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Cable Update (GBPUSD)

  • #455,421
  • Oct 10, 2017 5:37am Oct 10, 2017 5:37am
Quoting PayTheLimit
well I have no other support right now, so that makes it easy....pay 3152, risk 3142....if the want to keep going, they do it from here I say...

back bidding on these now...
Look Sharp/Trade Tight
  • #455,422
  • Oct 10, 2017 5:40am Oct 10, 2017 5:40am
Quoting Trade-G
1.3214 will be the test for upside
Touch and Go
  • #455,423
  • Oct 10, 2017 6:26am Oct 10, 2017 6:26am
Hi All,

I am new to cable. I've been following it for about two weeks. Below is my assessment. Would be interested to see your opinions.

Pair: GBPUSD
TF: 1D
Sentiment: undecided.
Attached Image (click to enlarge)
https://www.forexfactory.com/attachm...1&d=1507496356


Last week I closed the trade for a nice profit. The market fell a little further; not massively concerned as I am happy I just made pips, and I got most of the move.

This week the price is currently sitting on 1.30 support. The last few times the price has been at this point, sellers have not had much of an issue pushing it down towards 1.28. However, we are at a crossroads; there is a daily trend line support, which could potentially reinforce this position.

No real news to watch out for tomorrow. Maybe a potential rejection from 1.30 only thing that puts me off of this view is the downward pressure from last week.

Is this sterling weakness? People closing off positions and looking for a better long? I'm not sure.

Targets:

Short: 1.2873 if the support fails then the trendline fails too. They are so close the price can't squeeze there for long so I'd expect further shorting pressure. However, as this goes against my gut feeling, i'd only be in to the 1.28 mark. Am I starting to follow the herd? Maybe short is the way to go.

Long: 1.40 - ok, This is a bold move I'll agree. Let me explain
Attached Image (click to enlarge)
https://www.forexfactory.com/attachm...1&d=1507498153


Even though the downtrend is still valid and we could be in a correction phase; for the downtrend to continue we would need to post a new low.
Throughout 2017 there has been consistent upward pressure. That being said, the UK Economy is balancing on a knife edge at the moment, it wouldn't be so difficult to give us a push and topple the house of cards we currently sit on.

On the assumption upward pressure continues passed the trendline then the monthly resistance would sit at 1.40. Another consideration would be the fibo .38 level that marries up with the monthly resistance.

Conclusion:

A new low hasn't been posted in 37 weeks; we currently sit at a pivotal point as far as technicals are concerned. The trend support breaks and we quickly head back towards the mid 20's, or we see continued upward pressure towards 1.35 trendline.

I feel the lower trendline will be tested once more so potential buy limit @1.2990 unless market continues to fall, then I will target short as mentioned earlier. I am hoping for a bounce and a rally back up to the 1.35 region. However, hope has no place in trading so I will watch for further confirmation before pulling the trigger.

Let's see if we can catch us another good trade.

  • #455,424
  • Oct 10, 2017 6:48am Oct 10, 2017 6:48am
Quoting Talzus
Hi All, I am new to cable. I've been following it for about two weeks. Below is my assessment. Would be interested to see your opinions. Pair: GBPUSD TF: 1D Sentiment: undecided. Attached Image (click to enlarge) {image} Last week I closed the trade for a nice profit. The market fell a little further; not massively concerned as I am happy I just made pips, and I got most of the move. This week the price is currently sitting on 1.30 support. The last few times the price has been at this point, sellers have not had much of an issue pushing it down...
Very good
  • #455,425
  • Edited 7:01am Oct 10, 2017 6:50am | Edited 7:01am
To me the bulls are totally in control of this pair. They know how to waste time.

The lower time frames are working off bullish support up to the hour... however the 4 hour chart has yet to find support above its average. Only then will the daily attempt to find support. It is a slow process at these higher time frames.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 85 KB
  • #455,426
  • Oct 10, 2017 7:05am Oct 10, 2017 7:05am
I'm thinking 1.4 mid term - then much higher
  • #455,427
  • Oct 10, 2017 7:06am Oct 10, 2017 7:06am
Quoting Boudica
I'm thinking 1.4 mid term - then much higher
Especially if May goes
  • #455,428
  • Oct 10, 2017 7:09am Oct 10, 2017 7:09am
Quoting Nala66
To me the bulls are totally in control of this pair. They know how to waste time. The lower time frames are working off bullish support up to the hour... however the 4 hour chart has yet to find support above its average. Only then will the daily attempt to find support. It is a slow process at these higher time frames. {image}
Erm if they are totally in control then the higher time frame will show, weekly chart as of now is trying to hold up 1.3190 region, 1.3510 region still the obstacle to clear. On the weekly we have a well structured up move in a channel, and such channels will not last.... gotta be cautious
  • #455,429
  • Oct 10, 2017 7:34am Oct 10, 2017 7:34am
nice to see ,good job lots of thinking through ,you can upload the charts directly in the post

Quoting Talzus
Hi All, I am new to cable. I've been following it for about two weeks. Below is my assessment. Would be interested to see your opinions. Pair: GBPUSD TF: 1D Sentiment: undecided. Attached Image (click to enlarge) {image} Last week I closed the trade for a nice profit. The market fell a little further; not massively concerned as I am happy I just made pips, and I got most of the move. This week the price is currently sitting on 1.30 support. The last few times the price has been at this point, sellers have not had much of an issue pushing it down...
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #455,430
  • Oct 10, 2017 9:02am Oct 10, 2017 9:02am
if it breaks the line that would be bullish

Quoting Bones
I adjusted that channel h1 , down tl looks really good to break easy w1 could be a problem to go far north the main thing is the weekly hold s up if it did any bullish shape I'd believe hourly very difficult to get right {quote} {image}
Attached Image
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #455,431
  • Oct 10, 2017 9:04am Oct 10, 2017 9:04am
Pending short @ 210...
  • #455,432
  • Oct 10, 2017 9:30am Oct 10, 2017 9:30am
Quoting Trade-G
{quote} Erm if they are totally in control then the higher time frame will show, weekly chart as of now is trying to hold up 1.3190 region, 1.3510 region still the obstacle to clear. On the weekly we have a well structured up move in a channel, and such channels will not last.... gotta be cautious
I haven't got a clue what this all means or the reasoning behind it.
  • #455,433
  • Oct 10, 2017 9:51am Oct 10, 2017 9:51am
Quoting Snowden
Pending short @ 210...
Jumped in @ 204 instead
  • #455,434
  • Oct 10, 2017 9:54am Oct 10, 2017 9:54am
lol it just took a super respected line

Quoting Snowden
{quote} Jumped in @ 204 instead
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #455,435
  • Oct 10, 2017 10:00am Oct 10, 2017 10:00am
Quoting Snowden
{quote} Jumped in @ 204 instead
2nd entry@218 ... stops at 260
  • #455,436
  • Oct 10, 2017 10:00am Oct 10, 2017 10:00am
you can check I called this chart 101
don't short directly after a correctly drawn (rare on FF) respected line is taken
Attached Image
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #455,437
  • Oct 10, 2017 10:03am Oct 10, 2017 10:03am
Quoting Bones
lol it just took a super respected line {quote}
Can't see it. Can see 220 tho
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20171010-160217_01.png Size: 74 KB
  • #455,438
  • Oct 10, 2017 10:10am Oct 10, 2017 10:10am
well that's a gamble as far I can see even if you were right
you can't think like that
resting orders like you were doing is risky because your reasoning is flimsy


Quoting Snowden
{quote} Can't see it. Can see 220 tho {image}
Attached Image (click to enlarge)
Click to Enlarge Name: 101 no 2 Screenshot 2017-10-10_16-07-08.png Size: 96 KB
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #455,439
  • Oct 10, 2017 10:24am Oct 10, 2017 10:24am
Quoting Bones
well that's a gamble as far I can see even if you were right you can't think like that resting orders like you were doing is risky because your reasoning is flimsy {quote} {image}
No
S&R beats x amount of differently drawn trendlines.
  • #455,440
  • Oct 10, 2017 11:31am Oct 10, 2017 11:31am
Quoting Snowden
{quote} Jumped in @ 204 instead
Closing that one b/e
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