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Cable Update (GBPUSD)

  • #455,501
  • Oct 11, 2017 11:10pm Oct 11, 2017 11:10pm
here it is now

Quoting Bones
ill put my neck on line this is next {image}
Attached Image
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #455,502
  • Oct 11, 2017 11:13pm Oct 11, 2017 11:13pm
still don't get bear support over price

Quoting Nala66
{quote} Well we are trading off bullish supports now all the way to the 4 hour chart... Be interesting to see later down the track if it can establish support on the daily which would then be a threat to the monthly. {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #455,503
  • Oct 11, 2017 11:27pm Oct 11, 2017 11:27pm
Quoting Bones
{image}{quote}
usd w1 looks like this now
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  • #455,504
  • Oct 11, 2017 11:35pm Oct 11, 2017 11:35pm
eu will find res but later imo ,
$ will find support imo

Quoting Bones
EU is more bearish than GU on a Q chart ,but has respected a major pivot lines up with tl , -like GBP AUD I'm not budging despite the political risks looming eur gbp will free fall when it hits the sell zone {image}
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  • #455,505
  • Oct 11, 2017 11:44pm Oct 11, 2017 11:44pm
h1 for fun

Quoting Bones
over the previous mentioned hurdle maybe your safe for the day=still a risk now based on w1 {image}
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  • #455,506
  • Oct 12, 2017 12:02am Oct 12, 2017 12:02am
my bear support is near 3294, I'll try some shorts there I think...
Look Sharp/Trade Tight
  • #455,507
  • Oct 12, 2017 12:20am Oct 12, 2017 12:20am
Lower timeframe up to H1 is now heavy, so some relief is on the way, although there is no bearish formation the way I see it. H4 some more space for upside, it can go sideways until one side gives.
  • #455,508
  • Edited 1:02am Oct 12, 2017 12:34am | Edited 1:02am
As I said yesterday the retracement is possible to the essential zone (see the screenshot), As you see the price went down till that zone and after went up, reached the orange level (the border of a day channel, based on the future contract data). And now I expect the price at yellow line, that is a strong resistance monthly level. If we go through it, the way up to red line is free.
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  • #455,509
  • Oct 12, 2017 12:55am Oct 12, 2017 12:55am
Remeber my drawing I showed yesterday? I want to show you how it worked out. :-)
The first screenshot is suggestion.
The second - how it was in practice.
Have a nice day everyone!
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  • #455,510
  • Oct 12, 2017 1:03am Oct 12, 2017 1:03am
AUG 3 high @ 13266 . Seeing some reaction to it now..
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  • #455,511
  • Oct 12, 2017 1:06am Oct 12, 2017 1:06am
2017/10/12 07:58+1GMT
EARLY MORNING REPORT
Ubi maior minor cessat
  • #455,512
  • Oct 12, 2017 1:12am Oct 12, 2017 1:12am
Inserted Video
  • #455,513
  • Oct 12, 2017 1:43am Oct 12, 2017 1:43am
Quoting Aleksbuk
https://www.youtube.com/watch?v=9Um9drzBpJE
Agree with Alex.
I also expect the retracement to the essential zone and then the growth.
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  • #455,514
  • Oct 12, 2017 1:44am Oct 12, 2017 1:44am
Quoting Trade-G
Lower timeframe up to H1 is now heavy, so some relief is on the way, although there is no bearish formation the way I see it. H4 some more space for upside, it can go sideways until one side gives.
Pullback happened, will like to see a good base formation if it were to propel upwards for the next upswing (if)
  • #455,515
  • Oct 12, 2017 2:00am Oct 12, 2017 2:00am
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some resistance
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gbj also has that potential 150. And on that short side 142 . Short targets for Gu 1.2870 long 3345
  • #455,516
  • Oct 12, 2017 2:09am Oct 12, 2017 2:09am
Quoting Bones
still don't get bear support over price {quote}
Don't worry about it Bones it takes most people years to learn this stuff even when I teach them live, which I don't do anymore.

On the chart below you see the Bears found support (red) on the left... This is where the bulls failed to recross the EMA.

On the right you see where the bulls found support (green)

It takes a bull support to take out a bear support and vice versa. (On most occasions but not all)

Resistance is something else, the top of the EMA on the right becomes the resistance on the left where price touched exactly.

It can be the case that the resistance is lower than the bear support because of the wick on the left bar being higher than the average. However they are usually very close together.

So when I saw bullish support I knew we were going to take out the bearish support because the resistance was higher by a few pips.
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  • #455,517
  • Oct 12, 2017 2:26am Oct 12, 2017 2:26am
Quoting VictorFaria
{quote} Hello Mate, Well, i dont know if exist right or wrong exact way, one thig i have 100% sure is no one knows what can happen next.. What i know is about probabilities, and i know my Edge.. and them is enought to make money, this is what i know
That is correct because price will zig-zag its way to the target so the stops have to be put in the correct place to avoid being taken out, in this case below the bull support.

The later we get in the trade the less profit, the wider the stop so we are always reducing our lot size to compensate.
  • #455,518
  • Oct 12, 2017 2:34am Oct 12, 2017 2:34am
1.3200 region on the cards, this area is where we hope to see a good foundation buildup.
  • #455,519
  • Oct 12, 2017 2:49am Oct 12, 2017 2:49am
H4 and H1 charts, both shows the breadth are heavy and some release needed, from here looking out if a base will be formed. On the lower timeframe like M5 sometimes the smallest move snowballed into the bigger moves. Its an aggregation of participants.
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  • #455,520
  • Oct 12, 2017 3:50am Oct 12, 2017 3:50am
Quoting Nala66
{quote} I wouldn't be too sure if I were you... I am definitely not looking at the charts in a similar way. 1) I don't use trend lines... if it was this easy we would all be rich. 2) I don't use fibs because that is what they are i.e. fibs. 3) I have specifically defined support levels not obscure tops and bottoms. Supports later become resistance levels. 4) I use a single 26 period EMA relative to the MACD and RSI waterlines. 5) I take the inferences of the higher time frame charts but trade them at the lowest time frame, so I know whether to be...

Hi Nala,

Thanks for the detailed post. I get what you're saying. trying to apply logic is counterproductive. Though, I do feel that it helps get a sense of what I'm thinking. I would hope to trade on the price action regardless of my sentiment rather than predict.

I would say that your charts show that the price is attempting to rise however, it is struggling to post a new high. Though, I would assume volatility is playing a part in this? or the lack thereof?.

Please correct me if I'm wrong, I am happy to learn
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