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Cable Update (GBPUSD)
- #453,961
- Aug 4, 2017 12:50pm Aug 4, 2017 12:50pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
- #453,962
- Aug 4, 2017 12:55pm Aug 4, 2017 12:55pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
I have seen all kinds of weird lines on charts over the years ... reality price will reach support and resistance and move between them
here are the weekly ones below us .
Break 1.3 next week will be looking for more downside movement
Keep it simple team
have a a great weekend all
here are the weekly ones below us .
Break 1.3 next week will be looking for more downside movement
Keep it simple team
have a a great weekend all
Blogging daily now at www.volume.zone
- #453,963
- Aug 4, 2017 1:00pm Aug 4, 2017 1:00pm
- Joined Dec 2013 | Status: Trader | 19,815 Posts
- #453,964
- Aug 4, 2017 2:07pm Aug 4, 2017 2:07pm
- Joined Dec 2013 | Status: Trader | 19,815 Posts
- #453,965
- Aug 6, 2017 12:42pm Aug 6, 2017 12:42pm
- | Membership Revoked | Joined Mar 2017 | 2,260 Posts
if you my trade,My-post analysis, subscribed to ME
- #453,966
- Edited Aug 7, 2017 3:28am Aug 6, 2017 4:20pm | Edited Aug 7, 2017 3:28am
- Joined Dec 2015 | Status: Trader | 8,751 Posts | Online Now
Are you tracking cable for trading opportunities this week? You may benefit from this top-down technical outlook.
The pair has been consolidating along an ascending channel (bound by chocolate-coloured lines) since April 2017. On the weekly time frame, last week, price action entered an area of resistance which was last visited in September 2016. But it swiftly met resistance by sellers. The week ended in a bearish pinbar which portends a likely southward turnaround. Should there be a follow through this week, a natural target for price action is the immediate support around the 1.28470 area. However, should there be a failure on the part of sellers, buyers may make a run to retest the resistance around the 1.32840 area.
On the H4 time frame, price action was respecting an ascending trendline (magenta colour) from the low of June 20, 2017 but this was rejected southward on Friday last week. However, the last H4 session on Friday saw buyers push price further upward; this still fell far short of retesting the trendline. Should buyers manage to push price upward this week, an initial target is likely to be a retest of the trendline and, by extension, the immediate minor resistance around the 1.31350 area; an area that is in confluence with the 50 Fib retracement zone of the drop from last weeks high.
I may be wrong. Trade safe and prosper.
KP
The pair has been consolidating along an ascending channel (bound by chocolate-coloured lines) since April 2017. On the weekly time frame, last week, price action entered an area of resistance which was last visited in September 2016. But it swiftly met resistance by sellers. The week ended in a bearish pinbar which portends a likely southward turnaround. Should there be a follow through this week, a natural target for price action is the immediate support around the 1.28470 area. However, should there be a failure on the part of sellers, buyers may make a run to retest the resistance around the 1.32840 area.
On the H4 time frame, price action was respecting an ascending trendline (magenta colour) from the low of June 20, 2017 but this was rejected southward on Friday last week. However, the last H4 session on Friday saw buyers push price further upward; this still fell far short of retesting the trendline. Should buyers manage to push price upward this week, an initial target is likely to be a retest of the trendline and, by extension, the immediate minor resistance around the 1.31350 area; an area that is in confluence with the 50 Fib retracement zone of the drop from last weeks high.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #453,967
- Aug 6, 2017 11:54pm Aug 6, 2017 11:54pm
- Joined Mar 2016 | Status: Trader | 6,378 Posts
I have seen all kinds of weird lines on charts over the years ... reality price will reach support and resistance and move between them here are the weekly ones below us . Break 1.3 next week will be looking for more downside movement Keep it simple team
- #453,970
- Aug 7, 2017 1:54am Aug 7, 2017 1:54am
GBPUSD Ideas
Some strong selling has been observed late last week on Thursday and Friday. Curious spot for price to retrace to on the Weekly and Daily charts, perhaps resistance will become support? Very flat reaction so far on H4, but it is still early in the week. Would be looking on lower time frames for bullish price structure to form on a revisit to the lower zone.
Daily
H4
Some strong selling has been observed late last week on Thursday and Friday. Curious spot for price to retrace to on the Weekly and Daily charts, perhaps resistance will become support? Very flat reaction so far on H4, but it is still early in the week. Would be looking on lower time frames for bullish price structure to form on a revisit to the lower zone.
Daily
H4
- #453,975
- Aug 7, 2017 8:25am Aug 7, 2017 8:25am
- Joined Apr 2017 | Status: trying to make money | 3,341 Posts
Don't Worry Be Happy
