breakout.... you are confident interesting method you have...
  • #453,938
  • Aug 4, 2017 8:04am Aug 4, 2017 8:04am
With the H4 structure break, its not difficult to also see that the retrace back to the big downswing is stalled at the 1.3160 region which is all lined up from previous week high turn resistance and also the big down candle sell down.... my bullish patterns turned up so its my rule to trade with stops however bearish it may be... hey tight stops a must hehehhe..... with the bigger bearish pattern on H4, its fearful to go against it too... lol
  • #453,939
  • Aug 4, 2017 8:04am Aug 4, 2017 8:04am
Quoting malcolmb14
{quote} Huh .. is the Dow also over bought but it hit a new high today but if the logic work for you then cool
yea, that's what the daily chart says for the GBP
Don't Worry Be Happy
  • #453,940
  • Aug 4, 2017 8:07am Aug 4, 2017 8:07am
Quoting Trade-G
Was short in about 1.3227 last evening, booked pips. As long as pullback gets resisted at 1.3160-1.3140 zone resistant, likely more selling pressure, On the M5 we have a DB in place for breakout
That's my take too 1.3160 region..
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